An open house is referred to as the period of time during which a house, an apartment or similar other investment property for sale is open to the public for viewing. It is done to attract buyers and hopefully encourage them to close a deal.
Open houses are very crucial in the world of real estate. Oftentimes, they can either be the deal breaker or the deal maker. Of course, anybody would wish for the latter. So as someone who wishes to successfully and quickly sell their investment property, what should you do prior to an open house?
- PREP IT
There’s a lot to do before an open house and any smart seller or property owner knows this. First of all, cleaning up the space comes on top of the list. Nobody will want to purchase if they see the place in a mess. That’s a really bad first impression and we don’t want that. Repairs come in next. Anything that’s faulty needs to be fixed or replaced. Upgrades are also something to consider. Remember that certain renovations can actually increase not just the appeal but the value of the investment property itself.
- DEPERSONALIZE IT
Make sure that no remnants of the previous owners remain within the space. We want it to look fresh, new and ready for a move. Things like photographs, mementos and personal items can create an impression that the current or previous residents don’t want to let go of the space yet. It also creates a feeling of the asset being old and used. Depersonalize the asset so the new owners can better picture themselves in the space.
- STAGE IT
Staging refers to the act of preparing a investment property for sale in the real estate marketplace characterized by the use of furniture, appliances and design details to suggest buyers or onlookers about the potential of the space. The better staged an asset it, the more quickly it tends to sell. In many cases, every item is more like a prop instead of an inclusive item to the purchase. Sometimes, sellers may offer them for an additional price.
- PROMOTE IT
An open house for any investment property will be futile if sellers fail to effectively promote it. Make use of both traditional and digital medium. Take advantage of low cost and free advertising too. Spread the word as much as possible. We want our open house to be full and bustling!