Selling your house is tricky at the best of times.
Experts recommend many different strategies designed to help you find a buyer quickly.
One of the most common strategies is hosting an ‘open house’.
This blog explains what an open house is when selling.
What is an open house when selling?
When you try to sell your house, your estate agent may recommend an ‘open house’.
This is when you open your property for viewings, and people can stop by without an appointment.
It usually lasts for a few hours. And it’s best to hold it on a day when many people are available. The weekend is typical.
Your estate agent will be in the property throughout the open house. Anyone who turns up can talk to them and ask questions about the property.
Remember that open house sessions are rarely used as your ‘only’ marketing strategy.
It should form part of a broader attempt to find a buyer, such as adverts and online listings.
Buyers often feel less pressured when they go to an open house. This is because they don’t have an intense one-on-one experience with the estate agent.
It can also make your house look ‘in demand’ if there are many people there. But if not, it can have the opposite effect.
How common are open house viewings in the UK?
Open house viewings are quite a new and increasingly popular idea in the United Kingdom.
It’s common in areas where buyer demand is high, and supply is low. Central London is the main example.
Open house viewings are far less common for properties in rural areas with lower population densities.
People are less likely to be ‘in the area’ on the day. So, appointments might be preferred.
Are open house viewings successful?
It depends largely on the market conditions, and how well the estate agent advertises the open house.
In a best-case scenario, open house viewings can kickstart a bidding war.
If there are many buyers and not many houses ‘for sale’ in the area, people may try to outbid competitors. It helps if the property looks busy on the open day.
When done poorly though, it can have the opposite effect. Estate agents may fail to attract enough viewers to the property.
In this case, the house can be seen as less desirable and offers may drop.
Staging on the open day and setting a fair asking or guide price are equally important. All these factors combine to make a big difference.
Are open house viewings less expensive?
Not really. Estate agents usually offer this as part of their ‘standard service’. This means that you don’t pay less or more for it.
In some cases, estate agents could charge extra to offer this service.
You should clarify this before you sign a contract, and/or before they convince you to take this approach.
Reasons an estate agent might suggest an open house
Feedback is needed
Open house viewings are an excellent way to gather feedback on your house. Perhaps you’re both unsure whether it’s priced fairly.
Or maybe you want to know whether specific design features must be changed.
Using this feedback allows you to improve the house. You can then give future buyers exactly what they want.
The property is unique
Property photos listed online will not always do your property justice. Especially if it has many unique features, which are rarely seen anywhere else.
The full implication of this unique element could significantly affect your selling price. In this case, it’s best to let buyers check it themselves.
Especially if there are dynamic (moveable) features that a photo can’t capture.
Lots of interest has been shown
When lots of interest is shown in your property, you may want a bidding war to start. An open house viewing can be an effective tool to make that happen.
Each viewer will see lots of other people interested in the house. And this can trigger higher offers as they all compete.
You’ve got a difficult schedule
For a typical one-on-one viewing, the owner needs to leave the property.
But arranging this for many people can be challenging when you’ve got a tricky schedule.
Instead, you can invite all the interested parties to come simultaneously via an open house.
This means you can fit everyone in and show that your house is in-demand.
Tips for a successful open house
Host it on a weekend
People are more likely to have a free calendar on a weekend.
Otherwise, on a weekday, they’ll have to arrange time off work, which will decrease attendance.
Choose a convenient time in the afternoon on a Saturday or Sunday.
Make sure your estate agent has done this before
Your estate agent will answer any questions from those who come to your open house.
So, you must ensure they’re prepared and skilled in this area. Ask how often they’ve done it.
And perhaps do a ‘trial run’ of questions to see how they fare.
Double-check that the interest is there
Successful open houses don’t occur because you’ve crossed your fingers and hoped for the best.
You need to advertise it effectively and ensure enough interest exists from potential buyers.
Get confirmation from lots of parties that they’d come along. After all, you must assume that some will be no-shows!
Lots of people turning up makes your house look ‘in demand’. This triggers higher offers. But if it’s a ghost town, it has the opposite effect.
Your house needs to look brilliant
Your property’s appearance is one of the most essential details.
Get it cleaned right before the open house day to look sparkly and new. Take care of any curb details, too, like cracks in your pathway.
Tidy your garden, declutter and depersonalise.
You need your viewers to imagine themselves living there.
Ask your estate agent for ways to freshen up each room and make it stand out from other houses in the area.
