Written by Guest | Last Updated February 24th, 2020Our goal here at BestCompany.com is to provide you with the honest, reliable information you need to find companies you can trust.
Guest Post by Alex Romanov
When it’s time to sell your house, you want to do things right without wasting valuable time. You need to carefully explore the various marketing tools at your disposal. While there are many tools available you should choose the method that works best for you and your circumstances.
Many sellers ask “Is an open house the best option to market my house?” In this article, we will explore the pros and cons of hosting an open house.
Staging an open house is not a guarantee that the house will sell, but you’d do well to consider all available marketing tools. Introducing your property to more people increases the chances of the house getting off the market. Realtor data indicates that homes marketed with an open house sell faster than homes that do not go through an open house.
Appeals to many buyers
Organizing an open house is a great opportunity to get a wide range of potential buyers to inspect your property. While some of these people might be interested in purchasing the house, others are just window shoppers. However, an open house gives the buyers privacy to visualize living in the house without the pressure to make an offer or talk to the seller's agent.
Saves you time
Organizing an open house saves you the trouble and inconvenience of having to rush home from work on multiple occasions to arrange single viewings. You can welcome many people in your home at the same time, and you will only have to clean and prepare the house once.
Can be stressful
Usually, sellers choose to leave the house to give potential buyers full privacy and to avoid watching people judge every detail of their home. Cleaning your home, staging it, and then leaving it can be stressful when you don’t know who will be walking through your house.
Lacks one-on-one attention
Your realtor may have the influence and experience to sell your house but will only have the ability to liaise with one set of buyers at a time. The downside of having to so many different people walking through your house at the same time may be missed opportunities. There could be people among the crowd that never get the chance to speak with your realtor. These very same people may have been perfect prospective buyers. Some real estate agents have ulterior motives when hosting an open house and will use it to meet other clients who are potential customers for the agent.
Letting people walk through your house could be difficult to accept. An open house also presents a perfect opportunity for thieves or people whose intentions are to steal valuable items in the house. When you stage an open house, put away all personal items and inform your agent to keep an eye out.
While an open house is a great option for many sellers, especially if they have great looking houses, it is not for everyone. If you are concerned about the appearance of your house or have anxiety about strangers walking through your home, you may want to consider a direct sale to a cash buyer.
Alex Romanov is a co-founder of a real estate investment company in Seattle, Washington. Prior to his real estate venture, Alex was a manager at the Boeing Company. Alex holds an MBA and an Engineering master’s degree from the Massachusetts Institute of Technology.