WELCOME TO THE “OPEN HOUSE” PARTY – OR NOT
If you’re thinking of selling property in the UK, then you probably know how it’s normally done. You find an agent, they help you with the marketing and then you wait a little while for buyers to show an interest.
It can take a while; it may be a week or even more before anyone bites and you can feel a bit like the person who arranged the party, sitting nervously worried that no one is going to turn up.
Invariably, though, they do bite and it always seems, once you’ve had one viewing, others follow. If you’re lucky, your life can seem to revolve around them until, at last, the offer you wanted – or at least something close to it – comes in and you can move onto the next step and perhaps even begin to look forward to completion.
But, while that might be the traditional method for selling homes in the UK, did you know it’s not necessarily how the rest of the world does it and, as estate agency becomes more global and buyers from overseas become more common, the “open house” method is becoming more prevalent.
The argument is, if you engineer things so you have a lot of possible buyers in the same place at the same time, the chances are that they’ll begin to compete. If they’re competing, then you have a much better chance of getting an offer closer to the vendor’s asking price. Even better, they may even exceed it if the house is close to their “dream home”.
However, there are drawbacks too. If your agent underperforms, for example, or if you opt to conduct viewings yourself and sales isn’t your forte, you could find a whole bunch of disillusioned buyers walk out the door in one go.
As it many other walks of life, it’s horses for courses and, to be honest, if you’ve read this far, you’ll probably already know what would work best for you.
If you’re not a gregarious animal, if the thought of public speaking terrifies you or if your agent isn’t inspiring you with a great deal of confidence, the better tactic might be to stick to the one-on-one approach. That way, if one viewing goes badly, you have time to regroup and learn lessons before the next one. On the other hand, if you can inspire a room and sell snow to Eskimos, then the open house tactic could be your thing.
Whichever you choose, good luck – and, of course, if you think we can help, we’re just a phone call or an email away.