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What is an open house and how does it help a property seller

Amongst other innovative techniques adopted by the real estate industry, the most successful is an open house. To maximize the footfall, the property is kept open house the whole time or on a specific day and time. In the conventional method usually, a board of open houses is displayed in front of the property for advertisement while a person assists the visitors in their property tour. This technique not only helps in the maintenance of the property but is also beneficial for both rental and for-sale properties. Open house helps sellers in more footfall, fast selling in a competitive environment and to know what are property seekers exactly looking for. On another end, it helps the buyers and tenants to visit a clean and maintained property that can be taken on the spot.

The problem with this traditional approach is low advertisement limited to display boards that can only attract passers or local newspapers for boasting. The other difficulty with this traditional approach is dedicated human resources that can assist visitors in their property tours. These difficulties kept the open house limited to large firms of professional realtors only. Open house is a well-known technique in the rest of the world but yet very alien to the real estate market of Pakistan. Though some property sellers have adopted it in traditional ways and use it for quick competitive selling no MLS to date has owned it.

Michni is pioneering in introducing this technique in the real estate market of Pakistan and has kept it initially absolutely free for its users. Furthermore, they have refined this technique in very innovative ways that any property seller can adopt without additional costing and in very friendly manners.

How to make a property Open house with Michni?

Michni has simplified the process of keeping a property open house. Once the property is approved for listing, an option appears on the advertiser’s dashboard to make it an open house. A seller can keep it open house 24/7 for fast track or can choose to keep it open house on any day and timing of his (er) convenience. I want to avoid calls, the advertiser can simply provide the complete address of the property or otherwise can choose to receive calls.

How does Open house help the sellers in fast-selling?

An Open house creates a competitive environment by mass footfalls on a first come first serve basis. Here, the seller gets a wider range to select the better offer from tenants and buyers. Furthermore, in this face to face meetings, a seller develops a better understanding of what are exactly the property seekers looking for. Additionally, the seller can expect rapid conversion, low turnover and high returns of his (her) maintained property.

How is open house convenient for property seekers and how does it help them to find better properties?

Usually, it is very difficult for property seekers to shortlist the properties and find a day off to schedule visits. Open house simply offers them a choice to visit available properties any free time with or without scheduling their visits. Furthermore, an open house is a sort of property display where a property is kept open house only when it is clean and maintained.

Can open house help professional realtors and how can it contribute towards their revenue growth?

Unlike, individuals with a busy routine, the realtors can afford to keep the properties open house 24/7 and therefore can multiply their sales multiple times. Furthermore, unfortunately, in Pakistan the most of the time, a property owner enlists his (her) property to many brokers and even in case of maturity, avoids paying commission amount or deducts it at least. With the open house now the realtors will have the choice to get executive rights of a property that ensures their commission amount. A realtor firm can choose to provide staging services and thus can extend its product line for additional revenues.

Can open houses create more opportunities in the real estate market?

Open house is a famous and well-designed innovative technique that can result in more jobs and new opportunities in the market. Staging can be one of the many opportunities where a staging company can stage the premises with their furniture, electronics, wall hangings, and decoration pieces. This astatic addition is a proven technique of fast selling where a purchaser instead of touring empty premises, can visit the fully staged property. The buyer here gets the choice to get a fully furnished property or otherwise the staging company after receiving their cut, simply moves it to a new location. Open house can create opportunities for maintenance companies, representable individuals, cleaning companies, staging companies, and many others.

How can I find Open house properties in my city?

Michni currently displays open house properties amongst other available options in the real estate market. Such properties bear a tag stating open house and additional information of the date and time is displayed on the property card.  Soon Michnil will design dedicated pages to assist you in-depth.

Do I need to pay more to advertise my property open house?

Initially, Michni has kept this advertisement free for all its users and anyone can make the property open house after approval. Simply click on the open house option appearing, provide the date, timing and it's done. If you don’t want to schedule visits, simply provide a complete address and mention it in your advertisement.

If success is a process with a number of defined steps, then it is just like any other process. So, what is the first step in any process?

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