Page 98 - Selling secrets 5 18 2023

formalizing a relationship with an agent. This relieves them
of the pressure that can be imposed by an enthusiastic agent.

On the psychological front, an open house can also increase
competition for the home. People tend to take the old
phrase “Hurry! It wort last long” with a grain of salt unless
they are jostling for position to see a room with five other
people crammed into a doorway. This can be a powerful
motivator for an indecisive buyer to get off the fence. It can
also be the starting gun of a bidding war, which can only be
good for the seller.

Before scheduling your open house, you should study the
activities calendar of your area to avoid conflicts such as
annual festivals, holidays, or special events to ensure there is
nothing happening that could conflict with attendance and
keep your targeted audience from your open house. Look for
a calendar “dead spot.”

Open houses in a seller’s market can be very busy, with
many people milling around a property, catching bits of
each other’s conversations, and infusing potential buyers
with a sense of urgency and competition to place an offer
before they miss an opportunity to bid. Should more than
one party be interested in the home, a bidding war can
begin, which is a great advantage to the seller.

If you’re using a real estate agent, she or he will send out an
email announcement to their own private mailing list, as
well as to every real estate broker and agent within the
area, to ensure that your open house event is publicized on
all open house websites to maximize overall attendance.

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