When you come to sell your home, it is almost certain that viewings will be arranged so that prospective buyers can get a feel for the property before deciding on whether the property is right for them.
Most estate agents will give you an option to hold an ‘open house’ style viewing if your property has received sufficient interest, allowing multiple prospective buyers to view at the same time. The alternative is having separate, individual viewings for buyers, which could either be conducted by yourself or with an agent present.
In this article, we’ll take you through all the pros and cons of having an open house viewing compared to individual viewings.
The Advantages of an Open House
Perhaps the biggest advantage of opting for an open house is the element of convenience it offers. Having all viewings take place at once means you can decide on a specific time that works for you and get all viewings out of the way in one go. Individual viewings can be spread out sporadically and you will have your estate agent contacting you to ask whether you will be available to allow a viewing at times that may not be convenient. You will essentially have to make yourself more available if you decide to go for separate viewings.
Having an open house can create a ‘buzz’ or sense of excitement about your property that you don’t get with individual viewings. When prospective buyers see lots of other buyers viewing a property it demonstrates that the property is popular and sought-after. It will encourage buyers to make offers more quickly and they indeed make higher offers if they know there is a lot of competition.
Buyers may feel more at ease when viewing during an open house. With others also wandering around they may feel more able to take their time and explore everything, without the pressure of having all the attention on them. With this sense of ease, buyers may be able to appreciate your home in greater detail.
The Disadvantages of an Open House
If you are security conscious, an open house may be much less appealing. The prospect of having dozens of people simultaneously trapsing through your home can be quite unnerving. There will usually be an agent present to assist with the viewing, however it is entirely possible for people to view parts of your home alone, meaning the theft of valuable possessions is entirely possible.
Unfortunately, it provides an opportunity for burglars and those with malign intentions to scope out your home, see what possessions you have and identify any weak spots for a break-in. This is very rare, but it nevertheless provides an organised burglar a good opportunity to get into your home.
An open house can also attract nosy neighbours and so-called ‘looky loos’, people who have no intention of buying a property and just want to look around another house. It also allows neighbours who are curious and want to compare your home to theirs an opportunity to check out your house. The consequence is therefore that an open house can mean more people who have no interest in making an offer can look around your property.
Having lots of people walking through a property can be somewhat distracting for prospective buyers, who may become more focused on sussing out the competition than the property itself. If it’s too busy, they may not be able to view parts of the house in great detail.
Whether or not you would benefit from an open house viewing is largely dependent on your personal situation. If you have a busy schedule, it probably makes more sense to have an open day and get a large portion of the viewings out of the way. If you are at home a lot, having spread out viewings will be less of an issue and will reduce any security concerns. In either case, your best option is to speak to your agent and ask for their advice on what will work best for your home.
This article was written by an online estate agent House Sales Direct. If you wish to sell your house fast and for free, then head over to the House Sales Direct website for more property related information and enquiries.