THE PROS AND CONS HAVING AN OPEN HOUSE
Pros and Cons of Open Houses
Did you know that there are drawbacks to holding an open house? Do you know that you do not have to let your agent have a public showing to sell your home? Many individuals do not realize that there are good and bad reasons to show off your home when you are selling it. For most sellers, the open house is an incredible way to drum up interest and get your home sold. So, how do you decide whether to have the open house or to go strictly with private showings to sell your property?
With the introduction of the internet comes new ways to view a home for sale.
When people see houses for sale, they often look them up online to find out as much information as they can about the property. Many agents post videos, descriptive details, and photos of the home on the company site making it super easy for people looking for a home to see what your property has to offer. With more searching done online, some agents see less interest in open houses.
The Good Aspects of Holding an Open House
• Convenient opportunities
Sometimes, an open house can bring in a people that are driving by the house at the time of the event. Perhaps someone that works in the area sees the sign and wants to move closer to work will stop in to look around. In the right market, opening up your property can be the best way to get multiple offers and higher than listing costs. Other brokers attend open houses to drum up more business. They use the time to network and offer services which can help sell your home faster because it gives you access to a whole other group of buyers.
• Visual buyers
For some people, there is nothing better than viewing a home in-person. The ability to get a birds-eye view of each room is exciting and necessary. While this benefit means that you will get many guests, it does not guarantee that they are ready to buy a home. Many still need the help of an agent, but your open house could give them the chance to talk with your representative.
• Top dollar offers
Sometimes, when a home gets enough interest, several people want to buy the property. When this happens, a seller can get multiple offers. If two or more parties have enough appreciation for the property, they can initiate a bidding war. When people compete, the seller almost always wins with a high or higher than asking price offer.
• Networking abilities
Some sellers agree that meeting new people and making connections is a huge benefit of an open showing. For some, the chance to connect with people that are in the flipping business or potential investors is an incentive for holding a public home showing. This advantage is helpful for agents as well when they connect with other home brokers. The more reach your agent has, the faster and easier he or she can sell your house.
The Drawbacks of Hosting an Open House
• Nosy people
Neighbors that want to see what your home looks like on the inside are some of the most common attendees to open houses. These people often want to compare your home tit for tat. When it takes a long time to sell, a neighbor who has never seen the inside of your home can become a thorn in your side if they choose to compete with you or just stop by to eat your cookies.
• Burglary concerns
Creative thieves have been known to scour the list of open houses to find targets for their next theft. By visiting the home during the showing, they can browse as long as they need to plan out what they want to take and to look for ways to get into the home. Besides people who might come back to vandalize or steal from your home, some people visit open houses just to pocket what they can at the time. When several parties are visiting an open house, a thief has prime opportunities to grab a small item and stick it in his or her coat or bag.
• Lower chance of selling
Many agents find that open houses draw in people that just want to look around with no real interest in buying the property. While getting several groups in the door is often a chance to get multiple bids, there is no guarantee they want to buy any property. There would be no benefits if those people were never going to make an offer.
• Higher stress levels
Having your home open to anyone is a stressful situation for any person. The anticipation of getting an offer, or several, is taxing on any seller. Most serious buyers ask for a private showing of the home. They do not wait for an open house because they want to get an offer in before anyone else. One way to keep the stress of selling your home to a minimum is to opt not to have an open house. No rule says that it is a must.
Choosing whether or not to hold an open house should be a conversation that you have with your agent at the beginning of the sale. Ask them how they feel about open houses and if they have a good record of selling homes that they only show privately. Each agent is different and has their own unique way of showing and selling your home. Some may prefer that their client not hold an open house, but most feel that it is an excellent tool in the selling process. Just remember if you do to store and secure valuables to minimize the chances of burglary and make sure all doors and windows are easy to lock with someone given the task to do so after the showing.