Open Houses vs Private Showings: Which Will Better Help Sell Your Home?
Before buying or selling a home, it’s important to do your research on how you can sell it better, whether you’re a first-time buyer or an old pro.
Even though it’s a big achievement, buying/selling a home can be stressful because it’s such a big commitment. A lot needs to be done, from starting the loan application process to looking for a house.
When it’s time to start looking at the places you’re interested in, you can choose between an open house and a private showing.
Open Houses
An open house is typically held on a weekend for potential buyers to come and look at a house. Given the early stage of the buying process, many buyers do not bring their agents with them. The open house host will greet potential buyers, have them sign in, and field any questions they may have.
Pros of Hosting an Open House
When there hasn’t been much interest in a property, a bidding war can start when a lot of people show up to an open house. If people know that other possible buyers are there, they might be more likely to make offers.
If you’re the agent for the seller, open houses can also help you in another way. You can find out how interested a possible buyer is. You will need to negotiate on your client’s behalf in the future, so acquiring this information is essential.
Cons of Hosting an Open House
Unfortunately, most open houses do not lead to a sale. The National Association of Realtors has found that only 7% of people who first saw a house at an open house end up buying it (NAR).
You may not understand why open houses are so popular among your peers since they don’t usually work. Based on the same NAR report, 53% of buyers visit open houses during their search. That is to say, people still come in droves to open houses. So, open houses are a good way to attract new customers.
Private Showings
A private showing isn’t open to the public like an open house would be. A buyer’s agent will schedule a private showing of your home for their client. Buyers will appreciate the opportunity to look around your house at their own pace, unimpeded by other visitors or your real estate agent.
In contrast to an open house, which might only attract nosy neighbors or looky-loos, a buyer who takes the time to schedule a showing is likely to be a serious one.
Pros of Hosting Private Showings
Buyers at private showings are usually serious. They are further along in the process and have a clearer idea of what they want in terms of price, size, style, and location and will sell most from private showings. Open houses typically attract a large number of people, making it difficult for serious buyers to get a good look at the property.
With private showings, they will be able to take their time viewing the property and do so without interruption from others. They’ll be able to discuss right then and there and share their thoughts with their agent.
Cons of Hosting Private Showings
Most of the time, private showings can be bothersome. It is best for the potential buyers if you are not at home during the showing, so you ought to leave at a time that works for them. But in order to walk in and look around without being screened, the buyer will need an appointment and a preapproval letter from a lender. Appointments are necessary, but if they’re serious about buying the house, they shouldn’t put them off.
As a parent, you know how frustrating it can be when something like this keeps happening until you finally find a buyer. Keeping kids busy for two hours, especially at bad times, adds a lot of stress to a situation that is already hard.
Which Will Help You Sell Better?
Going to open houses is a great way to find possible homes and real estate agents. When you’re ready and have a specific house or neighborhood in mind, ask your agent to set up a private showing.
It is obvious how showings usually help sell your home faster. Open houses, however, are a great choice in the end.
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