While some people think that the open house is an antiquated way of advertising your home, the fact is that this classical marketing method has evolved along with other aspects of the real estate business. Below are some common myths that you’ll encounter regarding the open house, and why such myths should be dismissed.
Myth – An Open House Can Be Hastily Put Together
A home has to be prepared for an open house, and this must be done in advance. It will need to be cleaned and any repairs which are needed should be carried out before the event. Both the seller as well as their realtor will play a key role in the open house process, and the seller must truly desire to prepare their home for the event while the realtor will need to do the planning and coordinating with potential buyers.
Myth – The Open House Is Too Old Fashioned
There is something timeless about giving a potential buyer a tour of your home and besides, the manner in which realtors advertise the open house has shifted dramatically in recent years. Due to the power of the internet realtors have an arsenal of tools and techniques they can use to find potential buyers. Including the option of an open house in your add will make it unique and those that take you up on the offer are serious prospects.
Myth – The Open House Is Ineffective
This myth is flat out wrong. Those that believe it often point out that if there is no offer then the ROI is zero. While this may be true, hosting an open house is the best way to interest potential buyers in making an offer. Those who visit the home can provide in-person feedback letting you know what they like and dislike about the property, and this data can be used by you and your realtor to modify the property for more events in the future.
Sooner or later buyers are going to want to see the physical property anyway, so why not host an open house? Giving a potential buyer a tour of the home will give them an up front and personal touch that is impossible to emulate with photos or even the new virtual tours that are being showcased on many real estate sites. Your realtor can also collect information on each visitor, and can use this to develop a more effective marketing strategy.
Myth – The Open House Will Attract Unwanted Neighbors
The truth is that you want as many people visiting your open house as possible. The more people that are present, the more likely you are to meet someone that is interesting in making an offer. Even if your neighbors are unlikely to buy your property themselves, there is a good chance they know someone who will, which is why networking is so important. While the open house doesn’t lead to offers every time, they should be seen as one of the many tools that can be used to find a prospective buyer.