Open for inspections - What are the benefits?

In the real estate world, we give our own type of tours through available homes, they’re called open for inspection (aka inspection, OFI or open house)—and, they not only benefit the seller but the buyer and real estate agent as well.  

Here are a few reasons why open houses will always be appealing for many crowds in today’s real estate market:

How do open houses benefit

  1. An open house gives buyers an opportunity to browse through a prospective home in a stress-free environment.
  2. Buyers do not have to feel pressured about interacting with an agent at an open house.
  3. Buyers can roam through an available home at their own pace.
  4. They do not have to worry about scheduling an appointment. Instead, they have a 30-60 minute window to view a home at their leisure.
  5. They are able to look around neighbourhoods they may be interested in. Even if they are not 100% interested in the home they’re touring, they can spend some time in a neighbourhood they know they’re attracted to.
  6. They can see the types of homes and neighbours, so they have a better idea of what life there could be like.
  7. Touring through a home in an area they are interested in can show buyers certain features they would like (and would not like) in a prospective home.
  8. Open houses give buyers an awesome opportunity to connect with a realtor that could be perfect for them. If they have a good connection with the vendor’s agent, they may just find the partnership (and home) they’re looking for!

How do open houses benefit

  1. First and foremost, holding an open house gives a seller the opportunity to market their home in another way. Prospective buyers may see an advertisement for an open house in a newspaper, on their favourite social media site or in someone’s front yard. But, if a seller chooses to have an open house, buyers will have a greater opportunity to see it!
  2. Open houses also provide sellers with an opportunity to receive instant feedback about their home. Holding an open house as soon as your home goes on the market can give you an opportunity to find out what buyers like—and do not like—about your home. If you need to do any additional staging or decluttering, you’ll know right away and can make necessary changes.
  3. Holding an open house could make your home available to buyers who didn’t even consider themselves to be serious. Perhaps a neighbour or community member has always had their eye on your home—or a home like yours. Holding an open house gives them an opportunity to see what could be—and what could be theirs!
  4. Finally, it helps buyers visualise themselves living there. They can get a ‘feel’ for the home and to map out how their furniture would fit and look in the home.

How do open houses benefit

  1. They are a great place for prospective buyers to meet a compatible real estate agent.
  2. Open houses are a great place for agents to meet prospective clients! There should be no miscommunication about the fact that an agent has the potential to meet new clients at a current client’s open house. After all, they are a knowledgeable resource about the home—why shouldn’t they be there to help any interested buyers?
  3. Holding an open house gives a real estate agent a unique opportunity to get some one-on-one knowledge of a neighbourhood. Not only will they be spending a few hours at a home in a specific neighbourhood, but open houses often draw in neighbours. This can give real estate professionals a great opportunity to learn about the home and learn about what goes on in a neighbourhood. All of this is useful knowledge they can pass on to prospective buyers—now and in the future!

See how open houses can be advantageous for buyers, sellers and real estate agents? If you’re on the fence about holding or visiting an open house, give one a chance this season. You may be pleasantly surprised about the outcome and what you will find!

If you would like some advice or wish to discuss your options with one of our Agents, please contact One Agency Robert Mure.  Our Sales Consultants are always happy to help.

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Open for inspections - What are the benefits?