OPEN DAYS – I’ve had a few occasions recently when I’ve been asked its merits. My own personal opinion is that I’m all for marketing initiatives but really not a fan of OPEN DAYS for a traditional house sale. To the seller it may seem that the agent is going to give them a special status, enhancing the chances of getting a sale by having all the viewers arrive on the same day, but in reality they rarely attract interest.
In my experience offering viewings 7 days a week at flexible times for the right applicant will always prove much more beneficial. If you put yourself in the shoes of a potential buyer, in an age where people are ‘time poor’, flexibility is the key. For many potential buyers however a one off, two hour OPEN DAY shows a lack of ‘motivation to sell’ by the vendor. This often back fires resulting in them simply viewing and offering on other property without such time restraints.
If a property is in need of modernisation and it is for sale by informal tender or auction, then of course there is a need to specify set timings for prospective purchasers. If your property needs a route to market other than the traditional private treaty then your experienced agent should offer that advice and if not – why not?
You’d hope to think that it is just a bit of naivety on behalf of the estate agent. The fact is however that many companies who offer an open day service simply do because it offers a set viewing time for each property, enabling them to run an office more profitably for themselves with less staff than they would need if they offered viewings ad hoc.
Food for thought the next time you come across an ‘Open Day’ offering. Is it the best route to market for your property or the best route to market for your estate agent?