Pros and Cons of Open Houses
Open houses are a popular way of marketing a house because many sellers are opting out of time consuming individual viewing. But are open houses the best way to close the deal or are they more hassle than they are worth?
Below, we explore the pros and cons of holding an open house.
Pros
- Attracting Buyers
An open house is a good way to attract buyers. They might see your open house sign and decide to drop in to look around and gather information regarding your house. Attracting potential buyers is always a good sign for sellers because a qualified buyer could make an offer and get the process started to selling your house.
- Additional Exposure
Contrary to popular belief, it is not your realtor’s job to hold open houses. Choosing a realtor just because they hold open houses every week is wrong. Instead of going this route, choose a realtor that makes sure their client gets a lot of exposure. Without exposure and a strong marketing plan, the chances of selling your house is reduced. An open house is just part of the realtor’s marketing strategy to get additional exposure. Online listing, newspaper ads, for sale signs and open houses can lead to better exposure.
- Buyers Will Not Feel Pressured
Open houses are generally laid back events where buyers can look at the house without any pressure from the seller or realtor to buy it. This gives the buyer time to analyze the house and to check if it is a good fit for their lifestyle.
Cons
- Theft
Hosting an open house is like an invitation for everybody to check out your property. Unfortunately, it also attracts unscrupulous characters like thieves. If you’re hosting an open house, make sure that your valuables are removed from the house. There maybe criminals that pose as buyers that come to steal jewelry, electronics and works of art right under your nose.
- Security Issues
Aside from thieves, homeowners also have to contend with vandals and break-ins especially if you’re selling a vacant house. An open house gives them an opportunity to explore the house unsupervised. They can make away with important or expensive fixtures like copper plumbing or the air-conditioning unit.
- Nosy Neighbors and Lookie Loos
As if thieves and vandals were not enough, open houses also attract nosy neighbors who have nothing better to do than snoop around to see how your house compares to theirs.
What’s a lookie loo? They are people who don’t have any intention of buying a house. They are not going to buy a house anytime soon. They’re just stopping by because they don’t have anything better to do.
- Unqualified Buyers
You get all kinds of buyers in open houses, including those who are not qualified. Legitimate buyers know that before buying a house they need to obtain a mortgage pre-approval from the lending institution. The problem is you cannot screen attendees to your open house. Open houses mean that people who cannot afford to buy your house can come and look anyway.
It is important to consider the pros and cons of an open house before deciding to host one or not. Many house buyers today are internet savvy and do their research online before visiting a house. Aside from open houses, there are other tactics your realtor can apply to make sure that your house gets the best exposure possible.
Are you a homeowner looking to sell your house quickly? Learn more here.