Should You Have A Public Open House?

For many years, having an open house for the public has been part of the conventional strategy for marketing property. However, because most people shop for a house on the internet first, an open house usually attracts few visitors, and few sales are a direct result. Does this mean an open house is no longer a good idea?

If you’re considering an open house, discuss these points with your REALTOR®:

Open House - Pro

• Serious sellers should take advantage of every opportunity to attract buyers.
• An open house creates an opportunity for buyers who are pressed for time, or want to make their own selection of properties to tour.
• The house shows well and will generate favorable word of mouth.
• An open house is less daunting to buyers who want to look at properties, but aren’t ready to work with a REALTOR®.
• The house is in a subdivision that doesn’t allow typical “for sale” signs. Without an open house, some buyers who tour the neighborhood won’t realize the house is for sale.
• Neighbors who visit can recommend the house to friends or family.
  

Open House - Con

• Having an open house requires a significant commitment from the seller. (Note: A Smart Seller is ready because the work was done before the house was listed.)
• An open house can pose a security threat to the seller and REALTOR®.
• The seller’s personal property could be at risk because the REALTOR® cannot monitor the activities of all attendees when several visitors arrive at once.
• The seller must sacrifice some privacy beyond that expected of a REALTOR®-conducted showing.
  

Don’t automatically require that your REALTOR® have a public open house. Whether or not it’s a good marketing strategy depends on several factors:

Economy - In a down market there is likely to be a small number of visitors, unless the house is exceptional.
Location – Generally an open house doesn’t work well for houses in remote locations, unless it’s a destination spot.
Price – The house must be priced to sell.
Condition – The house must be immaculate and in superb condition.
Cosmetics – The house must be staged for maximum appeal.
Promotion – Allow enough time to ensure the open house is well-publicized, and have adequate signs guiding traffic from all directions.

Smart Selling Tip:
Don’t automatically require that your REALTOR hold an open house. Discuss the pros and cons first.