Having random strangers come and look through inches of your home that hold memories which you treasure can send shivers down your spine. Many people argue that because of the rapid transition to the new trend of digital wave, open houses have become a thing of the past. On the other hand, many economists argue that this is one thing that will never go out of style, and here is why.
Benefits for a buyer:
Nobody wants to invest a large sum of money in a property simply because it looks pretty in the photos available online. The internet is evidence enough that images can be heavily manipulated, thus this is a risk no one is willing to take.
It gives them the opportunity to view properties without engaging with realtors until the final purchasing time. (This is a classic example of “I’ll know it when i see it” buyers)
Acts as a vehicle to conduct research to educate themselves on the market.
Benefits for the seller:
Sellers get to show off their property in a scheduled way that makes it easy for them to anticipate and prepare. It also allows multiple visitors to tour the property in a defined time period, says Gord McCormick, Broker of Record. This can allow the seller to conduct house selling activities without disrupting personal schedule, i.e. family time.
It also provides enough time for families with children or pets to clean or prepare the house for regular or individual showings in order to up the likelihood of purchase.
Allows the possibilities for feedback from both Realtors and buyers. This can be used to better target the market the seller is interested in finding the buyer. Furthermore, the number of attendees is generally a good indication of the level of interest the property is generating.
Benefits for the realtor:
Gord says “open houses help drive activity and perhaps increase competition among potential buyers. This can further the word of mouth attracting more potential buyers.”
This increases the likelihood of further scheduling individual showings which can potentially lead to multiple offers
Allows for face-to-face time with buyers which gives feedback, which can help you understand the market better