Expert view: is it better to host an Open Day or an individual viewing?
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To open or not to open? That is the question. Frost’s think there are definitely pros and cons to be had for both methods...
Whether to hold an Open Day or not, is one of the questions we are asked most often.
Open Days have some real advantages, especially for strong sellers markets like the one we’re experiencing now; and, for those perennially in demand properties, anytime.
A typical Open Day involves setting a date sufficiently far in advance to allow the property to be widely marketed but not so far that buyer interest wanes. It also allows us to help the seller tidy up and deal with the odd jobs required to put the property in to the right state to be viewed - presentation is important!
For the Open Day, we welcome in the prospective qualified buyers over the course of a day or a weekend as agreed.
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If successful then it should mean the minimum of fuss and disruption and you should only need to tidy up once! Also, having shown all the prospective buyers the property over a limited time, the seller can feel confident that the price achieved is potentially the best. Another key advantage: if more than one offer emerges any bidding process is likely to mean a premium price will be paid for your property.
Realistic pricing is a key component; speculative pricing is likely to be a turn off and even if buyers come to the day, they may decide not to make an offer. You need a broad Guide Price which can be exceeded.
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There is however a case for individual viewings and I believe the strongest reason is that on the whole buyers dislike Open Days. Viewing with other people can sometimes be a bit disconcerting and buyers don’t get enough time to see whether the property grows on them. Often (sometimes erroneously) buyers assume that they probably won’t get the property even if they bid and so, rather than bidding for a property that could have been the home of their dreams and ending up losing it, they won’t even try.
This may rule out some good buyers when the seller really needs them. Equally for some sellers the idea of opening their home to everyone is unappealing as would be the idea of maximum publicity, as they wish for discretion.
Ultimately, at Frost’s we are here to talk through the pros and cons and let our clients decide the best option to suit the sales procedure for their home.
Contact Frosts on 01727 861166 or by visiting frosts.co.uk