Open House Approach in Real Estate Sales: What Is It and What Are Its Benefits?

Over the years, real estate agents have come up with many strategies that ensure that their listings are exposed to as many customers as possible. One of these strategies is open houses that are usually paired with proper home staging method.

What is an open house?

An open house is a scheduled time, usually a few hours on a particular day, when a house is open for viewing. Open houses are intended to attract a wide pool of interested buyers directly to the doorstep. This open house marketing tool has been used by many real estate agents across the world for decades. 

In Australia, however, this is still relatively a new phenomenon. But it is quickly becoming popular as experts discover that a well-staged open house can add up to 10% to a property’s sale price. In fact, a survey found that 92% of Australian real estate agents agreed with what the experts had to say. But before putting out land for sale in Donnybrook, read on to know the different benefits of an open house marketing approach.

Reduced overall marketing costs

An open house replaces the need for individual, sporadic showings that can be spread across many weeks. This one-day affair optimises any cost that may have incurred for staging the house. Additionally, even if the event does not reel in a closed sale, an open house can still provide exposure that many real estate agents can benefit from. 

Agents can effectively position and promote themselves to potential buyers and people from the neighbourhood. It provides them with the chance to collect important contact information to stay in touch with future customers. Compared to other real estate marketing methods such as billboards and newspaper advertising, open houses are considerably cost-effective.

Sets the property apart from the rest

While reports reveal that 78% of Australians use the Internet to search for real estate listings, they will eventually narrow their choices to a live visit. An open house will be a useful tool to showcase the different benefits that come with actual browsing. This approach allows customers first-hand access to the property, obtain answers for any relevant questions, and eliminate any uncertainties that they may still have about the listing.

Staging is all about maximising the value of the property, presenting it to potential customers in the best possible light by using accessories and furniture that appeals to as many buyers as possible. A survey by the International Association of Home Staging Professionals shows that staged properties sell for 17% more than non-staged houses.

Alerts property owners to issues through visitor feedback

Open house

At an open house, many visitors looking through the property will make passing comments about their perceptions of the house. This creates the opportunity for realtors to take note of issues that may be decreasing a house’s selling potential. Unattractive paint colours or harsh lighting, for instance, can be quick, easy fixes that can help create a home that looks straight out of a magazine.

In this digital age, a lot of real estate agents are hesitant to use the open house approach when marketing their property listings. Many statistics go against the belief that this old-age approach can still draw foot traffic and translate into a sale. But many surveys also show that combining open houses with proper house staging is still very successful in decreasing the time a property spends on the market.

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