The real estate market today is moving at a very competitive pace, but it’s also quite a stable and a good one. You can sell your home at a reasonable price, provided however, that you’re also willing to go through all the hard work and the effort that it entails. The good news is that today, there are many ways for you to increase the marketability of your home.
That said, one of the best ways for you to increase the success rates of selling your house is by holding an open house. As its name suggests, an open house is when you open your house to potential buyers. It’s during this time that those who may have any interest in buying your home will inspect its every nook and cranny.
While it may seem like a lot of work to do, staging an open house is still one of the best ways for you to drive potential buyers to your home. House buyers today are getting even more stringent than before, and as naturally, they wouldn’t want their investment to be something that turns lemon.
If you’re planning an open house, the truth is that it’s not going to be easy. However, you’re in the right place. Here, you’ll get tips on how to host an open house to make potential buyers gain more interest in buying your home:
1. Set A Date, And Stick To It
One of the very first steps in preparing for an open house is to set a date, and then stick to it. Hence, you’ve got to put a lot of thought into which date you’re going to hold your open house. This is one of the essential details that you shouldn’t change, as it’s also from here that your promotional materials will be made. Then, it’s also from then on that you can start inviting potential buyers on the date that you have set.
Even more importantly, the date of your open house is crucial, as the wrong date may result in no potential buyers coming in. In the real estate market cycle, there are seasons and days identified as better for hosting an open house.
To help you along this line, here are pointers to keep you guided:
- Avoid hosting an open house during the winter season. Even if some people may be looking for homes during this time, they also postpone going to open houses. This fact is simply because no one likes to go out when it’s too cold and uncomfortable. Hence, many potential buyers also put off attending an open house when it’s warmer, or when spring starts to unfold.
- Avoid choosing dates that also fall within holidays. When everyone is so busy during this season, the last thing on their minds is to go out and look for potential houses to buy.
- Of all the days in the week, Sunday is the best day. That’s when a majority of the employees are off from work.
2. Create Invitations
In hosting an open house, naturally, you’re still going to have to go through the process of sending out open house invitations. By this, it can refer both to printed invitations, and also those that you can send over the internet, or through email.
With today’s age of digital technology, the importance of invitations can easily be overlooked. You may mistakenly think that sending a text or posting on your social media sites is more efficient. While this may be true, it’s not enough. There’s still something special and personal about sending invitations, and adding this touch will surely gain more interest in your open house.
First, send the invitations to those individuals on your list that have made serious inquiries about your home. This could refer to those potential buyers that have called you, or have commented on your posts and sent you a personal message.
If you don’t have a strong list of potential buyers yet, you can also send out your invitations to your family and friends. Then, add in a special note that for the e-invites, they can forward this to their friends whom they know may be looking for a house to buy. You can also write your family and friends to ask for leads of any potential buyers that you can send printed invitations out to.
That said, here are other tips to apply, to ensure that you make striking invitations for your open house:
- Start designing your invitations early so that they’re not haphazardly done.
- Don’t be afraid to play with fonts and colors, as your purpose of creating invitations is to spark the interest of potential buyers to visit your home.
- Keep your invitations fuss-free and straightforward.
- Don’t be clumsy with your card. If you don’t know how to make one, then it’s better to ask a professional to make it for you. There are also websites on the Internet for you to create e-invitations.
- Align the text of your invitation to the center of the card itself.
In closing, one of the most significant benefits that anyone can ever gain from invitations is that invitations make for better memory. People are less likely to forget about your open house on a specific date when there’s an invitation to show for it. Hence, this also increases the likelihood of potential buyers attending your open house.
3. Set A Budget
At this point, it’s also imperative for you to know that holding an open house can be costly. If you’re not careful enough, all the expenses could add up. Then, you don’t realize that you’ve already spent a sizeable amount of money on your open house. This fact is precisely why it’s essential to set the budget early on. With a budget, you know your limits, and you’ll be more inclined towards staying within this budget.
Here are tips that you can apply when setting a budget for your open house:
- Create a realistic budget, but do leave some room for overages.
- Make a comprehensive list of everything that you know you’ll be using during the open house.
- Consider also the amount of food that you’re going to prepare. This is also precisely why an invitation with an RSVP is important so that early on, you can budget only for the food that you know for sure you’ll need at any given time or schedule.
