Is Open house a Better option? Pros and Cons

Hosting an open house while selling a home is a great real estate approach. Open houses have been a tradition for a very long time. Since the advent of the internet, their marketing tool have faced various changes. Often, open houses can be really problematic for the homeowner. However, with open houses, you will get many people to visit your home. A homeowner should consider it only when necessary, and the main question is who exactly enters through the door?

It is a true fact that open houses generate leads for real estate agents. A good real estate agent will explain the pros and cons of an open house to their client. Most agents focus on gaining personal growth than your home and its contents. Open houses do have drawbacks and things that you never considered while doing research. Therefore, the question is, if you are offering your residential house for sale in Kolkata, should you put up an open house? This blog will answer all the pros and cons of an open house, have an informational read ahead.

Open House: Benefits

• Open House is Open for all

Open houses are open for everyone and not just only prospective buyers. Brokers who have a sales team also visit open houses. They assist in the faster selling of homes.

You must remember that you sell your house to three types of people:

• The broker community
• The buyer community
• The bank

Until and unless you sold your house to all these three groups, you are not going to ever succeed in selling your house.

• More of Additional Exposure

The main task of a realtor who takes action on behalf of the homeowner is to ensure that their client’s home gets enough exposure. Open houses provide additional exposure via newspapers, the internet, and street signs. Always keep in mind that an open house is not a magic bullet.

Most real agents expect that the homeowner will say yes to them being the host. Many times when the house doesn’t bring sales return, it sets as a failure on the part of realtors. However, numerous homeowners believe that real estate agents will continue with open houses until the house is sold.

• The Real Way Of Browsing

The internet will provide you with numerous ways to find a home in a faster way, but nothing can be better than walking through the entire house and having a look at every detail of it. On the other hand, most people don’t go for open house appointments until they are entirely ready to buy the house. They enjoy attending the open house only. If they are serious buyers, then they would find a local agent.

• The Ease and Convenience

Open houses provide the opportunity for potential buyers to drop in whenever they want. The buying process is sometimes like a stranger to many buyers. Open houses encourage those people who are unfamiliar with the buying process. A planned open house set on a weekend can be a great option to attract these buyers. They can reserve a few hours in a day and ask anyone to drop in within that time.

• Make the House Ready

With the traditional method of showing your house, you have little time to keep your house ready. Maintaining the spotless condition within a short period of time is next to impossible. On the other hand, with an open house, you have enough time for preparation. With ample time, you can get rid of laundry, clear clutter, and laundry piles. Work on whatever it takes to furnish your house.

Open House: Drawbacks

• Low Sale Profitability

During open houses, houses sell at a very small rate. In such cases, it’s the benefit of the real estate agents since they are exposed to potential clients. Private viewings can earn you more buyers than open houses. The most common question that a seller asks a real estate agent is whether the open house will work or not? The right answer depends upon the credibility of the agent.

Open houses are unnecessary to sell a house. A serious buyer will schedule their time to view a property as per their liking. On the other hand, realtors use the opportunity of open houses for their business growth. Most people have the idea of open houses boosting house sales, but it only benefits the realtor’s business growth in the long run. In an open house, anyone can enter. It’s hard to keep track of them. Most people entering through the door aren’t applicable for mortgage loans. Your house may not even be close to their expense budget.

• Safety and Security Concerns

In an open house, break-ins and vandalism are the two most vital things that can happen anytime. If you are selling a vacant home, the chances of such unusual occurrences increase. With open houses, criminals gain the opportunity to conduct house exploration and plan out their crimes. As per reports, most thefts occur during an open house.

Therefore, you wouldn’t wish to risk a chance of such criminal occurrences. When a single house hosts a party with a huge number of attendees, it’s nearly impossible for the real estate agent to look after everyone. The criminal finds it easy to barge in and snatch away the valuables. Catching the criminal is an impossible activity. Most real estate agents don’t prefer open houses.

• Nosy Neighbours and Leisure Seekers

Open houses also call for two types of people. Nosy neighbors are the ones who get attracted to your house and visits it only to compare the furnishings with their own homes. Leisure seekers are people who like to visit only to enjoy the surroundings and kill their time because of the extra time they have with them. If it’s a high-end home, it can call for these people. Their only job is to look around, spend time and leave.

• There is More Stress

These days the house market is very tight. First impressions are considered very critical. Hosting an open house drives a seller crazy. On the contrary, hosting an open house time and again will deliver a wrong message. The buyers will think that there is something wrong with the house.

• Most Buyers are Unqualified

The first step in acquiring a home is obtaining a mortgage pre-approval. Obtaining this mortgage pre-approval is important for several reasons. Another drawback of open houses is the entry of numerous unqualified buyers. No homeowner would wish for someone walking through their house who cannot afford to buy it. And it’s next to impossible to check every open house attendee whether they are eligible to buy the house or not.

• Lack of good Communication

A real estate investor selling his investment on the residential plot in Kolkata will always possess the best, especially when communicating with potential buyers. With an open house, a one on one communication is tough. If things get busy in between, the potential buyers might not get the opportunity to speak with you even for once. There is no point comparing open house viewing with an actual house visit; the latter option is much better. The serious buyers will lookout for an alternative date to check the settle the matter again.

To Conclude

As we have reached the end of this blog, I hope you now know the drawbacks and benefits of an open house. It all depends upon you. It is you who can determine which option is better for you. If you want to set your residential land for sale in Kolkata, ensure that you decide wisely.

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