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Pros And Cons Of Open Houses

open house

Open houses have been an integral part of attracting interest when selling a property. Presently, however, there has been debate as to whether they play a role in the sale of a house, as importantly as they did in previous years.

The opinions about this matter vary, depending on the real-estate agent or person selling the house. On one side, some property owners still cherish the idea as a tool for selling houses, while others may prefer digital marketing methods.

The other side has the realtors who love the idea, and always try to push the property owner to have an open house. The event is not a sure way of selling, and may or may not result in a sale. Below are some of the factors Rebeccas Realtor encourages you to think about, as you decide whether to have one or not.

Pros Of Hosting Open Houses

#1. Buyers Can See The Property First-Hand

Nothing can beat the experience of physically moving around the premise when you are interested in purchasing a house. You get to feel the space, the ambiance, and the environment, among other factors.

In most cases, buyers go in undecided about what they need their house to be. By conducting a walk through, they are able to make a decision, and reach out to the agent or seller.

#2. All Are Welcome

With an open house, anyone can enter and survey what is on offer. The beauty of this is that not only are buyers accommodated, but brokers as well.

The sale of a house requires those two parties and financial institutions, like banks, to make a success. The brokers may provide some crucial advice on how to get the house off your hands quicker.

#3. More Exposure

For such an event to be successful, you need great marketing in traversing a vast area. The agent can place posters around the area, put an ad in newspapers, and post advertisements on social media, among other platforms. The property gains exposure, since more people will know about its sale.

#4. Gaining New Customers

You can receive unexpected drop-ins from people on the streets or driving by, who end up being interested in the listing. The process of securing a home can be relatively difficult for buyers attempting it for the first time.

You can explain to them what they need to do, while also making them comfortable with the whole process and the house.

The Cons Of Open Houses

#1. Unqualified Buyers

experienced real estate agentIn most cases, the people coming to view the property are not eligible, due to lack of mortgage pre-approvals. A pre-approval is a crucial initial step when considering the purchase of a house.

Since screening those attending your open house as drop-ins is near impossible, the event may be nothing but a waste of time. However, some only do open houses by appointment, and make sure that the potential buyers are already approved.

#2. Limited Chances Of A Sale

Although your home may attract viewings, it rarely ends in a sale. The open house system has seen a decrease in sales as years go by, as other preferences shift.

Many buyers usually request a more private showing of houses, which are arranged between the buyer and their real-estate agent.

#3. Security Drawbacks

Since the attendees may not be screened properly when entering or leaving, some individuals may take advantage and steal some items. Also, the large numbers in some of these events makes it difficult to monitor and track all movements. They can steal anything, so it is advised that all valuable things are stored away from reach.

In some cases, criminals have used such events to map out houses for future break-ins. With a layout of the house, they can get in and out easily to steal fixtures, or wait for the new tenant to settle in.

#4. Nosy Neighbors

Another downside is it may engage nosy neighbors, who merely want to know what you own and what your house looks like from the inside. They never intended to make a purchase at all.

Some people only desire to kill time when they are free, and think an open house might be as pleasant as any other activity.

#5. Stress

Finally, getting from the preparation to actually executing the event is quite stressful, especially if there are no positive outcomes.

Conclusion

One needs to weigh the points outlined here carefully before embarking on an open house, as it is also not necessary. Since it may or may not bring a sale, and the agent needs to sell the house, the decision is yours.