
If you’ve bought or are looking to buy a house, you’ve probably been invited to an open house or two. But did you know that many real estate agents now consider open houses obsolete? In an MSN Real Estate article, agent Liz Johnson admits that open houses don’t actually sell houses – at least not directly. So, then why do agents like Johnson still hold open houses?
Let’s back track a little. If you’re new to the real estate scene you might be thinking: Wait, what is an open house anyway?
Holding an open house is a traditional way of selling homes. When a home goes up for sale, the real estate agent, with the consent of the current home owners sets up a time when the house will be open to the public. An open house is designed to keep the home open to the public for longer than the usual short segments. Open houses usually run for a couple of hours. This allows visitors to leave, come back, and really look at the details of a house.
Real estate agents now hold virtual open houses too, where interested customers look through photos and videos of a house.
Real estate agents like Liz Johnson still run open houses for the networking opportunities they bring. In other words, they know that the main goal isn’t to sell that particular house – instead, they meet prospective customers, hand out business cards and maybe even talk about other properties they might be involved in selling.
Likewise, as prospective buyer, you can use open houses to network with agents, and find out if similar properties are up for sale.
You can also use an open house as opportunity to take a better look and ask any important questions. Check out the neighborhood, find out what other properties in the area are selling for and so on. Now that you have the extended time to look around, think about resale value. Is there anything about the house that will make it hard to resell? Is the house near a busy street or industrial zone? Do neighboring houses look just as polished? Are their permanent stains or issues with the house? Look at ceilings, walls, irremovable structures, and awkward windows.
Consider taking an interior designer’s perspective on a house before going to an open house.
Sources:
What questions should I ask at an open house? (MSN Real Estate)
Is an open house a waste of time? (MSN Real Estate)
Image by MARIE JEANNE Iliescu at www.lartek.ro