When selling your home, a traditional tactic to speed up the process is an open house.
Indeed, 5 years ago, national estate agency Strutt & Parker coined the idea of a National Open House Day to allow buyers to view any house they have for sale from around the country on the same day and at the same time between 10am and 3pm. As their next one looms on Saturday 11th October, the agency says that the amount of properties taking part has soared by 28 per cent since 2009 and the number of viewers on the day has increased by 41 per cent.
Should you be joining in the open house activity, or is it a lot of running around without a guaranteed result? We weigh up the pros and cons of an open house.
Is it worth doing?
Yes - Higher prices
With buyers able to see just how much competition there is for your home, a busy open house can help to drive up bids from interested parties. Indeed, according to estate agency haart, your asking price can rise by as much as 5 per cent as a result.
No - Not selling your home
While you may find buyers keen to outbid each other, the likelihood of converting curious visitors - many of whom will simply fancy nosing around a new property on the market, including your neighbours - into buyers is low.
Yes - Eye-to-eye contact
It is much easier to sell something to someone in person, when you can look them directly in the eye and answer any questions they have. At the very least, having to deal with multiple enquiries within a single day is very good practice for future home tours.
No - Security
Nosy neighbours may not be desirable, but with lots of people flowing in and out of your home all day, there is a chance that you could also be visited by a burglar hoping to steal something in the chaos. Be sure to lock away valuables and keep bank statements, or other documents with personal details, out of sight.
No - Online is quicker
It can take hours to prepare for an open house and a day of hosting and touring to perhaps not sell your home at all. It takes minutes, on the other hand, to creating a listing for a property portal, which can reach a far wider audience in a far shorter space of time.
Yes - Exposure
Exposure is always a good thing when selling your home; as the saying goes, there is no such thing as bad publicity. The Internet may provide a faster way to reach a wider audience, but for buyers passing by in the street and witnessing a long queue, you can perhaps catch someone's eye without them having to browse through listings online.
Having weighed up the pros and cons, would you use an open house to sell your home?
Photo: Jack Snell