Potential Advantages and Disadvantages of an Open House

  • BY virtuosorealty
  • November 2, 2020

Potential Advantages and Disadvantages of an Open House

There has been quite a lot of debate when it comes to hosting an open house when selling a home. Open houses have long been considered as a tradition and a marketing tool in the real estate market. Most real estate agents would argue that homeowners should consider holding an open house. But, a great real estate agent should also be transparent and state to the owner if there are drawbacks.

Open houses have their advantages and disadvantages for the homeowner. So, it is advisable that before you hold an open house for a property that you put on the NYC Manhattan real estate listings, you should consider some of the following things:

The Advantages

Any buyer can examine the house freely since it is open to all.

With open houses, you can accommodate prospective buyers. You can also ask help from a real estate broker to assist you in selling your house faster. Keep in mind that there are three types of people you need to sell to. You have the brokers, buyers, and the bank. Be successful in selling to anyone of them, and you’ll be glad you put your home in the NYC Manhattan real estate listings.

You can create a buzz and strengthen your marketing.

With open houses, a real estate professional can make sure that your home is getting enough exposure. They’ll use promotional advertising like street signs, newspaper ads, or the most popular these days, which are internet ads. You can research on websites to find available properties for sale. These ads often include in their descriptions that they are holding open houses.

It provides convenience and first-hand experience of the house.

The primary reason why open houses are popular with prospective buyers is that it is convenient for them to see the house for themselves. Pictures or videos won’t be enough. Most buyers are careful and since buying a house is an investment, they’ll make sure that everything goes smoothly. That’s why they go to open houses to make sound decisions.

The Disadvantages

According to research, it often has a low probability of a sale.

This is one reason why some people opt not to include open houses when they put their properties for sale in NYC Manhattan real estate listings. This is because there’s only a small percentage of homes that are sold because of open houses. More often than not, private viewings have more chances of getting buyers. In fact, some real estate agents use open houses for their own benefits because they’ll be able to pick up some future clients.

It can become a security problem.

As opposed to scheduled viewings, when you have open houses, you’ll be risking your property to break-ins and vandalism. This is often a problem for homeowners who want to sell a vacant home. It allows criminals to explore the property with little to no supervision. 

You have people coming in who are not buyers.

One of the downsides of open houses is that for the reason that it is listed in NYC Manhattan real estate listings as open for all, you have all sorts of people coming into your home who are not actually potential buyers. For example, you have nosy neighbors and, as people call it, the lookie-loos. They just want to enter your home for leisure and for the sake of it.

It can be stressful for the homeowner and the real estate agent.

If you look at the housing market, it has been tighter, making first impressions crucial. You have homeowners trying to make the place presentable, and you have sellers who host the open house. Moreover, by repeatedly hosting the open house, it can create the impression that there is a defect or problem with your home.

Thus, there really is no right or wrong answer when it comes to the ongoing debate with open houses. You just need to look at the pros and cons mentioned above and decide for yourself which of the two weighs more heavily for you.