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Why would you manage open homes and private inspections yourself?

Because this is one of the biggest myths in real estate – no agent will ever be able to provide evidence that a home sold for more or faster because they (or, what is usually the case, their assistant) were the one taking a buyer through your property.

Think about it, would you buy a property that you don’t like or one that doesn’t fit your needs based on something the sellers representative said?

Despite of what your agent has been telling you (and they kinda have to because there is no other way to justify their ridiculous fees), homes are not sold, they are purchased. Open homes are a way for the potential buyer to see and inspect a product they have identified online. Furthermore, decisions are almost never made on the spot and negotiations with interested parties usually take place over the phone, after the inspection.

It is very important for any home seller to understand that buyers make buying decisions based on their criteria and current life situation. The decision they are making is probably one of their biggest financial commitments and will not want to listen to any of the obvious persuasion tactics of your agent. 

So why is it so important to have an agent during open homes and inspections? For you – it’s not. For the agent, it’s crucial.

Agent managed open homes usually result in shorter inspection windows catered to their busy schedule, not the actual optimal times to show your property, frustrated buyers who are not getting answers or attention, because the agent is busy finding out which one of your potential buyers may need to sell their home before they buy.

This is actually one of the ugliest things in real estate because most of the time agents will ask you to leave the open home because “buyers don’t feel comfortable in front of the owner” when in reality they are prospecting for new clients. 

How do you think the negotiations are going to go if your agent is trying to be your buyers selling agent after they buy?

Home sellers who open the door for potential buyers themselves will not only protect themselves from dual-representation but also increase their chances of finding the right buyer faster, because:

 

  • You can open the property for a 1-2 hour window and give buyers more time than only 30 or 45 minutes 
 
  • You can schedule open homes at times that are statistically best for the buyers, not times that work for the agents busy schedule
 
  • Buyers can get answers from the owner quicker and tend to trust them more than agent

The truth is there is no hard work or magic required to hold successful open homes and inspections, but your agent will never tell you this. The most important thing is to make sure your property is well presented and buyer questions are answered. After all, buyers who are interested will call after the inspection and it is a much better negotiating position to be in if they are the one making the call. 

The job of an agent is to 1) use every media channel and database possible to make sure the highest amount of potential buyers are made aware of your property and 2) negotiate the best price when a buyer shows interest in the property. 

 

Talk to us today and give us a chance to present all the evidence that will show you how technology enables our agents to maximize the selling price of your property and why that does not have to cost you an arm and a leg to do so.

Inreal Property Advisory | License Number 20237732 | 1 Buckingham Street Surry Hills NSW 2010, Australia