There are many sellers who are worried about open for inspections, mainly to do with security. It is a valid point, not wanting anything stolen, but if an open were the reason for you to receive an extra forty-thousand dollar for your property, would you do them?

There are plenty of benefits to having open for inspections at your property, if they are used correctly. Record prices mostly come from competitive purchasing. Open for inspections force people to visibly see their competitors. Interested parties, can make assumptions on interest levels and how much they should pay, based on the outcome of your open. So long as your agent has guided you properly on how to market your property, then capturing a market place for 30 minutes on a Saturday should be a walk in the park.

The strongest selling point you have is pressure. Pressure leads to emotion, emotion leads to record prices. The best way to keep pressure on buyers is to control them. An agent should be mindful about their strategy. If you would conduct 1 open per week, you would force more buyers through, which leads to greater levels of pressure. By having 2 or 3 opens per week, you give the control back to the buyers and spread them out to a time suitable to them. If you were an interested party and was forced to go to the 1 inspection, where there were 20 groups walking around looking, would you feel that the pressure was on to perform? Versus walking into an inspection that is spread out during the week, so the 20 groups have now become 6-7 groups because of choice. Would you just take the word of an agent that there are even more interested parties or look around and think it’s empty, I’ve got a shot at this?

The times when opens should not be conducted are when you have a high-end or specialised property, where only a small portion of the market will be interested. Or, when you have priced a property much greater than it’s worth. In both cases, you will have an empty house and may only deal with 1-2 clients per open. By performing private appointments, your agent will maintain control by using the unknown as a pressure point. This means, that the buyer will be left in a situation where they are forced to take the word of an agent that there is further interest or stand to lose the property.

At the end of the day, using open for inspections are great if used correctly, in part of a selling strategy to get the best price. If you’re worried about security, take extra precautions to make sure that anything that can fit in a pocket is in a drawer or a safe and not in the open. If you’re too lazy to clean once a week, then hire a cleaner, the benefits will outweigh the cost and it will be the best investment you’ll make. Just make sure that your property is presented the best it can.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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