The best reason for holding an Open House is that you could well get a better price for your home; many vendors are also motivated by convenience and potential speed of sale.
The idea of Open Houses is that they create a buzz. They encourage potential buyers to come and view, even if the property isn’t quite what they’re looking for. They also help to create a ‘buy it before someone else does’ mentality: if a viewer can see other people are interested, their own interest is stimulated.
Another advantage of Open Houses is that they can give vendors a more accurate idea of what their property is worth. If you rely on traditional viewings and you accept an offer almost immediately, it’s impossible to know whether you could have achieved more. Open Houses make the true value more obvious.
The timing of Open Houses can also be attractive. Most are held on a Saturday which tends to be more convenient for vendors with young children. Having everyone round on one day also makes it easier to present a property in its best light: you only have to tidy up once.
Naturally, some vendors have concerns about security or that it will encourage time-wasters. Neither should be a problem since viewers can’t just walk in off the street – potential buyers have to register with your agent prior to the Open Houses event.
Scale can be another worry – not many people relish the thought of welcoming tens of people into their home. Your agent will organise the event and also be available on the day if you happen to need extra support. Your job as a vendor is to ensure your home is as welcoming as possible and presented in its best light; it’s a good idea to move any family cars from the drive or, if possible, create parking spaces outside your property so that viewers can park easily.
By the end of your Open House it's possible you will have several attractive offers on the table. Even if you don’t, the word will be out that your home is for sale. The day will also have given your agent plenty of feedback about your property which you will be able to act upon if necessary and ultimately make your home easier to sell.
Savills Cotswolds and Surrey Open Houses events take place on Saturday, 23 September 2017, from 10am-4pm. The events will include more than 150 available properties, giving buyers the chance to tick off all the properties on their list in any given area in one go. More details from Cotwolds Open Houses and Surrey Open Houses.