When you’re touring open houses without an agent, you are really looking at just the shell of the property without any knowledge of the unique features of the property and its history. What an open house does for the buyer is give them a chance to look at the inside of a house they would otherwise never see. If this were all that mattered, every house would sell during open houses. Let’s face it, most buyers want more than just the feeling they get when looking at someone else’s property for 10 minutes before deciding to make an offer.
For example, in Manhattan Beach and Hermosa Beach where I work, I may meet 20-25 people a day during weekend open houses. Some may be neighbors, some may be looky-loos and some come with agents, but some are real buyers searching for their next home.
Almost none of them ask me specific questions about the property I am working.
Does that surprise you? It surprises me! Unless you’re working with a sharp agent who is traveling you to each house and giving you specific explanation of its features, time on market, sales history, market value and neighborhood particulars, you need to be asking some specific questions to educate yourself about the property. It may be a better value than you think, or it may be a great value that someone has decorated poorly making you underestimate its worth.
Questions and tips for viewing open houses:
1) Wear comfortable clothing and shoes that you can slip in and out of. Many open houses these days require you to remove your shoes or wear booties over your shoes. This can be a real pain if you’re in cowboy boots for the day.
2) Make a map for the day. Make a map of each location and even a driving map from location to location. This will really save you time. Get onto the net and figure out a good driving route for your day. Many times you will be out with a list of properties and zig zag all over town trying to get to them all. This is a huge waste of time. Make it easy on yourself and plan ahead for those properties you’re really interested in and go only to those properties.
3)Don’t be afraid to ask the agent in charge of the open house questions about the property’s value. What do they think of the price? What are the comps for the property? How long has it been on the market? Do they have a list of the comps? Have they received any offers? What do they think is the best time to buy and why? (By the way, they may want to sign you up with them as a prospective client and if you feel that they are forthcoming with information, honest, good listeners, think seriously about allowing them to put you on an email list — but only allow ONE agent to do this and choose carefully! If you are already working with an agent, let the agent in charge know their name right off the bat. Thanks, but we’re working with so and so.)
4) Does the house have any upgrades or special features that you should look for while you are walking through the house? Sometimes, people walk right by some really fantastic upgrades and special features that the house has without ever noticing or realizing their value. Upgraded brand name tiling, special hardwood flooring, upgraded windows, plumbing fixtures, sound systems and other extras you won’t want to just walk by. This may raise your interest in the property and help to justify pricing.
5) Take photos. If you’re like most buyers, you are visiting a dozen or so houses in one weekend, it is a challenge to keep them straight. Most agents won’t mind this, however, you might want to ask the agent in charge if it is okay to take photos. Take one of the outside and then features inside that you like and do not like.
6) Look closely. When walking through the house, look for important clues to potential problems. Watermarks on floors can indicate flooding. Moldy shower grout, moisture in the shower air, musty smell and mildew under sinks all have potential for bigger problems down the road. Are windows properly sealing? Are there cracks in any of the walls or flooring? Is the house built on a pad or is there a crawl space? Where is the water heater and can you see it? Is the house forced air heating? Is there air conditioning? Do light switches work? Most items are disclosed during purchase, but finding out whether the house has been well maintained or not from the time you enter an open house can make a huge difference to your bottom line when making an offer.
7) Look at the house features NOT the owner’s decorating style. Not everyone has the taste or ability of an interior designer. This is why staging companies get paid so well for helping sellers stage their houses with rented furniture and pictures. Look beyond the personal items and photographs and get familiar with the “bones” of the house. Can you imagine the house with your furniture, your rugs, your photos and art and maybe even with a new coat of paint and new carpet? Someone else’s funky things can be a turnoff, but don’t let it deter you from seeing a really great property.
Decide in the car what you would pay for the house. Even if you don’t think it’s right for you, start educating yourself on the property values and narrowing your list of “must have” features. The most important thing to realize is that you CANNOT have everything. Realizing that most buyers have a budget, you must figure out which features you are willing to live without and stick to it.
9) After you’ve finished for the day, pat yourselves on the back for a hard days work well done. You can now sit over a glass of wine or coffee and talk about what you liked and didn’t like and how to approach the next day out shopping. Good luck!
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