Open homes can be challenging for sellers, but this is one of the most powerful tools you have in your arsenal to secure the best possible price for your home.
According to the REIQ, market research shows that properties marketed through open for inspections have a high ratio of inspection to sale.
Open homes allow potential buyers the opportunity to get a feel for the property and be able to picture themselves living there by walking from room to room, creating an emotional connection that will drive them to ultimately put an offer in or bid on the property if it is going to auction.
Platinum Properties director Steve Turner says there are many other benefits to open homes for all parties.
“You can showcase your home to multiple buyers at the same time, creating competition and driving buyers to purchase now or risk missing out on the property,” Mr Turner says.
“It’s time-consuming both for the agent and seller to do multiple inspections at different times. It’s also much easier for the sellers to organise the kids and pets for a given day and time instead of constant interruptions.”
Seaside Real Estate director Matt McGee says open homes also attract “window shoppers” who haven’t yet made the decision to purchase at the time but may quickly change their tune once they unexpectedly step inside their dream home.
“It’s also more convenient for the vendor as the inspections are a fixed time, allowing them to prepare the property for the inspection to show it in its best light,” he says.
“Also, when buyers turn up to an open home and there are eight to 10 or more other people looking they feel a greater urgency and tend to put a higher offer in.”
There are other options for sellers who definitely don’t want to have an open home, such as having professional photos taken and a floor plan created to offer potential buyers as much visual material as possible, or inspections by appointment only.
Open home etiquette
- Be on time – do not turn up a minute before the open home finishes and expect to have a good look around.
- Take your shoes off at the door.
- Be prepared to give your name and contact number to the agent. This is both for security and insurance reasons.
- An agent will usually be with you or in view of you at all times.
- For sellers, make sure you are not at the home during open hours.