There are a lot of misconceptions out there about open houses. Some assume that this popular marketing technique is no longer effective, but this couldn’t be further from the truth.
There are three main reasons why today’s sellers must remain open to the idea of hosting an open house:
1. Open houses create urgency. Sunday tends to be the most popular day of the week for open houses. Not only does hosting this event on the weekends maximize the number of buyers able to attend, but it also creates the opportunity to build excitement in the preceding days. If you list your home on a Tuesday, for example, and advertise that there will be an open house the following Sunday, this gives buyers plenty of time to get excited about your home. Open houses also allow buyers to see exactly how much competition they’re up against. This creates a sense of urgency and incentivizes buyers to put their best foot forward when making an offer. With that said, don’t turn away attractive offers just because you’ve already accepted one. Leave the opportunity for buyers to submit backup offers open, in case your current deal falls through.
2. Open houses are a great way to get feedback. Buyers are looking for the best possible place to call their next home. Therefore, the majority of those who attend an open house are going to give their honest opinions. Criticism can be hard to receive, but it can also be a very helpful tool. When you know what buyers like, and dislike, about your home, you’ll be much better equipped to present it in a way that fits their expectations.
3. Open houses are a good marketing tool. As I mentioned before, the best time to hold an open house is the first Sunday after it’s been listed. The next best time, though, is around the third or fourth week the home has been on the market. When we host another open house at this point, we are able to leverage this in our marketing to reach new buyers who might have entered into the market. Assuming you’ve made the appropriate adjustments, this can give your listing a renewed level of buyer interest.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.