Did you see that new listing of ours is already under contract? Sure, good homes are going pending pretty quickly, what with the inventory shortage. It’s not that hard, right? Right. The trick is getting the house under contract for the best possible price and terms for the Seller. Now that takes skill.
17 Hemlock Road in Barnstead had her first and only open house this past weekend and it was a smashing success! Open houses allow potential buyers to see a home without having any commitment to it. Sometimes they bring their agents, but more often than not, Buyers can come through at their leisure and explore the home for as long as they please during an open house. Savvy Buyers will use an open house to evaluate competition and strategize their own offer.
When serving as a Listing Agent, we use open houses to create demand, urgency, and as a result, a multitude of favorable terms for our Seller clients. Here are some ways our Open Houses set us up for success:
- Preparation is everything – Prior to listing a home, we often recommend a honey-do list the Seller can accomplish, to help the house truly shine. Our client did a great job getting his home “showing ready” which is not necessarily an easy feat. Decluttering areas, depersonalizing walls, and organizing storage spaces are little things that have a huge impact on how a home presents itself. When a home is staged well, it allows potential buyers to envision their future selves in the home, thus creating an emotional connection.
- Build anticipation – Ever see a house pop online and the open house is that evening, or next day? You’ve already got plans! In a market with so few choices, there’s no need to rush to market and force Buyers to make a snap decision. Instead, we gave this home 10 days of marketing on the MLS, prior to any showings at the open house. This did several things. 1) Buyers could plan to see the house the following weekend, giving them time to do a drive-by and research the area. 2) Some people are fatigued by this market, and don’t check their results daily. By giving the home 10 days to marinate on the market, we exposed it to a larger Buyer pool. 3) Giving Buyers time to “think about it” ensured our open house was full of ready, willing, able and excited Buyers. It also reduces the risk of Buyer’s remorse, because they’re not making an offer under pressure. On an investment this large, some people really do need to “sleep on it”, and that’s ok.
- No Showings Necessary – Much to our surprise, not a single agent scheduled a private showing! By giving the house 10 days of marketing, Buyers were able to make time to attend the open house. This meant our client didn’t have to pack up the dogs and keep leaving for 30-minute showing windows. So less time out of their home for our clients, and less stress overall.
- Price competitively – You only get ONE chance to premiere on the market, because as you know – nothing ever dies on the internet. Overpricing a home is, in our opinion, the kiss of death. The house will sit, and then there will be a price drop… and then people will ask “what’s wrong with it?” Nope. Not doing that. After researching current market trends and recent sales, we consulted with our client about a pricing strategy. Our client knew what he wanted for the house, and we knew we could reach that number, if we played our cards right. So we priced the house just a smidge under comps, because YOU know a good deal when you see one, right? As do Buyers.
- Market the heck out of it – We used the 10 days of “Coming Soon” marketing to advertise to the community, partner with a nearby home for a “Dual Open House”, build targeted advertising on social media, and advertise the open house. On the day of, we littered the neighborhood with dozens of open house signs and directionals, so people knew where to find us, and those who missed the marketing could come discover us.
- Provide an inviting experience – Real Estate isn’t about selling houses. Real Estate is about helping people make great decisions in the realm of home buying and selling. It’s our job as Realtors to educate and present opportunities. When serving as a Listing Agent, it’s our job to show Buyers what life in this home can be like. We pride ourselves on creating a welcoming, approachable, and calm atmosphere. Windows are open on beautiful sunny days, music sets a mood, and light refreshments tell folks “welcome, get comfortable”. Sharing is a great way to connect with people authentically. It opens a door to discussion, enables people to ask questions and therefore removes barriers. Several attendees thanked us for the experience, stating they’d been to many open houses since their search started, and we were the only ones offering refreshments. It was a nice touch, they said, because after seeing so many homes, they were hungry. When you’ve got little kids in tow, or you’ve driven an hour to see your 5th open house, the little things matter.
An Open House is an opportunity to make your home shine when it’s on the market. Make sure you hire the right people to represent you, because how they execute can literally be the difference between thousands or tens of thousands of dollars in your pocket.
By 8pm on Sunday, we had 10 offers in hand, barely 30 hours since our open house wrapped up. The offers varied, from at-asking, to a little over, and others well past the goal price we’d set with our client. Some offers came in with very lackluster terms, while others pulled out all the stops. Having 10 offers to choose from gave our client the ability to counter, sculpting the winning offer into one both he and the Buyers would be happy with. You don’t have that kind of leverage with only one offer. We created a win-win for both Seller and Buyer, and I cannot wait to welcome all parties to the closing table at the end of May.
If you’re considering selling a home in Maine or New Hampshire, we’d love the opportunity to exceed your expectations!