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Are Open Homes Important?
Are open homes important?
Open homes can be challenging for sellers or their tenanted for an investment property however, this is one of the most powerful tools you can do to secure the best possible price for your property.
According to the REIQ, market research shows that properties marketed through open for inspections have a high ratio of inspection to sale.
Open homes allow potential buyers the opportunity to get a feel for the property and be able to picture themselves living there by walking from room to room, creating an emotional connection that will drive them to ultimately put an offer in.
Open homes also allow your agent to showcase your property to multiple buyers at the same time, creating competition and driving buyers to purchase now or risk missing out on the property.
It’s time-consuming both for the agent and seller (or tenant) to do multiple inspections at different times so it is much easier for the sellers (or tenants) to get the property “show ready” for a given day and time instead of constant interruptions.
Open homes also attract “window shoppers” who haven’t yet made the decision to purchase at the time but may quickly change their tune once they unexpectedly step inside their dream home or investment property.
So, in short - open homes are one of the most effective ways of marketing a property and attracting interest from a wide variety of buyers. Some of the many advantages are:
- The seller or tenant has plenty of time to ensure your property is tidy and ready for inspections
- The seller or tenant can control the viewing times
- Open homes can create plenty of activity, even in a slow market
- Interest and activity can trigger urgency with buyers
- The agent’s time is put to best and most effective use as they will have the opportunity to talk to numerous people about the property
- Comments from open home visitors can provide feedback on price, presentation, sales appeal, etc
If you are considering selling or would like some information on what your property may be worth in the current market, contact us today.
Disclaimer: This blog post is not to be considered legal advice. If you are seeking specific legal advice we suggest that you consult a legal professional before making any significant decisions in this regard.