Have you ever wondered what makes a house sell at an open house? In the intricate world of real estate, it can be challenging to pinpoint one specific reason. However, homes shown in
open houses sell for an average of $9,000 more and stay on the market for about a week less.
Unraveling the Facts
Open houses form a fundamental part of the real estate business. To better understand this process, let's delve into some facts reported by the
American Home Shield Corporation. A substantial portion of potential buyers, almost half, make it a point to attend open houses as part of their house hunt. Interestingly, those with a history of buying properties tend to find homes via open houses more often than first-time buyers.
There's also a noticeable pattern regarding the demographics of open house attendees. Buyers falling in the age brackets of 25-44 and 45-64 are more inclined to use open houses as a tool in their home search. This method is also more popular among new home buyers than those looking for previously owned properties.
Hosting an open house offers a myriad of advantages for both sellers and real estate agents. It serves as a powerful marketing tool, providing potential buyers with an invaluable opportunity to physically experience the property and envision themselves living there. The open house fosters a sense of transparency, allowing visitors to explore the space freely and ask questions directly, which can lead to quicker decision-making.
Moreover, it creates urgency, motivating prospective buyers to make timely offers. From the seller's perspective, an open house showcases the property's best features in a controlled environment, making it easier to highlight its unique attributes. Real estate agents benefit from open houses by connecting with potential clients, establishing credibility, and demonstrating their proactive approach. Ultimately, an open house creates a win-win scenario by enhancing exposure, building rapport, and expediting a sale.
Probably the most important fact today is that many buyers do not want to include their agent in this part of the buying process. They feel they are more free to ask questions, review properties, and not have the pressure that sometimes comes with an agent. Plus many agents do not take the time to join their buyers in the “Open House Journey”. The King Team stats show that over 70% of all people that come to an open house, do not bring their agent.
The other part of the open house that works best for the seller and the sellers agent. This market is very honest, and if you have an open house – provided you do the right marketing to make sure the world knows about the open house – you will find out real fast how interested the market is in the home you are selling. Great turn out, good chance you will sell the home; poor turn out, good chance you have over priced the home.
A Step-by-Step Guide for Sellers: Making the Most of Your Open House
To make the open house experience as rewarding as possible, here are some tried-and-true strategies.
Ensure Your Home is Ready for Visitors
First impressions are crucial when selling your home, so ensuring your property looks its absolute best on open house day is vital. This involves considering the curb appeal—think about the visual impact of your property as potential buyers first drive up. Tidy up the front lawn, add some potted flowers for a touch of color and ensure the front door is clean and inviting.
Aim for a welcoming atmosphere inside the house that allows prospective buyers to visualize themselves living in your home. This could involve arranging the furniture for optimum flow and lighting, removing personal items like family photos, and ensuring the house is well-lit, ideally with natural light. A fresh coat of paint in a neutral shade can also make a big difference to the overall appeal of your home.
Declutter and Spruce up Your Space
Having a clean, clutter-free space is crucial when showing your home. This can make your property appear more spacious and allow potential buyers to imagine their own belongings in the space. Remember that every room counts! From the kitchen countertops to the bedroom closets, ensuring every nook and corner is clean and tidy can significantly impact a buyer's impression.
It might also be beneficial to depersonalize your home to some extent. This could involve putting away family photos, personal collections, and keepsakes, sometimes making it harder for prospective buyers to envision the house as their own.
Spread the Word
Marketing your open house effectively is important in attracting as many potential buyers as possible. Your real estate agent will likely have a strategy for this, which may involve advertising the open house on real estate websites and social media platforms. Yard signs and neighborhood flyers, EDDM’s mailers, reverse emails to agents, can also be beneficial in drawing local attention.
Don't forget about the power of word of mouth. Let friends, family, and neighbors know about the open house. They may not be looking to buy, but they might know someone who is.
Other considerations
A few other best practices to a successful open house include:
- Welcoming Atmosphere: Create a warm and inviting ambiance by opening blinds or curtains to let in natural light, playing soft background music, and ensuring a comfortable temperature. Offering light refreshments like bottled water, coffee, and snacks can create a welcoming atmosphere and encourage longer visits. Engage with attendees by asking questions about their preferences and needs. Tailor your discussions to their interests and offer solutions.
- Informational Materials: Prepare high-quality brochures or flyers that provide essential information about the property, including floor plans, key features, and nearby amenities. Provide information about the neighborhood, nearby schools, shopping centers, parks, and other amenities that could influence a buyer's decision.
- Safety Measures: Consider the safety of both the property and visitors. Lock away valuables and personal items, and have someone present to monitor the event and answer questions.
- Agent Expertise: Have a knowledgeable real estate agent on-site to answer questions, provide insights, and guide visitors through the property. Your agent can collect feedback from visitors, both positive and constructive, to gain insights into how the property is perceived and how it could be improved.
- Follow Up: After the open house, promptly follow up with potential buyers, answering any additional questions they might have and gauging their level of interest.
About The King Team
David & Fiona King - The King Team, is a dynamic duo leading a group of seasoned professionals specializing in various real estate sectors. The team's broad expertise spans new home construction, sub-division and land development, commercial property, and multi-family and single-family homes.
David and Fiona are committed to making the buying or selling journey enjoyable and informative. The team prides itself on excellence in customer service, always prioritizing their client's interests in every transaction.
Contact them today to get started!
Beyond their real estate prowess, The King Team also holds expertise in Lake Home Sales & Acquisition, Land Development & Commercial Real Estate, providing a comprehensive service to their clients. The team is devoted to realizing their clients' real estate dreams and is eager to cultivate long-lasting relationships built on trust and mutual respect.
David & Fiona King - The King Team, have over 40 years of experience and over 125 five-star reviews. With their top-tier service and professional guidance, you can confidently navigate your next real estate journey.
NO OTHER AGENTS do what the KING TEAM does for their sellers. From the custom signs, large EDDM mailers, 3D Virtual Tours, and so much more – call the King Team to discuss listing your home. Call 888.THE.KING - 888.843.5464
