You’ve decided it’s time to dip your toe in the real estate waters and check out some open houses. Great. It seems simple enough really, just go in and take a look. But in order to get the most out of your open house visits (and, if you’re spending your valuable weekend time going to open houses, don’t you want to make it worth your while?), there is a way to go about it. Yes, there is a right and a wrong way to “open house.” Here’s the right way.
Sign in.
Most open houses will have a sign in sheet near the entrance. A lot of people try to skip this. Don’t. If you have a broker you’re working with, list their name and contact info on the sign in sheet. If you’re just getting started and you don’t have a broker yet, include your own details. This way, you or your broker will receive updates if there is a price drop, etc. You never know; this place could be the ONE, and you can always opt-out later if you don’t want the notes.
Take a fact sheet.
You may think you’ll remember everything, but you won’t. There should be a stack of fact sheets beside the sign-in sheet. Take one. It will have pictures of the unit along with all the pertinent information like price, monthly charges and square footage (if it’s a condo). Many fact sheets also show a floor plan, which can be super helpful when you’re trying to figure out if your new sofa really will fit in that seemingly small living room.
Walk around like you own the place.
Because, one day, you might. Envision your own daily routine and how that would fit into this space. Open cabinet doors. Check out the closets. Will your stuff fit? Don’t assume you can add a washer/dryer or make changes like knock out a wall. If you’d like to make any changes, ask the listing agent if it’s possible and then, if it comes to it, have your attorney absolutely confirm before you sign a contract.
Chat up the listing broker.
You can learn a lot by having a conversation with the listing broker. (Note, brokers tend to get more chatty towards the end of the open house.) Ask if they have any offers, why the seller is moving (this tells you how motivated they are), and what the board requires to approve a buyer. While you can’t take everything all brokers say regarding other offers, etc., as gospel truth, you can usually get a feel for whether or not the place could be a feasible choice for you.
Use the helpful tips the next time you’re house or apartment-hunting, and soon you’ll be signing a contract.