How The “By Owner” Seller Can Leverage Their Time With An “Open House”
When you’re busy at work, the last thing you need is the frustration of having to run home 2, 3 or 4 times a week to show your home. It’s especially aggravating when realize that at least 1 out of 4 people who schedule an appoint … won’t even bother showing up!
I’ve found that the best way to maintain control of my time (and my sanity), is to hold a “OPEN HOUSE” each weekend, until the house is sold. I set up a time frame a week in advance. Usually 11 a.m. to 2 p.m. on Saturday and 1 p.m. to 4 p.m. on Sunday.
When I return calls to people who’ve left messages on my ads and flyers, I give them these specific time frames and tell them “this is when you can see the interior of the home if your’re interested”.
I also put “Open House” (days and times) on my flyers (in bold print) so that everyone who picks up one of my flyers from my info box knows they’re able to come back to see the inside of the house over the weekend.
I do this for three reasons:
1. I’ll have time to get the house cleaned up so that I’m prepared for my guest.
2. Odds are that the more people I schedule for these times, the better my chances of having someone show up, so that I’m not wasting my time. And when 2 or 3 potential buyers show up at the same time, it can create a sense of urgency (competition) among them that works to my favor.
3. The main reason for setting up showings in this manner is so that I maintain control of my own time. Otherwise, I could end up running around like a chicken with his … well, you know what I mean. Been there, done that … didn’t like it!
I know some will say I loose buyers this way, and that may be true … but personally, I think the trade off is worth it.
Now, I will show a house at times other than just the weekend “OPEN HOUSE”, but usually I’ll only do that for people who’ve already been there for a weekend showing. Often, you’ll get people who want to come back for a second look. Sometimes it’s because they want an opinion from a trusted friend or relative.
Keep in mind that “serious” buyers generally ask a lot of questions too. Since buying a home is usually the biggest investment of a lifetime, that’s understandable. So be gentle my friend … your potential buyer is probably a lot more nervous than YOU are!
As a precaution, I always suggest that when you have an “OPEN HOUSE” you should keep valuables safely hidden away where someone isn’t likely to pick something up that they weren’t suppose to. And don’t forget to use the “buddy system”. Call a friend or neighbor to hangout while you have visitors in the house. Besides, you’ll need someone to help make sure everyone gets a flyer … and some of those chocolate chip cookies you’re going to bake just before “Open House” starts!
Michael Hart is a former real estate agent, a private investor, author of many articles and reports on real estate and investing, and also a mortgage consultant based in Peachtree City, Ga. He can be contacted through the internet at www.InternetLoanCenter.com or by phone at 678-318-3542.
