Whether you’re a homeowner or a licensed Realtor, holding an open house for yourself or your client requires a bit of thought and preparation in order to get the “biggest bang for your buck” with respect to marketing and merchandising the property. How it is presented and conveyed to the purchasing public, especially those who are well qualified, willing and able to buy your home, is crucial in your initial marketing and your advertising efforts.
As they say, “you don’t get a second chance at a first impression.” So it is so critical to set up your advertising in a way that will capture the greatest number of eyeballs as quickly as possible on your first go around when placing ads. Most advertising pieces that you mail out have literally maybe one minute or most likely five seconds for the recipient to decide do I keep it or throw it away as junk mail, which is usually the case. It is discarded in an instant if it has no redeeming value.
Although the web is the dominant player in advertising these days for grabbing one’s attention with whatever you are selling, there is a renewed resurgence and excellent benefit in utilizing print media for our local audiences. People still like to touch and feel a magazine or periodical, according to Global Print Advertising Market Report and Forecast (2021-2026) from businesswire.com. It is important to know when and how and why to use print media when advertising especially for open houses. This is a niche that can and should be used to receive your biggest bang for your buck!
There are several techniques to use to get a much greater response to your ad and have more interested and qualified buyers show up. One is to offer something of value to those who are considering viewing your property. Whether it be a contest for the potential buyers or their children or maybe a grab bag; or if doing a live Zoom viewing, provide movie tickets or restaurant Groupon for those who come closest to the selling price or even an overnight stay at a resort, (assuming you have the money to do this) if they purchase the home. Maybe a free “home warranty” plan for all your appliances and/or utilities, again if they purchase your home or a multitude of other choices.
I have many more ideas and if you want a consult, just call me. I will give you some guidance on what used to be a simpler process and is now a much more arduous, tumultuous and complicated process when attempting to sell on your own as we call a FSBO (for sale by owner). All the ads in the world will not sell a property unless it is priced correctly even in this crazy and insane seller’s market, although there are a few exceptions to that scenario since we’re in an extreme, 50-year-low housing inventory environment.
As a side note, I have completed some additional research lately showing that we are in need of more than 3 million new homes each and every year to satisfy demand as has been noted in Forbes magazine, CNBC.COM as well as the National Association of Realtors. In a Sept. 12 report, NAR released research from the Rosen Consulting Group estimating that on the higher end of what is needed, that we are deficient in upwards of 5.5-6.8 million homes. Seems insanely high, but with all the new and capable purchasers entering the market in addition to the current demand (and the lack of new construction catching up with that demand from 2008-2015) it’s no wonder that we have had such a shortage of new homes over the last six years.
Another report released on Sept 12 by https://www.noradarealestate.com/blog/housing-market-predictions/ had a very interesting and informative and researched article, entitled “Housing Market Forecast 2021-2022: Can It Crash Again? I would advise every seller and buyer to read it. Bottom line is if you don’t have the comparables to know what is actually and truly selling, how will you really know how to price your home. Always remember, the asking price, even in this seller’s market, isn’t always the selling price as there are homes, condos, hoa’s and co-ops that are priced incorrectly whether it be by you, the home owner or your agent.
Selling a property isn’t about putting your John Hancock signature on a listing form but as the first step correctly pricing it where the market is and not what you feel it is worth. As many have experienced, including brokers and agents when selling their “overpriced homes,” their feelings are never relevant to what the true market value and final selling price are.
So when doing your own open house think about all that is involved. Even the safety factor comes into play as to who maybe showing up. Have they been vaccinated and do they have legitimate proof of it on their phone as well as on their identification printout from the ExcelsiorNYS application in their app store from their Apple phone or other devices? Will you provide them masks and shoe coverings when they enter? Are they coming to buy or to see what’s in it for them (WIIFT) as opposed to what’s in if for you (WITFY).
Lastly, never tell them when you are or are not at home as they might pick those days away to do some sinister things to your possessions! There is so much more to do now as our pandemic with the new Delta variant proliferates across our country that you must be very cognizant of what and how to hold your open house in a safe and professional manner and environment.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 40 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S). For a “FREE” 15 minute consultation, a value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email and cell number and he will call or email you back.