Open houses are a culture that has crossed over from the US. Whereas in the states it has been customary for years, here in the UK there is an on-going conversation with the property industry as to whether they provide real value to buyers and vendors. Open houses provide many potential buyers to view a property simultaneously; the property has an open door policy for a day or an afternoon, normally over a weekend. They do require a lot of planning and preparation to be successful but is it worth it?
For a vendor, it means you have to prepare your home ready for one day rather than make your property available for a multitude of viewings. This is especially beneficial if you have children, as it’s easy to keep them occupied for a day. Having several buyers in your home at the same time can create a sense of demand and urgency and therefore, could result in a quicker and higher offer. An open day for a buyer gives them the opportunity to view a property in a really relaxed setting. They still have the ability to ask the agent any questions they wish, but the agents’ time will be divided between them and the other potential buyers.
At The Apartment Company, we have provided many Open Houses for which we’ve had successful outcomes. There are many benefits to hosting an Open House but the process is not for everyone or every property, which is why we always make the decision on an individual basis. If you would like us about adding an Open House to your property’s marketing strategy, please contact a member of our sales team today.