An open house is a scheduled period during which a property, typically one that is for sale or rent, is made available for public viewing. This event allows potential buyers or renters to tour the home without the need for a private appointment, providing them with the opportunity to explore the space, ask questions, and envision themselves living there.
Open houses are often hosted by real estate agents who can offer detailed information about the property and the local market, making it a convenient and informative way for interested parties to assess whether the home meets their needs and preferences.
After the new changes due to the Moehrl v. The National Association of Realtors lawsuit all people must sign an agency agreement with a Real Estate agent before touring a home. In the event of an open house, this is a simple one sheet (in most markets) that outlines exactly who gets paid and how.
The main reason to hold an open house when selling your home is that a potential buyer could see a sign, visit the home and write an offer when they previously were not planning on doing so.
Another benefit of holding your home open would be that all of the people that are looking for real estate in your market but are not yet seriously committed to a real estate agent, could show up without obligation. In some cases, there may be an offer generated by these groups.
However the odds are low.
Most open houses get a few groups of people in every hour that don’t lead to offers.
It is a great lead generation tool for them. If someone comes and views the home but doesn’t like it but may be interested in the same neighborhood the real estate agent now has a potential client they can work with.
Is this bad for the home seller? No. Statistically, the more showings how home gets, they quicker it will sell.
We would focused on targeted showings though.
There is nothing worse when selling your home then having to feel like you’re living out of a suitcase while a bunch of random people go through your home (that may or may not be qualified) only to come home and find out that none of them are planning on writing an offer.
With a scheduled showing, the real estate agent knows who is coming to the property. In an open house, they do not.
I am sure it is obvious, but if you are planning on holding your home often, here is a simple safety checklist:
If there is an opportunity to sell your home in an open houses, wouldn’t it make sense to hold as many as possible?
We are more focused on compressing the amount of time people have the ability to take action., When there are multiple people interested in purchasing your home at the same time, your home tends to sell for more money and better terms,
Yes. We are huge fans of this fore a few reasons.
Our simple selling process when selling your home gives you the flexibility of choosing whether or not to do an open house. Here is a high level overview:
With us, you have options. To see how why selling with us is the easiest way to sell your home for a record price, get your price below.