I’m often asked whether open houses help sell homes. Today, I will be sharing the pros and cons of this strategy so you can decide for yourself.
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Do open houses work or not? Depending on the agent that you talk to, you are going to hear a lot of different opinions. For this reason, I thought it would be a good idea to discuss some pros and cons.
Let’s begin with our list of cons. First, open houses provide a very low probability of a sale. This might sound pessimistic, but it’s important to understand the true odds of successfully finding a buyer from hosting an open house.
Secondly, there are a lot of security concerns involved. With so many potential buyers touring your home at once, it can be difficult to keep an eye on everyone. And, although I have never personally encountered such an issue, open houses can invite the potential for theft.
Trying to keep track of all of them is very difficult and it is very possible that someone gets into your stuff and steals something. Although I have never personally had this issue at any of my open houses or showings, it’s not unheard of.
The third drawback of hosting an open house is that it could bring out nosy neighbors. Oftentimes, the majority of people who turn out for an open house are from your own neighborhood. Rather than showing up with an interest in buying your home, they attend simply out of curiosity.
“OPEN HOUSES CAN INVITE THE POTENTIAL FOR THEFT.”
On a positive note, an open house is, well, open to everybody. Anyone can drive up and walk through the house, which sometimes pulls down the barriers to engaging with a real estate agent. While it is rare that these people end up buying the house that you are selling, it does allow you potentially pick up a buyer. Agents can engage with these people and discuss what they are looking for.
Open houses also offer a lot of convenience. They allow potential buyers to see your property without scheduling a showing. The final benefit I’d like to highlight is that open houses provide buyers with a more complete perspective on your home. It’s one thing to see a home in photos, videos, or in a 3D virtual walkthrough, but it’s something else entirely to actually visit it in-person.
So, do open houses work? It depends on your goals. Open houses offer a great networking opportunity, especially for agents, but the odds of finding a buyer at such an event is lower than some may assume.
If you have any additional questions or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.
