Open houses are still a relatively new addition to the estate agent’s marketing toolkit. Although they are standard practice in the US, here they are not as widely used, with some agents unsure if they truly add value to the vendor or buyer experience. We’ve had great success with Open Houses, with many sales being agreed because of them.
What are Open Houses?
Simply, they provide the opportunity for many buyers to view a property simultaneously, on a specific date. Although, as the name suggest, the house can be open for the day, we have found that having a set time period, for example 1pm – 3pm, provides a better experience for all.
Who can attend?
Any potential buyers who have registered with us and are seeking a property within the relevant price bracket may attend an Open House. A member of our team will be on hand always to answer any questions.
What are the benefits for a vendor?
One of the main benefits is time. Instead of preparing your home for several viewings, you are in effect having them all at the same time. As such, you don’t have to ensure that your home is free of kids, pets and daily life for numerous viewings. Keeping the time slot for the Open Day short means that it is not too disruptive. The other advantage is that having several potential buyers inside your home creates a buzz, and we often see conversations spark the imagination of other interested buyers.
Don’t Open Houses attract a lot of timewasters?
Anyone who wishes to attend an Open Day needs to register with Peter Alan prior to the viewing, which means we will already know their wants, needs and budget. It is important to us that we gather the same information from any potential buyer, including their current situation, so we’re able to offer them and you the same quality of service as it if were a normal viewing.
What are the benefits to a buyer?
We sometimes find that a small number of buyers feel conscious about the amount of time they are taking on a viewing, and therefore rush round a property at speed. This doesn’t give them enough time to find a connection with a property, or even ask questions. An Open House is a relaxed setting, where they can take their time to really explore the property, and hopefully start to feel at home. Having other buyers around and listening to their conversations can sometimes remind them of questions they want to ask, and even some they may not have thought of. The atmosphere in an Open House is fantastic; we once saw a couple of potential buyers discuss renovations ideas together, and more often than not someone will bump into a person they haven’t seen for years.
If you would like to know more about the process of running an Open House to decide if it would be right for your property, please contact your local Peter Alan team.
