How feedback helps a sale.

When it comes to selling a property, open homes are an important part of the process, allowing potential buyers to get up close and personal with your property to see if it’s the home they’re after.

But open homes aren’t just about showcasing your property to the world, they’re also an opportunity to seek feedback from the market.

Here’s how that feedback helps a sale…

Seeking feedback

Every open home offers the opportunity for your agent to seek feedback from the market and a good agent will proactively call for this input, meeting the attendees and asking them questions both at the open home and afterwards.

These questions are designed to ascertain a number of things including whether the open home attendees are serious buyers and feel this is a property that might suit their needs.

They’ll also actively ask for feedback on the price point for the property, including what a serious buyer would be willing to pay, along with input on the property’s condition or appeal compared to other homes the potential buyer has inspected.

But that’s not all that an open home will indicate, with the agent actively seeking clues about a whole host of factors that would lead to a successful sale.

Is there interest?

The first thing an open home indicates is exactly how much interest there is in your property. Is it just one or two parties turning up to the inspection, or is there a line of interested parties snaking around the block?

The level of attendance at open homes offers a whole host of clues regarding the demand for your property, or one like it.

It can also offer an insight into whether the marketing campaign is working and if your property is positioned in front of the right type of potential buyer, in the right way.

If you’re not getting much interest, this feedback tells you:

  1. a)       The demand for your type of property isn’t high
  2. b)     The marketing campaign needs tweaking  

Is the price right?

Price point is a key thing the agent is looking to gauge at any open home. And by this we mean what would a serious buyer be willing to pay for your property?

If you have a price in mind, but the majority of potential buyers indicate they believe it should be lower, this might tell you that you have to revise your asking price for the property.

On the flipside, if there are a lot of interested parties who indicate their enthusiasm for the property, this might indicate you could achieve a price that’s above what you expected.

Are there any red flags?

Ideally, time will be spent preparing the property for sale prior to going to market, but occasionally open homes reveal there are improvements still to be made or issues that should be remedied.

For example, if a series of interested parties offer feedback that the property is fabulous, but they would require a second bathroom, that might indicate it’s worth investing in the addition of a bathroom to get the price you want.

Or perhaps that crack in the wall that you know is a small issue raises a series of red flags for potential buyers. This feedback indicates you should get it fixed if you’re serious about a sale.

How your agent seeks feedback

Seeking market feedback is an important part of an agent’s job, and a great real estate agent will be proactive about this process.

Not only will they meet and greet people at the open home, answering any of their questions, they will also follow-up with the parties who attended afterwards.

During this follow-up, they will ask key questions about how the attendee felt about the property, including where they’re at in the purchasing journey, what they’d pay for the property, and more.

How we can help

If you’re considering buying or selling a property, why not chat with one of our friendly agents to understand the state of play in your local market?

We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here