What is an open house?
An open house is the same as it sounds. When the seller of the home or property opens the door for everyone to view it, it is as same when they show their property to single customers, but instead of portraying it privately, they allow everyone to view the house. This can include everyone, such as real estate agents, fake buyers, competitors, and potential buyers. Open houses in real estate are a topic of high debate. Homeowners and estate agents have different viewpoints regarding open houses due to their other positive and negative impacts. This blog will discuss various pros and cons of open houses.
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PROS OF OPEN HOUSES:
Open houses have some advantages, which are mentioned below:
Arranging open houses increases the exposure. Open houses are very convenient for those sellers who can’t be available all the time to show their homes to customers. The open house attracts more people through social media and advertising. It helps in getting the attention of serious and spontaneous buyers. Open houses aid in giving additional exposure to a seller’s home. With the help of street signs, ads in the newspaper, or internet ads, open houses can lead to further exposure.
HELPFUL FOR NEW BUYERS:
Open houses are meant to be very helpful for new buyers. Buyers who don’t know the basics of buying a property can get help from open houses as they learn about the tips and tricks for purchasing a home. The new buyers have some time not contact any estate agent, but when they see any advertisement about open houses, they go there to find out about the selling and buying of homes.
ENOUGH TIME FOR PREPARATIONS:
While arranging an open house, you have enough time to prepare for showing your house as the date and time of the open house is pre-decided, so the seller has enough time in his hand to prepare the house and change the condition of the house for attracting more sellers Apartments for rent in San Jose. While showing a house separately to different clients can happen suddenly sometimes, the house can be in bad shape and not attract buyers.
CONS OF OPEN HOUSES:
Now, let’s look at the disadvantages of arranging open houses.
DIVERSION OF ATTENTION:
When open houses are arranged, there are mostly one or two people hosting. They cannot entertain everyone in open houses altogether. The serious buyers who want to buy the property sometimes get ignored because they don’t get a chance to have a one-to-one conversation with the seller or agent.
In open houses, many people participate, but everyone is not there with the intention of buying. Some people are present there due to curiosity; some people get in an open house to pass the time, and there are only a few people who are genuinely interested in buying the property. The people in the open house seem a lot, but only some are serious buyers.
CHANCES OF THEFT:
When you arrange an open house, it is crucial to secure your valuable items because thieves and criminals can also enter your home and steal your valuable items. You have to keep an eye on people attending an open house which is sometimes impossible due to the many people present there. And when things get stolen, the realtor also don’t take any responsibility, so there is a risk factor in open houses
LESS CHANCE OF SELLING:
The ratio of houses that get sold due to open houses is significantly less. Only 2- 3 % gets sold due to open houses. The majority of the homes are sold when they are shown privately to the clients and given proper attention rather than inviting many people together.
The pros and cons of open houses must be carefully understood to decide whether it is a good idea or not to arrange an open house. According to many agents, open houses are very old-fashioned, and it is also a myth that it helps sell the property. We live in a digital era where buyers have sold their houses by showing their homes online to people and not arranging any open houses.
Muhammad Junaid is senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Park View City. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.