Holding an open house has its own set of advantages and disadvantages. An open house doesn’t automatically mean successfully selling a home. In fact, only 2% of homes get sold through an open house. So, how come we still see open houses? Here are some of the reasons why open houses are still necessary in order to sell homes.
Create a bidding war
Some agents or brokerage firms employ the tactic of holding an open house to create a bidding war. They will set the condition that the home will be shown to the public for the first time during the scheduled open house. This means all parties can only get their first-hand look on the same day. This builds anticipation and an ensuing bidding war if most of them like what they see in your home.
Gives your home the much-needed exposure
Your agent or brokerage firm will pull out all the stops in marketing your house. They will advertise in your local newspaper or put fliers around town to get the word out that your house is on sale and they’re free to check it out during the scheduled open house. It gives your house the exposure it needs and increases its chances of finding interested parties who are more likely to buy your home.
Attract buyers who don’t know where to start
A lot of people who decides to buy their first home, don’t have an idea of what they should do first. They’re more likely to act on impulse and when they see a sign at your front yard, they can’t resist the urge to take a look. They’ll be asking a lot of questions and hopefully, your agent can convince them that this is the perfect home for their family.
Allows your potential buyers to take a look without pressure
An open house gives people a chance to take a look at your house with no strings attached. They can freely walk in, observe, or ask questions without ever feeling pressured to buy your property. This peaceful and relaxing atmosphere gives them time to really think about their options. Your home may not get sold on the actual open house but people who are really interested will contact your agent sooner than you know it.
People can freely visit and check your house even without setting a prior appointment. Some people love this set up for they can do something productive at their most convenient time. This works well for busy people who are too preoccupied with other things on most days of the week. These are the kind of people who are most likely going to buy your home if they like what they see.