To Open House or Not to Open House: That is the Question?

Throughout my tenure as an agent, the question of whether to hold an open house has been a topic of particular interest. It’s perplexing why many estate agents don’t offer their clients the best opportunity to achieve the highest possible price. Undoubtedly, one of the fundamental things an agent can do to truly generate competition among potential buyers is to host an open house.

Firstly, let’s discuss the distinct benefits of an open house from the customer or client’s perspective. Imagine being a person with a hectic schedule, juggling family and friends, and constantly worrying about when the agent might call to schedule a viewing of your home. Moving ranks as the third most stressful life event, and nothing exacerbates tension in families more than the uncertainty of whether a buyer might visit.

The beauty of hosting an open house or event is that you only need to prepare the property twice: once for photography and again for the open house itself. Having conducted countless individual viewings, I’ve found that the questions and processes rarely differ. Potential buyers often inquire if anyone else is interested in the home. While my response is typically positive, skepticism often lingers due to the perceived lack of trust in agents.

By conducting an effective open house, multiple individuals can view the property simultaneously, either through the front door or with a “one in, one out” approach for security. This creates an environment where potential buyers can see firsthand the level of interest in the home, eliminating the need for them to ask.

Creating such an environment often results in multiple offers, giving rise to the role of an effective negotiator in securing the best buyer at the best price for the client. Both the homeowner and potential buyer seek the best deal, albeit in different directions—upward for the seller and downward for the buyer. The negotiator’s task is to strike a balance where both parties feel satisfied with the outcome.

Hence, homeowners seeking representation to secure the best possible price in the current market must be diligent in selecting the right negotiator. This decision significantly impacts the final sale price.

In conclusion, if I were selling my own home, I would undoubtedly opt for an open house approach. Its effectiveness in attracting the best buyer in the current market cannot be overstated. While there are reasons why open houses may not always work, I’ll delve into those in a future blog.

If you’re considering marketing your home or need a fresh approach due to stagnation in the current marketplace, I’d be delighted to offer my expertise, marketing strategies, and years of success to assist you.