Here are a few tips on how to make the most of attending open houses.
Wear your poker face. If you fall in love with a house, don’t let the hosting REALTOR® (or anyone else) know it. If you end up making an offer on the home, you may weaken your negotiating position.
Don’t stay too long. If you’re looking at a home for a 20 minutes or longer, this signals the hosting REALTOR® that you have a serious interest which can again weaken your negotiating position. If you want to spend more time looking at the home, come back another time with your agent. However, if you’re having a useful discussion with the hosting REALTOR®, then don’t worry about how long you’re at the home.
Ask questions. You may be surprised how much information the hosting REALTOR® will share. If you are looking for a REALTOR® to help you buy and/or sell a home, this will help you determine how service-oriented the agent is. Is the agent more focused on helping you or selling you a home that may or may not be right for you?
Ask the hosting REALTOR® if he or she is the listing agent for the home. Knowing whether or not the hosting REALTOR® is the listing agent will help you evaluate his or her answers to your questions. Listing agents have a responsibility not share their sellers’ confidential information. If you ask why the sellers are selling and it’s because of a divorce, the listing agent won’t tell you that unless the sellers have said that it’s ok to share that. If you want to make an offer on the home, you should also know if the hosting agent is the listing agent. I recommend you not make an offer through the listing agent since it will be a dual agency situation. If you aren’t working with a buyer’s agent and want to make an offer immediately, ask the listing agent to get another agent for you. You should be working with a REALTOR® looking out solely for your best interests.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at
fran.bailey@bairdwarner.com or call 773.793.4516.
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Fran Bailey, Realtor
