It’s likely that you’ve heard about using an open house to sell a home. The concept is fairly straightforward: a seller decides to make their house available for public viewings on specific days in order to generate interest. The goal is that enough buyers will attend, and that one or two will express interest and make offers to purchase the home. While open houses have been around for a long time, many professionals doubt their effectiveness.
Who does an open house benefit?
In many cases, people attending an open house will not only be interested in the house itself but also in the agent selling it. They may want to know what other listings the agent has on the market, or even be looking to find an agent to sell their own property. Many agents claim that open houses result in very few actual sales, percentage-wise. Instead, potential buyers are more likely to make an offer after a one-on-one showing.
If you’re trying to sell your home on your own, however, an open house may still benefit you. Since you probably don’t have the tools and resources an agent would use, holding an open house could help generate some traffic and word-of-mouth buzz. If you’re considering this option, make sure your house meets a few basic conditions.
It should be in a high-traffic area. There’s no point in holding an open house at a property located in a remote area. Most people who attend open houses do so spontaneously, drawn by good signage rather than extensive advertising.
It needs to be clean and up to date. Open houses are easy to plan, since you can choose the date. Make sure any renovations are completed before the event, and ensure the house and property appear well-maintained. Even small amounts of clutter could turn off potential buyers.
All closets should be cleaned out. If you don’t have storage units available, at least reduce the contents of your closets by half to give the impression of ample space.
If you can, park your vehicles elsewhere. You want visitors to see there is plenty of parking available for both themselves and their guests, especially if they plan to host.
Get rid of any pets or kids for the day. A noisy room or a distracted host could make the difference between closing a deal and having potential buyers walk out. You want the day to be as free from distractions as possible.
Lawns should be mowed and entranceways swept.
Take care of any smells or sounds before the open house begins. A rattling furnace or a waft of compost through an open window could be a deal-breaker.
Protect yourself
One major disadvantage of holding an open house is that it can leave a homeowner vulnerable to unscrupulous individuals. Since the event is open to the public, not everyone attending will be interested in buying the house. Some may be more focused on the contents of the home.
Make sure to put away any easily pocketed valuables (including silverware!) in a secure location.
Any paperwork should be stored out of sight as well. Identity theft is on the rise, and papers left out in an open house are prime targets.
Keep an eye out for anyone who seems more interested in your belongings than the house itself—they might be scouting for a potential break-in.
Finally, keep in mind that open houses are quickly being replaced by virtual tours. These tours allow potential buyers to view your home online via a recorded video. One video can handle it all, saving you the hassle of spending a Saturday cleaning or constantly cleaning! You may want to consider this easier option before holding an open house that can be time-consuming and unlikely to result in a sale.