For years, almost since the beginning of the Real Estate Industry itself, there was little debate about the need for Open Houses for homes for sale in Maryland: almost without exception, unless the seller of a Baltimore home for sale objected, at least one or two open houses were an accepted part of how most real estate agents went about marketing the property. The honest fact is, it’s always been one of the oldest and most consistent ways for an agent to find new buyers.
Today, along with all the other changes that define modern real estate marketing, the potency of open houses is up for serious debate. Virtual online tours are increasingly popular among Maryland real estate sellers and buyers (and anywhere else they have computers and internet)—countrywide, website statistics prove that overwhelmingly. Since open houses were formerly held in order to display a property to members of the general public—and since virtual tours do the same thing—it’s truly a question that deserves a hard look. Are “OPEN HOUSES” still a valuable tool, or have they become a relic of the pre-internet world we once lived in?
Here are three of the main reasons I see frequently cited for why open houses are still useful—and some both pros and cons for each:
1. Open Houses Can Bring Higher Prices
Pro: Open houses are most important for high demand properties when there is low inventory for similar homes. It can be possible to stage open houses in combination with delayed offer reviews—in this scenario, the seller hosts several open houses leading up to a final date when he or she will review competing offers. This is an amazing strategy if not only the property is in a high demand area but also if you have a home that is very aggressively priced or priced below true market value.
Con: The same can be accomplished with well-produced virtual tours. Interested viewers then contact the agent, who is able to qualify the prospects who will be invited for an actual on-site showing. Competing offers are just as likely to develop, but monitoring the ACTUAL activity can prove to be a bit more difficult.
2. Open Houses Are More Convenient for Sellers
Pro: People want to sell their homes as quickly as possible if for no other reason than they must keep their houses spotless and organized while on the market. Open houses are one way for sellers to have to prepare fewer times for their home to be displayed to buyers.
Con: Virtual tours accomplish the same thing for a far broader cross-section of the public. Professional photographers use their photo session to record the property at its spotless best, which is then on display 24/7/365—not just for one or two days!
3. Open Houses are More Convenient for Prospective Buyers
Pro: Interested parties can pop in for an on-site tour without the hassle of contacting the agent and scheduling an appointment—basically, they have to perform a very minor level of commitment in advance of knowing much about the property. Open houses thus broaden the property’s exposure.
Con: Serious home shoppers are going online en masse; the effort expended on an open house is better spent preparing for interested, qualified buyers.
Every Maryland home for sale presents uniquely individual marketing opportunities and challenges, depending on many various factors, the right strategy for marketing your home may or may not include open houses. Ruling out open houses (or ruling them in) as a one-size-fits-all solution is not the way ExecuHome Realty expands the reach and appeal of the properties we represent. We use EVERY weapon in our arsenal. To talk about how we can maximize your home’s marketing, thereby increasing the speed and amount of money you can get for your home give ExecuHome Realty a call at 443-632-3800 and we will get the process in motion! ExecuHome Realty is “Maryland’s Largest In-State Brokerage”, and we can’t wait to help you with your next Real Estate Transaction.