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What are the Benefits of an Open House?

What are the Benefits of an Open House?

As a Toronto real estate agent, I know the benefits of an open house. The benefits are not only for the seller, but the listing agent as well! Let’s get into the details of why an open house can support the sale, the seller and the agent!

Open House Benefits

Selling your home can be an incredibly exciting time; however, the state of the real estate market can affect the selling process. As most of you know, in 2022, homes were selling like hotcakes. You could put your house on the market, unstaged, outdated finishings, zero marketing, and no open house; it would sell in days. Fast forward to today, homes in the Greater Toronto Area are taking on average between 20-30 days to sell, staging is pertinent and marketing is a must! In this blog, we’ll explore the advantages of hosting an open house.

1. Reach a Wider Audience

Reaching a wider audience is a huge benefit of an open house. By opening your home, you will increase exposure in a way that you wouldn’t have if your home was only available to view privately. While traditional styles of online and print marketing can do wonders, an open house attracts potential buyers who are early in the process and don’t have an agent (or don’t want one yet). This gives a chance for neighbours, people passing by, or simply people who are curious! It is simple math, the increase in traffic increases the chances to find and sell to the perfect buyer!

2. Personal Interaction

As a realtor, I am constantly using email and text as a source of communication. This is why I know that an email and text can come across in a different tone than the sender intended it to sound. For this reason, personal interaction can be so important. You get the chance to communicate in real-time with potential buyers, answering questions on the spot and allowing a rapport to be built between agent and client. This type of trust and relationship can be essential when sealing a deal.

3. Creates Competition

Open houses can bring in traffic and more people can create a sense of competition and urgency. A competitive surrounding may compel potential buyers to put an offer in quicker than they would have due to the fear of another buyer beating them to the punch.

4. Live Feedback

When potential buyers view your listing through a private showing with another agent, they do not often provide feedback. You may receive the odd message, or connect via phone call…but it’s after the fact and feedback often gets jumbled after a bunch of showings. An open house allows you to speak directly with your viewers and get immediate, honest feedback from potential buyers. This info can be valuable as it allows you to see how potential buyers perceive the property and the market. You may tweak the staging, the home or pricing decisions based on this feedback!

5. Showing Off the Neighbourhood

In most cases, buyers are not only looking at the home, they are evaluating the neighbourhood as well. Is there a sense of community, what are the schools like, are there decent parks, close to transit, shopping, etc.? An open house allows you to highlight these things.

6. Convenient Time For Shoppers

Most open houses are conducted on weekends, during non-working hours. This provides the convenience of time to those buyers who have busy schedules and have trouble nailing down a specific time for an appointment.

7. Agent Branding  & Marketing

Growing a real estate business requires a lot of hard work, time and dedication. An open house is not only beneficial to the seller, but to the Toronto real estate agent as well. This is part of a realtor’s marketing strategy. This shows dedication and expertise. This also creates exposure to more potential buyers for the agent and increases exposure through the real estate agent’s network.

In conclusion, an open house is an incredibly powerful tool when selling a home. If properly planned and carried out, you will greatly increase your chances of a successful sale!

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