As with everything that starts in the good old USA, Open House Events are becoming more popular with sellers, but is it right for you?
Organising an Open House Event requires planning and timing. Simply advertising the event for a week and crossing your fingers will not work. Depending on the property, a lead-in time of up to 3 weeks is sometimes. Why, because in order for the maximum number of people to attend, your agent should be factoring holidays, seasonal events and deciding, with you, when is the best time to hold the event.
What should expect from an Open House Event? Your expectations should be high. With a good lead-in period, a solid marketing campaign based around a realsitic price and your agent contacting everyone on their books, you should expect a good turn-out on the day. Ideally, an Open House should last no more than 2 hours, depending on the size of the property. There are exceptions, for example we did one in January 2019, held over 2 days of 3 hours each day and attracted 103 viewings. Your Open House event will have at least 2 members of staff in attendance, the buyers will have been told to arrive during the allotted time. This will ensure “crossover”, something that is essential to a good Open House.
Each buyer should be given an Offer Form to complete and return within a set deadline. Thism again, should be standard practice for most reputable agents. Once these offers are with the agent, they will contact you and let you choose your buyer.
An Open House Event only really works when a property is coming fresh to the market or has had a substantial price drop.