4. Give Yourself Adequate Time To Plan
No event will ever be successful without adequate planning. With something as big as an open house, you’ve got to be serious about the planning process. It’s at this stage that you’re going to go through every step of your open house. Then, a part of this also includes deciding and meeting with the people that are going to help you out on each day of the open house.
For instance, it could be the case that you’re still reporting to work while the open house is ongoing. This means that your attention and the time that you can dedicate to the open house will be limited. Despite this limitation, you’d still want to push through with the open house, so it’s important to have people that you can trust to back you up.
With careful planning, you’re assuring yourself a higher opportunity that your event is indeed going to be a big hit. In turn, your house will then have a higher potential of being sold fast.
5. Advertise, Advertise, Advertise
If you wish to gain the interest of so many more people for your event, t you need to practice strong advertising strategies. Remember that your intention here is to spark interest and get more people to attend your open house. So, once you’ve sent out all of your invitations and posted your announcement on your social media accounts, now’s the time for you to advertise your open house heavily. Don’t let the news go stale. Else, with the busy lives of individuals, they might fall in the unfortunate trap of forgetting that an event such as your open house exists.
Along the line of advertising, here are some tactics to remember:
- Set automated reminders in the emails or e-invitations that you’ve sent out.
- Reach out to local radio stations and see if they’re willing to advertise your open house, at least a week before the date itself.
- Also advertise in your local newspapers. There are still many people who read the ads in newspapers, especially when it comes to real estate.
- Post regular updates on your social media accounts.
- Post flyers in prominent areas of your local area, or those places with high foot traffic such as supermarkets, and the like.
6. Do Seek The Help Of Professionals
While you may want to save more on costs and cut down on your budget, there are certain professionals or experts that still prove to be worthy of hiring for an open house. One of these professionals will be your real estate agent.
Generally, most home sellers would like to DIY their open house. You could try doing this, nut once you notice that you’re not driving enough potential buyers in and it’s taking too long to sell your home, it’s worth considering hiring professional help. A real estate agent, in particular, can provide so many benefits as you try to sell your home. These include the following:
A realtor knows the selling and the buying process by heart.
Hence, the realtor can also provide you with the best insights as to how to go about with your open house for it to be successful. There may be specific points that you may have missed out on. Perhaps even, there are still areas of your home that are in dire need of help before the open house. A realtor can help guide you through the A to Z’s of preparing for your open house.
A realtor pays attention to every single detail.
Note that your realtor also has the intention of making a sale just as much as you do because they’re going to earn a commission once the sale is successful. So, you can expect a reputable realtor to put their A-game into the open house. They will pay attention to every single detail about your sale, even those that you may have thought to not be relevant anymore. That little dent on your staircase? Yes, buyers are going to notice that. You may want to brush that up a little bit for now.
A realtor is up-to-date with the latest rules and regulations.
When the open house is in full swing, potential homebuyers are going to ask you so many questions about your home. In most instances, these questions are going to include those relating to your permits, taxes, potential liabilities of the house, and other pertinent documents. If you haven’t done a little review, it can be straightforward to end up confused. When you’ve got a realtor by your side, they’ll have you covered. In the profession that they belong to, it’s expected that they know everything about the latest rules and regulations about selling and buying real estate.
7. Don’t Be Boring!
Last but not least, on the day itself, don’t be boring! You’ve got to be as friendly as possible. Whenever guests start to arrive, no matter how tired you may be, keep an upbeat spirit. In some cases, homebuyers are also just as anxious as you are. But, there’s so much room to replace this anxiety with excitement.
When you’re an upbeat and friendly host, this is going to get people talking. Hence, so many more will be interested in attending your open house when they know that they shouldn’t be intimidated at all by you.
Also, don’t take for granted the power of word of mouth. If the news about your home and yourself as the host is positive, this is a positive way to drive more potential buyers in.
Holding an open house is still one of the best ways for home sellers to drive potential buyers into their homes and increase their marketability. But, for you to get to enjoy the benefits of an open house, you must go through the nitty-gritty of it all. It’s not something for you to just rush. With these tips enumerated above, now you’ve got more enlightenment as to how you can properly execute an open house. You can be one step closer to achieving those selling goals that you may have for your home.