An Open House is a marketing opportunity for homeowners and real estate professionals to showcase the property and provide information about it to potential buyers. It is typically scheduled once a week or once a month. The event may span from an hour to all day depending on how ambitious it is.
It is an excellent platform for homeowners to identify real estate professionals that can answer their questions about the property such as current prices, amenities, and neighborhood safety.
Open houses are also a great way to educate potential homebuyers on what they should bring with them when they go house hunting such as their agent’s contact information, copies of their driver’s license or passport, and their employer’s contact information in case the property does not work out after viewing it.
Types of Open Houses
1. Agent led open house
Agent-led open houses are one of the most popular types of real estate open houses. Agents at these events introduce people to different neighborhoods, show them homes and provide information about the market.
These types of open houses are usually held by agents who do not operate in a specific region or region with few listings. They offer buyers the chance to meet with real estate professionals from all over and not just those operating in their area.
There are many benefits of agent-led open houses that differ from traditional ones. One of these benefits is that they can be more affordable than traditional ones since they don’t require rental fees for space. Real estate professionals can even negotiate this fee with landlords on their own terms, which means they may be able to make it even cheaper for buyers too!
2. Private open house
Private open houses are events that are only open to those who have been invited. This type of open house allows agencies and brokers to connect with potential buyers and sellers in a more intimate setting.
Private open houses offer a great opportunity for real estate professionals to show their skills in selling a variety of houses without any pressure from other sellers or buyers. This type of event has become extremely popular due to these reasons:
– Real estate professionals can design it according to their needs
– It’s not an obligated event but it’s still popular among real estate professionals
– It takes less time than a traditional open house
– There is no pressure from other real estate professionals or buyers
Best Time to Attend an Open House
You want to attend an open house during off-hours so you can avoid being bothered by other visitors. If you’re going to attend an open house, consider attending on a weekend afternoon or early evening. This will give you plenty of time to see the house before anyone else shows up. You’ll also get to spend some quality time with your family if you have kids.
If you’re planning on buying a new house, try to plan your visit around a holiday like Thanksgiving or Christmas. These days, people tend to take vacations during these times, meaning fewer people will be visiting open houses.
By choosing a date that works well for you, you can guarantee yourself a good showing at the open house.
What should you know before meeting real estate professionals
Before visiting open houses, there are a few things that you need to take into account.
What to wear: For first-time buyers, it’s important to dress as a buyer. This means wearing slacks or khakis with a nice blouse or shirt. You should also have a good pair of shoes and have your hair done nicely.
What to take: Bring a pen and paper so you can write down any questions, as well as a list of properties you find interesting. If you plan on writing an offer later that day, bring your checkbook and identification with you too. You don’t want to end up forgetting those at home!
How long to stay: The longer you stay, the better. Don’t worry about making small talk with the homeowners. Just listen and watch what happens. You might learn something that could help you when negotiating your purchase price later.
Canadian real estate association COVID update
The Canadian Real Estate Association supports the recommendation that CREA members avoid face-to-face real estate practices, such as conducting or participating in open houses.
Open houses allow realtors and clients to meet each other outside of the office or home. However, this practice is not recommended because it puts both parties at risk of contracting COVID-19.
“We understand that our industry is facing unprecedented challenges right now,” said CREA CEO Gregory Thomas. “However, we believe that the best way to protect our members and their families is to follow the advice of public health officials.”
Thomas added that Canadian Real Estate Association has taken steps to ensure its members can continue to provide services while following government guidelines. He noted that CREA has suspended all non-essential travel and meetings until further notice.
Realtors must adhere to provincial regulations regarding social distancing and hygiene measures. Canadian Real Estate Association encourages members to contact their local professional regulatory body for additional information.
Canadian Real Estate Association includes resources on its website for members who wish to remain connected to the profession
Conclusion:
In the post-pandemic world, buyers and sellers may still shy away from open houses, but professionals should prepare themselves for new ways of doing business. Professional images including high-resolution photos, virtual video tours, drones, etc., could become even more important than ever before.
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If you’re looking for a place to call home, consider buying a house in Thunder Bay.