Selling Your Property? Advantages of Having an Open House

Selling Your Property? Advantages of Having an Open House

Selling a property can be a tedious process. Once you make the decision to sell there is an overabundance of things that you have to decide and work on like deciding whether you will sell with a real estate agent, sell to an investor, or even sell it yourself. Whatever option you decide on, you have to prepare your house for viewing. When you sell to an investor, you do not need to have an open house but the investor may want to view your property and walk through it. On the other hand, listing with a real estate agent or selling it yourself you would have the option of having an open house. What exactly is an open house? It’s an event held by sellers to invite prospective buyers to view the property. Sellers put out For Sale and Open House signs and advertise to invite more people to the open house. It’s also customary for sellers to prepare small snacks like home-baked cookies for a homey feel. Sellers usually prepare information about the property to be disseminated through pamphlets and information sheets during the open house that can be shared as potential buyers are shown around the property. An open house may sound like a lot of work for some sellers, but here are a few ways that you, as a seller can benefit from it: Attract Potential Buyers Having an open house would attract potential buyers into your home and maximize exposure. This is a chance to reach people curious buyers like the people down the block that have been eyeing properties on your street or potential homeowners that are just “window-shopping” but haven’t really decided yet. The open house would be a perfect opportunity to talk up and showcase your house. Highlight the Best Features of Your Home The internet has enabled and transformed the real estate industry. Ads and pictures of a property that you are trying to sell can be shown on real estate and realtor websites. However, some key and great features of your property can’t be shown properly in pictures and can be underappreciated. Having an open house is a perfect way to be able to showcase these features to prospective buyers allowing them to fully appreciate and experience the features of your home. Increase Visibility and Market Better Open houses can increase the visibility and marketability of a seller’s property for sale. Traditional marketing means the advertisement in newspapers or even advertisements on websites are one-sided marketing strategies, whereas, in an open house, you are able to interact with potential buyers, win them over, and sell them your property. Sell faster and Get a Better Deal Open houses can help you sell your house faster and get a better deal. You have a lot of potential buyers flocked at your home and if you are able to showcase your house and “sell” the value of your home, potential buyers may make an offer on the spot. A bidding war may even ensure and you may end up with more than your asking price. Convenience Convenience is the most in-demand intangible experience that benefits all parties involved. In the selling process deciding to go with an open house can save you time and effort. Showing the property in one event compared to having to show your property to different buyers separately. You don’t have to worry about fixing up the place every time a potential buyer wants to view your property. An open house also creates a much more laid-back and even more social environment and would save you the potential awkwardness of having to interact with people one-on-one. Final Thoughts Managing an open house can be a handful, especially if you are directly selling your property and do not have the assistance of a real estate agent. There are both advantages and disadvantages to doing it. The role of an open house is to bring potential buyers to your property and be able to showcase your home. However, recent circumstances have brought about other alternatives to an open house that could be explored like virtual viewings and video walkthroughs in lieu of pictures in your advertisement. Ultimately the goal of an open house is to help you sell your property, the decision of whether to have one or not would be up to you.