Open House vs. Individual Appointments – Which is Right for You.
Unless you are in the middle of putting your home up for sale you might not have given viewing appointments a second thought, but, the way that you choose to manage the viewings can have a real impact on your experience, and your selling price. Read this article to find out more.
As you begin your search for a new home, you might have encountered different ways to arrange a viewing. Some sellers opt for open house viewings, which all seem rather American. So why do sellers and agents do this? Which is better, traditional viewing appointments or open houses?
When putting together a marketing strategy for a new home coming on the market, the agent and the seller will plan out the best way to launch the property, generate interest, and maximise the exposure for the property to ensure offers that will result in a sale. One key element of this strategy is the viewing appointments.
For some homeowners, the best way to manage the viewings at their homes is to schedule appointments with individual prospective buyers. This will give them time to plan and schedule these appointments around their life and family commitments.
However, for some other sellers, there is merit in opening the property up for an open house viewing. This way, many viewings can be conducted in just a few hours. The homeowners might go out for brunch on Sunday, leaving the agents to manage the viewers.
There are pros and cons for both options, which we can look further at now:
Traditional viewings -
Pros: Viewers appreciate the opportunity to explore the property without feeling rushed. This also means that, as the seller, you can arrange the timings for the appointments to fit in with your day-to-day schedule, providing a sense of convenience and control.
Cons: Having your viewing appointments individually can mean that it takes longer for you to get that all-important offer. It also means that, with more actual viewing slots, you will have to clean, tidy and present your home over and over again for each viewing. It is also more likely that your agent will not accompany the viewers because some viewers may prefer to see the home outside of office hours, so you might end up showing the property yourself if the agents can't accommodate it.
Open house viewings -
Pros: If you have an open house viewing strategy, all viewing appointments are tied up nicely in one or two longer time slots. This means that you only have to present the property a few times. You might even attract more speculative viewers who might feel uncomfortable arranging a dedicated viewing appointment - these buyers are just as likely to offer as any other. The most impactful element of the open house is the competition generated between the viewers. If they can all see each other, they can gauge whether there are other interested parties. This will encourage offers quickly and, potentially, multiple offers that bid each other up. The buyers will know that your property generated a lot of interest because they could see it with their own eyes.
Cons: It's not all sunshine and rainbows, and there are some drawbacks to this option. The strict opening times may mean that some viewers can't make the appointment and could miss out. Also, viewers would almost always prefer an exclusive viewing appointment, so there is always the chance that a potential buyer would not attend because they don't like the strategy.
From a marketing perspective, an open house viewing creates a sense of urgency and builds interest and competition between potential buyers. The property launches to the market with impact, encouraging viewers to act quickly. As a seller, it is an intense process, from putting your property on the market to having viewing appointments is a relatively short period of time. In theory, offers will come in after the viewing day, meaning that you could have a sale quite quickly. With that in mind, it can be great if you are looking for a quick sale, but it could be a whirlwind. If this sounds too intense for you, then the traditional marketing style might be better for you.
If you are interested in selling your property and would like to learn more about marketing strategies to get you moving, rest assured that our team of property experts is here to support and guide you every step of the way. Contact us today for further assistance.