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Open houses are a great way to drive traffic to listings and attract potential buyer clients, particularly if you’re a newer agent. It’s a chance to showcase the property, drum up interest and meet prospective buyers face-to-face.
While hosting an open house can be fruitful, it can also be stressful, especially when prospects pepper you with all sorts of questions. When they do, you need to be ready with the answers, so here are 24 questions to prep you for your next open.
Why are they selling?
Most buyers want to know why the owners are choosing to sell now, and while you don’t necessarily have to tell them, if you have a quick and easy answer, it could help put potential buyers at ease.
Is the price negotiable?
Part of an agent’s job is to negotiate, but when buyers ask if the price is negotiable, it’s best to avoid answering the question directly since it could compromise your obligation to work in the seller’s best interests. Instead, you can encourage potential buyers to submit an offer and assure them you’ll present it to the seller.
What school district is the house in?
Schools are a major draw for many buyers, so make sure you not only know the school district that serves the house, but also the specific elementary, middle and high schools. If people want to know whether it’s a “good” school district or a “good” neighborhood, refrain from giving yes or no answers (you have to tread carefully with anything that might end up violating Fair Housing laws) and simply advise them to search the ratings published online.
Is the home part of an HOA?
Homeowners Association (HOA) fees and policies can play a major role in a buyer’s decision, so you should know if the home is part of an HOA and, if it is, whether there’s a fee and/or any special assessments.
How much are the taxes?
The estimated tax bill is probably already on your MLS sheet, but it won’t stop open-house attendees from asking. Before hosting an open, get a general idea of the annual property tax bill by asking the seller or searching for the property details in county records.
How old is the roof?
New and seasoned buyers alike want to know about the roof, so the more information you have, the better. At the very least, you should know when the roof was last replaced. It’s also helpful to know the type of material used and if the roof has a transferable warranty.
What is the electrical service amperage?
Newer appliances demand more power, and with so many people working from home, buyers may want to know the amperage of the electrical service. While most electrical systems have between 100 and 200 amps, some older houses may have as little as 60.
When does the seller want to close?
Some sellers want an extended closing while some buyers are looking to move ASAP. That’s why you should always be prepared to answer prospective buyers who want to know the seller’s preferred closing date.
Does the house need any work?
This seemingly obvious, open-ended question might be tough to answer, but that won’t stop people from asking it. Since every buyer has different preferences, this is a good opportunity to tell them about any material defects.
Has the owner made any updates?
The more you know about the history of the home, the better. To help your sellers get top dollar, you should know all about any major upgrades and updates, both functional and cosmetic.
What’s the fuel source for the heat?
Buyers may want to know how the heating system is powered, so don’t be surprised if someone asks whether the home uses electricity, oil, natural gas or another energy source for the heat. The sellers will usually have the answer to this question, but if they don’t, you should be able to find it in the county records.
How old is the water heater?
A water heater isn’t a high-ticket item, but it can definitely cause a major headache if it leaks. That’s likely why this question often comes up at an open house. You can usually find the date of manufacture on the unit or encoded in the serial number.
Is the house in a flood zone?
With the risk of flooding on the rise, buyers have become increasingly aware of floodplains and other areas prone to natural disasters. If you’re not sure whether the house is in a flood zone, you can enter the address on the FEMA Flood Map Service Center web page.
What’s the seller looking for in an offer?
While many sellers prioritize the highest price, some sellers value a quick closing and no contingencies. Regardless, you should have an idea of what’s most important to the seller in an offer.
What are the estimated utility costs?
One piece of information that isn’t apparent and won’t be on a disclosure is the cost of utilities. Questions about the average cost of electricity, water, gas and other utilities are bound to come up at your next open.
Are there any liens on the property?
A clear title is often a dealbreaker for buyers, leading some buyers to inquire about any liens or overdue tax bills. Though there may be issues that come up during the title search, if you know of any unsatisfied liens, you should always answer this question honestly.
Have there been any leaks?
Leaks can be destructive and costly to fix, whether from faulty roofs, foundations or plumbing, making the question of whether there have been any leaks among the most common ones you’ll get at an open house.
Are there any underground oil tanks on the property?
Underground oil tanks were commonplace until the 1980s, when EPA regulations put the onus of underground storage tanks squarely on homeowners. Underground storage tanks come with safety and liability concerns, which may lead some buyers to ask if any are present on the property.
Is the seller willing to include any furniture?
When touring a property, some buyers may fall in love not only with the home itself but also with the furnishings. If this happens, the buyer may want to know if the seller will include some furniture in the sale or as an additional purchase.
What types of financing will the seller accept?
Buyers who plan to use non-conventional financing – such as a Federal Housing Administration (FHA) loan – will often ask what types of financing the seller is willing to accept.
When was the HVAC system replaced?
Similar to roofs, HVAC systems can cost a pretty penny to replace. For that reason, buyers will often ask about the age of the heating and air conditioning units. If you’re not sure, you might be able to find the manufacture date on the unit itself or encoded somewhere in its serial number.
Sewer service or septic tank?
Septic tanks require some maintenance, leading some buyers to ask whether a home has a septic tank or is connected to the city sewer system. Most homeowners will know if they pay a sewer fee, but this information is also typically contained in county property records.
Why hasn’t the house sold yet?
Though this question was formerly reserved for homes that were sitting on the market for several months, you may encounter buyers who are concerned when the house hasn’t sold in the first week or two.
Have there been any issues with pests?
Rodents, termites and other insects are undesirable guests in any home, so it shouldn’t come as a surprise if a buyer wants to know whether the house has had any issues with them.
These 24 questions can be essential to understanding what information buyers are looking for, and important conversations to have with sellers so they have time to collect this information for you to provide to buyers. Be the informed agent and the best source of information you can provide to your current and future clients.
Jonathan Pressman is a Realtor who writes on a wide range of financial topics. Connect with him on LinkedIn and Instagram.
