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Is Hosting an Open House Necessary?
One of the methods used during the past decades and even until our current timeline is the organization of an open house viewing. Doing an open house viewing was a marketing staple for the past years. But do you think it is necessary as you are proceeding in marketing your property?
As we all know, during the past decades, homebuyers would personally jump from one property to another as they search for a property to purchase. They did not have high-quality photographs, floorplans, and other enhanced marketing tools that are currently employed in home selling nowadays. The information regarding your property was not available with just a press of keys and with the internet during the past decades. Homebuyers can make major decisions online instead of going to the said property personally.
So, what is the purpose of an open house? Doing an open house must be used to expose your home to a potential buyer that wants to purchase it within the next 40-60 days. That is the sole purpose of using this marketing strategy.
But have you noticed that some real estate agents prefer using this method? One reason is that having an open house would increase the activity that your property would get from home buyers. They would flock into your property and would be able to personally gaze upon it whether it would fit for their tastes or not. They would also be able to grab the feeling of your property rather than just view it online through pictures.
Some real estate agents would disagree with this and declare that open houses create false hopes for home sellers. Yes, we know that doing an open house increases the activity of your property in the market as a lot of home buyers would go and personally view it. The false hope starts when you, the home seller, prepare the property the night before and makes sure that it will be thoroughly available for the day of the open house. That there will be no mistakes in regards to the cleanliness and/or tidiness of the property. That after garnering around 10 viewers for the day of the open house, a home seller is not guaranteed that one out of the ten viewers during the date of the open house would be your buyer. This is true for some cases and it would also reflect that even if you did not use the open house method, even if you had two viewers for a whole week, the result could still be the same.
Here is a list of the top 5 types of people who typically show up during an open house:
The “Not Ready to Buy”
- As you can read, this home buyer is not able to buy your property yet because he/she is still 6 months to 2 years away from being able to. Yet he/she wants to see what they could possibly buy with the money they would be having after the said period.
The “Nosey Neighbor”
- They are not even home buyers but, in most cases, your neighbors would go to your open house viewing just because they want to be updated to what you have. This means they are curious as to what updates did you make for this sale and if their home could compare to these changes. They just want to stick there and they have no plan to purchase your home at all.
- Having an open house would be the perfect scouting method for a group of thieves. They can freely walk through the front door and look at your home from the inside. But sometimes, thieves become daring and don’t just scout during an open house. They tend to steal stuff as the open house becomes busy. You have to be aware of this risk and make sure your property has sufficient protection for an open house.
Fellow Home Sellers
- What is the best way to look at your fellow competitors? Going to their property and scouting it thoroughly. Doing an open house could also attract fellow home sellers so that they could check what your property offers that their property lacks. Some just want to see what other properties are in the market. They will not buy your home.
The “Broke Buyer”
- Unlike the “not ready to buy” persona, the “broke buyer” does not have any idea of the price of your property but they still go in hopes that they could afford it. Most of the time they are just driven by the impulse to check out your home. Unfortunately, most of the time they are not capable of purchasing your home.
Are you looking for a realtor who cares more about you than their commission? I became a Realtor because I bought my first house about 7 years ago, and I absolutely loved the process. As a first tim....