Preparing For An Open House: What Buyers And Sellers Need To Know

The tradition of the open house started a little over a century ago, tracing its origins back to the first exclusive contracts between seller and broker. Before the exclusive contract, any agent could place a "for sale" sign on a property, seeking out buyers and competing to bring the seller the best possible offer. With exclusive real estate contracts, sellers needed a new way to attract buyers to view their properties, and the open house was born.

Today, the open house seems as much a part of buying or selling a home as the contract for sale or the escrow process. It's easy, then, to treat an open house as almost a formality, a necessary step between deciding which home to buy and closing the deal. However, these events can be important opportunities for both parties. Learn more about how to prepare for an open house, and what both buyers and sellers need to know about this unique real estate tradition.

Sellers: Have Your Home Ready To Make A Deal

For a seller, the open house can feel less like a serious part of homeselling and more like an opportunity for looky-loos and unserious shoppers to wander through your home and indulge their curiosity. It can be tough to invest the kind of time and energy for an open house that you might, for example, for a private showing. As a result, many sellers miss the opportunity to appeal to more serious buyers. 

If you're planning to stage your home, this is the time to make sure it is ready for sale. Decluttering, depersonalizing, and arranging your home can help buyers to imagine their lives in the space. Ensuring that the home is clean from top to bottom and arranged attractively will ensure that serious buyers know you are ready to sell. Even buyers who will later arrange for private showings often attend open houses to see what's available, and may fall in love with your home if they can envision putting their own stamp on their surroundings.

Buyers: Have Your Agent Join You

Because open houses are just that — open — many buyers are tempted to attend them without an agent present. This strategy can be a good one for the casual buyer, but having an agent present can ensure that you're in a good position to make an offer or arrange for a private showing immediately after finding a great home. Especially in today's hot market, making an offer quickly can ensure you don't miss out on the home of your dreams even if multiple buyers are ready to jump on a property. Your agent can also help you to understand the neighborhood market, prepare the best offer possible, and snag the home that's best for you.

Bringing an agent with you to the open house also indicates to the seller's agent that you are a serious buyer, which can help to make sure you're at the top of the list if you're attempting to schedule a private showing or make an offer.

Sellers: Clear Out And Trust Your Agent

It can be tempting, as a seller, to hang around and chat with potential buyers. After all, who knows your home better than you do? However, it's better to resist this temptation. When a seller is present, it can be more difficult for buyers to picture a new space as their own. Taking your pets and their accessories with you is important as well, as even the most pet-friendly buyers may not feel comfortable interacting with your animals. 

Your agent will know how to show off your home in its best light, so trusting your agent before and during the open house is critically important. Your agent's advice about how to advertise and conduct the open house will put you in a position to field good offers on your home. Choosing an agent you trust, and then placing your faith in their abilities, is the most important step you can take in ensuring your open house is a success.

Buyers: Take Notes And Ask Questions

When you're looking at multiple properties, sometimes on the same day, it can be easy to become overwhelmed by your choices. Having a way to keep your thoughts organized can make sure you're able to act quickly on the right property. Take a notebook or use a notes application on your phone or tablet to keep track of the properties you visit and keep notes on the pros and cons of each. 

Coming prepared with a list of questions can also help to keep you organized and demonstrate your interest to the seller's agent. Some questions can even help you gauge the seller's motivation to sell and whether they might entertain an offer below asking price. Common questions might include:

• What updates have been made to the property, and when were they made?
• How long has the property been on the market?
• Why is the seller selling the home? 
• What are the utility and HOA costs associated with the home?
• How old is the roof?

When Home Means More, You Need a Team With More to Offer

Whether you're buying or selling a home, the real estate market can feel overwhelming, and getting the right advice can mean everything. We know that buying or selling a home is a big deal, and with everything we've experienced in the last two years, our homes have never been more important. That's why your local Baird & Warner agent is with you at every step of the way, from finding the perfect home to connecting you with local experts in mortgage and title. Whether it's the beginning of a story or the end of a chapter, we're here to help.