Cooper Adams are increasingly being asked about Open House sales…
There are pros and cons with them and I will explain a few views.
Most sales in the UK are booked via a viewing at a prescribed time. This time is convenient with the potential purchaser and owner. The buyer can have a good look round and make a decision. At Cooper Adams we always conduct the viewing as that is part of our service. With security in mind we always vet the viewer before we book it.
Sometimes an important buyer can't make an open day so we always offer alternatives and appointments to suit them.
Open house sales can mostly be nosey neighbours but that can be a good thing as the real buyers feel the property has more interest than they thought forcing them to offer sooner and sometimes higher. Also some nosey neighbours move close to where they already live but to a slightly better home.
After the open house, buyers are then given the chance to submit a fully substantiated written offer (backed up with proof of funds, mortgage agreement and full chain details) within five working days. We aim to provide our vendors with multiple offers which gives them the choice of the one that best suits their circumstances. We find a written offer allows certain buyers to play to their strengths, and gives everyone a fair chance. If an offer is not high enough the owner doesn't have to accept.
It frustrates me when I see adverts for properties that have sold in 24 hours! How can that agent possibly know that they have achieved the best possible price for their clients?
It can also be easier to prepare your home for selling via an Open house as you just have to tidy up for that one day.
Open houses are great when it's sunny but if you have advertised it for two weeks and done all the groundwork and it heavy rain all open day it can be a major pain with just a couple of viewers turning up.
We are more than happy to try any ideas and if a seller wants us to organise an open house day that's great.
Give it a go! Ask the team at Cooper Adams to get the ball rolling