For the right properties, open viewing events are a great way
to sell. But what makes a property right for this method and what are the
relative advantages of Open Viewing Events and Auctions?
Auction V Open Viewing
Some agents promote sale by Auction. This may involve up-front
costs, by way of entry fees and preparation of legal packs and does not
guarantee a sale. You also limit the potential number of purchasers for the
property, to those who can commit to buying on the day. This can exclude good
buyers who are not in this privileged position. By offering a property only to
a small proportion of the buying market, you effectively reduce demand. This
may have an adverse effect on the price achieved.
Coast and Country conduct OPEN VIEWING EVENTS, with no
up-front fees. Comprehensive advertising is conducted prior to the event and
the event is staffed by their experienced team. This exposes the property to all
sectors of the buying market, not just cash buyers looking to steal away a
bargain. Offers received can be considered on their merits and a sale agreed
taking into account the circumstances of those who have offered. When
appropriate it may be prudent to except a higher offer, from a buyer who can’t
buy on the day but may be able to conclude a purchase at a higher price within
a reasonable time scale.
Coast and Country's experience tells them that OPEN VIEWING EVENTS work best for certain types of
property.
They do not work well for standard properties. Unless they
have some unique aspect, for example development potential, scope for
substantial improvement or a negative aspect which means a “normal” sale price
is unlikely. In these instances substantial interest can be generated and very
agreeable results achieved.
- Properties which lend themselves particularly well to OPEN
VIEWING EVENTS include:
- Properties with structural issues, or in need of major works,
which would otherwise be sold at auction for potentially lower prices.
- Building plots or properties with scope for renovation.
- Properties that need to be sold quicker than normal,
potentially at a very competitive price. Auction can also be considered in this
instance, leading to a sale on the day.
OPEN VIEWING EVENTS can often
be arranged very quickly and an appropriate buyer chosen achieving the same
goal. You may have to wait weeks until the next appropriate auction. Why not
run an open viewing in the meantime?
OPEN VIEWINGS are also very effective if a property has any
other uniquely attractive feature, or indeed potential for future profit.
Coast
and Country are happy to advise free of charge on the suitability of your
property for this method of sale.
The Results Speak for Themselves
Coast and Country recently opened three properties in Hilton Rd for viewing simultaneously. This resulted in their best attended OPEN VIEWING EVENT ever. They estimate that 80 potential buyers attended the event, so that’s around 240 viewings conducted in the course of an hour. Coast and Country think this may well be a record.
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Coast & Country, Hilton Road Open Viewing Event: 23/2/13
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As a result of the event, a number of offers were received on each property. Sales, subject to contract have now been agreed on each of the properties and are being progressed to completed sales. It’s a hat trick !
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| The successful result of a Coast & Country Open Viewing |
For advice on selling your home using an open viewing event contact
Coast and Country
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