Property inspection is one of the most important marketing tools that a seller has at his or her disposal. Property inspections are so powerful that these can either make or break the buyer’s decision and form an important part in selling homes.
Inviting strangers to be a part of the process can be a daunting task. However, it is equally important to have a better idea of the space and finer details of the property for the buyers who may open up cupboards, drawers and other intimate areas, making it quite intimidating to the sellers, to say the least.
It is crucial to remember that there are two types of property inspections.
A seller can either arrange:
- Open Inspections
- Private Inspections
You can arrange open inspections or can even offer private tours of the property when selling a home.
The sellers usually hire real estate agents to help them in the process. If you are looking forward to selling your home, contact Manny Singh, an experienced real estate agent who serves in the areas of Hampton Park, Pakenham, Narre Warren and nearby suburbs.
A real estate agent as seasoned as Manny Singh will guide you on the type of home inspection you must go for. Hiring the seller’s agent will always be beneficial. So, do not waste time, just contact Manny Singh and get the best price for your property.
Now, getting back to the topic, both types of home inspections offer numerous benefits but may also have different consequences based on how inspection process is managed.
It is quite helpful to have a qualified real estate agent by your side, especially when you start planning for open or private inspections. Because the real estate agent will know the best how to manage the buyer’s expectations. Also, there are so many real estate agents in the market, one must definitely compare local real estate agents before finally hiring.
Now, let us look at the advantages and disadvantages of both types of inspections.
Open Inspections – Advantages
Open inspections were necessary before and even now. In an open inspection, the real estate agent sets a specific time and date for the potential buyers to drop by and walk through the property for viewing.
The open home inspection event is publicly advertised so that the interested buyers and their real estate agents can plan ahead for it and arrive with some questions.
One of the main benefits of opening a home inspection is that it is for a wide range of buyers at a time. This can include different buyers such as:
- Those who live in the neighborhood are interested in buying.
- Those who might think of buying in the future but are not interested in making any commitment.
- Those who are not sure what they are looking for but are willing to view a variety of properties to figure out.
The last two types of buyers might not take the initiative to arrange the private inspection at this point in their search for property, so you can only reach out to them with an open inspection. In order to try and maximize the volume of attendees at an open inspection, they are held on weekends.
Practically thinking, open home inspections offer the ability to showcase more potential buyers through the home at the same time rather than arranging separate tour dates.
Open Inspections – Disadvantages
- The downside to this type of open home inspection is that it opens up the door to anyone who wishes to come and see the property. The downside is that many times, property is damaged or the items in the property are manhandled.
- You will have to make extra efforts to ensure that the valuable items are kept safe. However, now things have changed a lot. Many real estate agents ask the visitors to show their ID card, they record their name and phone number in the visitor’s book at the point of entry. This serves two main purposes such as not only being able to deter shady individuals but they can also go back and contact the interested buyers.
- Another disadvantage is that open home inspections do not give the opportunity to have face-to-face chat with the prospective buyer. This is because when the crowd is huge, it gets difficult for the real estate agent to have a personal chat with every buyer.
- Although the real estate agents will do their best to speak to buyers and qualify the ones who are serious, some buyers might fall through the cracks.
It will be great to choose a real estate agent who is knowledgeable about the local area. You can also compare and select the right real estate agent to handle open inspections, which will be free, with no-obligation to receive real estate agent’s proposal.
The right real estate agent like Manny Singh will talk about the positives of your property in a personal way with every buyer whenever possible, providing more information than what they would get in a brochure.
- Another issue that may arise is that when the number of people is huge, it can put off some shy buyers. Asking shy buyers questions can be difficult and they might not have enough time to spend on examining the finer details of the home.
Buyers might also be put off if they hear negative remarks from other visitors. This can be true even if it is vice versa.
Private Inspections – Advantages
Apart from open home inspections, private inspections are also becoming popular. In fact, private inspections are becoming more popular than open inspections. In the private inspections, the buyers can be screened ahead of time to ensure that they are serious and can be trusted.
Also, the buyer will have to meet financial screening requirements before they can arrange a private tour of the house, to prove that they can afford the property.
This is also beneficial for the buyer, who will have enough time to ask questions and build a strong rapport with real estate agents.
Private inspections run on a flexible schedule. If there is bad weather or if something comes up at the last minute, rescheduling of the tour can be done. By contrast, open inspections are advertised to a larger audience.
Private Inspections – Disadvantages
· In some cases, vendors will get lucky and find an interested buyer after only a couple of private inspections. However, sometimes, you may have to arrange more inspections which can take time and can be invasive.
· It is usually best to schedule private inspections on weekdays when your real estate agent is free to show the home to buyers. Else, you might have to pay an extra surcharge to show the property at weekends.
Although it might seem like limiting your inspections to weekdays will cut down on the number of buyers, which will weed out those who are less than serious.
In the end, it will be best to choose an inspection method that suits your needs.
Some real estate agents may wish to push for an open home inspection because this would require less time on their part.
If this is not what you want, stay firm and also find a real estate agent who will offer private inspections.
Bear in mind that real estate agents have busy schedules and will try to sell other homes as well as your own, so open inspections might benefit them.
Open inspections give them a steady stream of new potential clients because most people who are interested in buying also have a property that they might want to sell. Make sure you put your needs before the convenience of your real estate agent.
Choose open inspections if they are more convenient for you, rather than something you have been pressured into by your property agent.
The next step should be hiring a suitable real estate agent. You can reach out to Manny Singh, the best real estate agent serving his expertise in the areas of Hampton Park, Narre Warren and Pakenham. Drop a call now.