When listing your home, you may wonder about whether or not to have your agent hold an Open House. You may ask:
- Should we market our home this way?
- What is the benefit of holding an Open House?
- Can an Open House sell our home faster?
In today’s market, online exposure, such as MLS, Zillow, Realtor.com and Social Media sites are the main ways of getting your home visible to a vast number of potential buyers and agents. However, hosting an Open House, some say, is still a bonus. At an Open House, you can get “eyes on the home” from multiple people at one time; you can choose the allotted date and time and make sure the home is in pristine showing condition; and there is no time limit, so a person can take their time and look around.
Who are the main people coming to an open house? Usually neighbors checking out the competition or scoping out your home to see if it would work for a friend or relative. Real Estate Agents also attend to check out the home for their clients who are either unable to attend, or to check out the house for comps of their own listings. First Time Home buyers may also swing by an Open House. Often this type of buyer is either not working with an agent yet, or they just want to get a feel for what type of homes are available in the area, or to scope out features they are looking for in a home.
Another question on the sellers’ minds is “Do Open Houses Sell Homes?” The short answer is “Not usually”. However, we have seen that homes in some areas sell faster due to the vast exposure they bring in, and the marketing done to advertise the Open House helps to further advertise the property. For example, a neighbor may visit to look at the home for some design ideas, and then a week later, finds out their cousin received a job offer and needs to move. The neighbor is more likely to spread the word that the home for sale right next door is worth checking out. Or, another agent may come to your home to get an idea of what price to list their client’s property for, and a few days later may have a potential buyer walk into their office looking for the same specs they saw at your Open House.
Just because holding an Open House may not have the potential of working right away doesn’t mean it doesn’t work. Real Estate Agents do benefit from holding an Open House to gain prospective clients they can represent in other transactions, and even this can be good for you in the long run. After all, you are not having to prepare anything more than you normally would for any other showing, and you never know when the right buyer is going to “walk through the door”.