Open for inspections are a great way for people to see your place when it's at its best.
But they are not for everybody.
They do contain a certain element of risk, as you are opening your home to the public. If your property is tenanted then you risk upsetting the tenants by having too many people coming through your property which is also the tenant's home.
However the pros far outweigh the cons, as it opens up a bigger pool of potential buyers.
Some of these may be 'tyre kickers', but this serves a purpose, as other people attending the open for inspections think there is a lot of interest in your home, which will help get the price you want.
Cynics will say that agents only want open for inspections because they get to collect names of buyers and sellers in the area to chase for listings at a later date.
Worse still, this may be the only time they prospect for buyers. To top it off, the most knowledgeable person about the property is usually not there - you!
However if you conduct opens yourself, you can keep a close check on who is coming through the house and answer questions directly.
Keep in mind the following:
- Create a brochure that highlights the best features of your property. This can include photos, potential rental income, rates etc...
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Allow people to wander through your place. Don't follow them around. Encourage them to ask any questions.
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Be patient. A clever buyer won’t say much, if anything. Don’t mistake silence or very little feedback for a lack of interest. You don’t know what they are thinking until they make an offer.
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For security, make sure you take the name and phone number of everyone who comes through your place and insist on seeing some form of ID such as a driver's licence. This gives you a list to use to follow up, and is a smart security measure.
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Always conduct opens with a friend or partner.
Never hold an open for inspection alone. Always have a trusted friend with you.
Negotiating
