Central Indiana’s real estate market is booming, inventory is limited, and homes are moving fast. With fewer than 6,000 active homes on the market, the Indianapolis metropolitan area’s inventory is at an all-time low. That means old tools are being used strategically to benefit buyers, sellers, and Realtors® on tight timelines.
Open Houses are more important than ever in this kind of market. Done right, they can be a convenient solution for both buyers and sellers. Buyers might find that a busy market means busy Real Estate agents, but an Open House can be a great way to check out a new property independently. They also give sellers an organized way to host multiple showings in a single day, reducing pressures to get a home show-ready during a busy work week or take the kids and the dog elsewhere when you’d rather be making dinner.
“There’s a new strategy,” said Brad Baxter. “If a new listing hits the market near the weekend, a lot of times the Open House is the first time for people to see it. Homes that are priced well and show well often sell that same day.”
So, how do you make the most of your open house?
Hit All Five Senses
Even when inventory is tight, it’s important to put your home’s best foundation forward. In a fast-paced market like today’s, you may not get a lot of second chances to sell your home for its best price and terms. Baxter urges sellers to talk to their agent about how they can help make sure their home is 100% merchandised and ready to show. At the most basic level, this means hitting all five senses. “Background music, make sure it’s clean, lights are on and windows are open, things like that,” says Baxter. “First impressions are important.”
Know the Area (and Make Sure Your Realtor Does)
When Baxter, who has been working in Real Estate for 14 years, holds an Open House, he comes prepared to show how the home’s price and features compare to others in the same area. “What I want to be – for anyone who comes through – is a resource of information,” he said. But, he says, sellers and their Realtors® need to keep in mind that the property itself isn’t the only thing buyers are interested in. “They don’t just want to know about the house. They want to know about the neighborhood and the surrounding area. They want to know about the school systems,” said Baxter. So make sure your Realtor® is well versed in the area and ready to talk to prospective buyers about what it’s really like to live there. Are there open spaces in the neighborhood to walk the dog? Do people’s kids play in the front yards? What amenities are nearby?
Drive Traffic to It
To maximize the benefits of an Open House, the right people have to show up. Baxter recommends a mix of advertising and publicity efforts. Don’t skip the traditional route. Make sure to place an ad in the local paper and post signs throughout town. “A lot of people drive through the areas they’re interested in and look for signs on Sunday afternoons,” said Baxter. He might put a yard sign up as early as Monday and directional signs up on Friday.
Boost is another tool that allows Carpenter Realtors to start promoting new listings as fast as possible. Within 24-hours of the home going active, the ads — which run on multiple social media platforms, including Facebook and Instagram — use geo-targeting and people’s recent home searches to make sure people who are in the market for a home know about yours.
With all these stranger-based advertising strategies, it’s easy to forget about the importance of networking. But, most people move within 5 miles of where they live, so Baxter recommends sellers tell their neighbors about the Open House. They may or may not be interested in buying themselves, but they certainly have a vested interest in the neighborhood that makes them likely to share the information with friends or acquaintances looking to move.
Making the most of an open house doesn’t have to mean making huge changes to your home. By taking advantage of your connections, showcasing your community and giving every visitor a positive experience when visiting your home, you can make your home shine and attract a wonderful new owner.