About a million houses are on the market every month in the United States. One of the main parts of a home sale is conducting an open house. A real estate agent is usually the party that does an open house to showcase a property on the market.
But do open houses help the sale process? It’s a question most home sellers struggle with when putting their property on the market. An open house is like any other marketing tool. That means that opd successfully, and they find the target market.
Open houses can be successful when implemented. You don’t have to be a real estate agent to conduct a successful open house. Fortunately, we have come up with a few tips on holding a great open house and finding the right buyer.
Do Open Houses Work?
Yes, open houses do work. But you must properly showcase your house to effective buyers to make it more appealing. Numerous factors may affect the effectiveness of an open house, such as:
- Visibility of the neighborhood
- Market conditions
- Security factors
- Accessibility of potential buyers
Visibility of the Neighborhood
Neighborhood visibility is a crucial factor in determining an open house’s efficacy. The more visible your house is to the neighborhood, the more effective the open house will be. More people are likely to see your house in a visible neighborhood.
In addition, your neighbors are likely the first to see your house on the market. Thus, a highly visible neighborhood increases the likelihood of finding prospective buyers faster.
Market Conditions
The real estate market conditions will influence the home selling process significantly, including the open house. More potential buyers are likely to come to your open house when there are favorable market conditions. But in times of economic hardships, open houses can be ineffective due to the limited number of home buyers available.
Security Factors
Security is a key factor that plays a role in the success of an open house. It’s important to implement certain security measures to make prospective visitors more comfortable. Security measures are also a good way to keep nosy neighbors away and protect your valuables.
Accessibility of Potential Buyers
Your open house has to be accessible to potential buyers for it to be successful. Engaging in marketing or advertising can help get your open house more exposure, thus attracting more potential buyers.
A listing agent is usually the party that advertises properties for sale. But if you are selling your house on your own, you’ll need to find ways to make your house more accessible to prospective buyers. For instance, share your contact information online or when marketing your house to make it easier for serious buyers to contact you.
How To Stage an Open House Properly
Staging an open house properly takes a bit of expertise and preparation. But it is easy for anyone to prepare a great open house or even host a private showing for a limited number of potential buyers. The main steps involved in staging an open house properly are:
- Advertising or marketing
- Prepare the house for visitors
- Prepare some paperwork that serious buyers may want
Advertise Your Open House
The housing market is very competitive, and more than one property may be up for sale in your neighborhood. You need to advertise your open house and let people know that your house is on the market.
Advertising your open house is now easy due to the power of social media platforms. You can look for prospective buyers online or through the Multiple Listing Service (MLS). You can also look at how most real estate brokers or realtors advertise open houses and follow their example.
Another common marketing technique followed when setting up is staging some open house signs in the neighborhood. Remember to include some pointers in the signs to direct potential visitors to your house’s location.
Prepare the House
Prepare the property to ensure it makes a great first impression when you host an open house. Clean the house properly and declutter the exterior of the house because that forms part of the first impression.
Ensure your house is in great condition and conduct any necessary repairs. The costs to fix up a house to sell will vary depending on the required repairs.
In addition, you can do a paint job on the house to give it an upgraded look before the public open house. You can also visit open houses to learn what tips you can use to prepare your own. But this may not be necessary if you are working with real estate brokers.
Another part of preparation is to remove personal effects from the house. Prospective buyers should get to picture what the house would be like if they made you an offer. It also helps you avoid any security risks you might face.
Prepare Paperwork
Prepare paperwork regarding the house in a brochure or pamphlet. Some of the details that you can include in the brochures include:
- The unique features of the house and some photos
- Possible financing options for serious buyers
- Inspections reports and blueprints of the property
Do’s and Don’ts When Running an Open House
Running an open house is another critical factor in its success. Here are a few things you should do when the open house is in progress:
- Interact with potential buyers
- Offer refreshments
- Keep the lookie-loos away
- Invite some real estate brokers or members of the National Association of Realtors
- Make sure your open house is up and running earlier than your competitors
- Let prospective buyers take the lead and answer any of their questions
Here are a few don’ts you should avoid when running an open house:
- Don’t focus on the negative
- Don’t ignore the outside of the house
- Don’t use air fragrances and other synthetic materials
- Don’t become a distraction
Don’t Focus on the Negative
When running an open house, you may likely notice something negative about the house you forgot during the preparation stage. But you shouldn’t dwell on that or let prospective buyers notice it. Just focus on the positive side and bring the prospective buyers’ attention to why they should make the house their future home.
Focusing on the negative may seem like something you want to point out. But many potential buyers will only think about the negative aspect of the house if that is your main focus.
Don’t Ignore the Outside of the House
The exterior of your house is as much a part of the open house as the interior. So don’t neglect the curb appeal, and ensure that the lawn and entryway make a great first impression.
Don’t Use Air Fragrances
Some of your guests may be allergic to synthetic fragrances. Allergies also extend to pets such as cats and dogs; thus, you should keep your pets out of sight.
Don’t Become a Distraction
A common mistake people make when running an open house is making it about themselves instead of the house. You become a distraction if you find yourself talking too much or over-explaining things that the buyers don’t need to know. Just relax and aim to have a simple conversation with qualified buyers.
It is important to let the potential buyers take the lead. That way, you can explain to them what features they can like about your own home and why they should buy it. Thus, it is important to interact with buyers but ensure that the bottom line in every conversation is about the house.
How To Get Offers on an Open House
The goal of any open house event is to get offers from qualified buyers. The Covid-19 pandemic slowed down the housing market, but it has bounced back, and you should expect offers if you host an open house properly. Here are a few tips on how to get offers quickly after an open house:
- Price the house appropriately
- Follow up with prospective buyers
- Work with a professional brokerage partner
- Price the house appropriately
Getting a serious offer on your house mainly depends on the listing price. Keep the asking price competitive and ensure it is not too high or too low. Research similar asking prices for properties of the same size as yours. Doing so will give you an idea of what other similar properties are going for so you can develop a strategic price.
Follow Up With Prospective Buyers
If you are looking for the cheapest ways to sell a house, you’ll likely seek to sell independently. To be successful, it’s essential to get the contact information of qualified buyers or buyer’s agents and follow up with them after the open house. Follow-up communication can help you get offers and will also help you develop networks that you can leverage in the future if you want to sell your own home.
Work With a Professional Brokerage Partner
Getting offers after hosting an open house independently is great. But the offers may not roll in immediately, and you may need to consider working with a professional. Real estate agents are also more skilled at handling any bidding wars that may come up during the home-selling process.
Host an Open House Today
Do open houses work? This is a question most home sellers deal with when they have to put their own home on the market. Open houses are an effective way of marketing your property and meeting qualified buyers who can make you an offer on the spot.
But hosting an open house properly is not an easy process and a considerable amount of work and foot traffic is involved. Get professional help hosting your house or even list it online and get ready to receive offers from online homebuyers.
If you’re looking for cash home buyers in New York, we buy houses NYC owners want to sell. You can sell a house fast in Long Island or elsewhere in New York by contacting us today.