Are open houses still worthwhile? Let’s review some pros and cons of this time-tested marketing strategy.
Open houses have been around as a marketing tool in real estate for a long time, but since the advent of the internet, their effectiveness has changed.
Today’s homebuyers tend to begin their home search online, so are open houses still worth holding? Let’s review a few pros and cons.
The first disadvantage of open houses is that they rarely result in a sale. Private showings are far more likely to lead to a deal.
In addition to this, open houses can also attract security concerns. It’s hard to know the intentions of every person who attends your open house. While some may be legitimately interested in purchasing your home, others may have more sinister motivations in mind. While the risk of things like theft and vandalism during an open house may not be particularly high, the threat is still there.
Of course, criminals aren’t the only unwanted guests your open house may attract. Nosy neighbors, too, may attend the event with no intention of submitting an offer.
Open houses allow buyers the chance to visit the home in person without the pressure of a formal showing.
With this in mind, though, there are certain benefits to hosting an open house. First, as the name implies, an open house is open to all. This will help you cast a wide net in your search for potential buyers.
Also, open houses are just one of many marketing techniques your agent will be using to help sell your listing. Therefore, the exposure it may bring to your listing can be very advantageous to your overall goals.
Yet another important benefit of open houses is that they allow buyers the chance to visit the home in person without the pressure of a formal showing. Open houses are a convenient way for those just beginning their home search to delve into the market.
Ultimately, the best way to determine whether an open house is right for you and your listing is to speak with your agent. Your circumstances (and your property) are unique, and the approach you take to selling should reflect this crucial fact.
If you have any other questions or would like more information, please feel free to give us a call or send us an email. We look forward to hearing from you soon.