With the popularity of online photographs and virtual tours, some people are of the opinion that an open house is a waste of time. However, sellers should think twice before discounting this time-tested strategy. Following are some things you need to know about hosting an open house:
What Is an Open House?
Unlike an individual showing, an open house allows anyone to view the home, whether they currently work with me or not. It’s an excellent way to attract buyers new to the Dallas market or just beginning a search, those without an agent, and even sporadic buyers who aren’t necessarily in the market but share the information with family and friends.
Who Should Host an Open House?
Hosting an open house is not for the novice. Realtors at Covenant Realty not only provide the marketing, scheduling and even security advice, but we also make sure the home is properly presented to prospective buyers who decide to drop in and see the home.
How Do Open Houses Sell a Home?
Higher-Priced Homes: An open house is often effective in helping to sell homes priced above the median average for a given location, especially when used in combination with the Multiple Listing Service and online listings. For instance, a home that was sold in Allen, Texas recently in the Watters Crossing subdivison sold quickly because of the neighbors who came to the open house out of curiosity. They then told their friends about it and it resulted in a closed sale.
Tough Market: In 2005, more than 50% of sellers used an open house, with various degrees of success. However, that rate has declined in part due to the numerous foreclosures on the market. Unfortunately for sellers, trying to compete on price alone is difficult – and costly. Instead, use an open house to showcase the property and the neighborhood. It’s one more way to help your house stand out from the crowd in a buyer’s market. Marketing a house can be done very well or poorly. At Covenant Realty, there is a huge difference in how we showcase our homes. If you would like to know more, we are just a phone call away.
Unique or Uncommon Features: Without doubt, one of the most important reasons to hold an open house is to showcase a unique property or special features that are difficult to communicate or conceptualize. Sometimes it really is necessary to see a property to believe it, and an open house allows the buyer to fall in love at first sight by experiencing it firsthand.
With these tips, an open house can do nothing, but increase your chance of selling your home for closer to list price regardless of whether you’re in Plano, East Dallas or somewhere else in the DFW metroplex.
