By: Dan Brown
Whether using a real estate agent or not, if you’re a homeowner looking to sell your home, you may want to consider having an open house. While some argue that this strategy can be overly time consuming and potentially costly, due to the planning involved, these types of events do actually yield results. In fact, almost 50 percent of buyers use open houses as a key source of information in their home search [1]. Of course, the bigger your audience is, the more leads you have and the closer you are to selling your home.
While putting up a sign and opening your home to the neighborhood is easy enough, you should consider these tips to ensure that you get the most value out of your open house.
Timing is Key
Unless there was a family circumstance, financial reason, or some other imminent concern, you probably had time to strategize when you were going to put your home on the market. A similar approach should be taken when scheduling an open house in order to maximize the number of potential homebuyers in attendance. Weekend days are optimal, given that people have more flexible schedules, and Sundays between noon and 4:00 pm have proven to produce the most traffic. You also want to be mindful of holidays, neighborhood events, weather forecasts, and other things that may impact your turnout.
Know Your Target Audience
Every house and neighborhood attracts a specific type of resident. While planning your open house, think about the many different attributes that make up potential buyers, including age, gender, interests, behaviors, and connections. In our experience, open houses tend to be most successful among buyers looking for homes priced between $250,000 and $500,000, who are between the ages of 25-64, and who are married or buying with a significant other.
Advertise Your Event
Once you identify your target audience, utilize the proper channels to get the word out. Is social media the right way to connect with them? What about your local newspaper? While reaching out to audiences through these methods will likely increase your overall turnout, the low-tech side of advertising is essential too. It’s never a bad idea to post flyers and signs throughout the community.
Prep the Property
This may seem like a no-brainer, but prepping your home for such a showcase is extremely important. While the buyers will furnish the home according to their own tastes, you still want to present a visually appealing setting. Aside from inside cleanliness and décor, the outside property has a lot of influence as well. Make sure the lawn is mowed, your flower beds are thriving, and that your home looks inviting. This increased curb appeal may draw even more interest.
Collect Information and Follow Up
The point of an open house is to increase attention to your property and meet potential buyers. While an event like this will get those individuals into your home, you want to make sure that you collect their contact information and follow up with them after the showing.
Hosting an open house doesn’t have to be stressful. With these tips, you should feel much more confident about the process. Plan ahead and stay organized in order to showcase your home in the most positive and attractive light. If you need help ensuring that you’re doing everything you can to sell your home, we can always help. Reach out to us for more information about how we can help you sell your home quickly and at the right price.
[1] http://www.realtor.org/sites/default/files/Highlights-NAR-HBS-2013.pdf