The merits and demerits of open houses in real estate

Real estate professionals and homeowners have been debating about the effectiveness of open houses for a long time. While some sellers feel that holding an open house event can help them sell their homes, others dislike the idea. If you are selling a real estate property in Armidale, you should look at both the positive and negative outcomes of open houses so that you can make the right decision.

On the positive side, open houses can attract buyers that don’t know much about the home buying process. First time home buyers need proper guidance and tips throughout the process, and holding an open house can be a great opportunity for them. If you hold one, there is a high chance of getting such a home buyer who is willing to get more information regarding the process. They may end up buying your property.

An open house also gives your home maximum exposure. You need to work with a good realtor that can coordinate the event well and market it effectively to boost your chances of selling. Some of the marketing strategies that can increase exposure when holding an open house include putting up street signs or ads in the newspaper regarding the event. The realtor can also include internet ads to attract buyers from different regions to come and view the house during the open house.

Apart from that, open houses do not put pressure on prospective buyers. It gives potential buyers the chance to analyze the home freely. Ensure that your realtor does not try hard selling the house since this strategy can backfire.

Though open houses are beneficial, there is a slim chance of selling. According to statics, homes that sell from an open house are about 3%. If you are not happy with the numbers, you should consider private showings to increase your chances of selling the home. This involves a potential buyer touring your home, accompanied by their realtor privately.

Sometimes, open houses attract the wrong crowd. The event can attract unqualified buyers. One of the requirements of purchasing real estate property is to get mortgage pre-approval. People who walk into the open house event may lack this qualification, making it hard for them to afford your house. Screening attendees for qualifications is hard.

Unfortunately, some people are nosy, and holding an open house can attract people who have no intention to buy the home. Nosy neighbors like attending such events to compare the home to theirs. Cases of security issues have also been reported following some open house events. This gives criminals a chance to explore a home undetected and execute a plan to vandalize the home. To avoid such issues, you should eliminate all the valuable items before holding an open house event.

If you weigh both sides and still decide to hold an open house, ensure you discuss all the relevant details with your real estate agent. Take precautionary steps and use the right marketing strategies to get potential buyers.