If you are trying to sell a luxury house, should you have an open house? Most agents suggest this is a bad idea; after all, many people (including nosy neighbors) will just want to see your client’s beautiful home with no intention of putting in an offer. However, I believe there are many benefits to hosting a public open house, and I’ll explain them today.
When hosting a luxury open house, you have to understand upfront that 80% of visitors have no intention (and are not qualified) of putting in an offer on such an expensive property. To make your client feel more comfortable about all these strangers visiting their house, make sure you prioritize safety and security. I recommend bringing in some extra people to guide traffic and make sure nothing is being stolen or broken.
One of the best benefits of luxury open houses is that they attract buyers from far away. There practically are no public open houses above the $1.5 million range in many markets, so your open house might attract buyers from nearby towns/cities that would usually never come to your area.
Recently, I held a public open house for a client whose house had been sitting on the market for a long time. The event was a success, and we had several qualified buyers (besides the nosy neighbors), two of those prospects submitted proof of funds and requested a second showing.
Finally, your listing will get better placement on real estate websites versus similar priced homes that are not hosting an open house.
In this market, you have to think outside the box. If you have questions for me, please call or email me. I look forward to hearing from you!