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The Pros and Cons of Open Houses

Old-fashioned method or worthwhile endeavour?

Open houses have been a time-honoured tool in real estate sales, but have the myriad of new marketing options made this medium obsolete? Consider the following pros and cons to help you decide:

PROS:

Seeing is believing

You know your home is wonderful but listing pictures can only capture so much. An open house gives potential buyers the chance to see the space first-hand, including all those less obvious details like crown moulding, the view or even the way light plays through the space.

Increased exposure

Holding an open house allows your home to be featured in a wider variety of places and mediums. Signage and event advertising alone will raise the profile both online and for those passing by. This will allow you to attract a pool of buyers that may not have been aware of your home otherwise.

Low Pressure

Open houses create low-pressure opportunity for people to consider your home. Buyers adverse to sales pressure are more likely to check it out in this relaxed environment.

CONS:

"Lookie-loos"

Open houses are likely to attract at least some people who are curious or nosy and not actually considering a purchase. There may also be unqualified buyers who haven't received a mortgage pre-approval or considered the affordability of your home in advance.

Increased risk

Both health and security risks exist when one opens their home to public foot traffic. As winter approaches, an open house will increase exposure to germs (not to mention mess from wet and snow). As well, theft and vulnerability to opportunistic criminals are also concerns.

Low sales

Finally, open houses have not been consistently linked to higher sales, or higher sale prices. Private viewings are generally considered a more effective way to market your home, and most serious buyers will book one. Still unsure about the best way to market your home? I would love to help answer your questions.