The term open house is almost exactly what it suggests, it’s a time when a house on the market is open for anyone to tour it. There is a specific time and date for an open house and there are many reasons why open houses are successful for the seller, buyer, and even the realtor!
In this post we will cover what an open house is, the pros and cons, and what sellers need to do in preparation for an open house. For more information on how to sell your home, click here. We cover a complete list of things to do in order to sell your home.
Etiquette for an Open House
Open houses are not a formal event. You can go by yourself without an agent since the seller’s listing agent will be hosting the open house. The realtor hosting the open house will ask everyone that visits if they are working with a real estate agent.
Take your agent with you if you’d like. Even if you don’t have an agent, feel free to attend the open house. Neighbors are also welcome at open houses! In fact, a lot of times they are a great resource for helping a house get sold.
Most open houses are scheduled over the weekend to maximize the amount of people that can attend. There are usually signs all over the neighborhood that will guide you to the open house.
When you get to an open house you may need to sign in and leave some contact information, but there’s no need to knock at the door. The realtor is expecting you! For additional information on the buying process, see this post on what homebuyers need to know.
Pros and Cons Open Houses
There are advantages and disadvantages to holding an open house. Most sellers want to know why they should have an open house. One advantage is that marketing for an open house will get the home a lot of visibility.
The goal for an open house is to have a good amount of people attend. This way, potential buyers will see how many other people are interested in the home and it may cause them to submit an offer faster than if they had only seen the house at a showing.
Another advantage of open houses for sellers is if you do have a lot of interested buyers at the open house, it may cause some competition. Meaning you will receive multiple offers, allowing you to choose the best offer!
Some disadvantages of an open house may be that if it is scheduled at a bad time, not a lot of people may attend. Or, you may not receive an offer from an open house. The only disadvantage for buyers is that it’s not the house you’re looking for.
Open House for Real Estate Agents
Open houses can be great exposure for real estate agents. Open houses give realtors the chance to meet potential clients when advertised and planned correctly. Real estate agents should schedule an open house during a slow time when most people will be available. So think about scheduling an open house on the weekend.
Try not to schedule an open house all day. This is harder on your sellers and yourself! Plus, if you have a small window for the open house, people are more likely to go if they know it’s only during a certain time frame.
Another benefit is that you want as many people to attend your open house as possible. So if there is a small time frame, then potential buyers are more likely to be there at the same time. This way they will see other people at the open house, which creates some competition for the property!
Be sure to advertise the week of the open house. Make sure you prep your seller to get their home ready for the open house and give them tips on ways to make their house shine. Setup signs in the neighborhood and make a FaceBook Live video reminder the day of!
During the open house, be an active source of information. Greet everyone that comes in, pass along fliers, and let them know that you are more than happy to answer any questions.
You will need to ask everyone if they are already working with another real estate agent. Even if they are, don’t be passive during an open house! You never know if the people walking in are looking for a realtor. This is your time to shine!
Open House for Buyers
Buyers should attend open houses for numerous reasons. Firstly, going to an open house is a lot less pressure since there are other people there! You can either take your realtor with you, or go by yourself. Let the listing agent know if you’re already working with another realtor.
Another advantage of an open house is that buyers can spend more time in the home than they would during a scheduled showing. You can make a day of visiting open houses to get an idea of other homes in the neighborhood, area, and price range. It’s a great way to compare multiple houses in one day!
You can also attend an open house if you’re looking for a realtor! It’s a good time to see how the realtor interacts with potential buyers. Sometimes there are even loan officers present at open houses so you can get information on mortgages.
Tips for Sellers to Prepare for an Open House
An open house for the seller will require some time and effort, but it will be worth it if you get the right buyer to attend your open house! Ask your realtor about scheduling a day and time and how you should prepare.
Open houses are a great way for your home to be viewed by a lot of people in a short amount of time. This way there’s no last minute rush to get your house in order if a showing is scheduled unexpectedly. Your open house will be planned in advance so you can get your home ready and find something to do for a few hours.
Your realtor can help you prepare for a successful open house. As a seller, here’s what you need to do for an open house! First, you want to clean your home. No matter how lovely your house is, if it isn’t clean, it won’t be as attractive. Click here for some tips on how to clean your home before putting it on the market.
If you have pets, then you will need to put up their belongings and find someone to look after them during your open house! Read this poston how to sell your home with pets for more information. We also have information on how to clean pet stains before selling your home in this post. Be sure your open house is pet free!
You will also need to declutter and depersonalize your home before an open house. This allows potential buyers to envision themselves in your home. Click here to read more about how to declutter your house!
Since the goal of your open house is to have a lot of people view your home, be sure that there is enough room for people to walk around. Remove large furniture so that buyers can move around easily. For staging tips, read this post on how to stage your home so it will appeal more to buyers.
Be sure to hide all of your valuable items before a showing. Your agent can’t cover all of the rooms in your home at once. A nice touch for your open house is to add some fresh flowers to your home. These can go on the dining room table and even outside of your front door!
Prep for your open house like you would for any other showing. Open the blinds and let the light in, turn on all the lights, set the dining room table, and clean up! Don’t leave towels or laundry out in any of the rooms.
Buyers will open your fridge and dishwasher, so clean these appliances out and don’t leave dirty dishes in your sink! Steer clear of candles or sprays, but add fragrances to your toilet bowls for a nice clean scent. You want your home to look and smell good during your open house!
Don’t neglect your yard, be sure your property looks as nice as the inside of your home. Ask a friend or neighbor to walk through your home before your open house. A fresh set of eyes may help with other ideas to get your home ready for the open house.
The last thing that sellers need to know about their open house is that they do not need to attend! Let your real estate agent handle the open house and go reward yourself for all the hard work you’ve done in preparation for the big day!
Other Options
Don’t want unmotivated buyers or neighbors at your open house? No problem, you can have a broker open house instead so that only serious buyers can attend. Your listing agent will contact other real estate agents and brokers so that they can bring their buyers to see your home.
This way, no neighbors or non-serious buyers will attend! But, there’s nothing like word of mouth, even with the age of the internet. So if you’re a serious seller and want your home sold fast, don’t say no to an open house!
