Would an Open House help to sell your property?
When you’re considering selling your house, your estate agent may suggest you hold an Open House or viewing day to launch your property onto the market. This is becoming a popular part of the sale process here in the UK, particularly in areas where property is at a premium, but you might be wondering whether it would work for you, or be unsure about the advantages and disadvantages. Of course, not every property is suited to this method of marketing, so you’ll need advice from an experienced agent.
In our view, there’s a particular type of house which is likely to be successfully marketed with an Open Day, and it’s where strong interest will generate a sense of competition. This could be because people see it as a project they can put their stamp on. It may have a plot which could be developed, have potential for an extension, be especially well-placed for a popular school catchment area, or simply be unusually quirky.
Where an Open Day is unlikely to be successful is on a property which doesn’t have a unique selling point; in fact it can be counter-productive. The aim of an Open Day, with the right marketing behind it, is to sell the property on the day. Without a high level of interest, there will be fewer attendees and they will note the lack of competition. Even if they make an offer, it’s likely to be a lower one than they would otherwise have made. With the level of exposure every house can expect via the internet, prospective purchasers will always spot a house which isn’t selling. If it’s still for sale two weeks after an Open Day, its stock will drop even lower.
However, if your agent recommends your home for this approach, there are a number of advantages:
1. Reduce the stress of living in a show home
When your house is on the market, you want to show it off to its best advantage. This is likely to mean extra work keeping it clean and tidy; putting the kids’ toys away, vacuuming up the dog hair, making sure the oven’s clean, the grass is cut, and the scent of last night’s chicken curry isn’t hanging obstinately around. Although your agent should do his or her best to arrange viewings at a time convenient to you, sometimes they are unavoidably last-minute, which can lead to a tidying frenzy just when you least expect it! If you choose to hold an Open House, you know well in advance when it’s happening, and have plenty of time to get everything shipshape.
2. Give potential purchasers a more relaxed viewing experience
During an Open House, your agent will be on hand to showcase the advantages of your house, just as they would for an individual appointment, but the format enables viewers to take a bit more time than they would usually be able to, which helps to imprint your house onto their memory.
3. Generate a sense of competition
Your agent will use their experience to market your property extensively prior to the Open House, and nothing concentrates a buyer’s mind more successfully than seeing other buyers wandering around looking equally interested.
4. Attract buyers who might not otherwise arrange a viewing
Getting people over the threshold is the first and most important step to selling your house. Some buyers may find an individual appointment stressful, or may have very little time to spare. With an Open House appointment, they can spend as much or as little time as they wish at the property, and this flexibility can attract people to sign up who may not otherwise have bothered.
Here at Roger Coupe we tailor an Open House specifically to each property because there’s no ‘one size fits all’. Some agents arrange a day where anyone can turn up at any time, but we never forget we are inviting people into your home, and we prefer a more managed approach. All viewers will have appointments booked in advance so we can plan the most effective way to exhibit your home’s assets.
If you’d like a chat about holding an Open House, or about any aspect of selling your home, get in touch with our friendly and professional team. We’d be delighted to advise you.