The pros and cons of Open House Viewings

The pros and cons of Open House Viewings

Open house viewings are a relatively new concept in the UK, but they are becoming more and more popular.

An open house viewing is a type of property viewing where multiple potential buyers can attend at once. The host is there to answer questions and guests can view the house freely and at their own pace.
 
Benefits for Sellers        
 
Time Saving
 
The nature of open house viewings is that you have multiple potential buyers viewing your property at once. This means that you save bags of time hosting different viewings for different buyers and staging the house for each one. In addition to this, it doesn’t matter too much if one or two buyers pull out of the viewing, as it will likely still go ahead.
 
Viewers Feel More Relaxed
 
Often when potential buyers come to view a property, they feel tied to walking around with the host and are less likely to wander around on their own. However, once there is a group of people in the house, buyers feel more freedom to browse the property independently. This relaxed atmosphere may mean that they take their time with the viewing and feel more at home while they’re there.
 
Increased Chance of Getting an Offer
 
With all this potential competition around, buyers are often keener to put in an offer to ensure they’re the ones who get the house! Buyers are also more likely to want a property if they see other people interested in it. Therefore, open house viewings may mean a quicker sale!
 
Benefits for Buyers
 
You can Take Your Time
 
Rather than being tied to walking around the property in a certain way and spending a short amount of time in each room, with an open viewing you are free to browse the home at your own pace. This means that you can take the time to check out all the most important aspects to you. Plus, you may feel more comfortable talking candidly about the property with whoever is accompanying you.
 
Gauge Other Buyers Reactions
 
Another benefit of open house viewings is that you can gauge other people’s reactions to the house. We all have different tastes; however, other buyers may spot issues with the property that you hadn’t noticed. You will also leave with a good idea of whether other people were interested, and therefore, how much competition you have.
 
Questions to Ask at an Open House Viewing
  • How long has this property been on the market?
  • Why are the current owners selling?
  • How much are the utility bills?
  • What are the neighbours like?

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