The Pros and Cons of Hosing an Open House
When it comes to selling your home, there are a million different opinions out there on the “best” way to go about it. And, to let you in on a highly coveted real estate secret, the truth is there is no “best” way. However, there are approaches, strategies, and options that are better than others. One of these is an open house.
As with everything in my business, I center my recommendations around you, the client. So, what’s right for your neighbor might not necessarily be the best option for you. When it comes to open houses, I love to consider the pros and cons with you and then work together to make the best decision for you.
If you’re considering selling your home and thinking about hosting an open house, take a look at what exactly an open house is, and then take a look at the pros and cons to help you make your decision.
What is an Open House?
The concept of an open house is pretty simple. When trying to sell your home, an open house is a period of time (for example, Sunday from 2:00-4:00 pm) where you open up your home for potential buyers to come and look around completely unattached. A realtor may host this, or in rare cases, the sellers may be there too.
Pros of Hosting an Open House
Here are a few positive things about hosting an open house as a seller.
Exposure - when you host an open house, chances are that your home will receive additional exposure from marketing efforts that may stand out from just the listing.
Buyers can look without feeling pressured - During an open house, anyone can come and go which means there is little to no pressure. Potential buyers can look around as little or as much as they’d like.
Allows buyers to connect with a realtor - One good thing most people don’t realize about open houses is that it allows potential buyers to actually connect with a realtor. This could be good for you as a seller, but also good for your realtor.
Realistic expectations - With apps like Zillow and Trulia readily available, sometimes it’s hard to set up realistic expectations. An open home allows buyers to see the home for themselves, and not just make decisions based on pictures on the internet.
Convenient - Open houses are often held on the weekend making it easy for most potential buyers to just swing by and look around. They don’t have to work to set up a time for a showing.
Cons of Hosting an Open House
On the other hand, here are a few negative things about hosting an open house.
Unprepared (non)buyers - Unfortunately for you, open houses often attract people that aren’t buyers or potential buyers at all. They are simply curious neighbors or people who just enjoy browsing through homes.
Unqualified buyers - Open houses also attract unqualified buyers. These may be people that haven’t been pre-approved yet or who are looking outside of their price range.
Security risks - Anytime you open up your home, you open yourself up to security risks. Whether it’s theft or criminals just scoping out the area, this is something to consider.
Low probability of sale - Sometimes open houses lead to sells, but sometimes they don’t. Most people need a private viewing of the home before they decide to make an offer.
Next Steps
If you are considering selling your home, I’d love to chat! We can discuss if an open house would be the best approach for you. Reach out anytime at traceyrice@kw.com or 405-226-3770.