Estate agents, buyers and sellers alike seem to have mixed opinions about open days. Most estate agents and property sellers agree, especially in Bishop’s Stortford, that open days are a great way to achieve the best possible selling price for a property. However many other people, the majority of whom are buyers, have strong views as to whether or not they’re such a good idea. So what are the facts, are they right or wrong when selling your home?
What’s the downside?
Time-wasters- People are generally a bit nosey, so you’re bound to have a few viewings from bored passers-by or nosey neighbours who have no intention of actually buying your property.
They require some work – To host a successful open day, your home must be in tip-top shape which means clearing clutter, mowing the lawn, moving furniture, neutralising rooms and generally making your home look as appealing as possible.
Your family and pets should be out of the house for the viewings – Potential buyers need to try and imagine their life in your home which is tricky to do if your pets and family are around the house so bear this in mind.
Open days often mean fierce competition between buyers, making it a potentially stressful experience. The downside here is that if the selling price is too far above the market value, the new owner simply won’t be able to get a mortgage to cover the cost. This is a particular issue in Bishop’s Stortford where competition for housing under £300,000 is currently extremely high.
So why use open days?
Imagine only having to keep your home clean and tidy for just one day – result! Sellers normally make a much bigger effort to make their home look fabulous, if they know they only have to prepare their property the once. It gets all the viewings over and done with in one hit without the massive disruption multiple viewings can have on your day to day life.
They create competition between potential buyers, especially if there are lots of people viewing your home at one time. This will ultimately mean you get the best possible price for your property and sell it promptly too. We recently achieved over 10% of the asking price for our sellers in Old Harlow, simply by holding an open day.
You can capitalise on passer-by viewings – You may find that some potential buyers will come for a look round your home as they happened to be passing by. You never know, they might just fall head over heels for your home!
You can sell quicker – Generally the sale is wrapped up in a matter of days after the open day. This means you have a better idea of when your property will sell and this could be as soon as a week after you put it on the market. This helps you plan better and make sure your selling experience doesn’t drag on longer than it needs to.
All in all, we give a big thumbs up to open days. One of our commitments to our clients is to sell their property for the best possible price and as quickly as possible. Therefore when you have the right property, it’s a real must to hold an open house. Yes, competition is tough at the moment so buyers are having to fight, but this is a sign of the times and of a healthy property market in Bishop’s Stortford. To have our clients best interests at heart, then we will continue to vote open days as a definite winner when selling your home.
What to read next? ‘Are Estate Agency Fees A Rip Off?’