| Selling

What would you say if we told you that a National Association of Realtors survey showed that the top ways buyers learned about their new homes were the internet, real estate agents, and old-school yard signs? Not an open house in the lot. Bet it makes you wonder why the heck your real estate agent is insisting on an open house.

The thing is, real estate professionals have long debated the importance of open houses and with technology changing the way people shop for homes, there are more reasons than ever to avoid the process. However, we thought we’d look at both sides of the argument to help you understand why your agent might opt for an open house to help sell your home.

When Open Houses Make the Most Sense

In a seller’s market, where there are more buyers than listings and properties sell quickly, open houses are a great way to maximize the number of people who see the property in a short period of time. If you can book your open house on the first weekend your home goes on the market, you might just luck out on finding a buyer and avoid contending with a parade of private viewings for who knows how long.

In Defense of Open Houses

There are plenty of defenses that help support the die-hard open house camp. Here are a few:
Lone buyers: Not all buyers engage an agent in the early stages of the buying process. If they don’t have an agent, they might shop the neighbourhood for open house signs and venture into your home on their own. They could be the ideal buyer.

  • Competition: You can take advantage of house hunters already visiting open houses in your neighbourhood. They’re more likely to be excited about viewing your home because they’re already shopping in your area. It could just be kismet!
  • Passive buyers: Passive buyers are considering buying a home, but not necessarily in earnest. These guys love open houses as they can shop at their leisure and get an idea of what’s out there. While many might say these people aren’t worthwhile, they are open to making the transition from passive to active. They could fall in love with your home and decide to put in an offer. You never know.
  • Out of towners: Toronto is a big city with a lot of ground to cover for out-of-town buyers. That’s why most do a mass open house tour hoping to find a home in a single weekend. These are the types of buyers looking for a quick sale with little fuss, so you don’t want to miss out on these opportunities.
  • Reduce the inconvenience of showings: You just need one open house the first weekend after you list to get people in. Beyond that it’s all about private viewings arranged by buyer’s agents. Private showings are very disruptive especially if you have to get out of the house (which we highly recommend BTW) before buyers arrive. An open house provides a convenient mass showing that could find a buyer so you can get on with your life sans the ongoing viewer hassle.

The Anti Open House Movement

Now, we’re not saying open houses are for everyone. In fact, there are many reasons an open house might not be necessary or right for you. Here’s a look at the anti-open house argument:

  • Joint casers: Thieves love open houses as they provide an opportunity to “case the joint” to see all the goodies in your home. Whether they plan to come back when you’re not home or are going to help themselves to your Chanel purse or laptop, you can increase the risk of becoming a target by holding an open house. Although real estate agents are good at keeping an eye on “sus” visitors, following a shady character around the house during a busy open house is close to impossible.
  • Neighbor infiltration: Many real estate agents argue that the majority of people traipsing through open houses are neighbourhood snoops, not potential buyers. That means your home might be open to an onslaught of nosy neighbours looking to get a peak at your home. A little cringey.
  • Virtual open houses: The age of virtual tours makes it easy for buyers to walk through your house whenever they like. Instead of forcing them to give up a few hours of their weekend visiting open houses, buyers can just view virtual tours at their leisure and then set up a private viewing for the properties they like. Who needs open houses?
  • Serving the agent’s purpose: Some people think agents insist on an open house to help build up their contacts and find referrals. This might be true in some cases.
  • Random visitors: Open house visitors often lack commitment and tend to wander in and out of open houses because they aren’t sure if they want to buy or not. Kind of a waste of time if this tends to be the type of viewers your open house attracts.

How to Prepare for an Open House

Here are some tips to ensure your home is ready for it’s time to shine!

  • Reduce risks for theft: Put away your valuables and anything you don’t want people to see. This includes your laptop, iPad, and credit card statements! Take that would be thieves!
  • Stage it: Make sure your home is ready and that any necessary staging has been done before the open house. Wash your floors, fluff your pillows, and dust your windowsills!
  • Leave your home: It’s best that you’re not present during the open house. As a seller you may experience hurt feelings from questions or comments made by potential buyers at the open house!
    The truth is a good real estate agent makes their decision to go for or skip the open house based on your specific situation and the market. Discussing what works for you and why your agent is suggesting you go one way or the other will help you land on the right strategy to sell your home quickly for top dollar.

Are you thinking of listing your home and wondering how an open house may help? Call The Christine Cowern Team at 416.291.7372 or email us at hello@christinecowern.com with questions or to set up a call. We’d love to work with you!