Mon 18 Nov 2019
Paul Bennett, Director
If you are thinking about selling a property you own and would like a different take on marketing, an open house might be the perfect solution. Originating in the US and Australia, these one off events are now a regular fixture in the UK.
What is an open house?
An open house is designed to channel interest and viewings towards one particular day. The agent and vendor will agree a date that the property can be open for access – usually for a set number of hours. The event will be promoted to potential purchasers ahead of the date, and agents will be present during the open house to gain feedback and hopefully offers from the people who are viewing.
Generate a sense of competition
The essence of an open house is a number of prospective purchasers all viewing at the same time, creating a sense of interest and urgency. Many purchasers don’t like the thought of someone they have seen on the tour putting in an offer ahead of them, so the idea is open houses result in multiple offers quite soon after the event.
Shorten the period of high standards
Conducting a mass of viewings in one go saves the seller maintaining a ‘show home’ standard over an extended period. Getting promotional photographs shot just before an open house is another smart strategy as the property will be looking at its best.
Rather than having to cope with sporadic viewing requests over several weeks, an open house is a one-off, which can be planned for and is less likely to interfere with busy home or family life.
A good way of assessing interest
An open house is a good indicator of the level of interest in your property - whether it is being marketed at the right level and to the right audience. If there is a poor uptake, it could be a sign that the property is incorrectly priced or presented poorly – aspects that can be remedied.
Not just for sales
Open house events can be a useful tool in the lettings market. Landlords can request an open house as a way of managing the viewings process if there’s an incumbent tenant. Permission is only need for one access date and disruption is kept to a minimum.
Behr and Butchoff’s open house advice:
Ensure your agent will use different channels to advertise your open house, including digital marketing and social media
Make sure the exterior of your property has kerb appeal, so the first impression is a good one
Declutter and dress your property – prospective buyers form an opinion within the first 7 – 10 seconds of stepping through your front door.
Ensure your estate agent notes down the contact details of everyone who attends the open house, in order to follow up after the event.
If you would like Behr & Butchoff to orchestrate an open house event for a property your wish to sell or rent out, please do not hesitate to contact us.