Real Estate Tips: How to Get the Most Out of Your Open House

by : Craig Berger

The huge number of homes on the housing market right now means that agents need to work overtime to sell one. Even though it is a great buyer's market, most people who can afford a new home are still on the fence as they wait to see when prices will drop. Open houses are one way for potential buyers to get to know the property better and convince them that the home is a good deal.

Looking For Open Houses Online

A slowed economy and foreclosure listings are part of why there are so many homes to choose from on the market. With a higher inventory of unsold homes, open houses are being increasingly used as an effective sales tool.

Serious and hesitant buyers alike are turning to the Internet first before going anywhere. Buyers look for property they might like and attend open houses. If the buyer likes what he sees, he will come back with his agent. This pattern of behavior should be a signal to real estate agents that posting as much information about the home online is extremely important and beneficial for sales.

Open Houses Encourage Real Estate Buyers

Motivating buyers, especially if they are just looking around, can get frustrating. Open houses solve the problem of taking a buyer around to several houses, because interested buyers will come to you instead.

While many of the people at an open house are interested buyers, some are just from around the neighborhood or vaguely interested in a home. However, these impulse buyers are the ones who see the house, fall in love with it and make an offer. An open house also shows buyers who are thinking about low bids that there is competition for the same property, which in turn can drive buyers to make a serious offer.

Other Tips For Selling Real Estate With Open Houses

Besides listing the property at your website and through the newspaper or other advertising, mail post cards to neighbors and prospective buyers in the area. These people may not always want to buy a new home, but they might know someone who does. Sunday afternoons are typically the best time to attract open house visitors.

Although a house on the market should already be sparkling clean, make sure to tidy up before an open house by throwing out all the garbage, getting rid of boxes or clutter, clearing space in the closets and cleaning debris from the yard or a pool. The real estate market may be slow at the moment, but open houses help get out the word about fantastic homes for sale.