Performing Open Inspections

Open inspection times
When selecting open inspection times for your property you need to choose times which are convenient to potential buyers. Inspections should be held outside business hours or on weekends for a maximum turn out rate. Saturdays from 9:00am to 1:00pm are a popular time for open inspections. Many properties also have open inspections after work during the week. Anytime after 7.00pm is generally helpful to potential buyers as it provides them with the opportunity to view your property after work.

Promotional Material
Each potential purchaser should receive a brochure detailing the property’s features. This reminds people of the property after they have left the inspection. Property brochures should contain the following details:

• Photos of the property
• Address of the property
• Brief description of the property
• Summary of property features
• Your name and contact details

Other details that could also be included are proximity of transport, shops, schools or other attractive amenities close to the property.

Promoting an Open Inspection
You should include open inspection times on all advertising & marketing material for your property. It is essential to make sure the dates and times you include are accurate. Potential buyers will not be impressed if they go to an open inspection and there is nobody there to show them the property.

Mentally Preparing for an Open Inspection
During an open inspection serious potential buyers will ask many questions in an effort to gather as much information as possible about your property. So you can confidently and easily answer any questions, you should prepare a brief Question & Answer (Q&A) Sheet. This Q&A Sheet is not to be given to potential buyers, but rather it is to help you mentally prepare for any questions you may be asked once an open inspection begins.

Download and print our Q&A Sheet and revisit your Property Appraisal Form and Property Pricing Form. What you need to do is list in the Q&A Sheet all of the negative features outlined in your Property Appraisal Form. It is these negative features which potential buyers are likely to ask questions about.

What you need to do for each of these negative features is create a positive spin for them which can be used as an answer for likely questions potential buyers may ask. There are two methods commonly used to create a positive spin:

Leverage against other properties – leverage your property’s negative features against features of currently listed properties in your neighbourhood, as you outlined in your Property Pricing Form. An example could be. I know the 2 garages are only small but if you look at similar properties listed in this area most of them only have 1 garage.

Leverage against other features – leverage your property’s negative features against its positive features so it draws attention away from the negative feature. An example could be. I know you were looking for a property with a gas kitchen but this property has a brand new kitchen with state of the art electric appliances.

You should prepare an answer for all questions you think you could be asked in relation to each negative feature. Just before you hold an open inspection read over the Q&A Sheet to refresh your memory.

On the Day
There are few things you should consider doing on the day of an open inspection:

• Most importantly make sure the property is clean and there is no clutter or unnecessary things lying around.
• Make sure the kitchen and bathroom are spotless and perfectly clean. All dishes should be put away and fresh towels hung in the bathroom. Note: Buyers pay particular interest to the cleanliness of these two rooms.
• Mow the lawn, if possible, on the morning of the inspection which releases a fresh grass aroma in the air.
• Open all curtains and blinds to let in maximum light. In darker areas of the property turn on lights as buyers like a property to be bright and light.
• Buy some flowers to brighten the house.
• Make sure the house smells welcoming and fresh. You could open all windows before the inspection to let fresh air into the house. However, unless it is a warm day make sure the windows are closed for the open inspection.
• Make sure the temperature of the property is welcoming, not too hot or not too cold.
• Make sure all televisions and stereos are switched off or just play some relaxing background music.
• Take all pets around to a neighbours place or get some one to walk them during the open inspection.
• Have the least amount of family members present during the open inspection, especially children.

Open Inspection Sign – Don’t forget to erect your Open Inspection sign on the street during an open inspection. Read this article to learn more about Open Inspection signs.

Greet people – Try to talk to prospective buyers individually if possible. Introduce yourself and let them know you are the owner and that this is a private sale. Many potential buyers will be refreshed to hear you are not a real estate agent and will be more likely to engage in conversation with you.

Contact Details Sheet – It is important that once you greet potential buyers you get their full name, contact number, email and how they heard about the property. This shouldn’t take more than a few minutes for you to record and is essential for your marketing campaign. To help you do this download and print our Contact Details Sheet and use this to record details of people who view your property.

Promotional Material – Once you have the potential buyer’s details you can give them an information brochure highlighting the features of the property.

Engage in Conversation – During the inspection of your property by a potential purchaser you should try to engage them in conversation. You should attempt to ask as many probing questions as possible as this information will help you in negotiating the sale with them. Some probing questions you can use to gather information include:

• What are your thoughts about the property?
• Do you think the property is reasonably priced?
• Have you looked at many properties in this area?
• How does this property compare to similar properties you have viewed?
• Do you have approved finance?
• Is this property within your price range?

Security – For added security it is best to have two people perform an open inspection. One can record the details of potential buyers and discuss the features of the property, while the second person can keep an eye on people who are walking through the property.

It is also a good idea to make sure you leave no valuables lying around and that valuables are locked away in a safe place or alternatively take them to another location off the premises.

After an Open Inspection
In the days after an open inspection make sure you follow up on all enquiries and requests from potential buyers who attended the open inspection. You should make contact with all potential buyers who attending the open inspection investigating whether they are interested in the property.

During the open inspection you received feedback from potential buyers who viewed the property, in regard to where they heard about the property, whether they believe the property is professionally presented and priced. Use this information to revisit your advertising & marketing campaign to see whether anything can be done better.

Disclaimer: All information provided in this blog does not come with any guarantee in relation to its accuracy. This is our opinion in relation to issues relating to the real estate industry. Privatepoint or its employees will not be help liable for any liabilities, expenses, losses, damages or costs, that may be incurred by you or a third party as a result of or in connexion with use of this information.