Whereas the open house hosting concept has not yet been fully adopted by the Indian real estate market, it does have a promising future. A house or any other real estate property is displayed to prospective purchasers during an open house, which is a scheduled event.
The open house model is not exactly as common in Indian real estate as it is in the west, but it does take on a more practical shape in the form of virtual listings and physically scheduled appointments. Prestige marigold will be a gated community at its finest and you can build a safe house.
Advantages of an open house
Reliable marketing tool
One of the finest methods to generate interest in and exposure for your home is to have an open house. It can generate many offers and even spark a bidding war if professionally organized.
Open house organizers employ a range of marketing techniques to publicize the property, including social media posts and advertisements, digital marketing, offline networking groups, real estate portals, and other forms of advertising.
As a result, you eventually start to receive a continuous flow of leads and a large number of walk-ins that you wouldn’t normally get through standard property listings. In a cutthroat market, open houses give you an advantage and visibility by drawing attention to your property.
Free for all
Anyone is welcome to stop by an open house, explore the entire property to their best ability, and stay for an extended period of time.
Visitors are welcome to see the amenities and furnishings, take pictures, and ask the in-charge estate agent any questions they may have. There is some pressure to end the visit during a private visit rather than an open house.
Staging of an open house
Some staging suggestions can assist in making your property, even more, inviting and appealing. Interested buyers may be given a virtual tour as part of the planning.
The following are a few setup pointers for open house hosts:
- Well-maintained lawns and gardens
- Bright flowers, freshly painted walls
- Fresh linen, aromatic scents
- Finger snacks, refreshments, and beverages
Additionally, having a property with modern security features, furniture upgrades, and appliances is advantageous for an open house.
Having cutting-edge features like My Gate, intelligent end-to-end security, communication, and financial management app for gated societies, makes a community stand out to potential residents.
Disadvantages of hosting an open house
Depending on different budgets, it involves some financial investment.
You would need to decorate your home and make it appealing to the lifestyle of the types of buyers you are attracting because open houses aren’t supposed to be vacant.
You must take into account the real estate agent’s commission if you hire them to manage the deal.
Most, if not all, of the owners, still reside in the home they are trying to sell. The conventional approach is to schedule a showing based on leads and phone calls from potential customers when the owners (and any accompanying family members) are typically present at home. With an open house, this is not the case.
If you wish to host an open house, there are two methods to go about managing the property’s occupancy.
• If you are already a resident of the property, you must leave on the specified open house dates.
• If you had the option, you’d have to leave the house vacant while you look for another place to live.
This may be challenging for homeowners who don’t want to be inconvenienced by temporary or permanent relocation.
There is always the chance that casual home buyers or simply curious browsers will stop by who may not be genuinely interested in a bargain.
Although the concept of an open house is that everyone is welcome, even when you are aware that the guest won’t purchase the house, you still need to be ready to answer a lot of questions.
Security is another problem. It’s possible that troublemakers, vandals, or robbers are out and about. It’s best to have a guard or bouncer on duty, or at the very least, keep expensive objects off the ground where they can be stolen.
Lack of personal attention
If the foot traffic is too heavy, serious purchasers may occasionally not receive the required amount of time and attention from the host.
If the viewing is too noisy and bustling with other competing offers, some may choose to wait it out, but others may decide to leave right away without having the chance to talk with the realtor. It seems sensible that buyers would prefer the personal and rapid service offered during a private screening.