Open House Expectations
Before you hold an open house, it is wise to discuss with your real estate agent what you should expect from an open house. Some agents feel that the purpose of a virtual tour is to give a potential buyer the opportunity to tour the home on line instead of visiting it in person. Clearly for any potential buyer visiting your home in person is much more helpful. I have seen more buyers either express their disappointment or their surprise when they find what the virtual tour didn’t expose.
In today’s market sellers often feel that every possible approach to gaining exposure for their home should be exhausted, including open houses. I believe that there are certain advantages to having a public open house.
If you decide to host an open house, here are some tips to make it worth your time:
If you are going to host an open house, advertise it during the week leading up to the day. There is an exception to this rule. If a buyer has visited your home on a Thursday with his agent and has decided it is one he may want to consider, a last minute decision to host open house that weekend may give him reason to make an offer on your home fearing that he could lose the opportunity should someone else come along. Even if the open house has not been advertised in the local paper, your agent can put it into the MLS and the interested buyer’s agent will surely let them know about it. As well, any interested buyer will likely drive through the neighborhood while they contemplate making an offer on your home.
Be flexible for the very likely possibility that a nosy neighbor will visit the home. While the chances are not great that they are looking on behalf of someone they know, it is possible. Having a sign-in sheet might keep those who are less bold from coming into your home. A sign-in sheet is a good idea anyway because any feedback is good and your agent can call the visitors to see what they thought, assuming they entered correct information on the sign-in sheet. Again, set your expectations accordingly.
Condensing your open house time to an hour and a half or two hours has its benefits. Obviously, you aren’t as inconvenienced. If a potential buyer has read the ad and is interested, they will make time to visit the home. There is also a better chance that more than one visitor will be there at the same time which could make the home appear more appealing and create a sense of urgency. There is nothing etched in stone that says an open house has to be from 1-4.
