An open house in real estate is a specified time for prospective buyers, during which a home is scheduled to be accessible for viewing. When it comes to selling residential property, open homes have been a long-standing practice for exposing more people to a property for sale. Open homes are often hosted on weekends to attract more attention since most people are off work. Typically, owners collaborating with real estate brokers place signs on sidewalks or on street corners to attract passing traffic. They also advertise their listings in the real estate pages of newspapers to attract even more potential buyers.
How do open homes work?
- Unlike a personal tour, which agents organise with interested parties in advance, an open home essentially allows the interested buyers to drop by and look at a property for sale.
- A real estate agency or seller would often hold and market viewing opportunities as a strategy to generate interest and business — individuals may stroll around the property at their leisure or be escorted on tour by an agent during the event.
- No appointment is required to visit most open homes. However, visitors are often requested to sign a guest book, submit contact information, drop off a card if it’s an agency, or otherwise provide a method of future follow-up communication.
Advantages of an open home
There are many ways in which an open home event can benefit you in selling your home. Let’s take a closer look.
Helps build awareness among the general public and agents
Open homes, which are often marketed in advance both online and offline (for example, via internet advertisements, roadside billboards, and posted leaflets), assist in raising awareness that your property is for sale by increasing the number of people who see it. Additionally, they provide your listing agent with a reason to go out to other real estate agents in the hopes of finding a buyer for your home.
Steady foot fall
As a seller, an open home might also assist you in attracting more visitors. The more significant the amount of foot traffic that passes through your home, the better your prospects of finding a buyer or, at the very least, arranging a follow-up showing with more prospective severe buyers in the future.
Hassle-free viewing experience
Homebuyers often want to tour properties to get a sense of what it might be like to live in these residences. Being in the place itself may help potential buyers get a better feel of the house in real life rather than depending exclusively on images and agents to convey that information.
No need to make an appointment in advance
With an open home, you don’t need to make an appointment in advance, and you may even be able to visit many empty homes in one day. In a traditional showing, you and your agent must schedule a time, and the house must be available at that time; this may be a time-consuming and sometimes challenging procedure. With an open house viewing, you can walk right in.
Casual setting
Open homes bring opportunities for agents to meet potential customers and other real estate professionals in a less formal setting. Additionally, it is common for buyers’ representatives to meet and exchange contact information due to these meetings. With the ease with which an open house sign may be driven by and then stopped at any moment, some prospective purchasers may attend the event without the assistance of an agent.
Disadvantages of an open home
Rush on weekends can affect the viewing experience
Multiple people seeing homes may be hectic and confusing for buyers. It isn’t easy to imagine living in a house with numerous individuals crowding it. Also, if a buyer sees your home after numerous other open homes that day, they may be exhausted and unwilling to devote themselves to a full viewing.
Not everyone will be a potential buyer
Because an open home is available to everybody, some participants may not be serious buyers. Anyone from your neighbours to a potential buyer might show up at your door, and they could be seeking ideas for their home improvement initiatives.
A little straining for sellers
Before organising an open home, consider if the work is worthwhile. Not only must your home be prepared, decluttered, and staged, but you must also arrange for your family and pets to leave during the event.
Theft & safety
An open home invites outsiders into your property, raising worries about theft and safety. An open house allows a burglar to plan a break-in or take unguarded objects from your home. Keeping this in mind, remove any valuables beforehand.
5 tips to successfully promote an open home
Now you know what an open home is, get to know various marketing strategies that may help you attract potential buyers to your property.
1. Improve your listing
In addition to keeping buyers and the real estate market in your region up to date, it’s also crucial to keep your open home listing updated so that it’s towards the top of the newest display on listing services. If you can, consult with a real estate professional to help you figure out what your property should look like to compete with other properties on the market. When a listing agreement has been completed, you may need to make repairs, stage your house, or develop creative strategies to sell the property right away.
2. Display versatile signs
Putting up an open home means putting up a sign promoting it in front of the property, which you probably already know. There are additional signs you’ll need to make, as well. For starters, don’t discount the power of putting up fliers and leaflets in public locations where locals congregate, such as coffee shops. Taking advantage of the high volume of people passing by these locations will increase your chances of meeting potential customers. Don’t forget to put up directing signage on the day of the event. The additional signage may be helpful for visitors who aren’t acquainted with the area.
3. Set up a targeted Facebook ad
It’s hard to beat Facebook ads when it comes to placing your real estate listing in front of a very narrow set of potential buyers and sellers. One strategy you may use is to target leads based on audience insights. You may also narrow down your search to include just those interested in certain pages—for example, real estate listing websites by specifying a specific keyword or phrase.
4. Use Instagram’s geotagging feature
You may utilise geotagging in a post or Instagram Story to make your open home stand out. People in the area will be more likely to see your open house if you geotag it with the name of a particular neighbourhood or nearby landmark such as a school or park. Instagram’s gallery function enables you to display many photographs from your listing, while the description tool allows you to provide additional information about the open home in your post.
5. Make it a memorable walkthrough
Your open home will be competing with several others on any given weekend, so you’ll need to make it memorable. For example, you may utilise the space to its fullest potential by holding an event and marketing it in conjunction with the theme or holiday of your choice. Getting folks in the door and making them remember your home above others is as simple as doing whatever you can think of. Showing off creative ideas that illustrate all the possible uses for a specific area may benefit a seller.
Tips to stage an open home with confidence
Before holding an open home, the sellers should clean the home, remove any clutter, and tidy the patios and yard. Planting potted flowers near the front entrance or purchasing fresh flowers and arranging them on a coffee table or dining room table may help to enhance the look of the front of the home. Sellers must also consider the items they want to conceal. They may have valuables that they do not want the public to view or discover, therefore they may choose to store them at a friend’s or family member’s residence during the open home.
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