An open house event is a long-time tradition in the real estate industry. Basically, its objective is simple: to expose a home for sale to a specific target audience and get them to make a competitive offer to the seller.
What Type Of Personalities To Expect In An Open House
Just like any social affair, this presents an opportunity to meet different types of people. The variety of personalities comprising both of the agent-in-charge and the attendees, i.e. prospective buyers, can be equally surprising in a good and a bad way.
If you are a homeowner who is considering putting up your Makati condominium or Cebu family home in the market, having a basic knowledge of what to expect will help you assess on how to deal with them should you decide to conduct a public showing for your own Philippine property later on.
Below is a quick guide for you.
Agent. Here are some of the types of real estate agents you may encounter:
- The Entertainer. He is the perfect host who stands at the front door ready to greet each and every attendee with an accommodating smile and friendly tone. He says all the right things at the right time – from the introducing himself, getting the names of and necessary information from the visitors, handing brochures to facilitating the tour around the different corners of the residence and answering questions promptly and eagerly.
- The Recluse. He sticks to his basic duties and considers minimal interaction as the best approach to get a sale. He believes that everything a buyer needs to know is found in the flier and the rest is self-explanatory. He stays in a corner partially visible to anyone who wants to inquire.
- The invisible. He sets a bulletin board up identifying the steps the visitor needs to take – register, take a leaflet and roam around. He is practically nowhere to be found. He is either in the backyard pretending to be someone else he is not or fast asleep behind the wheel of the car in the driveway.
Buyer. Here are some of the types of buyers you may come across with:
- The Inquirer. He has every intention to purchase a property. He is your ideal homebuyer – very interested, checking the rooms in a detailed manner and asks a lot of questions.
- The Curious. He has read your advertisement and since he lives nearby or within a few minutes drive, he’s there to see what the hype is all about. He may have plans to buy true, but not in the near future. He may be collecting inspiration for his own open house event or using this as a chance to meet a good realtor.
- The Bystander. He’s your neighbor who likes to see your former place of living. He’s a guy who happens to pass by the street and realizes he can gather decoration ideas for his own residence.
It is a dream for any homeseller to get his or her property sold at the most promising price within the fastest possible time. This is one of the reasons why majority opt to conduct open house events for their homes.
What Are The DO’s And DONT’s Of An Open House From A Seller’s POV
Identify the DO’s and DONT’s that comprise a successful open house event. Let this be a guide to target a faster and better sale for your property.
- Leave the hosting responsibility to your agent. Most buyers become uncomfortable when they realize that the owner of the residence they are being shown to is following them and hovering around, breathing at their necks, awaiting their feedback. It creates unnecessary tension to both parties. To avoid this scenario, assign your realtor as the host. Go somewhere else far from the showing.
- Find a reputable real estate agent. Do remember that he will be your partner during the entire process. It is necessary then to underline the importance of finding someone you can trust and who is well-aligned with your objectives. If you are selling your Makati condo, make sure that he knows the ins and outs of real estate industry as well as him having the skills and experience to make it a success.
- Stage your residence. Clean every nook and cranny, de-clutter and de-personalize. Bring a homely and natural aroma so they would be inclined to stay longer inside. Impress an inviting and comforting atmosphere in and outside your premises.
- Expect too much too soon. Just because you scheduled a tour on Saturday does not automatically mean you’ll receive at least ten great offers by the end of the day. Give it ample time. If there is no reasonable offer by Sunday afternoon, assess the points that need improvement.
- Try to please everybody. This doesn’t apply on home staging alone. It goes the same when it comes to entertaining prospective homebuyers during the said event. Collecting a wide array of CDs in hope pick up their taste in music, hiring a caterer and serving a buffet of food is a definite no-no! Keep in mind that not all visitors have the intention to buy. Others are there out of curiosity and sometimes, to get some free snacks!
- Underestimate security. Keep your valuables stored in a secure location. Make sure that everybody has credible identification and that their contact information is listed on the visitor log.
One of the oldest traditions in house-selling is an event called open house. Some find it beneficial up to this day as it provides huge exposure of the property to the crowd. On the other hand, there are those who consider it a waste of time and energy because not every visitor is a homebuyer.
How To Prepare For An Open House
If you ask most of the homesellers, it’s all about getting the new houses for sale up in the market and letting the public know about it. The quicker the deal is sealed, the better.
To those who are considering holding such events, the trick lies on preparation and proper implementation. Here is a quick guideline to walk you through.
1. Decide on the date and time. First up is to study which season is most effective to start the campaign. Do a market analysis. What months do buyers normally come around? Weddings are often celebrated on June and December. So will it be ideal to put it up two or three months prior to that? Which days are effective? Perhaps, it’s better to run it on a weekend instead of a weekday.
