Holding a quality Open House is a key to success in the Real Estate business. Whether the objective is to Fix and Flip or keep the property as a longer term investment, how the house shows to the public can directly impact the sale price. It is important for people in the Real Estate business (agents or investors) to understand the value of a public showing.
The first step to ensuring a successful Open House is to work with the owners and have the property professionally cleaned. It sounds simple, but it is surprising how often a Real Estate agent overlooks cleanliness. Work with the owners how the staging of the furniture and decorations as well. First impressions are vital to capturing the potential buyer.
The next step is generating a walk-in market. Social media is a great way to advertise and solicit business for the upcoming event. Other strategies can include placing flyers in the neighborhood shopping centers, reaching out to other agents and creating mailers to potential client lists. The overall goal is to generate enough foot traffic to create a buzz. To put it another way, the more people who walk through the door, the more likely a sales is generated.
If the property is owner occupied, it is crucial that they are not in the home during the open house. Owners tend to be more emotionally invested in the property and can hurt the chances of sales by discussing specific property conditions or feelings with potential buyers. This is especially true if potential clients want to fix and flip.
The agent should plan on setting up 30-45 minutes prior to the event. Place signs directing traffic to the showing in highly visible areas without encumbering traffic. Ensure a professional looking sign in sheet is available to follow up with potential buyers later. Great each person warm and friendly, let them know you are available for questions, but allow them to look without being to overbearing.