I'm going to let you in on a little secret that every flipper should know.
The secret to selling the beautiful house that you just finished remodeling and rehabbing is … you guessed it, holding an open house.
And not just any old open house, but one that will blow away potential buyers and have them lining up to make offers on your flip.
When Tarek and I started flipping houses we had a bit of an advantage, at least when it comes to open h ouses. With our previous experience as real estate agents, we naturally knew how to hold a successful open house.
Don't worry if you have no idea where to even begin when it comes to hosting an open house - it's easier than you think.
If you are new to selling houses, then these tips are sure to help you hold a winning open house so you can get your flip sold fast.
Get the word out
This is perhaps one of the most important aspects of planning an open house. If you want people to attend your open house, you have to make sure they know where and when it is.
Get the word out about your open house using multiple sources. Update your listings on websites to include your open house date and times. Distribute flyers, and post an ad in neighborhood newsletters.
I even share my and Tarek's open houses on social media so anyone in the nearby area can come and bring their friends.
Enlist the neighbors’ help
It may seem useless, but I recommend inviting the neighbors to the open house.
Even if you don't know the neighbors (and if you’re selling a flip, chances are you probably won't), they'll most likely be more than willing to help you prepare, and would love to see the hard work you’ve put into fixing up the house.
Plus, you never know what could happen - one of them may even be interested in making an offer on the house, or know someone who is.
Let your real estate agent host
If you have a real estate agent, there’s no need for you to be at the open house. Often, buyers feel more comfortable walking through the house and speaking freely with the agent when the seller is absent.
Your presence at the open house could make buyers feel anxious and make it difficult for them to picture themselves in the house. This is something to keep in mind when you hold your open house, but do what you are most comfortable with.
Place a sign in the front yard, as well as plenty of directional signs to help people easily find the house. On the day of the open house, tie balloons to the signs to catch the attention of those who will be attending the open house.
The worst thing you can do is not place any signs, as you'll make it very difficult for prospective buyers to find the right location.
Keep in mind that some neighborhoods have ordinances that only allow for signs to be put out at a certain time or for a certain number of days. Make sure you find out what the city ordinances are before you place any signs for your open house.
Stage your flip
Staging your house is crucial, especially if it’s a flip house. You don't want potential buyers visiting a house that feels empty, cold, and impersonal.
Use furniture and accessories that complement each of the rooms and will help potential buyers picture themselves living there. Include vases of flowers, simple accessories, and other decor pieces that will make buyers feel comfortable and at home.
If you don't want to do the staging yourself, then consider hiring a professional stager who can do the work for you.
Food is a great finishing touch for your open house. On the day of your open house, bake or buy refreshments that won't cause a mess and will be appreciated by open house attendees.
Refreshments will encourage visitors to stop and enjoy the house, as well as talk with the agent (or you, if you’re present at the open house).
Leave guests with additional information
Although it's not necessary, providing guests with additional information as they leave will help them keep your house in mind as they attend other open houses.
Many buyers attend more than one open house in a day, and they can easily forget which houses they've already visited. If you hand them a flyer with a photo and information about your house, they will be much more likely to remember yours.
The key takeaway to hosting a winning open house is to make sure you’re prepared for it. I certainly don't think your open house has to be expensive or complicated, but knowing how to hold a successful one can leave a lasting impression on your potential buyers.
Watch real-life open house obsessives tour their dream homes.