While many agree that hosting an open house is an excellent way to get potential buyers through your door, it is still a heavily debated topic between homeowners and real estate professionals.
Truthfully, there are pros and cons to choosing to have or forgo an open house. Having a strong understanding of these pros and cons can help you make an informed decision.
Increased exposure – Perhaps more important than having open houses is gaining exposure for your home. While a sale may not come directly from an open house, you will undoubtedly gain exposure from ads, street signs, and promotions for your open house .
Low pressure environment – Open houses are usually very laid back and give potential buyers an opportunity to take their time analyzing a home without pressure from a realtor or seller.
Potentially unqualified buyers – Many people attending an open house will not be qualified buyers. Unfortunately, open houses attract more curious passersby and neighbors than potential buyers. It’s important that buyers obtain a mortgage pre-approval if they truly want to put an offer on a home, and many who come to open houses don’t have a pre-approval letter at-the-ready.
Security Issues – Break-ins and thefts are a real concern. Open houses can potentially attract criminals who are looking to explore a home and plan their crime. If you decide to host an open house, be sure to hide any valuables and take precautionary measures.
At the end of the day, it’s up to you to weigh the pros and cons of hosting an open house and decide what you think is best. If you decide to go forward with hosting an open house, read our blog on how to get ready for an open house – and, as always, our team at Drew Kern is here if you need any assistance.