When someone decides to sell their property, what is the best avenue to take to have their home sell fast? In today’s market most buyers are using the internet to look for houses themselves before contacting an agent to represent them. Much has been said and written about selling homes through open houses. Who benefits more from this…the seller or the agent? The answer is nuanced.
Open Houses have become a never-ending debate, to whether or not they provide value to both the buyer and the seller. Some see the open house as an outdated form of marketing, while others are coming up with unique and fun ways to still incorporate open houses. We will run through pros and cons of open houses, as well as provide some fun and unique ways to host an open house!
- It Provides Exposure. Open Houses help market the property and pull in viewers. Though it may not always yield a buyer, it may increase foot traffic and feedback on what to improve in your house. While the chances of getting a serious buyer is rather slim, an open house will draw in people especially if your property is priced correctly!
- Draw in Potential Buyers. An open house gives potential buyers the opportunity to check the neighborhood, walk through the house and envision themselves living in the home. There is just nothing like seeing the home in person! – Although many buyers start their search online, pictures can only do so much justice.
- Risk of Theft. Leaving your home open for strangers carries security risks. While the majority of visitors are there most likely to view your property, some may be there for nefarious reasons. Keep in mind that hosting an open house is an open invitation to anyone to enter your home. Make sure when you hire a realtor, you know that you can trust them to keep an open eye at your open houses for suspicious behavior.
- Attracts NOSY Neighbors. Since open houses are open to anyone, this serves like a beacon to your lovely, nosy neighbors curious about your home that just want to see how your house looks on the inside and gossip about it to their friends. But, actually.
- Rarely Produce an Offer. Many brokers or even homeowners will agree that open houses aren’t the best way to sell your property. The numbers of houses sold as a result of an open house is staggeringly low. Open houses spark curiosity in potential buyers but it is rare for someone to come look at the home and place an offer to purchase. After all, home buying is a very serious decision homeowner’s make.
IDEAS & TIPS FOR AN OPEN HOUSE:
- Promote Your Open House. Make sure you find a realtor who will promote your open house. The open house should be posted all over the web- the MLS, Trulia, Zillow, Realtor.com, and all of the realtor’s personal and business websites. If they incorporate social media into their business plan, I would make sure the open house is on there as well. Our team makes sure to incorporate open houses on all social media platforms in a fun way!
- Signs, Signs & More Signs. Although many realtors focus on web strategies, make sure some of the “outdated” techniques are still incorporated. However, instead of a few signs on the corner, add LOTS of signs. Most realtors will use a mix of signs- specialty signs, company signs, and just plain open house signs. Some signs offer “fresh-brewed coffee” or “an area list of foreclosures”. Many realtors will put up 20-40 signs for 1 open house!
- Add a Personal Touch. Ask your realtor if they bring anything special to an open house. We’ve all attended open houses where you walk up to the door, and the agent is on the laptop, or watching TV. See if they bring some food or drink to the open house. Lots of agents may bake fresh cookies in the oven to create a pleasing aroma and treat, or brew coffee!
Feel free to contact our team to talk about the pros and cons of an open house for your specific property. The effectiveness of an open house can vary greatly by the style of your home and the location of your home. What will be the most effective avenue to sell your property for top dollar, in the shortest amount of time?
Sandy Erickson Real Estate Team of Keller Williams Realty
Serving the Twin Cities Area