It’s time to discuss whether you should conduct an open houses or only have inspections by appointment.
There’s no single right answer to this question. It’s really a matter of personal opinion but we wanted to help you make up your mind by highlighting some of the major pros and cons.
Something to keep in mind about open houses is that a major reason real estate agents conduct them is to show sellers that they are doing something concrete towards a sale. It’s also a great opportunity for agents to network with buyers who may be interested in other homes on their books.
One serious issue with open houses is that they can be held at times when particular buyers aren’t able to inspect. Private inspections are a clear winner here as they let you schedule inspections at times to suit both you and the buyer.
Open house pros and cons – managing attendees
Another issue is that, if open homes are well attended, they can be extremely difficult to manage. Imagine trying to watch your valuables, take names, listen to feedback, and answer questions with 20 people attending your property at the same time! It’s nearly impossible to talk meaningfully with and qualify each potential buyer.
On the flipside, a well attended open house can influence a buyers sense of urgency and scarcity, perhaps leading them to make a quicker offer. That said, buyers will also be listening keenly to comments from other people inspecting the property at the same time. This can work for you or against you depending on whether those comments are positive or negative.
There’s also the possibility your open house won’t be well attended, so you should consider how you’ll fare emotionally if all your hard work preparing your property goes for nothing. It can be quite a demoralising experience.
Security during an open house
You’ll also need to be considered your home’s security. Open homes can be a great opportunity for thieves to pocket valuables or familiarise themselves with your home’s layout while you’re distracted.
But you should definitely consider running an open house if other homes in your street will be open. This makes it easy for buyers to simply stroll over if the other house in your street wasn’t what they were looking for.
Holding an open house inspection is a personal choice. Whether you go for a private inspection or decide to welcome buyers in at once, the main thing is to make sure you’re well prepared. Here’s some other resources that can help:
- Open House During Pandemic – How to Manage It
- Top 4 tips for staging your home to sell
- How to run an open house
- How to prepare for an open house
As always, if you need an extra hand deciding what’s best for you, we’re here to help. Speak to one of our friendly experts now—call 1300 664 773 or contact us today!