The Pros And Cons Of Holding An Open HouseBy John Voket With all the changes that have occurred in the world of real estate over the past decade, I have noted that one of the more traditional practices - holding one or more open house opportunities - is becoming more of an optional marketing tool. One very established Boston-based broker recently blogged that since she is in a relatively strong seller’s market - most properties will turn over relatively quickly unless they are overpriced or have some particular defect. That broker says in active markets like Boston, there are several good reasons sellers should demand that any agent they hire provide private showings, not open houses. For one, open houses invite anyone and everyone into the house. This welcomes nosy neighbors, klutzes and — once in a while — people of bad intent. As a result, things unfortunately get broken, get dirty, and sometimes go missing. She also has concerns about violations of privacy by visitors, as well as the effectiveness of a well-attended open house that may be unappealing to potential buyers who arrive when the residence is crowded with lookers. A Bethesda, Maryland broker points out that sellers need to consider whether their agent will be as focused on selling their home as they may be on utilizing that open house as a means of finding new clients. That broker believes almost every agent who has ever hosted an open house has met a new client at one — and many admit they found their new client a home that wasn’t the open house where they met. He also noted with the current seller’s market in Maryland, many buyers have been willing to pay a premium so the sellers will cancel their planned open house. In our next report, we'll look at how to maximize potential if you decide to host an open house. |
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