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Open for Business – Top 10 Reasons to Host an Open House

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There are a number of reasons holding an open house can be beneficial. Read on to learn more...

In the circles of real estate professionals, there are few issues that conjure more nuances and opinions than the effectiveness of hosting and holding open houses. Among the discussions, you will discover that some agents love hosting open houses and consider them a necessity to locate the right buyer for any property. Conversely, some rely on other means to ultimately produce a closing.

When done correctly, hosting an open house can be a significant step on getting your property sold. Before you decide on your preference when listing your home, we present the top 10 reasons why hosting an open house is a good idea:

1. In the House – When you host an open house, you are using the most effective means of getting the client through the door and making contact. From here, you can gather necessary information and get a feel for how the prospective buyers are responding to the market.

2.  Get Serious – One of the biggest advantages of hosting an open house is that serious buyers overwhelmingly use open houses in their research. According to a recent study, 95 percent of people looking to buy a home visit an open house within three months of buying. That’s a pretty convincing percentage.

3.  Decent Exposure – While exposing your home to the largest number of buyers is of great importance when selling your home, getting buyers inside to preview your property can be a huge hurdle to jump. Hosting an open house clears that obstacle and widens your pool of interested buyers.

4.  Catch a Buzz – Opening your home to prospective buyers is a great way to generate a “buzz” amongst people in the real estate industry, both buyers and agents alike. Agents in the area can experience what your property has to offer and recommend it to their contacts looking for a comparable home.

5.  See to Believe – Not all homes are camera friendly, and the photos featured on MLS and real estate websites may not be able to do them justice. Getting people in the door to experience the unique charms of your property can do wonders that no other method can achieve.

6.  Feedback – Hosting an open house can be a valuable opportunity to get feedback about what is and isn’t attractive about your house. Ask each buyer what they thought of your home and would they consider buying it. Agents and sellers are hesitant to ask for a buyer’s opinion, so just grit your teeth and ask. It’s the only way you’re going to get a direct answer, and the answer just might astonish you.

7.  Sense of Community – Not only does hosting an open house give your agent new prospects for your home, it also gives the listing agent a chance to really show the property and all the other reasons why the buyer should choose your home, including the nearby schools, parks and amenities. These can be the deciding factors for many prospects.

8.  Prospective Gathering – An open house also benefits your agent because he or she doesn’t have to go anywhere to find new prospects; they come to him/her. Most open houses last between two and three hours, during which time up to thirty or forty people might show up. By gaining the information of these prospective buyers, your agent can do the work necessary to close the deal.

9. Fall in Love – Part of the reason for having an open house is you just want to find someone who falls in love with it. And by seeing the home in person and imagining themselves and their things inside, they can do just that.

10. michaelsaunders.com – When listed with Michael Saunders & Company, your open house gets weekly attention on michaelsaunders.com complete with in-depth information, mapping tools, extensive pictures and more to help open house hunters on their personal tour of your home.