When you decided to sell your investment properties, the first thing that comes to mind is organizing a real estate open house. But what is a real estate open house? And how do you organize the best open house in order for it to sell?
Sure enough, if you have a real estate agent, he/she will tell you exactly what you need to do. But, if that is not the case, then you might find the following tips useful for organizing a successful real estate open house for your investment properties for sale.
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First of all, what is a real estate open house?
A real estate open house is when you open your property for potential buyers to come and take a look at it. In other words, you prepare your property and let in potential buyers to have a look. Of course, it is considered one way of advertising your real estate property to other buyers.
Furthermore, a real estate open house is indeed very beneficial for both the seller and the buyer. For you, as an investor who is looking to sell your investment property, it is especially beneficial. A real estate open house gives you the chance to attract buyers who are interested in purchasing real estate properties. Though it does mean you are going to get an offer for sure, still you can get a feedback on further improvements. From a buyer’s perspective, a real estate open house can be beneficial as well. It provides buyers with the opportunity to view the property personally. In this way they can decide themselves whether it is what they are looking for or not.
So, as a real estate investor who is looking to sell your investment property, consider having a real estate open house. Moreover, here are some tips for you in order to have the most successful real estate open house for your investment property.
Tips for a successful real estate open house:
It is mostly about the first impression
Yes, that is right. When holding a real estate open house, make sure you give the best first impression of your property. This includes cleaning the property and the area surrounding it. Try to hire professional cleaners if possible. Make sure everything is in place and that nothing is broken. You might even need to replace some items that are too old or damaged. Of course, it might cost you a little extra, but a positive first impression is your priority in this case. This will encourage potential buyers to consider purchasing your property and offer a good price.
Keep it simple
Needless to say, every real estate property comes with its own furniture and accessories. You might need to add some, but make sure you keep it simple. Remove any extra accessories or furniture that makes the place look too busy. You want your buyers to notice the features of your property and not get distracted with the interior designs.
Advertise your real estate open house
Advertising your real estate open house is essential. In this way you can spread the word and make sure that you have a proper number of visitors. Make sure you enlist your open house event on property listing sources. Use social media as well. Also, use flyers and signs. In addition to that, you can look for other real estate websites on which you can enlist your event. Make sure to tell your co-investors and everyone you know in the real estate market. Check your contact list for real estate agents and realtors. It is all about getting as many people as you can in order for you to get at least one offer.
Remove everything that is personal
The last thing your potential buyers want to see is personal items. Remove them and remove everything that is valuable as well. A real estate open house can be a target for theft. You surely do not want that to happen to you. So, make sure you get everything personal and valuable out of the way and lock it somewhere safe.
Provide your guests with all the “bait” information
Potential buyers attend a real estate open house for a reason. They want to get as much information on the property for sale as possible. So, you might want to consider handing out flyers. You can include information on the property itself and the location, for instance. In short, provide potential buyers with all the information that you feel will get their attention on your investment property.
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Give your visitors space
By that, we mean staying away as much as possible. This gives potential buyers the chance to express themselves freely. They will not feel obligated to compliment you and will be honest with their perspectives. But if your agent is arranging the real estate open house, you should not be there. Let your agent do the work for you.
Take feedback into consideration
Feedback is the other important reason you hold a real estate open house. Of course, your main goal is still getting an offer on your investment property. However, do not neglect feedback. You will need it for further improvements. Sometimes you will not get an offer after an open house event. But the feedback is what you are going to get for sure. You might find out that you are doing something wrong and therefore need to make some specific improvements. Who knows, you might even get ideas on how to uplift your property in order to get a better price for it. Just make sure you take all the feedback provided into consideration.
Related: Selling Your Investment Property: When is the Right Time?
Finally
All the tips we have provided are basic ones. Feel free to get creative and hold the best real estate open house for your investment properties for sale. Make sure you offer food and drinks as well. Hospitality is just as important as other tips we have provided. Focus on providing as much information as possible. Make sure it will attract potential buyers. Keep your hopes reasonable and listen carefully to what is being said. These are all good tips to keep in mind in order to have the best real estate open house experience. If you are doing this for the first time, then ask around people who have held open houses or have an experience working with them. After all, it is another experience for you in the field of real estate business.
Meanwhile, keep reading Mashvisor for the best advice for your real estate investing business.
