Should I have an Open House?

"Do you think we should have an open house?" It seems to be a question that we are hearing more regularly when carrying out valuations for our clients.

Would an open house mean the property sells for a higher price and in quicker time?

If so, then why isn't everyone on the sales market having an open house!

Firstly, and this is from experience, not all properties are suitable for open houses. Those properties that are unique and as an agent you know could be tricky to sell don’t benefit from an open house. You may have the odd noisy neighbor pop in but in truth the chances of getting that all-important offer is low.

There are though properties that are prime for open houses. We have found that the properties that have benefited the most from an open house are those that are in need of a bit of renovation.

There are though times when an open house is simply more convenient for one of our clients. We have all been there when taking a call from somebody that “is only in the area today” and then there is the mad dash to tidy the house up in time. An open house then allows you the time to prepare your property and have it looking its’ best for the time people come to view.

A correctly conducted open house and one suited for such an event can mean an increase in price and a quicker sale. If buyers see other buyers looking interested and keen as they are going around the house they are more likely to feel the need to act faster. Good interest will hopefully lead to good offers and so you could be in a position of having multiple buyers offering on the one property.

As far as we at Oliver James are concerned an open house can be an effective approach to marketing a property, but it should not be done just for the sake of “lazy estate agency.” If the property isn’t right for an open house then our clients will be advised as such and we will happily schedule viewings as and when is suitable for them and the buyer.