A Buyer's Guide to a Successful Open House

When a home goes on the market, an open house is often considered an important first step to debut the property once updates have been made, clutter is cleared and staging furniture is selected to appeal to the widest possible audience.

An open house can be an equally crucial part of the homebuying process for buyers – not just to view and potentially find a next home, but to become acquainted with homes on the market, scope out competing buyers and strategize for putting in an offer.

But an open house is also where a lot of buyers can make mistakes, says Dana Bull, a real estate agent for Harborside Sotheby's International Realty in Boston. She says popular house-hunting TV shows make many homebuyers think it's typical to voice opinions during an open house.

"They'll say, 'Not enough closet space,' or even, 'The kids are going to love it.' It's not in your best interest to say much of anything," Bull says.

Regardless of your thoughts on the home, it's best to remain mum until you're out of earshot of the listing agent and possibly competing buyers, as that gives you the strongest possible negotiating position.

"Buyers might be quick in a colloquial or kind of chatty way to disclose information about their own financials, about their own timeline, what they may or may not be looking for and, even further, maybe voicing their interest in a whole new way that may make it difficult to negotiate strongly for them down the line," says Ian Katz, principal real estate broker for the Ian K. Katz Group, based in New York City and Westchester, New York.

Bull and Katz both prefer to attend open houses with their clients whenever possible, not only to help keep negotiation strategies in mind, but also to treat the open house as a learning opportunity for buyers, especially if they're not sure what to expect from the market.

Bull often works with millennials and first-time homebuyers, and she says open houses are a good tool during the early stages of house hunting to set expectations for what various price points can afford in the area. "For each house we go to it's about creating a case study about value," Bull says.

Here are eight things you can do to maximize your next open house visit.

• Check out the area.
• Put on your poker face.
• Feel free to tell the agent you're just browsing.
• Bring your agent, when possible.
• Have your agent do the serious talking. 
• Focus on the home's big-ticket features.
• Try for a private showing as well.
• Time your offer strategically.
  
  Rick Kurtz is CEO of Resource Dynamics a real estate success training company. You can read Rick Kurtz Reviews on his website.
  
  Source: http://realestate.usnews.com/real-estate/articles/a-buyers-guide-to-a-successful-open-house