What is an Open House? Usually a residential project (apartment or house) that is up for grabs and readily available for viewing by potential buyers is an ‘Open House’. Clients are not required to schedule an appointment if they are going to an open house to view a property.
For some real estate agents Open Houses are one of the best methods to target your potential audience. According to them it brings ample understanding and provides them a good way to interact with the previous owners at times and get a complete viewing of the property they might purchase.
However, in actuality an open house isn’t a very opportune moment for people who are willing to sell their homes. This in many ways is labeled as another gimmick but doesn’t necessarily result in any actual purchases or profits.
Let’s take a look at some of the drawbacks of an open house and evaluate if this is indeed a good method to exercise your property’s selling:
1- Insecure Approach
Open Houses are like an open store where theft and loot can be a probable option. Open Houses in terms of security are very unpredictable because they allow people to visit your house, go through your rooms and your belongings. In many ways it’s like a welcoming opportunity for people to come and grab stuff before they leave. It is very common for such incidents to take place at an open house. Agents however, do not mention this point to the sellers as they may then cancel the open house idea altogether.
2- Traditionally Inclined
The Open House manner is very traditional and customary by nature. This is the way of the old agents who would skim every corner of the house and multiple other houses before they made the choice. Now that we are living in a digital era, people are not finding the time and purpose to visit an Open House. They prepare to view some images and maybe visit once during the final settlement and seal the deal.
3- Not significantly profitable
Open Houses have a very minimal ratio when it comes to properties which were actually sold using this method. There has rarely been a house that has found its next buyer in this way because of multiple factors. These mainly include buyers not finding the right time, buyers using digital means etc.
4- Uninterested Parties
People who have no chance or interest in buying properties when they spot an Open House, they just might enter to have a look around. This kills the purpose and the agent cannot really differentiate an actual interested buyer from a neighbor who is just interested in looking around. This method takes a lot of time and consumes the interest and energy of the agent.
5- Lack of Personal Visits
Because of no one on one encounter with the home owners and the agent, the person who walks in quickly walks out too. They just skim through everything and go everywhere to maybe check how you have set up the house. This uninterested march is more productive if there is a scheduled appointment, where everyone is ready with their points