Hosting an open house is a technique used by estate agents to generate interest in your home. We recommend open houses because it’s a way of getting maximum interest in one day in the hope of promptly selling your home for the best price. But is this the reality?
In the UK, open houses used to be pretty rare and were more commonly used when the property was up for sale by informal tender, or when it was part of a new development.
While they’re still extremely popular in the USA, open houses have grown in popularity in this country over the last few years, and in certain circumstances, they can be the right strategy to sell your house.
Open houses are typically advertised on property websites and then arranged by the estate agent for a weekend, sometimes over the course of a whole day, or sometimes for a couple of hours.
Typically, the agent will be there for the duration to show all the potential buyers around. Some agents used to host open houses where people can just turn up as they please, but we don’t handle things like this at Hatched!
We vet all potential buyers before the day so we can be certain that everyone who attends has a serious interest in buying your property.
Is an open house the best way to sell?
One of the most appealing benefits of an open house is that you can create more competition with potential buyers coming into the property and seeing how popular it is.
Every buyer is looking at the next person and seeing them as ‘competition’. This, in turn, can create a sense of urgency and tension and encourage more offers.
Open houses can work. At Hatched, we host open houses with great success, but whenever we get a client who suggests that another agent has advised an open house, we always quiz them as to the real reasons why they suggested doing so.
Sometimes, it’s absolutely right that you hold an open house, but sometimes, it’s simply not the right thing to do for you or your property.
Plan your open house
To do an open house properly there should be a well thought out and planned advertising campaign prior to the actual open house to generate interest.
It’s often a good idea not to advertise the time, the date and the full address of the property – you want buyers to phone the agent so that the agent can collect their details and vet them.
You ideally want the estate agent to do the viewings, but we would also suggest you should be there to help manage the process and see how many people have actually come through the door.
If you’re not happy with any offers you receive, think carefully about whether you want to accept one based on just one day of viewings, or whether you want to continue marketing your house in a more traditional way.
Viewings versus open houses
The traditional way of selling houses with individual viewings is generally regarded as the best way to sell a house, but it depends on both the owner and the property.
If you want a fast sale then an open house might well be the best option for you. We will happily offer this service should you want it, and we will always go through all of your options so you’re sure it’s the best strategy for you and your situation.
So, if you’re not sure how to market your home, or you’re getting conflicting advice from different agents, then give the experience Hatched team a call today, on 0333 999 7699.
If you're thinking of selling, then get a free no-obligation valuation of your home today.