Finance Property The pros and cons of open for inspections

The pros and cons of open for inspections

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To open or not to open for inspection? A real estate expert says by following a few simple tips, sellers can increase a home’s appeal and its sale value when they allow members of the public through the front door.

Real Estate Institute of Victoria chief executive officer Enzo Raimondo says it’s important for vendors to find a good real estate agent who provides appropriate advice on how to best present their property.

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He says an agent can offer guidance on marketing techniques and the best way to sell a home including the use of open for inspections (OFIs). But Mr Raimondo points out that vendors should talk to friends and neighbours, and attend local auctions before choosing an agent.

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Picture: AAP

“Work closely with the agent, agree to the right timing for OFIs,’’ Mr Raimondo says. “They need to be when buyers have available time to visit the property, and at an appropriate time of day. Saturday mornings and afternoons generally offer the most potential buyers with the opportunity to view the property.”

The REIV chief says it is important for buyers to prepare the home for an OFI, ensuring it is neat and tidy.

“If required, look to hire furniture, and look at the option of painting, landscaping, et cetera- so the property appears in the best possible light,” Mr Raimondo says.

He adds that on the day of the inspection, owners should open windows to allow for flow-through air. “Where rooms are dark, leave plenty of lighting in the room/s to ensure buyers, again, see the house in its best possible view,” Mr Raimondo says.

He says sellers should minimise the chances of their valuables being damaged or stolen by storing them in secure place and ensuring that agents are always “close to hand during each OFI”.

The REIV spokesman says an OFI is generally a positive tool for sellers, but there may be some hurdles to negotiate.
“The only difficulty with OFIs is for vendors/landlords looking to sell a rental property,” Mr Raimondo says. “Again, agents can assist in negotiating with tenants in a rental property in terms of the best possible timing for an OFI, so that it (the OFI) provides the least possible inconvenience for the tenant.”

Mr Raimondo says despite any potential difficulties for the landlord the OFI is still a key part of the sales and marketing campaign for the property.

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