Open House viewing can counter market slowdown

A slowdown in the property market could prompt vendors to adopt a different style of marketing their properties, as pioneered by those selling some of the UK’s most prestigious homes.

Some estate agents are already providing modest home owners with an “open house” option whereby prospective purchasers come on the same day and wander around the property at their leisure.

Earlier this year, sellers could be fairly relaxed about visits from potential buyers but current market conditions mean that vendors need to make an extra effort and be especially welcoming.

The system benefits vendors in that they can prepare for a public viewing in the knowledge that their efforts are likely to be worthwhile, rather than live with the stress of constantly keeping a house in order for ad-hoc viewings.

An “open house” day also means that buyers travelling from some distance are not under time pressure and whilst some viewers might be in the “nosey neighbour” category, sales can still result from local gossip.

The method is also more attractive to those who are just considering a move and are reluctant to commit themselves to a traditional viewing.

However, the system does have to be properly regulated so that people don’t just wander into a property off the street.

Viewers need to be registered with the selling agent before they visit a property; there have been reports in both the US and UK of opportunistic thefts occurring on “open house” days.

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