Do you have a seller who’s ready to list a new property? Maybe you have a seller who is eager to get a workable offer as quickly as possible. Or, perhaps you have a listing that has languished on the market for a long period and needs a boost. These are just a few of the reasons why you may consider holding an open house, but before you set a date and time, you might want to weigh these advantages and disadvantages:
Advantages
Open houses can provide good exposure for listings. Social media announcements and signs can attract attention, and neighbors can share news of fresh listings with their family and friends. People driving or walking by can also notice signs and make note of new properties on the market.
Holding an open house can be an efficient way to show properties. Instead of ushering clients through a home one at a time, you can potentially show the home to more people in shorter periods if the open house is well attended.
Sellers can view open houses as tangible evidence that you’re doing everything you can as an agent to promote the property. Even if an open house isn’t productive, sellers will see the effort put in by their agent.
When a house goes on the market, an open house can serve as a “kick-off” event to advertise the property and introduce it to a pool of potential buyers.
You may meet potential clients and introduce your services to them. Even if lookers aren’t interested in the open house property, they may want you to show them other properties.
Disadvantages
Open houses can be extremely time-consuming for you and the sellers. As an agent, you’ll be responsible for publicizing the open house, attracting lookers, being present for the duration of the event, and following up with potential buyers. Sellers often spend considerable time and effort getting the home in tiptop shape for people to walk through, and then usually vacate the home during the open house.
Sellers may not be comfortable with random strangers coming into the home and going through it. There could even be possible security risks at open houses for sellers and agents to consider.
Open houses may not attract serious lookers, which can be a time-waster. Unlike potential buyers who schedule appointments or who have their own agents representing them, open houses can be frequented by nosey neighbors or by casual people just passing time who aren’t even in the market for a new home.
Agents may spend additional costs for materials or to advertise open houses. They’ll also spend additional time coordinating and attending the event, which could take them away from other clients and transactions.
If you decide to hold an open house, be sure to let lookers know that the property is covered by an HSA℠ home warranty. In addition to helping protect the home equity investment during the listing period, an HSA home warranty may help protect out-of-pocket expenses from covered breakdowns while the home is on the market. For more information about HSA home warranties and how to host successful open houses, contact your HSA Representative today.