Are Open Houses Still Relevant When Selling in Etobicoke?

Updated 2024

The Toronto real estate market has changed over the course of the last few years, and has never been quite the same after the pandemic. One aspect of the home selling process that people often ask about is whether open houses are still relevant – or if this is a technique that belongs in the rearview mirror. 

The truth is that even real estate agents have long been divided on the issue. Some say it helps the agent find new clients but does little to nothing to actually sell the home. Others say it is necessary to find the largest number of potential buyers. Which is correct? Let’s dive a little deeper into this argument.

The Open House Debate Continues 

Real estate agents and clients alike typically have three varying perspectives as to the effectiveness of open houses.

• Some are all for them.
• Others are dead set against them.
• Some are on the fence.

These opinions tend to be formed by personal experience as much as by market research. For example, dealing with the general public can be exhausting – both for the agent and the homeowner who needs to find somewhere else to be. You may both decide it’s not worth it when there are other avenues to explore. On the other hand, a new agent who meets a buyer at an open house might always swear by them. 

Are you planning on selling your home in Etobicoke in the next few months? The posts below are a great place to begin your market research:

• What Are The Fastest Ways To Add Value To Your Home When Selling?
• What to Look For in a Real Estate Agent When Selling Your Home
• Can You Earn More Money By Staging Your Home?

Types of Open Houses

In practice, there are two kinds of open houses. 

1. Broker’s Open Houses: This type is limited to real estate agents to conduct research in the area on behalf of their buyer clients. 
2. Traditional Open Houses: These are open to the general public. Your listing can attract the attention of qualified buyers who want a chance to see the home without making an appointment. Unfortunately a few nosy neighbours and tire kickers just come with the territory.

Whether you decide to host an open house or not also depends on the type of listing. If you’re selling a $12 million mansion on the waterfront, you likely don’t want a slew of strangers and curiosity seekers traipsing through. However, a broker’s open house might be the perfect opportunity for real estate agents to recommend your home to their luxury clients. 

It’s an Individual Choice

In the end, there are too many variables to come up with a definitive answer as to whether open houses are effective or not. That said, remember that it only takes one buyer for your house to sell, and you never know how that person will find your listing. 

One thing we can say for certain is that open houses will lead to more exposure for your home and result in more feedback from potential buyers. For that reason, they can be a solid part of a comprehensive marketing strategy, along with targeted online and offline advertising.

• In a seller’s market, where there are more buyers than available properties, open houses allow for the maximum number of people to see the property in a very short time period.
• In a buyer’s market, where there are more houses than buyers, hosting an open house might be the one thing that makes your listing stand out over others in your neighbourhood.

Tips for Success With Your Open House

If you decide to hold an open house, there are numerous best practices to abide by that will increase your odds of a safe and successful sale: 

• Stage your home in advance for maximum appeal to potential buyers. An experienced local real estate team can help you make your design flow seamlessly.
• Leave the premises during the open house. Many homeowners unwittingly volunteer information they shouldn’t, which hurts your negotiating position later. Your presence also makes buyers feel uncomfortable. The less time they spend considering your home, the less likely they will be to make an offer. Your agent will be there to represent you and answer any questions buyers have.
• Take safety precautions. Sometimes, criminals will come in pairs; while one distracts the salesperson, the other is going through drawers. Remember that you have the legal right to ask for identification before allowing someone into your home. If they refuse, your agent can deny them entry.
• If many people are expected, make sure your agent brings an assistant.
• Keep all of your bank and credit card statements out of view, as this could lead to identity theft if someone gets a hold of them.
• Remove all valuables or store them in a safe if you have one in the home. This includes your laptop and any USBs or paperwork that may contain your personal information.
• Take pictures of each room so you can check later if something is missing or damaged during the open house.
• Ask your agent to check all windows and doors before they leave your home to make sure everything is properly secured.

Understanding the nuances of the real estate market can help streamline your transaction. The posts below will give you some insights:

• Real Estate Jargon-What It Really Means
• Know the Real Estate Cycles and Hack the Market 
• How to Find Great School Options in Etobicoke

Alternatives to Open Houses

If the thought of an open house doesn’t appeal to you, there are alternatives. Your real estate agent can discuss other strategies with you to help find a buyer for your home. If the pandemic taught us one thing, it’s to make every use of the incredible technology available to us.

These days, an open house doesn’t necessarily have to be “in person.” Your agent might arrange for a virtual open house or even host a live stream online. 

Not only do these methods mean that your home will not be filled with strangers, but they could expand your outreach as well. Buyers from out of town might not be able to visit on a specific day, but they can easily view the highlights of your home online.

Ultimately, your selling and marketing plan will include many avenues to reach the highest number of qualified buyers possible. You and your real estate agent will decide together if open houses are a part of your overall strategy. Whatever path you follow, the trick is to be properly prepared in advance.

Are you looking for more guidance in selling your home in today’s market? We are happy to help. Reach out to contact@thompsonsells.com or call 416-450-5900 to connect with us today.