NYC Open House Guide For Sellers (Part 1):
Jan 28, 2020 brooklyn,brooklyn guide,brooklyn homes,brooklyn news,brooklyn real estate,brooklyn real estate agents,brooklyn realty,home sellers guide,realtycollective,sellers,sellersresource,victoriaalexander
Series: Open House Rules Sellers Need To Know Before They List!
Rule 1: Timing
When it comes to the open house, how do you know whether your agent is doing it right—from picking the optimal time slot, to advertising in the right places, to showing up prepared? Make sure you ask these qualifying questions of your agent when you interview them. You want someone that has a plan to execute.
SUNDAY, SUNDAY, SUNDAY! The Sunday open house tradition was established back when the Sunday real estate section of the newspaper drove most of the traffic.
With virtually all open houses advertised online these days there is some increase in Saturday open houses. However many brokers take Saturdays off so, there’s a resistance to changing it.
Your goal is to be where the buyers are so stick to Sundays.
For the same reason, pick a popular time slot:
Buyers are out in droves from 11-4. In particular, 11-1 to 2-4 may be the most strategic choices, while the 12-2 the most strategic choices, while the 12-2 slot and to a lesser extent 1-3 may lose buyers to the lunch hour. The time slot you pick should overlap as much as possible with nearby properties at the same price point, to encourage buyers to include your property in their itinerary. Be aware of all open houses—not just in a 10 block radius but north and south too, because buyers will either hit them all, or split up and reconvene at the end.
Ideally, your place should be shown at the time it gets the most natural light: For instance, east-facing apartments show best in the morning or earlier in the day.
Exceptions to the Sunday open house rule: If it falls too near a national or religious holiday, or on a long weekend, you may want to consider skipping a weekend or trying a weeknight open house.
After-work open houses—Tuesday or Wednesday from 6-7 o’clock–are more common in the summer when many people go away for the weekend. They may also be a useful year-round Sunday supplement for apartments located in midtown or downtown, convenient to offices.
Duration We recommend that an open house should last around one to two hours, tops.
One of the biggest mistakes is hosting a four-hour open house. It takes away from the exclusivity and allows people to make casual visits once they look at everything else. That is, If they don’t go to brunch in between.
Key Takes Aways:
- Sunday are the preferred for open houses with exception of major holidays
- Overlap your open house with other scheduled open houses
- Be specific with the time of day – try to ensure that there is a ton of natural light available to show the space
- After work open houses Mid week and after 6pm for holiday weekends
- Recommended time for an open house is about 1 hours to 2 hours max 1.5 hours is the sweet spot
Encourage other brokers to send their clients even if they can’t make it!
Part Two Coming Soon!