Open houses are one of the many tools that real estate agents have at their disposal to sell a property. But to be honest, the chances of selling a house during an open house run between 7-10%. Not great odds, but not anything to disregard, either.
My approach is to discuss what is required of the sellers’ to have an open house and let them decide. As a REALTOR®, I will do whatever the client wants. To be honest, I like open houses, but I am also realistic that it probably will not bring in a buyer. I do like the chance to meet people who are coming in and could possibly be looking for a house – hence, a new client.
There are many factors that the sellers’ need to be aware of in deciding to have open houses. The first issue is that the house needs to be pristine and the sellers need to go someplace for a few hours. Also, I always advise clients to be sure to safeguard valuables including jewelry, medication, weapons, and pets
. In my experience, I have never had anything stolen during an open house, but I do appreciate that it is a risk.
Having mud tracked into the house during an open house is also a real possibility.
That being said, I do think it is a realistic approach to exposing potential buyers’ with your home. Open times buyers will scout out areas that they are interested in and will check out open houses. There is some advice that I have for buyers, especially if they are attending open houses.
First and foremost, if you are even thinking of buying a house, sign on with a REALTOR® who will be your advocate in the entire transaction. I have covered this issue many times, but it really bears repeating. Once you sign with a REALTOR® that agent will be able to advise you on things that are in your best interest, not the sellers. All to often, buyers will drive through an area and decide to stop at an open house. They walk in and look around and meet the agent on duty. What that agent should say is something to the effect of, “Hi, my name is Ricky REALTOR® and I’m here representing the sellers.”
Now that may sound like he is stating the obvious, but in reality he or she has just legally informed you of who they work for. That means that any information you divulge, however innocently, will go back to the sellers.
Don’t get me wrong, that agent can and will complete the contract for you if you do not have agent, but its better to have you own agent.
As a buyer, if you decide to go to an open house without your agent – and that is perfectly OK – you should immediately tell the agent holding the open house that you are already working with an agent and give their name. If you decide that you want to find out more information or you want to submit an offer, contact your agent immediately and have them do the contract.
If you are thinking of buying or selling talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.