The question of every home seller pertains to whether or not anyone really attends open houses. The answer? YES! However, as with all other challenges in life, there are pros and cons to holding open houses. One of the major drawbacks is that you never really know who will walk through your front door, however it is somewhat predictable as to the type of people who will visit your home.
There are typically six types of people you can expect to enter your open house. Whether buying or selling, be smart and get a head start on understanding who these people are and whether they will be a good fit or not.
1. Miss Serious
If you’re selling your home and plan to hold an open house, you are going to want to draw in people such as "Miss Serious". Miss Serious is a prospective buyer who is ready, willing, and able to make a home purchase. She has already been preapproved by a lender, knows which mortgage is best for her, understands the purchase process, and is a rather uncommon open house attender. The reason: because capable, prepared buyers have already hired an agent and normally elect to privately view potential homes with their agent.
2. Deceptive Dan
"Deceptive Dan" likes to attend open houses, however will shy away or lie when asked questions or information about himself. He often signs a fake name to the open house registry and likes to use a fake phone number, made-up e-mail address, and false information. The reason: he isn't ready to buy, never intends to buy at all, or honestly doesn't feel comfortable providing true information as he is fearful of solicitational phone calls.
3. Nosy Neighbor Nancy
It’s pretty common that when a home is being held open that the neighbors will comes in droves as they are curious and wonder what their neighbors home looks like inside, how it’s decorated, how it compares to their own home, or even how their neighbor lives. Nosy Neighbor Nancy will visit your open house if she's thinking of selling her own home and wants to determine her market value. Don't worry because after the first open house, she will likely decline future open houses.
4. Agent Arnold
Agent Arnold will attend because he likes to preview homes for his potential buyers. His buyer could be out of town which means that he needs to be the eyes for his buyer and narrow down potential matches his client. In addition, is is possible that Agent Arnold may have lost your listing because you, the seller, interviewed multiple agents. Your open house gives Agent Arnold an opportunity to see the property anonymously to see if you took any of his suggestions.
5. Thad the Thief
Beware as Thad the Thief could show up! Not all open house attenders are upstanding citizens. Unfortunately, open houses can draw crooks and criminals. If you are selling a vacant home, strongly consider whether open houses are worth it or not. Thad the Thief could be lurking about waiting to use your open house as an opportunity to scout his next potential break in. Often times, crooks break into vacant home in search of copper to steal. If you are selling your house while still living in it, Thad the Thief will not be afraid to steal jewelry, prescription drugs, and other personal items.
6. Lookie Loo Lucy
Lookie Loo Lucy is considered a bit of a "professional looker". She has absolutely no desire to buy a home, but she likes to browse. Lookie Loo Lucy drives around town because she has nothing else to do. When she sees an open house, she walks in and is not shy about informing agents that she has no desire to buy.
Should You Participate In Open Houses?
Pros - Exposure, Low Pressure, Buyers Can Ask the Agent Questions
Cons - Slim Chance of Sale, Possible Theft, Crowds, Unqualified Buyers
The number of serious buyers who will attend open houses is low in comparison to the aforementioned six types of attendees. You can put yourself in a better position by understanding the "types" and put yourself in a better position than those who blindly believe that all attendees are serious buyers.
Regardless if you’re selling or buying, you need to understand what type of people typically attend open houses. It can help you understand whether you plan on participating in open houses or not.
If you'd like to learn more, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.