In the bustling world of property, there’s one question that never fails to make an appearance: ‘Should I have an open house to sell my property?’. Open houses have been a mainstay in the property industry for years and for good reason. They serve as an excellent marketing tool and can help your home stand out in a competitive market.
Open houses are like magic portals that transport potential buyers into the world of your home, allowing them to visualise their future in it. Unlike viewing pictures online, an open house allows people to physically walk through your space, helping them form a connection that can often lead to a sale.
Moreover, they offer a relaxed environment for buyers, where they can ask questions, and imagine the potential your house holds, whilst creating the need to act fast if they are serious and can see the property has attracted a lot of other interest.
Yet, like all things, open house events come with their own set of pros and cons. So, before you dismiss the idea or jump right in, let’s delve into the reasons why they may or may not be the key to your successful home sale.
Create Urgency from your Potential Buyers
One of the best reasons to hold an open day when your property hits the market is to create urgency within your potential buyers. If your open day is particularly popular, viewers won’t fail to notice the amount of interest there is on the property, which in turn, creates an urgency to act fast should they want to put an offer in on your house. This puts you, the vendor, in a win-win situation! Not only could your house sell after just a day of viewings, it could initiate a bidding war, helping you achieve higher than your asking price!
Less Hassle for You
This brings us to our next pro – when an open house is done correctly and carried out on the right property, it can also mean less hassle for you, the seller. If you can create a powerful first impression just once and achieve a sale from your open day, then you’ll be without the hassle of weeks of diarised viewings in the future. So, get your property ready in advance, highlight its best features, make minor repairs, and ensure everything is in tip-top shape, as this can significantly enhance the photos taken for marketing and its perceived value from your viewers on the open day. The open day itself can be a fun opportunity to set the mood with soft music and the right lighting, offer freshly baked cookies, or even light a few scented candles. All these subtle touches contribute to a memorable viewing experience that could tip the scales in your favour.
Things to Keep in Mind
Now, if you’re thinking this all sounds great, you’re right. But it’s only fair to present a balanced view. There are a few considerations to keep in mind:
Timing is Vital – If an open house appeals to you, you should discuss this with your estate agent from the very start. Open houses tend to work when a property has just hit the market. Unfortunately, once your home has already been on the market for a few weeks or months you just won’t gain the interest or traction required for an open event to work in your favour. Your agent also needs to ensure the open day is advertised correctly. Viewers shouldn’t have to wait too long, but if not advertised long enough, you won’t get a good number of viewers through the door!
Not All Properties are Right for an Open Event – Believe it or not, not every property benefits from holding an open day. The right estate agent should be transparent and discuss honestly with you whether your property is or isn’t the right kind of property for an open day. Success stories tend to come from open events held for properties which naturally gain a lot of interest, these can include beautifully presented family homes or fixer-uppers located in a sought-after road or area. If you’re not sure whether your house fits the bill, we’d be happy to provide more advice.
Pressure to Sell – Open house events come with the pressure to sell in one day. After all, you’re hopefully having countless viewings from proceedable potential buyers coming through the door one after the other. If you don’t entice a sale from the open day and the property remains on the market afterwards, it can look a little strange! With this in mind, an unsuccessful open house can put future viewers off as they’ll wonder why it remains for sale and may assume something must be wrong with the property. However, it’s essential to not be too disheartened if you do not sell your property from the open day.
Viewing Limitations – Last but not least, an open house only allows one opportunity for potential buyers to view your home. Although this can be great for creating the urgency we mentioned earlier, it can also stop the right buyer coming through your door if they are unable to make the open house event date.
Like any event, open houses require time, effort, and a bit of investment. Preparing your house for the day and dedicating a few hours of your weekend could be a little challenging, especially if you have a busy schedule.
Despite these considerations, an open house remains a worthy strategy to consider when selling your home. It’s a tried-and-tested method that offers a host of benefits, from enhancing visibility to providing that unique, personal touch that sets your home apart.
In a nutshell, whether you should have an open house to sell your property isn’t a question with a one-size-fits-all answer. It depends on your specific circumstances, including your local market, the type of property you have, and your personal preferences and resources. But there’s no denying the potential benefits of this timeless estate agency tradition.
So, take some time to consider whether an open house is right for you. And if you decide to go for it, embrace the opportunity with positivity and enthusiasm. After all, selling your home is a big step, and any tool that can make the journey smoother is worth considering. Remember, every visitor is a potential buyer, and don’t forget, we’re here to help you every step of the way, just contact your local Arden Estates branch!