Since the 1910s, open houses have been the primary strategy in selling a home and are still considered necessary in the home selling process. A few things have changed in real estate since the 1910s: real estate agents are allowed to have more than one client, and Sundays aren’t the only days allowed for open houses. Whether an open house has been held on a Friday or a Monday, almost half of buyers today have said they’ve used an open house as part of their home buying journey.
Has Online Home Shopping Replaced Open Houses?
Some feel that open houses aren’t as effective as they once were. People are shopping online now, and house shopping isn’t any different. Virtual walkthroughs, 3-D tours, and even live videos are at the buyer’s fingertips. Nothing replaces the in-person feel of the home. Eventually, those online home shoppers will have to come offline. Things like layout, space, and energy can only be visualized in person.
Is It Worth The Security/Safety Risks?
Some home sellers may worry about an open house making the security of a home more vulnerable. After all, they have strangers walking through their home with a close-up view of valuables. Others may not want to open their homes because of COVID-19 and other health risks. An excellent real estate agent will ensure that the house is well supervised when visitors arrive, and they will work with sellers to make sure they have peace of mind when opening the home to the public. Agents take steps to ensure safety and security by asking everyone to sanitize and wear masks and escorting the viewers personally through the home. When all things are secure, an open house can safely proceed, bringing in potential buyers.
Open Houses Can Speed Up The Process
A public open house can often help shoppers see more homes in a day than they could in a week. Coordinating schedules with the real estate agent, home seller, and buyer ( thought just as critical) can slow down the process. Taking a Saturday to walk through as many homes as listed can lead the buyer to that offer sooner rather than later. An open house can entice those impatient shoppers. An open house can also create a sense of urgency, especially a high-traffic open house. While potential buyers may only be kicking the tires of your home, the foot traffic they see at an open house may motivate them to make a decision and an offer sooner.
More Viewers Means More Potential Offers
As with anything, house sales are all about word of mouth, whether through the seller’s connections, the real estate agent’s connections, social media, or the looky-loos who wanted to sate their curiosity. The average home needs about 10-12 showings before the seller gets an offer. (Note: ask your real estate agent what their average conversion rate is for open houses). The more viewings of the home, the higher the chance of getting that offer. At open houses, it is common to find many neighbours poking around. They’re probably not going to be the buyer, but there’s a good chance they know someone looking for this exact style of home. Over 100 years have passed since Open House signs were placed on lawns and this strategy still holds strong. Discuss with one of our agents today to find out a few more benefits of hosting an open house and make them safe, secure, and worth your while!
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