This is one of the most common queries we hear from sellers, whether they’re first-timers or seasoned movers. It’s a question that attracts differing opinions because the answer is not black and white – each situation is different. Ultimately, the decision should be based on the seller’s needs within the context of the current market, both of which can vary dramatically on a case-by-case basis.
This is an important decision to make, especially in a competitive market like East Renfrewshire and making the right choice can have an impact on the price and the swiftness of the whole transaction. Any credible and experienced estate agent knows this and will carefully analyse your specific needs in the context of the local market as well as your personal preferences before suggesting whether to have an open-house day, offer private viewings only or provide a combination of the two.
Advantages of an open house
As a marketing technique, an open day can be an incredibly effective way to generate the greatest amount of interest in your property in just one day. It’s particularly great when time is of the essence and you need to sell your home quickly.
An open day is also a good strategy for creating competition amongst buyers, which is something to bear in mind. By establishing a sense of urgency, potential buyers who may otherwise procrastinate are often inclined to view your property and/or make an offer sooner than planned. This can lead to multiple offers, thus driving up the final sale price.
Disadvantages of an open house
Contrary to what many people believe, limiting yourself to an open-house day or weekend can be incredibly restrictive. It’s highly unlikely that all of your potential buyers will be available to view your home at a specific time on a specific day, regardless of how interested they may be. Personal commitments have a habit of getting in the way, so it’s worth considering what’s beneficial for the majority of your target market.
What’s more, by reducing viewing availability to such an extent, you risk losing a significant amount of money – fewer potential bidders means less competition, which often results in fewer (and smaller) bids. The less exposure you have, the less interest you generate.
Finally, there’s an increased chance of attracting ‘browsers’ – those people who love to look at properties but have zero interest in actually buying. It’s impossible to completely avoid time-wasters, but they’re more inclined to pop along to open-house days. This can make it challenging to establish the true level of genuine interest in your property.
Combining open-house days with private viewings
To achieve the most market exposure, generate maximum interest and encourage competitive bidding activity, the ideal arrangement is often a combination of both private viewings and open day(s). By doing so, you provide an option for the largest percentage of potential buyers. This is the ultimate goal for most sellers today. Just remember, there’s no ‘one size fits all’. At Nicol Estate Agents we always discuss your needs, make sure we understand your circumstances and do what’s right for you.