Showings vs Open Houses?
Showings vs Open Houses?
What is the difference between a showing and an open house?
What is an open house?
You're probably more used to the term "open house" but what does it mean?
An open house is an event where the real estate agent opens up the house to the general public.
During an open house potential buyers are touring homes to figure out whether it fits their criteria.
Interested buyers will typically be guided to an open house by real estate agents. Open houses are a great way for people to see what walking through their next home can be like.
Though it's normal for a buyer's agent to accompany the prospective buyers, many buyers may want to walk through the houses on their own.
All real estate professionals recommend that their clients attend either an open house or a showing but open houses help the potential buyer gauge the general interest in a property.
For a home seller, it also helps them know the state of the market and how well their listing is performing. Though it's often recommended that the home seller is not present during an open house.
There is also something called a broker's open house where real estate agents will look through the house in advance. This is done if a home is seen as particularly valuable on the housing market.
As the door is open for any person to walk in, nosy neighbours can also view homes if they are brazen enough.
An open house is typically between one hour and two hours long. This may seem short but it helps sell the idea that many people are interested by making sure that they all show up within a short timeframe.
What is a showing?
A showing is when interested buyers reach out to the listing agent, the seller's agent, to schedule a private tour through the house.
In that situation, there are no other people in the home other than the buyer's agents and the listing agents. No random visitors.
A private showing allows the buyers to discuss the potential terms of the sale and to speak openly.
For the seller's real estate agent, it allows them to answer questions freely and in the time it takes - during an open house it's common for people to feel pulled in all directions. The chaos of strangers walking throughout one's house is not to be underestimated.
Private showings are not part of the home buying process for everyone. It's common to sell homes after an open house if the buyers and sellers are satisfied with the terms of the purchase and price. However, any seller needs to expect that a realtor or their clients ask for a private showing.
Whether the showing is in the best interest of the seller or the buyer depends on the specific situation.
Selling on the back of private showings does have a habit of driving prices up since it shows a bigger level of commitment from the buyers.
When should a seller do a showing or an open house?
Ultimately, the decision should be taken in concert with the real estate agent in charge of the listing.
If the seller has a busy schedule then the stress of potential buyers taking up their houses during a few hours at specific times throughout the week can be inconvenient.
An open house is a good way to condense and manage the time it takes to show the home to potential buyers.
However, throughout the entire process of selling a house, buyers may request a follow-up private showing after having been to the open house. The sellers are not required to accept but if they want to sell the house fast or for a good price then their agent will often encourage them to accept.
Whether to do one or the other also depends on where the house sits in the real estate market. Luxury properties will not have as many buyers lining up and these buyers will expect a higher level of care during their interactions with the home.
There are two extremes where not having an open house and, instead, doing only private showings are a good idea. If the house is a fixer-upper and will need the listing agent to sell hard or if the house is a luxury property that only has a few select possible buyers. Any property between those two extremities would benefit from open houses more. This does not mean that private showings are out of the question, but they would be an extra dealt with usually after an open house.
How to prepare for a showing.
There are a few key things to remember when preparing for a showing.
The first is to make sure that the house is clean and presentable. This means making sure that all the surfaces are wiped down, the floors are vacuumed and swept, and that any clutter is hidden away.
The second is to make sure that the house smells good - this is such an underrated aspect. This can be done by baking cookies or bread before the showing. Usually, the home sellers' agent will take care of that.
The third is to make sure that the lights are on. Most buyers will want to see how the home looks in natural light.
On the buyer's side, they should ask their agent to initiate the process. Showings require a professionally scheduled appointment. Buyers should be prepared with questions for the listing agent and ready to present pre-approval documents. Showings show a higher level of commitment and being able to demonstrate that even further is sure to leave a good impression.
How to prepare for an open house.
An open house requires the same level of care as for private showings but additionally, the seller may want to store any fragile or valuable items. Accidents happen and with many people strolling through a home, it's impossible to catch everything.
Once the schedule is set for the open house, the sellers should be out of the home. It may be tempting to stay and watch or answer questions but it can hurt rather than help.
If the homeowner has a pet, they should take them along while the open house is happening and make sure that pet hair is cleaned properly. No one wants to have a bad experience because of an allergy.
What to do after a showing or open house.
For sellers and buyers, agent support after an open house might be more important than the open house or showing itself.
Aside from the usual follow-up to the visitors than sign in during the event, an agent will use the information they gathered to inform their client on the next best steps.
For buyers, it means gauging whether or not to send an offer. For sellers, it means figuring out if there were serious buyers that want to move forward in the home buying process.
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