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The Benefits of an Open House for Sellers and Buyers

Published on March 30, 2015 by Landa George in Buying, News, Selling

When it comes to both buying and selling a house, the whole process can be very time consuming and frustrating. One of the things that can be frustrating for sellers is all the waiting around and having to continually clean up as well as take time out for individual viewers to come to the property in order to view.

For buyers, the frustration often arises from someone else seeing and putting in an offer for a property before they’ve had a chance to view it. On top of all this, both buyers and sellers have to rely on the communication skills of estate agents in order to make arrangements for viewings and this can make the whole process even more time consuming.

One way in which you can help to combat these issues, whether you are a house buyer or a seller, is to consider open house viewings. Okay, so as a seller you might not relish suddenly having your property filled with a bunch of complete strangers. Likewise, if you are in the home buying process you may not want to necessarily be viewing a property along with loads of other people that are also interested in the house. However, there are many benefits of an open house for both sellers and buyers, so this is something that is definitely worth considering.

 

Key benefits of an open house for sellers

As a seller, you can enjoy a range of valuable benefits by using an open house method to market and sell your property. Some of the key benefits include:

Convenience

It can be very inconvenient as a seller to have to keep taking time out of your busy life in order to accommodate one viewing after another. If you have a decent estate agent and a desirable property, you could find that there is a lot of interest, which means that you could be inundated with viewings. If you have a full time job or family commitments, this can become very inconvenient. However, with an open house you can get most of your viewings out of the way in one go.

Saving time

You have to ask yourself ‘Do I really have time to keep cleaning the house from top to bottom, brewing fresh coffee to make the property smell nice, and answer the same questions over and over again from different people viewing on different days?’. If the answer is no, then the open house idea could be highly beneficial. You can give your house a good clean, get all questions answered in one go, and impress potential buyers on mass, which all equates to saving you time and hassle.

Increasing the chance of a quicker sale

By opting for an open house, you could actually boost your chances of a quick sale. This is because potential buyers will be able to more easily gauge the level of interest in your property by the number of people attending the open house. This means that if they are interested they are more likely to put an offer in quickly through fear of someone else beating them to it.

You could get more money

Depending on the number of people that attend the open house and the level of interest from those that attend, there could be a bidding war that sees you getting at least your asking price and possible more than your asking prices, so you could effectively be quids in!

The benefits of an open house for buyers

As a buyer, you can also take the benefits of an open house event. Some of the key ways in which you will be able to benefit include:

Being able to get more answers

No matter how prepared you think you are when it comes to asking the sellers/agents questions at a viewing, more often than not there are things that you forget to ask. It’s only when you get back home that you realise that you’ve forgotten to get some key information, which can be very frustrating. If there are lots of people there at an open house event, they will all be asking questions so you can get answers to questions that you forget to ask or that you might never even think to ask.

Gauging the level of interest

You will always get sellers who smugly inform you that they have lots of other people interested in the property. While this may be true, very often sellers will say it in order to try and rush you into a decision. When you go to an open house you can gauge for yourself what the level of interest is and you can then make an informed decision with regards to when or even if you should make an offer.

More freedom to explore

When you are doing a one on one viewing with sellers, you often feel awkward and a bit nervous about exploring as much as you would like to. However, at an open house viewing you can relax and explore to your heart’s content – just like the other people who will be viewing at the same time. This means that you can get a really good idea of what you might be buying into, which in turn means that you can make your decision far more easily.

Catching on around the world

The benefits of an open house mean that this process has become very popular in countries around the world over recent years. This form of viewing is already very popular in countries such as the United States, Canada, New Zealand, and South Africa. It is now a method that is catching on in Britain with more and more buyers and sellers realising its benefits. An open house can effectively reduce time consumption, inconvenience, hassle and stress for everyone involved in the buying or selling process, which is why more and more agents are recommending this to their clients.

Read also…

Careless Tenants and How to Control Them
Top 7 Reasons Why Sellers Hire a Good Property Solicitor
5 Tips on How to Attract & Find Good Tenants

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About the author
Landa GeorgeLanda George and her husband invest in property part-time and specialise in creative strategies that can assist people in negative equity or who need to release the cash from their homes quickly.

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