3 Questions You Will Get At An Open House, And How To Answer Them
There is nothing more gratifying for me than showing our flip houses. While I do enjoy receiving an offer and closing on a deal that benefits all parties involved, my favorite part of the whole process is seeing the look on people’s faces as they walk through the door and fall in love with the house. Seeing how our design choices and hard work have paid off makes everything worth the time, thought, and sweat we’ve put into upgrading a house from absolute disaster to masterpiece.
As much as I love watching potential buyers’ reactions to our rehabbed homes, I know that every buyer who walks through the door has questions about the home and looks to us for the answers. Knowing that the way I answer these questions could be the difference between receiving an offer or the home sitting on the market for months, I need to make sure I know what I’m talking about.
Here are 3 questions to keep in mind as you prepare for your next open house.
1. How Long Has the House Been on the Market?
The length of time the property has been sitting on the market will play a part in the offer buyers intend to make on your home, since sellers with homes on the market for an extended period of time are typically more willing to negotiate price. After all, just like you, buyers are looking to score the best deal possible.
When asked this question, go ahead and answer honestly. If your property has been on the market for a period of time, ask the buyer what price range they’re looking at, and what other properties they’ve considered in the area. This will keep the conversation going and let a buyer know you might be open to their offer.
2. Have You Received Any Other Offers Yet?
Buyers know that another offer on your property could potentially mean a bidding war. While they likely don’t want to pay more than asking price for the home, a buyer may be willing to pay more if the home meets all of their wants and needs.
Be honest and let them know if there are other offers on the property. When other offers have been made, find out if the buyer has room in their budget to go higher than the current offer to win the home. If not, let them know you’re open to accepting a backup offer in case the current offer falls through.
3. Has the Home Been Updated? What Problems May Come with It?
Sellers are required to disclose any problems with a property. Rather than be a hurdle, however, these questions will give you an advantage. Since you just spent time rehabbing the house, this gives you the opportunity to show off the upgrades you’ve made to the home. While the previous owner would have dreaded this question, you should be excited to answer it.
Consider Each Question an Opportunity
While these are not the only questions you can expect to be asked during an open house, they are some of the most common. Take every question as an opportunity to show off the features of the home, talk about the price, and learn what your buyers will need to finally make an offer. Being prepared will leave you in an excellent position to really get your business going. Good luck!