Advantages And Disadvantages Of An Open House
When putting their house up for sale, many people think it's a given that they'll have an open house. But just because open houses are common doesn't mean that they are the best way to sell every home. Before you decide if an open house will help you sell your home, you should think about the pros and cons.
Personally I am pro a variety of open house styles. I have done Happy Hour Opens, Saturday Opens, Sunday Opens, Broker Opens, Neighbor Only Sneak Peek Opens and during the pandemic I did a Live Open House on social media! It really depends on the property and when coming up with a custom marketing strategy figuring out which open house will get the job done is essential .
ADVANTAGES
Open to All
Hosting an open house is a terrific, low-pressure way to attract potential buyers and get more people to know about your home. This is good for buyers who like to keep things simple. An open house can bring in buyers who are interested but don't know where to begin. Buyers who can more easily envision themselves in your space are more likely to remember the listing and connect with the home.
Excellent Marketing Strategy
One of the best ways to get the word out about your house is to hold an open house. If it's put together well, it can get a lot of offers and even start a bidding war. I use a variety of ways to get the word out about the property, such as social media posts and ads, digital marketing, offline networking circles, real estate portals, and printed flyers and invites. In the long run, this leads to a steady flow of leads and a lot of walk-ins that you wouldn't get from regular property listings. When you have an open house, it shines a light on your property and gives you an edge in a competitive market.
Taking in Opinions
Hosting an open house is a fantastic method to obtain feedback on the pros and cons of your home from a wide range of potential buyers. Even though criticism can sting, it's helpful to know where your house may be lacking so you can fix it before it becomes a major issue.
DISADVANTAGES
Unqualified Buyers
Even though open houses drive traffic to your home, more traffic doesn't ALWAYS translate to more offers. You may find a curious neighbor or an unqualified buyer with a dream perusing your personal space. People who come to the open house are hard to qualify ahead of time, so keep this in mind as a risk factor.
Even with a conscientious agent, it’s difficult to keep an eye on everyone in the home, especially when multiple groups of people are touring at once. A thief posing as a buyer has easier access to your valuables. When an item of value goes missing, it's almost impossible to catch the person.
Extremely Demanding
With the changing housing market, it's more important than ever to make a good first impression. Being showing-ready for an open house and having to vacate the property for the day is just one more thing that can weigh on a seller.
If you’re curious about selling your home and want to discuss how I utilize open houses as part of my marketing strategy WHILE mitigating risk for my clients, give me a shout!
