As a home seller/ buyer, your purpose in hiring a real estate agent is to make the whole process quicker and safer. Here, you trust the agent to advertise the best price in the market you are in. If we talk specifically about home selling, it includes several types of marketing strategies to attract potential buyers.
The practice of open houses is one debatable discussion between the critics and the real estate agents when it comes to marketing a home. For years hosting an open house has been a tried and test real estate approach for the sellers.
An open house is a marketing practice by several real estate agents to increase the exposure of your house to potential sellers in the market. A property hosting an open house is open to all kinds of visitors to browse around the house for inspection and then connect with the realtor if interested.
A real estate agent often markets or advertises the house opening through ads and newspapers to spread out the word.
The Open House is well furnished with the actual living conditions or some props to create a homely vibe for the audience. House opening is usually a few hours and during the hosting of an open house, the residents are often required to leave the premises with their pets and children while the realtor handles the audience.
The critics concerned with the real estate marketing and practices claim that since the advent of the internet the house openings are only baited by the real estate agents to gain publicity at the expense of the client.
While the real estate agents argue that several houses are being sold each year through the traditional house opening. According to the house, the opening is a cogent experience for potential buyers and brings exposure to a wider market.
Over the years, the critics are on a mission to aware readers of the downsides of the house opening. Truth be told, there are several disadvantages of house opening in the 21st century. Some of these are the following:
Privacy and security concerns are one the top reasons that a seller would hesitate to allow an open house. Critics are very clear about how an open house is an invitation to the burglars and other types of snitches.
Open houses pose a potential risk of exposing the house structure and safe ways to break-in. Each year several robberies are reported all over the state especially after the open houses.
Technically speaking, only 3% of the purchases are ever finalized through house opening. This percentage represents the bare minimum chances of your house selling no matter how much your agent is hyping the chances. Most of the visitors you will receive would just be window shopping and rarely two percent are potential buyers.
Even if through open houses agents are marketing themselves (as claimed by the critics) most agents would purposely sabotage the opportunity of sealing the deal with potential buyers.
When you host an open house along with potential buyers, a lot of unnecessary audiences would also like to join in. In such situations, the agents get too busy attending to everyone as well as keeping your house safe. Congested area and no interaction with the realtor are two factors that a potential buyer may return from considering the house.
Reading the headline, you might be confused after all the pros mentioned above why would anyone recommend tips for a successful house opening?
Well, every practical practice has some pros and cons and likewise, house opening also has some pros that might help your property sell.
Often realtors visit open houses to stay updated about the market and get familiar with the neighborhood for future dealings. Often these realtors provide valuable feedback about your house condition as compared to the competition in the market.
These experienced professionals can offer you a different perspective concerning any modifications for better sell and price.
Depending on how and when your real estate agent is conducting the house opening can seriously impact what kind of audience the property attracts.
Other than the potential buyers, there are few important figures in the market that you can attract through an open house. These figures include brokers/ realtors and bank investors. To attract these figures a practice known as “brokers house” is hosted specially for brokers/ realtors and bank representatives as well as investors considered as potential buyers. Broker’s open houses are usually hosted on the weekdays unlike open houses on a weekend. Brokers typically visit these houses for interested clients and then proceed with the negotiation.
Keeping in mind the advent of the internet, pros, and cons of hosting an open house you can still make it work by combining both. If you want to host a successful open house, use the internet and list your house on official listing websites, set a time for the audience to visit, keep it a maximum of four hours.
Once the audience has seen your house images on the internet, they would be more enthusiastic to open explore. You can also skip adding any signboard or open house in front of your house to avoid unwanted attention.
If you want to attract brokers only then arrange an open house on weekdays. You can discuss this further with your agent. However, always remember that a Best Brooklyn Realtors will always enlighten you with the pros and cons of every practice.