Are open house days effective?

Combenew

We went on the market last week and have had one viewing but the viewers aren't in a proceedable position.

We are really keen to get going and wondered about doing an open house. Is this a good idea? Likely to generate more interest or not?

ButterCheese

I think so, yes.  When I was buying my first house, it was open house for viewing.  When I arrived, the agent was there and 2 other couples.  I think it does generate some competition i.e. if you see other people there then you tend to think that they are interested as well. It can't hurt can it?  Unless of course the agent is going to charge you loads for doing it?  I don't know how it works from their side

Combenew

ButterCheese said:

I think so, yes.  When I was buying my first house, it was open house for viewing.  When I arrived, the agent was there and 2 other couples.  I think it does generate some competition i.e. if you see other people there then you tend to think that they are interested as well. It can't hurt can it?  Unless of course the agent is going to charge you loads for doing it?  I don't know how it works from their side

I hadn't thought about them charging, I'll check that out

gwynlas

Check with your agent if it is something they have done previously and what the reactions were/

You would need to have good access and signage wiith room for multiple cars to park

daveyjp

They were for our old neighbour.  They had so much interest within a day of the property being marketed the agent suggested a weekend open house and invite all the interested parties.  Needless to say after about 12 different couples viewed it sold immediately. 

It was so quick neighbours hadn't really started looking for somewhere to move to!

RipleyG

Open house days are normally used to manage high levels of interest more efficiently, and prompt the interested parties to move quickly. They don't necessarily increase interest, and can have the opposite effect - a property still on the market after an advertised open day indicates lack of interest, or problems with the property.

Week 1 is still relatively early days, but perhaps speak to your agent and ask them outright for their honest critique of your property and whether there's anything putting people off. 

Combenew

RipleyG said:

Open house days are normally used to manage high levels of interest more efficiently, and prompt the interested parties to move quickly. They don't necessarily increase interest, and can have the opposite effect - a property still on the market after an advertised open day indicates lack of interest, or problems with the property.

Week 1 is still relatively early days, but perhaps speak to your agent and ask them outright for their honest critique of your property and whether there's anything putting people off. 

I hadn't thought of this viewpoint and it makes complete sense

Bigphil1474

Agree with Ripley. It's usually the EA wanting to save doing multiple viewings rather than to drum up interest. A week is too early to worry. We made the decision not to worry about anything for the first month, just see how it goes. If you aren't getting viewings then check the listing. If it's well over priced for the area, that will put some people off, but if it's in the right region it won't be price. 

FlorayG

Also open house will mean a lot of people not actually looking to buy, just being nosey

Skiddaw1

Can be effective. We had an open house day when we sold our previous house and it generated three offers (one of which was from the eventual buyers). As has been said, you need to have a good level of interest already for it to work.

ReadySteadyPop

RipleyG said:

Open house days are normally used to manage high levels of interest more efficiently, and prompt the interested parties to move quickly. They don't necessarily increase interest, and can have the opposite effect - a property still on the market after an advertised open day indicates lack of interest, or problems with the property.

Week 1 is still relatively early days, but perhaps speak to your agent and ask them outright for their honest critique of your property and whether there's anything putting people off. 

Exactly, and as this property doesn`t appear to be in that category trying to stage an "open house" could just be counter-productive, the route to large numbers of views starts with the price.