2. Find a real estate agent. Next step is to search for a reputable realtor who can assist you in selling out your PH property. He or she must be very articulate and knowledgeable not only in the real estate industry but also in events such as this one. Do remember that it takes joint effort of both the agent and the homeseller in order to attain success.
3. Market your event. Get listed right away. Promote online and offline. There’s Craigslist, Facebook, and Twitter for the former and there’s newspapers and brochures for the latter. Setup a creative signboard on the front yard. Create hype!
4. Prep your home. This is about home staging on the part of the current homeowner and ensuring that it is clean and free from clutter. A few decorations here and there can make a difference as well. Also included on this stage is having all the necessary documents ready and photocopying them.
5. Make the day memorable to prospective buyers. Communicate with your realtor your desires and wants. Ensure that you are both aligned with the objectives. This will help you devise techniques on how to create a memorable experience to all visitors. A few snacks and bottled water with a soothing music in the background is one suggestion.
Holding an open house is a joint effort between the homeowner and the real estate agent. To ensure the success of the affair, they have to work hand in hand and coordinate with each other, decide on common do’s and don’t’s as well as align their goals towards making a profitable sale.
Each has his/her own checklist to follow. The homeseller is usually in charge of the interior and paper works whereas the realtor takes care of the promotional aspect and event implementation.
How To Prepare For An Open House If You Are A Homeseller
Here is a short list of tasks for the owner of the residence. Apply these tips to better prepare your PH real estate property for public viewing.
- Stage it up. Prepping the house for visitors is a number one requirement to all sellers. This pertains to cleaning all the nooks and crannies of your home, removing dirt and dust and eliminating visible clutters to make it look as welcoming and engaging as possible to buyers and prospects. Put some fresh flowers in the living and dining room. Change the window curtains to improve lighting. Add soothing background music on the day of the event. Cleanliness and decorations are major must-do’s to enhance the appearance of your residence. As you cannot control the people who’ll enter your premises, it is then advised to keep all valuables hidden. Lock everything up. Make a quick inventory of the things you have and remember to leave only those that are not as important.
- Prep the documents. Having all the necessary transaction documents ready at any time is another must-do for the seller. In this way, should a good offer comes in, you can close the deal in the earliest time doable. Make sure the inspection reports and appraisals are available. If you have major repairs and warranty papers, compile them together. Blueprints of improvements will be a great addition too. Always make it a practice to keep the original copies to yourself and create some photocopies to interested homebuyers.
- Have a verification system setup. Just like how visitors’ entries are verified on high-rise condos like Makati condominiums for example, setting up similar ground rules is a must. Remember that these are total strangers who will walk and tour around your home. If they are just five or six people, that’s manageable. If it becomes a crowd of dozens and more, this is where the security risks enter. Have them show some proof of identity like driver’s license for instance. Do not allow use of bathrooms. Anything can happen behind a closed door so prevent any worst case scenario from happening. Tours must be done in teams or pairs. Do not leave a guest alone and on his own.
Arguments have been raised about the effectiveness of conducting open houses these days. While some still consider it as one of the ageless traditions in the real estate industry therefore it must not be forgotten, there are others who find it a waste of effort and time with all the prepping that needed to be done.
- It’s open to everybody. The good thing about it is that it is available to everyone. Once you put up a Philippine property for sale in the market, Filipinos from all walks of life could easily get an access to it. They just need to visit your land personally and see the features themselves. The amount of potential customers you could find are very varied and wide as well. You could tap buyers who are new in the area and probably have not settled yet. You could get the interest of those who just happen to walk by the street too and perhaps engage them well enough so they would be inclined to buy even if purchasing a new home is not in their immediate plans yet. You could also capture the attention of brokers who would want to team up with you on the sale. If you’re lucky, they could even give you top tips on how to sell houses faster.
- You could draw the curiosity of the crowd who prefer actual browsing. With the latest technologies nowadays, it’s fairly easy for a prospective buyer to simply power up his laptop or use his smartphone and check the listings online. However, nothing beats actual viewing. Majority of serious homebuyers would want to see how big the kitchen area or how cozy the patio is to get the authentic feel of their future home. As it’s often held during weekends, there are also several independent clients who would rather not make appointments with a realtor so they would favor attending an open house on their free time.
- It could provide more exposure for your property. Just imagine setting up a Facebook event and inviting people to join the affair. If you combine both old and new techniques, the magnitude of the buzz it could create would be very extensive that you could set your house for sale on fire! The chance of receiving bids would certainly much be higher with all the hype it would be getting.