There is a lot going on at an open house that potential buyers need to understand to be savvy shoppers.
Busy buyer agents often give a stack of their business cards to the buyers they are working with and let them head out alone to visit a Sunday full of open houses or “opens.” That card protects the buyer agent and the buyer. Here’s how.
Listing agents, who represent the seller, generally hold the first open house on a property to gauge reactions from visitors. Buyers who are not with their agent simply need to present their agent’s card and sign in. The listing agent then knows the buyers are off limits and cannot seek to represent them in any way. The listing agent will not even call these buyers the next day to follow up; they call their agent instead and ask for comments or reaction.
Second opens and beyond, however, often are held by buyer agents. It sounds a little convoluted but just as buyer agents cannot be with all of their shoppers on any given Sunday, listing agents cannot hold opens for all of their sellers, either. So a buyer agent — maybe a newer agent who is still establishing himself — offers or is asked to host the open.
That buyer agent, while technically representing the sellers, really is there to find clients — and not necessarily for the house they are in that day. Buyers without Realtors can expect to be called and courted by these buyer agents. It’s not necessarily a bad way to get an agent for buyers who find they really like the person hosting the open house.
Common sense and good manners also come into play at open houses. After all, there is a chance a buyer actually will purchase the property, so minding your Ps and Qs is part of a good negotiating strategy.
Do sign in for the sellers and use your real name. It’s a courtesy to let them know who was in their home. You don’t have to give your phone number or anything else if you do not want to — and if you are represented by a buyer’s agent, put it down.
If the sellers ask everyone to take off their shoes, please comply. Plan ahead to wear socks and loafers when you go to open houses.
Go ahead and peek in closets and open up the fridge — sellers are told to expect buyers to do that to see what kind of storage is available.
Ask the agent hosting the open house questions about the property — a listing agent will probably know more than a buyer agent host — but keep emotions and opinions in check either way. All hosts report back to sellers the reactions and comments of visitors, and get very specific about what was said by buyers who appear to really like the property.
Everything buyers say at an open house can be used by the seller should the buyer make an offer on the property. Being too exuberant and “loving it” too much hurts a buyer’s bargaining position when it comes to getting a good price.
Finally, agents keep a mental clock on how long buyers spend inside the house during an open. They note buyers who come to multiple opens on the same house. Spending more than half an hour walking back and forth through rooms is another indication of real interest. A general rule of thumb is if a buyer comes back three times and spends more than 45 minutes at a time, it’s likely the house is among his or her top choices or is about ready to write a contract.
Ellen Beck coordinates real estate coverage for The Washington Examiner. She was a Realtor in Virginia.
