Sellers Info

Your Open House

Sellers often ask me to hold an open house when their home is just listed. I discourage this practice. It may sound strange not to get all the exposure you can for the home. The truth is, open houses advertise the AGENT, not the house. When your home is listed in the NWMLS (Northwest Multiple Listing Service) it is viewed by serious buyers within that price range. When buyers stop by an open house, they are not always preapproved, they're often "just thinking" about buying, or they're curious about their own property's value compared with the neighborhood. Real estate agents that hold open houses are hoping to attract new clients. When someone walks in, the agent asks them if the house suits their needs, and if not, they say "there's another listing two blocks from here that I can show you that is probably what you're looking for." Does that sound like an agent working to sell your house?

Holding an open house can also be dangerous. Total strangers are walking into a home without an agent. They may sign in under a false name in order to steal anything from CDs to medicine that's in your bathroom cabinet. They may come in and separate to look at different rooms, to get away from the single agent's watchful eye. To avoid this, buyers that make an appointment with their agent are generally known to their realtor and the given name has been verified by the bank officer that approved the price range they are previewing homes in.

There are particular open houses I will advocate. "Broker's open houses" are held for real estate agents and brokers only. Each neighborhood has a certain day of each week to schedule a tour for agents in the area. This gives agents the opportunity to preview your home for their buyers. This is good in two ways: 1) Only licensed agents will be in your home, and 2) The agents will all come at the same time, thus cut down on other appointments disrupting your life later (the only agents coming back are the ones with possible offers). The only drawback to this type of open house is your price. First impressions of your home are important. If your home is not priced correctly, the agents will remember that as a negative, and may not view the property a second time...even if you drop the price! Make sure on the day of any preview your home is clean, presentable, and ready to sell because every opportunity is valuable.