The Benefits of an Open House for Buyers and Sellers
Buying and selling property can be a long and tiring process. Sellers become frustrated with having to make sure their house is looking clean and tidy, as well as organising their time around potential viewings. Buyers on the other hand can be disappointed with offers being made on properties that they have yet to even view.
This is why holding on open house viewing day can be so popular with both buyers and sellers.
What is an open house?
An open house is a day when multiple viewings take place at a property, usually back to back, with the objective of generating interest and prompting buyers to make an offer. Open houses are typically held on a Saturday, because this maximises the number of people who can view the property, and is usually the most convenient day for both sellers and buyers. Estate agents can publicise an open house day in advance, creating a competitive ‘buzz’ about a property that they hope can lead to higher offers and an increased sale price.
What are the benefits for sellers?
Save yourself time
If you are selling a property, every individual viewing has to be prepared for. It takes time to clean and tidy a property before every viewing, and if viewings are booked at short notice this might not even be possible, so the property could be in a less than ideal condition. Sellers may need to make childcare arrangements for each viewing, or leave work early. It can also often be tedious having to answer the same questions repeatedly at each viewing.
If you’d rather avoid that, then hosting an open house would be beneficial. It means you’d only have to answer the same questions in one go, clean your house once for the benefit of more than one buyer, and rearrange your domestic commitments for one day. You would have the chance to impress lots of potential buyers all at once and not individually.
Sell your property faster
Open houses can increase the chance of a quicker sale since potential buyers can evaluate the level of interest due to the number of attendees. If they’re genuinely interested, they may be more likely to submit an offer quickly due to fear of potentially missing out.
Make more on your property
This depends on the level of interest, but if you have a successful open house, you could see a bidding war from buyers. This could get you your asking price or more.
Top tips for sellers
Ask your estate agent to keep the time slot for the open house as condensed as possible. Restricting the viewings to between the hours of 10am-3pm could see buyers having to wait outside before their appointment time, if the house is too busy. Seeing other people viewing the house could motivate buyers more positively than if the viewing window is spread out throughout the day, with gaps between the viewings.
Don’t just give out a brochure at each viewing – consider putting out QR codes in the property with links to interactive content about the property. Think about home staging, to make the property look as attractive as possible.
Make sure your estate agent isn’t allowing people to turn up without an appointment. These are often time wasters with no interest in buying the property. Also, ensure they are only allowing the maximum number of people to view at any one time. A house that is too busy will only cause confusion, make the open house seem disorganised and put off potential buyers.
What are the benefits for buyers?
Assess potential interest
Sellers can often end up overselling interest in their property, but open houses allow you to see for yourself what the level of interest really is. This could help you decide if (or when) you want to make an offer.
Explore at your own pace
Single viewings can often be awkward and nervous experiences that don’t allow you to explore as much as you really want to. Open houses will allow you to move through the property with greater freedom, and run through your checklist of things to look out for. It reduces the urge to rush and you can take in more of the details that matter for you. It provides you with a greater insight into the home and what you may end up buying, making the decision an easier one.
They’re usually held at weekends
You’re more likely to be available to attend an open house, because they usually take place on Saturdays (more rarely on Sundays and Bank Holidays), rather than during the week or in the evenings.
Get more answers
Open houses also allow you to ask questions and (hopefully) get answers. Make sure you remember to actually ask the questions and not get caught up in the hoopla, otherwise you’ll get back home and realise you forgot to ask that burning question!
Top tips for buyers
Even if a property looks like it’s popular, don’t be rushed into making a bid. Ask the estate agent if they have received any bids so far, and other questions like how long the property has been on the market, and whether the sellers want to move quickly.
Help and advice
If you would like to sell your property and are open to open house viewings, please get in touch with your local haart branch today.