Weighing the Advantages (and Disadvantages) of an Open House

For many years, realtors have relied on open houses to gain interest in a property. Like many parts of the property acquisition process, some realtors swear by open houses and others think the process is overrated. 
If you are a realtor who is considering whether there is any reason for holding an open house, the following outlines the various advantages (and disadvantages) that you should consider.
Reasons to Think Twice About Holding an Open House
Some of the reasons why you should think twice about holding an open house include:

  • Non-qualified viewers. Many of the people who will attend the open house will not even be pre-approved for a mortgage. Because it is nearly impossible to screen who comes to the event, there is a potential that it might end up being a waste of time. 
  • Rare sales. Even if your property attracts a lot of viewers during an open house, sales rarely occur as a result of these events. Buyers who are interested in the property will most likely request a private viewing of the premise.
  • Criminal acts. Because there is almost always no screening done at open houses, there is a risk that items at the property might be stolen. Some people even use open houses as an opportunity to plan a future break-in at the location.
  • Snooping. Some people simply want to know what you own and what the interior of your property looks like. These parties never intend to purchase the property, but instead, use it as an opportunity to snoop.
  • Stress. The open house process can be stressful, particularly if the event is unsuccessful and does not result in any potential buyers. 

Reasons You Might Want to Have an Open House Anyway
Despite these risks, there are some distinct advantages that people realize by holding open houses, which include:

  • Tons of viewers. Open houses allow potential purchasers to inspect a location. These events are one of the best ways to quickly and easily have a lot of people view the location at once. 
  • Increased exposure. The more people that attend an open house, the more exposure the location has and the greater chance it has of selling. If a realtor and a seller decide to have an open house, it is critical to take the appropriate steps to fully market the events so potential purchasers are aware of it. 
  • Unexpected viewers. It is a common occurrence at open houses for unanticipated parties to drop-in and inspect the location. This can be a great way to interest a party who might not have otherwise taken the time to view the property. 

Speak with an Experienced Florida Property Law Attorney
Before having an open house, it is a good idea to weigh the pluses and minuses of doing so. If you encounter any legal challenges during this process, it can help to speak with a knowledgeable Florida property lawyer. Contact Adam Law Group today for assistance.