What Do You Do At Real Estate Open Houses?

Open houses are commonly associated with real estate as a way to open up a home to the public and showcase the property that is for sale. Although it’s a great time for a walk-through, many people are unaware of what to expect at real estate open houses or what goes on during the event.

 

Explore the Property

Open houses give other people in the community a chance to look at the features and details of the house to get a closer look than when passing by. Only so much can be experienced on the street, but once walking into the home, it easily sparks buyers’ interest who can easily be sold just on the interior of the property.

 

Ask Questions

Houses are rarely sold without a series of questions asked by the buyer, making an open house the right time for the agent to provide answers without anyone feeling rushed. It makes it easier for the agent to showcase the best features of the property first-hand and form a relationship with potential buyers.

When owners are not present at the open house, it makes it easier for the difficult questions to be asked without visitors feeling hesitant or intimidated.

 

Advertise

Open houses are often hard to miss in communities where it’s a time to advertise both locally and on the Internet. Agents often display large signs in different neighborhoods that direct drivers to the property, along with advertisements on several real estate sites.

The open house can also be featured alongside the latest real estate news in the community online or in newspapers, making it easy to attract those in the market for a new home.

 

Crunch Numbers

For buyers, the offer they are willing to make when they want to invest in real estate is dependent on the condition of the home and any underlying issues that may be present. If appliances are outdated or a roof needs to be replaced, it will factor into the offer made, making it easier to calculate an appropriate offer during an open house.

It can also be a time for the agent to explain the price of the home and what features have been remodeled or upgraded, between light fixtures to granite countertops in bathrooms, to highlight the home’s best features in a positive way.

 

Create a Cozy Atmosphere

A house is never truly a home through photos of general real estate listings when people search for property online. By welcoming them in to a friendly environment with fresh cookies or treats available, it allows them to view it as a cozy property that has attractive decor and a warm setting instead of just a stranger’s house.

It can be difficult to imagine the potential of any home, but with an open house the agent works to furnish the property in a way that complements its features and makes it feel like home between fresh flowers displayed in the kitchen to decorative towels hanging in the bathrooms.

 

Visit MalaysianToday.com.my for more property stories.

How to Ascertain Your Property’s Value

Investing in real estate is a great long-term option. However, most people don’t realize that there are several ways to go about this. One option that is sometimes overlooked is to rent out your property. Whether it’s a house for rent or an apartment for rent, this can be extremely lucrative. Of course, renting a house will be more lucrative, but it will also require more of an investment. If you want to start at the bottom and work your way up the ladder, then it’s recommended that you go on the hunt for an apartment for sale, purchase that apartment and then use it as a property for rent. Once you figure out how to rent your property for the best returns, then you can find a house for sale and take the same approach. In most cases, homes for sale will be a significant investment. However, it’s also possible to find an auction property, which can dramatically reduce your cost. Most people don’t bother with auction properties because they’re not familiar with how the system works. That’s unfortunate for them. If they were willing to put in just one day of research, they would have the potential to reduce their cost by tens of thousands of dollars.

After you have found a property for sale and spruced it up so you can rent it out, you have to then determine the property’s value. This might sound difficult, but it’s actually much easier than you think. The first step is to look at other properties in the area. How much do they sell for? Try to find homes, condominiums, bungalows or apartments that are similar to the property you will be renting out. For example, try to find properties with similar square footage, acreage and amount of bedrooms and bathrooms. Overall features are also important. Also consider location. If another property is similar to yours in every regard but it’s on the beach, then the price of that property should be disregarded.

When determining the price of your property, try to compare to homes that are 1-3 blocks away. After doing a little investigating, you should have a good sampling of what your property is worth. From that point, you will be able to upgrade the property a little, which will then give you an opportunity to make more money on renting it out.

A lot of investors tend to go for apartments and homes simply because they’re the most common, but a condominium often offers the best returns. The reason for this is because a condominium is usually looked at as a step up from an apartment, yet the cost isn’t considerably higher. Therefore, while your cost remains low, you have more justification in raising rental prices. If you don’t want to begin with a condominium, you can begin with a bungalow instead, which is often a unique, fun and profitable experience.