Open houses are a common question from sellers on if they are need or not? The bottom line is, its up to a seller if they would like an open house or not. Some sellers absolutely want them and others don't. However, from experience, open houses can provide pros and cons:
1. Attract buyers who aren't working with agents exclusively
If a buyer isn't working with an agent, just started the process or is casually looking, this can allow them an opportunity to view the property in a more laid back manor. This also can be an opportunity for the agent to obtain a new buyer client; if that specific home doesn't appeal to them.
2. Increase Awareness
Promoting open houses on platforms such as Facebook, Instagram, Zillow, Realtor, Trulia and the additional directional signage increases awareness to the property.
3. More Time for Seller Preparation
A scheduled/planned open house can allow a seller to prepare their home in ways they may not normally have time for with individual showings. This may allow sellers extra time to pick-up the day-to-day clutter, toys, clothes that can pile up and take a planned day away from the home.
1. Unqualified buyers & Neighbors
It can become difficult to screen buyers for preapprovals during an open house, especially if it has decent traffic. Due to this reason, unqualified buyers normally attend.
Additionally, if neighbors are bored on a Sunday and there isn't a Packer game on, I'm sure they will stop into the open house.
2. Security issues
With open houses providing little supervision, this can lead to people stealing, vandlizing, investigating your home before commitng a crime so its important to hide your valuables.
3. Less privacy for buyers
Some buyers can be detered by open houses because they feel they can't talk with their agent privately. They also can feel overwelmed in open houses; especially if their are many people in attendance.