Holding An Open House
Holding an Open House is an excellent way to show your property and zero in on prospective buyers. It may also reduce the number of times you would be called upon to show your home to individual sellers, one at a time. But it is not as simple as opening your doors to a group of strangers and showing them around. To be most effective, follow a few simple rules, and utilize proper safeguards. It is often claimed that open houses rarely attract the person that will eventually buy, but later in this chapter you will find a neat little trick I have used successfully to sell a house before the open house is over.
First, advertise your open house in advance, and advertise it widely - flyers, newsletters, newspapers, bulletin boards. And do not forget word-of-mouth.
Place your Open House signs in strategic, high traffic areas and make sure your home is easy to find. An Open House sign with balloons attached is a nice - and essential - touch.
Before the scheduled showing, give your home the once-over, to insure everything is in its place, clean and uncluttered. Place bouquets of flowers throughout, in appropriate spots. Turn strategic lighting on, especially those that highlight some of your homes best points.
Turn on soft music. This type of music - instrumentals are best - can relax even the most uptight buyer. If it is chilly outside and you have a fireplace, stoke it up and get it going, to provide warmth and ambiance. Open curtains/drapes to let light in, show any views and to permit people on the street to look in.
Store all valuables that are easily concealed somewhere outside the home - a safety deposit box, with a relative etc. Remove temptations, as you will not be able to screen the people who arrive for an open house.
If you have dogs and/or cats, try to have them stay with a friend or neighbor during your open house. While you may love your pets, many people can become nervous around strange animals; others may have allergies. And, of course, some prospective buyers may worry about damage done by pets that may not be easily noticed.
It is a good idea to have a Guest Book or sign-in sheet. Visitors should be asked to include their name, address, phone number. Also on the sign-in table you should have information sheets about the property (photo, comments, statistics etc.) That include your name and phone number.
If at all possible, do not show the property alone. It is always a good idea to have a partner. Reasons: more than one prospect may need attention at the same time, and you never know if a pair of unscrupulous individuals should decide to use your Open House to deprive you of valuables. When this (rarely) happens, it is often two people working together - one distracts you while the other pockets items.
Open Houses usually attract the most visitors when held on weekends, particularly Saturday afternoons.
When the time of the Open House arrives, meet your guests at the door, smile, introduce yourself, shake hands, have them sign-in and take an information sheet. Let them know you are available to answer questions. But let them travel through the home without you. This is important because a) he will feel less pressured, and b) you will be available to meet the next guest. Before they leave, ask if they have any questions about the home. Remember to keep smiling.
After the Open House - the next day is good - call each guest and ask if there is any additional information they want to know about the property, and whether or not they have any interest in the home. Such follow-ups are not only polite, but can lead to questions that may very well provide you some insight on the kinds of things prospective buyers want to know. Armed with this information, you may be able to present your home more effectively when the next buyer comes knocking.
I inferred earlier that I use a twist when I hold an open house. Here is what I do:
First, I determine the type of buyers who might be interested. Then, instead of a normal, bland Open House, I hold a party, and invite potential buyers. The "party" will be in accordance with the types of buyers I expect. As an example, here is what occurred when I had a nice executive home for sale in an upper-class neighborhood.
First, I visited all major employers in the area, as well as the Chamber of Commerce. I got a list of all new, incoming executives being brought into the area, and the names of high-income families who had inquired with the Chamber of Commerce about moving into the area. In addition to publicizing the Open House through the more traditional media (newspapers, flyers etc.) I sent out personal invitations to those incoming execs. The premise was a "Wine & Cheese Party Open House", where prospective buyers would not only be able to tour the home, but enjoy a party with others like themselves.
Of those who attended, every one of them noticed how well the home was suited for entertainment, because they were already partying there. Because it was a party, the buyers appeared to endure less stress than during a typical Open House. They met with one another, networking, and making new friends. The atmosphere was so charged with friendly ambiance that the buyers began feeling right at home. Long before the party was over, I began getting bids on the home. I sold that house that evening.
The same idea can be used for many types of homes. Homes in a blue-collar area are also suited for some type of specialty gathering or party, where prospects feel at ease, and more importantly, realize what a great home this would make.
And that is how I hold an Open House.
NEXT: Screening Buyers
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