According to The National Association of Realtors’ insights, 48% of people attended an open house as part of their search process. While there is still debate on whether having one is worth it, there is no denying that there are many benefits of an open house when trying to make a quick sale. Here we break down the top six.
1. Showcase your property
The fierce competition in real estate makes it crucial for you to stand out. The internet has made it easier to explore options in the comfort of your home, but it can’t beat the experience of doing so in person. Giving your buyers the chance to physically see the property gives them a better idea and allows them to imagine themselves owning it. And can you get that through pictures and videos? Definitely not!
Open houses can be where you set yourself apart from others. So clean it up, upgrade the décor, and make an excellent first impression!
2. Stress-free Browsing
Would you prefer attending a longer, more relaxed viewing with more people over an awkward single viewing with a brief time window? Buyers definitely would.
A longer time window allows buyers to browse around the house at their own pace. And with many prospective buyers present, you will find them less awkward and more focused on the details.
3. Better Marketing
Anyone passing by can pop in for a look, especially people who don’t have a real estate agent to sell their investment property and have little clue about buying them.
Exploring options can get overwhelming for such people. Attending the open house will allow them to get their confusion cleared. Unmotivated people who are unsure will delay the buying process as much as possible. But if they see an open house, they can also look around with no pressure since they don’t have to buy it then and there.
So whether you get someone’s search started or completed, you will get more traffic. And that’s good marketing!
Bonus Tip: According to the National Association of Realtors’ trends report, 48% of buyers say yard signs are still a key source of information in their home search. So make sure to put up a yard sign!
4. Very Convenient
Setting up a viewing for the buyer. Getting the house cleaned before each visit. Answering the same few questions in every visit. Just writing that made me feel exhausted.
Repeating this for each buyer can get monotonous and tiring, especially if many are interested. Your calendar will be overflowing with showings!
So why not set one day for all interested buyers to come? You only have to get the property ready once, and you can answer everyone’s questions in one go.
This way, you can put in more effort to make it look as appealing as possible.
5. Introduce the Neighborhood
You aren’t just selling the property; you are selling the whole neighborhood: the neighbors, the community, and the environment.
And open houses are a great way of introducing this to potential buyers.
Introducing them to the neighbors, telling them about the famous restaurants nearby, which schools are the best, and what the neighborhood is known for is essential.
You can give them a glimpse of what life at the place is like.
And who knows, the neighborhood is what wins their heart?
6. Chances of a Faster Sale
While many say open houses don’t bring in many sales, they can still increase your chances of a faster one.
According to the Redfin Report, homes with open houses in the first week on the market sell faster (and for higher money) than the ones that didn’t have an open house.
If a buyer likes the property, they wouldn’t want to lose it, so they might throw in an offer before someone else does.
And if multiple visitors like the property, you might experience a bidding war. Bidding war means better offers!
There Are Many Benefits Of An Open House
Having an open house for your property can benefit both the seller and the buyers. And as a seller, what is better than making the buyers’ experiences as memorable as possible?