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Conducting an Open House
Having an Open House is a great way to bring as many potential buyers in to your home at once and creating demand for your property by introducing a sense or urgency in your buyers. When there is more than one interested buyer on the property viewing it simultaneously a kind of "can't wait" tension exists. It is this very phenomenon which can cause anxious buyers to want to out bid each other in the quest to obtain your property. This bidding war can reap you the best deal on your house, and sometimes result in higher than asking price offers.
Be aware that having an open house is not mandatory and is certainly not for everyone. Having several people walking through your home all at the same time may be overwhelming to some. But if you are comfortable with it and prepared it can be just the ticket to getting your home sold.
Prepare for your Open House
- First you need to advertise your open house dates and times. Our website has a special field just for this purpose. It is best to get the date out there at least a week in advance so people can plan to attend.
- Use your Open House directional signs to drive traffic to your home. Place them at street corners where they are easily visible. Also, tie a few balloons to you lawn side to make it easier to find.
- Secure your valuables before you welcome strangers to your home.
- Make sure the doorbell and all exterior lights work
- Let some light in to make the home appear brighter and roomier.
- You want the house to smell and look welcoming. Make sure it is clean and free of clutter. If possible bake cookies or bread or light some great smelling candles.
- Place nicely arranged fresh flowers around.
- It is best not to have children and pets underfoot.
- Leave a sign in sheet and flyers in an accessible area.
- Invite the parties to look around unattended but make sure you are available if they would like a guided tour or if they have any questions or comments they would like you to address.
- Have a sales contracts and completed disclosure form ready to give to an interested buyer. You'll want to find out if they have been pre qualified for a loan. If they haven't and you're working with a lender you can offer to get them pre-qualified. The lender you are working with may wish to attend the Open Houses with you. The vast majority of buyers are going to require financing to purchase your home. Having the lender available to answer questions for interested buyers about financing can certainly help facilitate the deal for you. Keep in mind the lender is just as motivated to sell the loan on your home as you are to sell the home. Why not have two salespeople working together with the same ultimate goal - finding a qualified buyer to purchase your home.
Remember to be available but not imposing. Let buyers browse and then come to you for more information. An Open House is a great way to get multiple interested parties in your home at once and can help give you the feedback you need to quickly negotiate a great deal for yourself!
Copyright© 2008 FSBO Publishing Group, Inc., All rights reserved. This material may not be republished without written permission.