Are You Looking to Sell Your Home? Learn the Pros & Cons of Allowing a Realtor to Host Open Houses

Posted on: 18 January 2017

There are many benefits to hiring real estate specialists, or realtors, to help you sell your home. They know what your home is worth and how to attract the right buyers to your place. One of the ways that they may try to bring traffic into your home is by offering an open house.

Learn the pros and cons of hosting an open house in your home to help you decide if this is something you will permit or not. Here are some of the pros and cons associated with open houses.

Cons of Open Houses

You May Have Unqualified Buyers in Your Home—One of the biggest downsides to having an open house is that you can attract people who may not be interested or buying or may not be qualified to buy. You may have nosy neighbors viewing your home, people who are just thinking about buying but aren't pre-qualified to buy, people who want to see what homes outside of their price range look like, people who are getting renovation ideas for their own home, or buyers who may simply be viewing your home hoping you will take a low ball offer. When you open your home up for an open house, you are not only getting people who are looking to buy.

The Chances of Selling Your Home at an Open House Are Slim—The other major disadvantage to an open house is that your chances of selling your home at an open house are slim. It is estimated that only two to three percent of homes sell at an open house. Due to this low percentage, some people may want to skip an open house.

Pros of Open Houses

May Minimize the Amount of Time You Have to Be Out of Your Home—If your home is popular, it may feel like you are having to constantly leave your home for showings. If you are tired of having to leave your home, setting aside a period of time for an open house can minimize the amount of time you have to be out of your home. Many potential buyers can swing by during the time period the home is open and take a peek, rather than you constantly having to come and go from your home as buyers set private appointments.

They Can Increase Interest in Your Home—The other advantage to open houses is that they may drum up interest in your home. While it is rare that a person buys a home directly at an open house, an open house may still help you sell your home. Realtors who are taking their clients to open houses may see your home and have a different buyer in mind who would be perfect for your home, or buyers may come back for a private viewing after looking at your home in an open house. An online listing or flyer only gives so much information about your home. Having an open house allows both potential buyers and buyer's real estate agents the opportunity to learn and see more of your house.

To learn more about open houses or how to host a successful one, contact local real estate services.