To open or not to open?
This one has to be one of the biggest conflicts of interest. DO NOT let an agent use you and your property to promote themselves and this happens every Saturday around the country.
Many people attending open homes have no intention of buying.
Why then, do agents recommend them?
Open homes are the simplest and easiest way for agents to find other potential sellers in the vicinity. As previously mentioned, listings are the lifeblood of a real estate career.
In the real estate profession, its accepted that a property for sale will prompt others in the vicinity to consider selling. One ‘For Sale’ sign in a street will regularly be followed by others.
This phenomenon is called the ítch cycle’, the itch to move, an itch that must be scratched. Training for real estate agents recommends they use open homes to find those who get the itch.
Open homes are also used as an éducation’ tool for the seller. Apparent buyer feedback from open homes is passed on, helping to ‘educate’ the seller down from the agent’s improbable price, to a realistic market price. Open homes demonstrate activity, giving an impression that the agent is busy and competent.
The most over looked danger of an open home is theft. A recent survey indicated that names and contact details of those attending are only requested at one in three open homes. Many wander through unsupervised. Numerous insurance companies do not cover theft during open homes.
The more people crowded into a property, the smaller the rooms feel. Ten people will make any lounge room appear small.
Neighbours often attend open inspections. They come for a sticky beak, and they come to compare the property to their own home.
Times for open homes are generally set in advanced and they often don’t suit the buyer. Simply unfortunate for all parties, as agents rarely change their schedule.
Agents with multiple open homes on a given day leave themselves very little time to sell a property. When someone wants to buy, time is critical. Agents shouldn’t force a delay.
A danger doesn’t become less because a practice is widely used. A property should be available for inspection at a time that suits the buyer. When selling, insist the agent has confirmed that a potential buyer is genuine, and not just coming for a look. Agents should have contact details before they arrive, and sufficient time to sell the property is required.
All buyers viewing a property should be accompanied by, and known to, the agent.
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