Open house viewings are becoming an increasingly popular way to sell properties in the UK. A technique that came to us across the Atlantic from the US, it has a number of benefits over the traditional methods of selling a house, particularly for those in inner city areas which may account for its success in London.
What is Open House Viewing?
The usual method of selling a house is to arrange viewings over a period of weeks or even months, where potential buyers make appointments to view your property. Open house offers a short window, typically just a day or even a few hours, to look at a property, which everyone attends at the same time and, after which, interested parties submit sealed bids.
The Benefits of Open House Viewings
- Speed is one reason that people hold an open viewing. You are hoping to get the potential buyers in all at once and have those bids ready in a much quicker time than if you went the traditional viewing route.
- For those who have busy schedules, work commitments or just don’t want the hassle of having viewings over a longer period, the convenience of holding viewings over a day is obvious. You can get everyone who is interested in buying your property together at the same time and then wait for the bids to come in.
- Compared to traditional approaches, open house viewings tend to be more competitive and can lead to a better offer price, though this is not guaranteed. A lot depends on how you organise the viewing and which estate agent you get to handle it for you, as well as the interest in your property.
- You only need to get your house ready for viewing once. If you have kids and need to pack away their toys and other things every time someone comes to look at your property, it can be a big hassle.
The Disadvantages of Open House Viewings
- If you are going for a single viewing, you need to get it right first time. That generally means you need to put more effort into your planning and make sure everything is perfect for potential buyers.
- You can often get side-tracked by tough questions when you have a number of people together in one place – that means you need to anticipate what they are going to ask and have all your answers carefully thought out. That’s why it’s better to let an experienced estate agent take the reins and handle this side of things.
- While it’s probably unlikely, there is a question of security when you have so many people in your home at one time – make sure you put your valuables in a safe place, just to be on the safe side.
- From the buyers side, there’s usually a scramble to get in and see the property, especially if it’s in a popular area. Estate agents will often set a low asking price so that they will get more interest than normal. There’s also the bidding war that can develop if there are numerous interested parties.
While open house viewing isn’t for everyone, it does provide an additional tool for sellers to take advantage of. If you want the chance of a quicker sale and less overall hassle, it can work well when organised properly. Be sure to take the advice of your estate agent and weigh the pros and cons before you go ahead.
Northwood is one of the largest and most recognised estate agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.
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