With the economy still reeling from the aftermath of the sub-prime loan fiasco, the housing market is glutted with homes for sale, many at bottom-dollar prices. Of course, such conditions are good for potential buyers but bad for sellers, which is perhaps why many homeowners are resorting to selling their homes themselves instead of using the services of a real estate professional. After all, by selling their houses themselves, owners can eliminate the middleman and realize more of a profit.
On the other hand, if owners list their homes with a real estate company, one advantage is that an agent of the company will conduct an open house, and such an event provides an opportunity for as many potential buyers as possible to see the home and all on the same day. Homeowners who are handling the sell themselves, however, can conduct a successful open house, that is, as long as they heed the advice of the professionals.
For Sale by Owner
In order to showcase their homes successfully, homeowners should begin preparing well in advance, not wait until the big day is looming immediately on the horizon.
The first step, according to GMAC Real Estate and Century 21, two of the nation's top realty firms, is for homeowners to put themselves in the shoes of the buyer and think from the buyer’s perspectives. Therefore, prior to holding an open house, owners should take a “buyer’s tour” and examine their property inside and out, scrutinizing every square inch through the eyes of a potential purchaser, because this is exactly what potential buyers will do. To use an old cliché, they will leave no stone unturned.
Preparing in Advance for an Open House
GMAC says there are four main areas upon which sellers should concentrate because these are the areas upon which potential buyers will also concentrate:
- Cleanliness: the entire house should be squeaky clean from top to bottom, including windows, window tracks, doors, door frames, porches, patios, and outside furniture.
- Neutral décor: Rooms should be painted in neutral shades, for example, creams, beiges, pale yellows, etc. Moreover, curtains, drapes, and even bed coverings should also be neutral colors, not bold, bright colors, because neutral colors allow potential buyers to visualize their own furnishings in the rooms.
- Necessary repairs: If anything is broken, cracked, marred, loose, torn, or warped, it should be mended, repaired, or replaced. Century 21 obviously agrees with GMAC on the importance of this step since Century 21 maintains that “small improvements make a big difference” when it comes to selling a house and obtaining the best price.
- Kitchens, bathrooms, and entranceways: these are the most important areas of any home, so homeowners should make them as visually and esthetically appealing as possible.
Guidelines for a Successful Open House
According to Woman’s Day magazine, there are additional steps that homeowners can take in order to have a successful open house and, in the process, make their homes more appealing to potential buyers:
- Schedule the open house for a Sunday afternoon and to last for two to four hours, but do not schedule it for a holiday or the same day as a community event.
- Place advertisements in local newspapers and other publications, as well as on community bulletin boards and websites.
- Create brochures to provide potential buyers, containing photos of the house (inside and out); specs like square footage, number of baths, etc; price of the house; neighborhood schools; community amenities; utility information, etc.
- Arrange to board any pets or have a friend or neighbor “pet sit” for the day since pets can be distracting for potential buyers.Put at least some furniture in storage in order to open rooms and make them look more spacious and inviting.
- Purchase flowers for floral arrangements (or else pick them from the garden) and place bouquets on the dining room table, the mantel, a living room table, a bedside table, and/or a bathroom vanity.
- Buy a package of three-by-five cards and a package of pens to set out on the day of the event so buyers can leave their contact information if they wish.
- Purchase soft drinks or bottled water and either bake or buy some cookies to serve as refreshments. (It makes buyers feel at home.)
Showing the House to Potential Buyers
When the date for the open house rolls around, if owners have followed the guidelines previously mentioned, there are only four additional suggestions from the professionals:
- If weather permits, open the windows and allow a fresh breeze to waft through the rooms.
- Have either jazz or classical musical (not rock, rap, or country) playing softly in the background (the key word is “softly”) because soothing music makes people feel more at ease and, by extension, more at home.
- Be available to answer questions and point out certain features and amenities, but avoid “lurking” and following buyers around because doing so will make them feel pressured and uncomfortable. (Woman’s Day, 2009)
In summary, if homeowners keep the above tips in mind, they should have a successful and ultimately profitable open house.
References:
- Century 21,Home Selling Tips & Advice, retrieved October 25, 2009 from century21.com
- GMAC Real Estate; Holding a Successful Open House, retrieved October 25, 2009 from gmacrealestate.com
- Woman’s Day, Tips for Having an Open House, retrieved October 25, 2009 from womansday.com
Carol Rzadkiewicz - Carol Rzadkiewicz has taught college English for over 14 years and is the author of three published novels and numerous short stories.
