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Why are open homes so important?

By George Hadgelias

This is the time where a vendor really gets to show off their home to potential bidders and highlight the great benefits of buying their property.

What it also does is allow the agent to have a two-way transparent conversation with people viewing the property and their feedback then goes some way to setting a suitable reserve price.

It’s only natural that buyer feedback and a vendor’s aspiration on price may not always be in the same place, but the best auction campaigns are run on evidence and facts, so the buyer feedback throughout open homes is critical.

Dialogue needs to be consistent with everyone who steps through the door at an open so the communication between agent and potential buyer is a key aspect.

The best agents will then follow up with people who attended, to gauge where the interest levels are sitting and if there’s a desire to view the property for a second time.

Ideally, this generates offers from buyers who don’t want the home to reach the competitive arena on auction day but also gives a clear indication of where buyer expectations are.

This factual and evidence-based feedback then builds the environment for setting a reserve that the vendor would be happy with and keeps interest levels high among potential buyers.

Open homes are similar for both auction and private treaty, but during an auction campaign, it really can move the dial and set the precedent for how successful it will be at auction time.

There are a number of winning tactics for an auction campaign to be successful, and getting open homes right is certainly one of them.

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