What are the benefits of open houses?
REASONS TO HAVE OPEN HOUSES
The main reason to do open houses is to create real or imagined urgency – the fear of missing out. There is nothing better to motivate a Boston condo buyer than to see other competitors roaming around the condominium at the same time – it makes them think that they will lose out if they don’t act promptly. Sellers deserve this benefit.
While demanding to show proof of ability-to-buy sounds good, it eliminates those legitimate buyers who do have the ability to purchase, but don’t want to show their financials just to see a downtown Boston condo. We want to include these buyers who are currently shut out from the process. I know there will be agents who will scoff and declare that any buyer who is unwilling to show their underwear just to see a Beacon Hill or Boston Seaport condo isn’t a serious buyer anyway. But it’s just an excuse – the minute interest rates rise and Boston condo buyers go into hibernation, Boston real estate agents wiil be back to showing homes to anyone with a pulse.
Interacting with buyers in person helps agents keep their chops up.