As we discussed last week in our Pyxis Realty blog post, open houses, which were once the primary means of rapidly reaching a large audience with your home for sale, have started to fall out of favor with home sellers, home buyers, and real estate agents of all sorts. While the open house has a storied history in the process of selling and buying real estate, these days, buyers seem more likely to request individual showings that a group showing with an unknown number of other potential buyers there to distract them. Last week, we explored how open houses can help connect sellers and seller's agents with the right potential buyers and buyer's agents. This week, we'll talk about reasons why you may not want to host an open house.
Open Houses Are Risky
Simply put, having a large number of un-vetted individuals tromp through your home can be dangerous for you, as the seller. In addition to facing financial liability if someone manages to get hurt while looking at your home, there's the increased potential for theft. Certain items, like small electronics, jewelry, and prescription medication can be very tempting to the unscrupulous during an open house. While these items can also go missing when individual showings are scheduled, it's much less likely. After all, the would-be thief knows that you have their name, as well as the name of their Realtor. With open houses, anyone can walk in off the street and saunter back out with a pocket full of your possessions or medication.
Open Houses Can Be Expensive
No doubt about it, the nicer the open house you're throwing, the more costs are incurred. While they are typically absorbed by the Realtor showing your home, they can sometimes be passed on to the seller or the eventual buyer in the form of fees and open house expense charges. From food to professional carpet cleaning, there are a lot of potential expenses involved in creating an appealing open house. If you are trying to keep the cost of selling your home as low as possible, skipping the open house and scheduling individual showings may be more cost effective (and less stressful overall).
Should You Have an Open House?
At the end of the day, the decision of whether or not to have an open house rests with the homeowner and the seller's agent or Realtor they are working with for the transaction. Depending on the home, the market, and the price, your agent can help you make the best decision when it comes to marketing your home, including whether or not to host a public open house.
If you're about to list your home for sale and are unsure about how to market it or how to maximize the return on one of your biggest investments, call or email the team at Pyxis Realty. Our team is made up of some of the most dedicated West Michigan Realtors who pride themselves on service and attention to detail.