What Is an Open House?

Posted by Jeffery Sweet on Thursday, August 22nd, 2019 at 8:00am

What Is an Open House?Do you have condos for sale in Boise, Idaho that you want listed with a trusted local real estate agency?

You’re in luck as the market is hot for sellers. Idaho is one of the states with the fastest-growing population. In fact, it ranked first in that category for the past two years.

This doesn’t mean you can be complacent when it comes to your marketing strategies. Keep in mind that you’re not the only one selling a property.

Besides adding your property to popular market listings, such as those of Sweet Group Realty, you can also schedule an open house.

So, what exactly is an open house?

Usually, when you have a property up for sale, you place it on a listing, which brokers, agents, and prospective buyers will look into. When they want to see your property, they will make an appointment.

The drawback with this method is--it takes a lot of time. Sometimes, a home could remain on a listing for two months or even longer. And, the longer it stays there, the lesser are its chances of being bought.

You can take a shortcut by hosting an open house. In this practice, many people can take a look at your property simultaneously.

Who Participates in an Open House?

Various people can participate in an open house. These can include home buyers, brokers, real estate agents, and even lenders. Your neighbors can even join.

However, if you don’t want plenty of people going in and out of your property, you can opt for a brokers’ open house. It means you offer your open house to a limited or exclusive brokerage community. Real estate professionals will then be the one to sell your property to potential buyers and schedule appointments with them.

This arrangement is ideal for condos for sale in Boise, Idaho, as these properties often have small floor space and tight security.

How Long Does It Take to Host an Open House?

The times can vary. Some of them can last for 4 hours. Although, on average, it’s about 1 to 2 hours. Others may also schedule one in the morning and another in the afternoon.

One of the best times to host an open house is during the downtime of the buyers and the brokers. During this time, they are not rushing to the next appointment or thinking about errands.

They will have more time to look around, ask questions, and even make an offer or close the deal. Usually, this time falls on the first Sunday after your property has been listed and around the afternoon.

You may also want to avoid long open houses, as these may bore potential home buyers.

How to Prepare for an Open House?

The cliché “first impressions last” may not hold true all the time, but it may be when it comes to open houses. After all, you’re not the only seller in town.

To help prepare your property, here are a few tips:

1. Understand your buyers

Who is your market? Millennials have different tastes from baby boomers, and Y-generation parents may have needs and wants that are dissimilar to those of Y-generation couples.

When you know what they’re looking for, you can already have a guide as to how to stage your house, including the features you need to remove, change, or add.

2. Think magazine covers

While you don’t need to break the bank to impress home buyers, you still want to make your property as beautiful as possible. Take time to declutter, invest in crisp white linens for the beds, and add a few flowers for a touch of color.

You can visit websites, such as Pinterest, to gather some ideas on how to decorate your space for buyers.

3. Remove personal items

Three reasons: One, you can lose them among the crowd. Second, they can add clutter. Third, you want to sell a dream.

When your buyers walk into your property, they’re likely to reclaim the space as their own. They cannot do that if they see pictures of your family around.  

Open houses do not offer guarantees, but they’re a really effective way to speed up the marketing and selling process. That’s why they’re always worth a shot. Contact us today and our very knowledgeable agents would be happy to tell you more about open houses.

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