How to arrange an ‘Open House'
The first rule is that the property bust e new to the market and guide price must be realisic or even a little conservative.
The second rule is to allow sufficient time to run the marketing campaign. This should not be less than two weeks. This gives ample time target details out to as many buyers as possible and gives interested parties enough notice to make their arrangements.
In most areas Saturday is the best day for an Open House, and We would recommend that the appointment should be restricted just one look. This creates the maximum excitement and demonstrate to prospective buyers that you are not bluffing when you say that there is other interest. If the vendor is really uncomfortable about this, then 15-minute overlapping appointments are the alternative, but they are nit nearly as good.
On no account should any prospective purchaser be allowed to view the property prior the agreed time. This is unfair to other purchasers and my result in lower price being offered. All parties should be told that this policy is being enforces in the interests of fairness.
At the viewing you should have two members of staff available, one to show people around and one on the door to get feedback as they leave. It is not really fair to ask people to make the most important decision of their lives, on the day. A fair compromise might be to offer a second viewing to interested parties 48 hours later.
Once the second viewing have taken place all parties should be given approximately 48 hours to make their best and final offer. It is best that this is done in writing.
It is very important under bidders are treated fairly and send them a carefully worded letter explaining that their offer was unsuccessful but as an agent you have a duty to obtain the best price for the vendor and that on this occasion another party was prepared to offer more than they were.
It is nice touch to offer to run a ‘wanted’ advertisement for them or to leaflet the roads that they are interest in to try to find a suitable alternative.
Finally, Don’t forget to send a leaflet to surrounding roads to tell the neighbours that you have recently achieved a sale after a well attended Open House ad that several of the bidders are still seeking to by a property in the area. This can be a very effective way to generate valuation appointments.