The shift towards private viewings over open for inspections has been largely supported by a majority of real estate agents, a new industry poll has found.
Over 60 per cent of the 303 respondents to the latest Real Estate Business straw poll believe that private viewings are the best method for showing a house to prospective buyers.
However, the type and location of the property will ultimately determine the ‘best’ approach, Charlie Brendon-Cook senior sales executive at Ballard Property Group in Potts Point, Sydney said.
“What you decide to do comes down to the property you are trying to sell,” Mr Brendon-Cook told Real Estate Business.
“Open for inspection usually generates greater interest in the home, then you will follow this up with private viewings for those buyers that are serious about purchasing.”
“An open house for a $10 million property can be really counterproductive as there are going to be fewer buyers in that particular market and there will be very little competition on the day.”
Just over 38 per cent of respondents claim open for inspection remains the best method for showing a house to prospective buyers.
Wayne Teudt, licensee in charge at Professionals Real Estate in St Marys and Plumpton believes there is a certain sense of urgency generated by an open for inspection that is not achieved in a private viewing.
“The atmosphere to a good auction is very similar to a good open house,” Mr Teudt told Real Estate Business.
“If an open house is done correctly there is a certain level of urgency that you get from a crowd of people walking through a home. When there is just one person, the competition and urgency really isn’t there.”
The growing problem with open for inspections is that many agents simply do not know how to conduct them correctly, Mr Teudt said.
“A good open house will require the agent to select the right property, one that is going to be very popular with potential buyers,” he said.
“Whether it be the price of the property, the type of house or location, it must have some factor that people are going to be interested in.”
The survey followed an article published on Real Estate Business late last month.