Open houses are one of those things in the real estate world that people usually either love or hate. They have either had good experiences with them, or they have avoided them as much as possible. While there may not be one clear cut answer to whether or not people should hold an open house, it always helps to look at the benefits and drawbacks involved.
Benefits of Open Houses
When it comes to the benefits of having an open house, the agent and sellers can stand to gain if things go well. During an open house the real estate agent may end up picking up new clients to represent, as there are often people who visit open houses that have not yet connected with an agent. This is a good opportunity, because they are interested enough in purchasing, as they are at the stage of viewing homes.
Buyers often like open houses because they are not on a tight schedule to see the home and feel as though they have more time to spend viewing it. Additionally, one of the major benefits of having an open house is that it simply increases the exposure that the home will receive. However, this happens more so if the open house is advertised, through a variety of methods, in order to reach people that wouldn’t have already found the house and set an appointment to view it.
The Drawbacks of Open Houses
Not many things come without some drawbacks and open houses are no different. There is a downside to having an open house, especially where the seller is concerned. Many sellers outright want to avoid open houses because they don’t like the idea of having their home open to the public and allowing a lot of people to come in and walk around. While some may feel as though it could lead to theft, others may just prefer to have more privacy and feel more comfortable arranging appointments for showing the house.
Another drawback to having an open house would depend upon the location of the property. If it is in a high traffic area this is not a concern, but those homes that are rural or a bit more off the beaten path may not see the type of traffic that is desired, thus making it a wasted effort.
Bottom Line
The bottom line is that this is a decision that the agent should largely leave up to the seller. It is a service that should be offered, but not pressured for. Instead, put the idea out there and then listen to and respect the sellers concerns and wishes.