The Benefits of an Open House for Buyers and Sellers
Buying and selling property can be a long and tiring process. Sellers become frustrated with having to make sure their house is looking clean and tidy, as well as organising their time around potential viewings. Buyers on the other hand can be disappointed with offers being made on properties that they have yet to even view.
Then there’s communication with the agent; making viewing arrangements can be another added stress factor.
A great way to solve these problems is to conduct open house viewings. They can be daunting, for both buyers and sellers, but there are benefits that should be considered before passing on the idea.
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What are the benefits for sellers?
Save yourself time
Time is precious. The burden of having to clean and tidy before every viewing is very real. Not only this, each viewing often ends up with sellers having to answer the same questions repeatedly, which becomes tedious.
If you’d rather avoid that, then hosting an open house would be beneficial. It means you’d only have to answer the same questions in one go and clean your house once for the benefit of more than one buyer. You would have to chance to impress lots of potential buyers all at once and not individually.
This is another time factor really – organising separate viewings can be awkward, especially if you usually have a busy calendar. If your property sale is attracting a lot of interest, you could find evenings and weekends filling up fast! With an open house, you wouldn’t need to keep taking time out of your daily schedule to host separate viewings. An open house lets you get most of the viewings done and dusted all at once.
You could sell faster
Open houses can increase the chance of a quicker sale since potential buyers can evaluate the level of interest due to the number of attendees. If they’re genuinely interested, they may be more likely to submit an offer quickly due to fear of potentially missing out.
You could make more on your property
This depends on the level of interest, but if you have a successful open house, you could see a bidding war. This could get you your asking price or more.
What are the benefits for buyers?
Sellers can often end up overselling interest in their property, but open houses allow you to see for yourself what the level of interest really is. This could help you decide on if (or when) you want to make an offer.
Explore at your own pace
Single viewings can often be awkward and nervous experiences that don’t allow you to explore as much as you really want to. Open houses will allow you to move through the property with complete freedom. It reduces the urge to rush and you can take in more of the details that matter for you. It provides you with a greater insight into the home and what you may end up buying, making the decision an easier one.
Get some answers
Open houses also allow you to ask questions and (hopefully) get answers. Make sure you remember to actually ask the questions and not get caught up in the hoopla, otherwise you’ll get back home and realise you forgot to ask that burning question!
Need more information on how to prepare your home for viewings? Read our guide here. Avoid putting your house on the market before it's ready to go. Adding value to your home doesn’t have to be expensive!