What is an Open House?
Whether you’re looking to sell a beloved family home or an inherited property that’s in dire need of modernisation, an open house can be your route to achieving the best price in the fastest possible time. In short, open house events are a great way to market your property.
So, what is an open house? Ultimately, it's a timeslot for multiple viewings. Prospective buyers are given appointments on the same day or are invited to drop in within an agreed timeslot – sometimes both. Not only is this a more convenient way to showcase your property to a large audience (after all, you’ll only have to tidy up once!), it also allows your estate agent to create a competitive buzz around your property. It’s no wonder that open houses usually result in the highest sale prices.
How to do an open house?
At Pitits, we've organised thousands of open houses over the years – you could say we’ve become dab hands at it. And although every open house is different, there are three sure-fire tactics that we find work every time:
1. Showcase the home, not the property – Okay, so fresh coffee and cut flowers may seem a bit done, but you’ll be surprised at how these simple, homely touches can boost the overall appeal of your property.
2. Market your event – The key to a successful open house boils down to one thing: advertising. Make sure your agent is doing all they should to make your open house event a success.
3. Pop out for a few hours – Yes, that’s right. Although we normally like you stay home for viewings, an open house is an entirely different thing altogether. Your presence may prevent your viewers from visualising this as their home and exploring as thoroughly as they really should. Give your open house a miss and let us do the hard work for you. It's what we're here for.
Do open houses work when selling a home?
Although there is no magic bullet to selling your home, an open house – alongside other marketing tactics – can be the single most effective tool for securing that buyer.
In fact, we've so much faith in them that when you sell your home through Pittis, we’ll always offer to arrange open house event for you. If you like, we can even combine your open house with another tried-and-tested selling strategy – sealed bids.
What are sealed bids?
Sealed bids are a great way for you to receive multiple offers for your home. How? Well, buyers will view your home as usual and are then invited to submit an offer by an advertised closing date, along with details about their financial and buying position. Essentially, potential buyers have to lay all of their cards on the table, helping you to decide which offer is right for you. Although we’ll advertise a guide price for your home (for instance, ‘Offers in excess of £200k’) we’ll largely leave it up to the buyer to decide how much they wish to offer.
These work particularly well at open house events as buyers can potentially see which other buyers they could be up against, giving them the impetus to bid higher than they perhaps normally would. If your open house is popular, your buyer may be motivated to offer well over the guide price to ensure their bid trumps all others.
When the bid closing day arrives, we will meet to open and review all the offers and decide which one, if any, you would like to accept. Simple.