What is an open house?
One fantastic way to market your property is through an open house event. Whether you’re selling a dear family home or a property you've inherited in desperate need of modernisation, an open house event could be your perfect path to receiving the best possible price for your property in the quickest time.
So, what exactly is an open house event I hear you ask? In essence, this is a designated pre-arranged time for lots of viewings in one go. Potential buyers are given individual appointments on the selected day or are invited to turn up at an agreed viewing slot – sometimes they can be offered both. This isn't only a super handy way of showing off your home to a larger audience, since you'll only have to tidy the place up the once, but it also gives your estate agent the opportunity to conjure up a wonderful competitive buzz around your property.
It’s a no-brainer how open house events really do result in the highest possible sale prices.
How to do an open house?
At Cubitt & West, we have organised thousands of open houses – you could say we’ve become pretty good at it. Although every open house is different, there are three tactics which we find work every single time:
1. Make your house a home – Okay, so fresh coffee and cut flowers may seem cliché, but you’ll be surprised at how these simple, homely touches can boost the overall appeal of your property.
2. Spread the word – The key to a successful open house boils down to one thing: marketing, marketing, MARKETING! Make sure your agent is doing all they should to make yours a success.
3. Go out for a couple of hours – Yes, that’s right. Although we normally recommend you stay home for viewings, an open house is an entirely different prospect. Your presence may stop your viewers from visualising this as their home and exploring as thoroughly as they should. Give your open house a miss and let us do the hard work for you.
Do open houses work when selling a home?
Although there is no magic bullet to selling property, an open house – alongside other marketing – is the single most effective tool for showcasing your home.
In fact, we have so much faith in them that when you sell your home through Cubitt & West, we’ll always offer to arrange an open house event. What’s more, we can combine your open house with another tried-and-tested strategy – sealed bids.
What are sealed bids?
Put simply, the sealed bid process is the best way of generating maximum interest and for a seller to receive multiple offers for their home.
Buyers are encouraged to submit an offer by an advertised closing date alongside details about their financial and buying position. Essentially, potential buyers have to lay all of their cards on the table, helping you to decide which offer is right for you.
So, at an open house event buyers are invited to view your home and, if they’re interested, make a sealed bid. Although we’ll advertise a guide price for your home (for instance, ‘Offers in excess of £200k’) we’ll largely leave it up to the buyer to decide how much they wish to offer. If your open house is popular, your buyer may be motivated to offer well over the guide price to ensure their bid trumps all others.
When the bid closing day arrives, we will meet to open and review all the offers and decide which one, if any, you would like to accept. Simple.