An Open House in the real estate business is an important part of a Realtor’s success. It could be a stepping-stone to the sale of a listed home by bringing in both buyers and other Realtors, giving them a chance to scope out the home’s amenities and either putting in a bid to purchase the home or, for Realtors, to add the home to their inventory list to show clients.
"Open houses are important today because most people start their search online," says Margaret Trautmann, Associate Real Estate Broker at Daniel Gale Sotheby's International Realty in Locust Valey, New York. "They then follow up with finding out when you have the open house. They feel more comfortable going to an open house on their own then committing to a Broker. But in all actuality they are doing more harm than good shopping for a house without a Broker because they could miss their dream house and not know it until it's too late. The Brokers know what houses are available and photos on line don't always do the house justice. Also negotiating the sale of a house can be very costly if you don't know market values. The Buyers could end up losing a lot of money in the end."
Here are ten tips to creating the perfect buying and selling open house atmosphere.
1. Clean. Nothing turns buyers away like a dirty floor. Make sure the owner thoroughly cleans the house.
2. De-clutter. Prospective buyers will be projecting their own personal items and décor onto the existing structure. Too much visual noise makes it difficult to mentally process their vision.
3. Take a cue from Phil Jackson. Scent is the strongest sense-memory. A comforting smell awakens the sense of wonder in a buyer and puts them at immediate ease. World-renowned basketball coach (and current President of the New York Knicks) Phil Jackson was notorious for utilizing the power of scent to invigorate players by lighting candles and using scented oils in the locker room. To really take it up a notch, bake something delicious, like cinnamon rolls, in the oven just before the Open House starts. The scent will immediately fill the home with a sense of comfort and ease.
4. Which brings us to food. Food is social. Eating together brings people closer. It sparks conversation (And Open Houses are most often held at lunchtime.) Finger sandwiches are typical fare; they’re easy and they’re portable. For something more memorable, consider a tray of sushi, bagel sandwiches. Consider something even more special, like on-site crepes for a more memorable experience. It’s different, affordable, delicious and smells good too (see #3).
5. Arrive early to set up signs, prep the home for success and walk through the home to familiarize yourself. Providing easy accessibility and relevant market data gives buyers and other Realtors a better mindset for the quickest possible sale. Make sure to find out about any potential title issues, open permits, missing c/o’s (certificate of occupancy), or surveys.
6. Confirm accurate real estate taxes, STAR deductions and flood insurance requirements.
7. Know the competition. What other homes are for sale in the area and how does yours compare?
8. Request written feedback from Realtors and buyers regarding the condition and list price of the home, which helps frame the proper expectations to the sellers.
9. Write a short note to the sellers as to what happened at the Open House; how many potential buyers stopped by and what they thought. Include anything you think they can do before the next buyer or Realtor comes to visit.
10. Have a trusted mortgage advisor on-site to assist. A mortgage loan officer can provide complete and accurate financing information, which can make a real difference to a Realtor or potential home buyer.
Contour Mortgage Corporation is a premier home lender on Long Island with mortgage professionals at the ready to assist Realtors at open houses in virtually every neighborhood.
The real estate market is booming, which means Open Houses on Long Island are booked every weekend throughout the spring and summer. So if you want to get your listing sold quickly so you can move on to other homes, clients and commissions, becoming known for top-notch Open Houses is key.
