Open houses are one of the cornerstones of real estate. But, are they becoming obsolete as we become more focused on technology and convenience? Many prefer private showings or virtual tours to open houses and find them more effective. While this is all based on preference and situation - agents still need to know how to put on a great open house and be willing to do so!
The answer to if open houses are falling by the wayside is, in a lot of ways, yes because of society's increasingly busy schedules and the digital age. Agents want to stay on the pulse of what people want in order to most efficiently list and sell a home. However, if a home has a high chance of getting multiple offers because of its location or other unique qualities - then agents should most definitely have an open house in order to get their client the best possible price!
Are open houses a dying art as we progress further into a modern society dependent on technology? How does an agent have a great open house? Read on to learn more!
Why an Open House?
As stated above, an open house is a great idea if a home is sure to garner attention. A lot of traffic coming through on an open house almost guarantees multiple offers and a chance of getting the best deal for a client who is selling. Open houses are also a great chance for connecting with clients and other agents. Conversation flows easily at open houses and this is a great time to network.
In terms of getting multiple offers in one day - if done right and successful - open houses can be incredibly efficient. No need to schedule multiple showings and drive to a property multiple times or deal with a lock box. Four hours on a Sunday and some advertising and boom! A house could be sold for a great price!
An important element to mention also is the ability to gauge interest and hear what buyers are looking for. If an agent hears positive comments about the kitchen over and over again - an agent has gained information on what buyers want and home trends which is valuable knowledge. The same goes for negative comments as well.
Something to note: if a home is tucked away in an area that is hard to get to or otherwise lacks traffic - an open house may not be the best option. In this case, scheduled showings are probably the best bet.
Keeping the Old, Introducing the New
Pre-recorded virtual tours are really popular lately but they lack the personal touches of an open house and therefore cannot truly replace them! There's no denying the efficiency however of virtual tours and their accessibility so it's a great idea to do both to market a home.
While open houses are here to stay - there are some things that can be done to take them to the next level:
- Tried and true: make some cookies and have some waters available!
- Use the digital age to your advantage by posting and advertising!
- Speaking of posting; try to post some sneak peeks so buyers want to come see the rest!
- Create a Facebook event!
- Film a tour of the home and post after the open house so buyers can get a refresher!
The Bottom Line
While there certainly are new and innovative ways to market homes and allow clients to see them; open houses are a pillar in the real estate industry and don't seem to be going anywhere. Follow the tips above on how to elevate an open house so that the time spent is as effective as possible!
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