What are Open Houses? 4 Things to Know About the Open House Process
Buying
If you’re considering buying or selling a home, you’ve likely heard the term “open house,” but what are open houses, exactly? In real estate, an open house is a day or period of days during which a seller and his or her real estate agent show a home to many people at once.
Often, open houses are advertised in local newspapers and through signs, banners, and flyers throughout the neighborhood. An open house can be an effective way to draw as much traffic as possible to a home, and are an excellent way to make more efficient use of both buyer and seller time. Here are four things you need to know about the open house process:
4 Open House Facts for Buyers and Sellers
Open houses aren’t necessary
Not every seller opts to have an open house. Instead, open houses are recommended by real estate agents who believe that inviting the public into a home will help it sell faster. If a seller doesn’t want to conduct an open house, nothing says that he or she has to hold one.
Visitors to open houses often leave with a fact sheet
Open houses draw various types of visitors – from people just browsing homes to serious shoppers ready to make an offer. Because of this, real estate agents ensure that every interested party who attends an open house leaves with a fact sheet that tells them about the layout, price, renovations, and specifics of the home.
The entire home is on display
During an open house, it’s not uncommon for a real estate agent to have ten or more people viewing the home at once – especially in in-demand neighborhoods. Unlike a one-on-one showing, visitors often tour the home on their own during an open house and, because of this, it’s not uncommon for would-be buyers to do things like open medicine cabinets and peek into closets.
Because of this, sellers considering holding an open house will need to be mindful that every corner of the house is ready for inspections and that valuables and personal items are tucked safely away.
There are various types of open houses
If a seller doesn’t like the idea of opening the home up to the public, there are other alternatives. One popular option is to hold a broker open house rather than a general open house. During a broker open house, real estate agents bring other real estate agents and their clients into the home. This attracts a more qualified set of visitors and boosts the home’s chances of selling quickly.
What are Open Houses? An Effective Way to Sell and Purchase Homes
While an open house may not be right for every buyer or seller, they’re an efficient way to showcase and sell a property. By bringing in as many would-be purchasers as possible, homeowners can ensure the home gets an ample amount of traffic, thereby boosting the likelihood that the home will sell quickly and for the full asking price.
