Hosting an open house event can be a great way to get your property into the minds of a lot of potential buyers or tenants, but they come with a few downsides, too. We’ll help you understand a few of the pros and cons of open houses so you can decide if they’re best for you.
PRO: Open Houses Can Save Time
Instead of scheduling a number of showings to individuals across days or weeks, an Open House gives you the opportunity to show your unit to many interested parties all at once. Open houses can also bring people off the street who may not otherwise have made an appointment to view the property.
CON: Open Houses Welcome Everyone
While an open house even is a great way to show your property to lots of people, many of those who show up may not even be interested in renting or buying at all. Opening your doors to the public can let in all sorts of unsavory characters.
PRO: Open Houses Can Bring Down Marketing Costs
Hosting one-shot events like open houses allows you to be incredibly efficient with the cost of advertising your property. You can easily run a single ad over a timeframe and end it during spans of time you won’t need it.
CON: Low Rate of Sale
Despite the benefit of bringing in a number of different people, open houses aren’t known for their high rate of success. Only about 2%-3% of houses are sold during open houses, but with the right flourish, you can help those odds a bit.
Although open houses aren’t all good, they certainly aren’t all bad either. Hopefully these quick tips help you make a better decision for your situation if you’re planning to host an open house in one of your properties.