Lot’s of homeowners and real estate agents in and around Miami will recommend you hold an open house to attract buyers and secure a deal on your home.
However, how do you really know if hosting an Open House is the right way to market your home?
There Are Downsides To Every Home Selling Strategy!
…and Open Houses aren’t any different.
Keep reading to find out more! In today’s article, we review the Pros and Cons of an open house so you can decide if it’s right for you.
Pro #1 More Exposure
Regardless of whether you actually find a buyer from the open house itself is irrelevant – what’s important is exposure. The more exposure you get, the more likely you are to find an interested buyer.
Yeah, you nosy neighbors from across the street might wander round even though they’re not looking to buy. But, you never know, they might end up knowing someone who is. An Open House leads to more people knowing about your property, and the more people who know, the more people they can spread the word to.
Pro #2 A Nice Environment for Buyers
An Open House usually brings in all types of people. Some people simply enjoy touring different homes. Others are ready to make an offer on the spot.
But what most people love is the freedom to walk around your home agent-free and without the pressure focused solely on themselves.
This gives them the chance to get a feel for the property and the ability to imagine themselves living there. While a private showing is more one-on-one, an Open House will allow buyers to look around at their own pace without feeling rushed.
Con #1 Stressful
Other the other hand, many sellers actually avoid Open Houses. It can be awkward, and not everyone enjoys inviting a bunch of strangers around who are going to judge every detail of their home.
Plus, some Open Houses are homeowner-free events, meaning you have to trust the neighborhood and let people view your property while you’re away for the afternoon. Buyers can feel pressured if they sense the owner or agent watching their every move, so it’s not uncommon for homeowners to pop out while hosting an Open House.
Just remember, you will need to get the house spotless before you disappear. You should plan to be away for a few hours, but the whole process of cleaning, staging, and leaving your home unattended can be very stressful!
Con #2 Security Issues
Speaking of people walking through your home, if you’re worried about things going missing, that’s no surprise! Thieves are known to take advantage during an Open House, so make sure any valuables are well hidden and locked away.
Put away all personal items, so nothing goes missing. Don’t take any chances! Don’t leave behind expensive jewelry or ornaments on display. And definitely don’t leave any cash lying about.
People may also use an Open House as a chance to stake out the property. Most agents will be happy to keep an eye on things and know who to keep an eye out for, but you could always ask a friend to drop in and make sure everything is going well. If you’re really worried, you could set up a couple of dummy cameras or even hide actual nanny cams (cameras disguised as bears or alarm clocks) round the house.
Con #3 Dealing With Unqualified Buyers
An Open House will attract anyone and everyone. You might have people off the street, walking in and attempting a verbal offer, which is a complete waste of time if they’re unqualified. It may not be the buyer’s fault. Perhaps, they didn’t know they wouldn’t qualify for a loan. But either way, make sure your agent only spends time reviewing offers from individuals who have been pre-qualified.
Regardless of the pros and cons above, holding an Open House is part of a much larger strategy. Many agents recommend hosting an Open House to increase their exposure. And while on the surface you may not like the sound of this, it can actually be very good for you.
A Realtor who knows how to market themselves and actively strives to improve their own reputation and business connections will have the skills and expertise to draw a crowd for your home. Any exposure your property receives will benefit you, just don’t expect a ton of legitimate written offers the same day.
Don’t rely solely on an Open House! But do appreciate an agent who utilizes ALL available resources to sell your home in Florida.