What happens in an open house viewing?

[figcake]

These are happening more and more in our part of NW London. It seems like a good way of getting several viewings out of the way in one day - but do they actually yield results. I went to one about 15 years ago for a small flat though the market is obviously more challenging now.

Are you meant to be present? Is it still via appointment or do they basically leave the door open for the afternoon? Is it likely to result in a quicker sale or do their usual bunch of developer cronies put in an appearance to make up the numbers?

I have no idea about any of your questions.... but I thought I'd offer a warning. These were very popular in Australia when my parents sold their house about 10 years ago. The owners didn't attend - it was just an EA in the house for an hour - and peopole would turn up if they wished during that hour.

There were a lot of break-ins after houses had been viewed as criminals were posing as prosepctive buyers and casing the jont, and then unlocking a window/back door, which inevitably the EA wouldn't check before leaving the house.

Also, quite a lot of reports came in about things going missing -not neccessarily expensive things - CDs, books, little things. Basically people wandering about would see it and take it.

Well it did cross my mind but I thought "Nah" - that is very scary. I am also worried about people who move in a bit earlier than you hoped i.e squatters

I think in Oz they are advertised in the local paper: "Open House, Wurrabunga Drive, 12-2" but in UK there is a little bit of filtering first. So the agency will phone up people who have registered as interested in that sort of property and tell them about it rather than make it like some sort of Facebook party. Of course, you could still get people coming around, trying their luck but it's a bit less likely.

If they work, then you get a load of people there all loving the house and keen to put in an offer because they are aware there is going to be competition for it. But if that doesn't happen, then you've kind of burnt your bridges in terms of marketing.

In the UK you have to make an appointment and your name is ticked off as you go in. There are usually a few EAs in the house at the same time. It usually yields good results since the buyers can see the competition and thus offers are made quite quickly.

Lala is correct - they are fairly widely advertised in Australia and are for the general public to come and see.

Sounds like it's a bit more organised in the UK. Much more controlled and sounds quite a bit safer!

usually people register to come in the UK - but most of the ones I have been to the EA didn't check people off his list, so basically anyone could waltz in. They were extremely busy and had 2 agents on duty but not all rooms were supervised, basically you had free rein to poke around unaccompanied( I also thought a lot of stuff could be pocketed - expensive perfumes, jewellery etc that was left out to make the house seem upmarket). The agent said they are successful as people offer quickly often as they leaving and the crowd makes people feel they have to act fast.

Another agent (who we bought our house through) does not do open houses - because of theft risks and he feels that the panic offers tend to fall through after buyer reflection. He felt it was safer to give each couple a good 30 - 45 minute appointment accompanied by him and a chance to make notes and think of questions and come back for a second look and that offers from this more standard approach were more sound.

However, the market is always frantic in this location pocket in the spring as supply is limited and people are desperate to buy for the state schools and local parks. I have friends whose open houses elsewhere have been poorly attended often due to the agent over inflating the asking price which has put buyers off