The Benefits of Holding an Open House

The Benefits of Holding an Open House

When you hold an open house at your property, you are inviting homebuyers and the interested public into your house to view your property. In this article, we’ll take a look at a number of benefits that holding an open house can bring to your property that’s up for sale.

[Note: If you’re looking for the best ways to hold an open house, consider contacting a real estate lawyer ct beforehand to ensure that you’re following the law and your legal liabilities (i.e. insurance, max occupancy, zoning, etc.)]

Benefit #1 – Open houses are efficient

The truth about selling a property is that the more eyes that see the property, the more likely that you’ll be able to find a buyer. It’s as simple as that. And that’s why it’s the primary motivator for homeowners and real estate agents to host the event. Potential buyers, particularly those whom may be motivated buyers or those who choose to look on a whim, are everywhere. With an open house, you invite the public into your home, create an event that attracts the curious and puts your real estate higher in the public’s awareness that other homeowners aren’t willing to do.

Similarly, those from the neighborhood may not be aware that you’re selling the property, but may have someone they know (i.e. family members, friends, coworkers) that may be interested in viewing your home. Again, open houses are a “numbers” game, and the larger the draw, the more likely you’ll be able to sell the property sooner and for a better price.

Benefit #2 – Gaining feedback on your property

Open houses allow you to get feedback on your property, especially if there’s an element of the house that is warding off potential buyers (i.e. water damage, poor construction, design choices). You may find that buyers zero in on what turns them off about the property, as well as what the main attraction is. For instance, your property may be located in an ideal area that has made you price the home lower that what you could potentially get for it. Buyers may throw out potential numbers that could be thousands of dollars more than you thought possible. Or, you may have some legal issues to contend with, such as property lines, elements that aren’t up to code, and so forth (which a real estate lawyer ct can help advise you with).

Benefit #3 – Attracting Inexperienced Buyers

For those that haven’t purchased real estate before, an open house allows you to attract buyers that aren’t familiar with the buying process. Often, first-time buyers need guidance and advice to help assuage their fears and convince them that they may be capable of living in a home like yours. Through this, you can find qualified buyers and those that are willing to speed up the process just to move in as soon as possible. Additionally, inexperienced buyers are more willing to pay more than those who are market-savvy.

Benefit #4 – Setting your home apart from the competition

As soon as your home is listed for sale, it joins a number of homes competing for a qualified buyer. Open houses can be a form of giving “full disclosure” to buyers so they can actually see what they’re purchasing and whom they’re buying from. The additional exposure that you give your property through an open house can set it apart from those that have only used passive marketing tactics (MLS listings, Internet ads, street signs, etc.)

Benefit #5 – Open houses are low-pressure for buyers

In general, most open houses, in general are laid-back events. Most homeowners and agents allow potential buyers to tour the property at their own pace, asking questions when they come up, and sampling appetizers (and wine) as they please. At the very least, you become aware of who is buying property in your area and could tailor your property in the future if you don’t find serious buyers. Because there isn’t a time-sensitive appointment and other time constraints, open houses subconsciously put buyers at ease so they can feel better about considering your property as a future home or investment property. (You’ll want to make sure that you off the correct legal forms and waivers for visitors to sign for liability issues, which a CT real estate lawyer can help you with drawing up and anticipating potential problems).

Benefit #6: Builds excitement about a property

Selling a home is a big deal for most sellers, but finally putting your property with an open house on the market can raise awareness and boost your home’s inherent curb appeal. After all, you may need to think like a buyer: would they regret missing an opportunity to buy a property and offer a bid, especially when they catch other buyers asking questions that are heading towards the formal negotiation process. An open house shows that you’re able to host an event at your property, which helps a homebuyer envision their own parties and gatherings held in the same location.

* * *

As you can see, there are many benefits to holding an open house. However, you should be aware that your open house does involve the public and could potentially lead to problems if you don’t anticipate them. That’s where the advice of a real estate lawyer ct can mean the difference between a stress-free open house or a poorly-executed disaster. Contact The Law Office of Chris Albanese today to begin taking advantage of all the benefits that an open house can bring without the worry.

Law Office of Chris Albanese
October 31, 2018