Pros and Cons of Hosting an Open House

It’s a rare buyer who will purchase a house
sight unseen. It is important for people to see how elements of a house come
together, how rooms flow, how straight the floors are… seeing is believing! An
open house is simply a block of time during which potential buyers can view
your house without having an appointment. Should you host one of these events?

 

Let’s find out. Here’s a look at
the pros and cons:

On the downside:

·
You have to think about security. Anyone
can come, and this can be a problem. If you live in a desirable (wealthy) area,
the less scrupulous may come to see what they can get their hands on (and fit
in their pockets).

·
Your house may not be not “perfect.” Think
of open houses like dinner parties – except everyone’s going to be super
critical! This is a chance to show off your house, warts and all. If you’ve got
a few more warts that you’d like and no time to fix them, an open house may not
be the best method by which to sell your house. One-on-one showings enable you
to explain your house’s eccentricities in a positive light.

·
They can attract “tire-kickers.” These
are people who are just nosy or want to check out your property. They have no
interest in buying, but perhaps too much interest in your complementary cheese
and crackers. This can be discouraging, not to mention a waste of your time.

On the other hand, an open house can help you sell your
home:

·
They increase exposure. Some people are
more comfortable viewing a house in a group; they feel that there is less
pressure. If they are interested after seeing it, they can schedule a
one-on-one with you.

·
They increase appeal. When potential
buyers see that others are interested in the house, it increases the urgency
they feel. It can prompt them to make an offer or at least schedule a follow-up
for an individual showing.

·
You can highlight features that don’t
photograph well.
Sometimes it is difficult to capture the real essence or
feeling of a home in 2D photos – or even 3D renderings. In this case, an open
house allows visitors to see what makes your house so special, whether it is a
cosy reading nook perfect for nap-lovers or a finished basement ready for gym
equipment.

Is an open house right for you? It may be the solution to
engaging buyers and selling your house more quickly.

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