How Important is Your Open House?

08 Sep How Important is Your Open House?

As you start the process of selling your home or property, you’ll quickly become acquainted with the concept of the open house. Open houses are usually part of the overall marketing plan for the sale of a property. A open house attracts a particularly captive audience, but how successful are open houses and are they necessary? We’re going to take a look at some of the pros and cons of the traditional open house.

✓ Exposure to More Buyers

Open houses can help drive new traffic to your home and bring in buyers who may not have otherwise asked for a showing.

✘ More Unqualified Buyers

You likely won’t be able to pre-screen potential buyers to see if they have preliminary approval for a mortgage. If you hold an open house, you’re probably going to host a fair amount of under and unqualified buyers.

✓ An Authentic View of your Home

A lot of buyers today rely heavily on the internet and real estate apps to sort through future home prospects. But, you can’t a great idea of the space or feeling of a home without a visit. Letting buyers in your home allows them to picture themselves living there – which could work in favor or against a potential sale.

✘ Hallway Traffic

If you have an open house, prepare to open your house. If you enjoy your privacy, you may not be keen on strangers making their way through your home.

✓ Gauge the Market

Opening up your house to the masses is the best way to get a feel for how the market responds to your home.  What questions are potential buyers asking? What are their biggest hang-ups or concerns? These clues may also help you in the future if you don’t sell and you decide to make improvements or price adjustments.