An open home is when potential buyers can walk through a property that is for sale at a scheduled time and date. It boosts the exposure of the property and lets many people inspect it at one time.
It’s a smart way for real estate agents to give their sellers another chance to show their property. People will come if they don’t have to ask for the agent because they will not feel as committed. Believe it or not, it is true that it can be intimidating for prospective buyers to call an agent.
People often want to fully check out several options, so open inspections allow them to evaluate a number of properties more easily. Open homes can also attract the notice of people who may not be keen on buying, but may impulsively cash in on the right property being available at the right time.
It is not uncommon for agents to sell properties through open inspections where people have no plans of buying, but just happens to see the open home and go to have a look.
Opens homes is also a way to settle the expectations from buyers that an open for inspection is part of the marketing plan. Real estate agents often receive calls from people asking when a house for sale is available for viewing.
Having an open home when people can drop in at one time benefits the present residents, as they would be less inconvenienced if they don’t have to pack and leave each time there is a private viewing. It can be difficult to get a buyer look at a tenanted house, but in the case of an open home, any person who is interested can walk through the door.
Real estate experts recommend combining private inspections and open houses. This way interested people can make a private inspection appointment, and sales could also be made from people who are just looking through with no intention of making a private appointment.
You just never know if the buyer will be actively looking or if they will be a passive buyer.