Driving through you neighborhood, you may have seen a sign for an open house, but have you ever wondered what is an open house? Quite simply an open house is when a consumer, well, opens their home, and invites potential buyers into the property.
Open Houses for Buyers
When people want to buy a house, they typically hire a real estate agent. Agents offer a lot of beneficial services that aid in the process of buying, selling, negotiating and more. However, if you aren’t yet in a relationship with an agent, or just beginning to “look,” touring an open house offers an opportunity to view properties yourself. Typically, open houses are held on weekends, increasing the chance of more visitors. Many people enjoy the flexibility of just “popping in” rather than having to make an appointment with a real estate agent and/or homeowner.
Why Sellers Have Open Houses
From the seller’s perspective, an open house can be efficient use of time. It allows a large number of people to tour the home in a defined window of time. A busy open house can also give buyers a sense of urgency to put in an offer.
Open Houses for the Agent
However, in reality, open houses are often held by eager agents. It’s not uncommon for an agent to use an open house, not to actually sell the home, but as a way to generate new leads and business. Just think about how many neighbors will be coming through the home to see what it actually looks like and to find out how much it is selling for. These are all prospective clients for the agent, in addition to any prospective buyers not working with agents.
Are you thinking of buying or selling a home?
Let TRELORA be your partner! Visit https://www.trelora.com today to learn more about our unique model and why we’ve been able to save consumers more than $43 million in real estate commissions.
TRELORA serves the Colorado Front Range and Seattle Metro Area and we have a simple mission: full service real estate for a fraction of the cost. When you hire a traditional agent to help you buy or sell your home, you pay that agent 3-6% commission on the home’s value. When you hire TRELORA, you pay one flat fee rather than a variable commission based on the price of the home.
TRELORA offers best-in-class customer service, a team of expert agents who close hundreds of deals per year, a proprietary technology platform that puts you in the driver’s seat and an average savings of $13,500 in Denver and $18,000 in Seattle.