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Friday, 17 February 2012

Q. I’m thinking about selling. Given the state of the market, is it worth running an Open House?

A. Open Houses can be a valuable addition to your armoury, whatever the state of the property market – but probably even more so at the moment, when sellers and their agents are having to work that much harder to generate buyer interest.

And generating buyer interest is what Open Houses are very good at. Unlike the more traditional viewing procedure, where potential buyers first have to register with the agent and then book an appointment to view, they give house-hunters the opportunity to take a really good, long look at a property, both inside and out, without having either the owner or the agent constantly at their elbow. In other words, it’s a bit like visiting a stately home and taking your own time over it, rather than having to take a guided tour!

In addition, research in the USA, where Open Houses have been used for years, shows that when more than one group of buyers look at a property simultaneously, it can help to create a sense of competition – so prices achieved are often actually higher than they might otherwise have been.

Of course, the idea of throwing your home open on a particular day between set times, so that it can be viewed by a whole bunch of complete strangers, can sound a bit scary. But it needn’t be, because a good agent will help you with all the arrangements.

Those arrangements can vary according to your own preferences – so the first thing is to agree a plan of action with your agent. You may, for example, prefer to have the whole thing handled relatively discreetly. Or, you might decide to go for broke, put an “Open House” sign in the window, and hang balloons and bunting all round your front garden, so that no-one is left in any doubt about what is going on! Either way, your agent will ensure that details of the event – which for obvious reasons will normally be scheduled for a weekend - are widely advertised in advance.

Meanwhile, all you need to do is make sure your home is looking its best, and that any items of value are safely locked away. Then, it’s just a mater of waiting to see who turns up on the day, making a note of their names and contact details, and leaving them to look round at their leisure.

Of course, as with anything else, there are no cast-iron guarantees that an Open House will deliver the goods. But particularly in the current market, that extra string to your bow could just make all the difference!