What is a Deferred Showing? and Pros and Cons.
First, let me clarify what a deferred showing is. Generally, when an agent puts a new home on the market, it’s available to see. Sometimes agents will list the home and note that the first showings will happen three to seven days after the listing has gone live. It’s pretty common that a scheduled open house will be the first opportunity for a showing. In this post, I’ll explain the pros and cons of having deferred showings. Used correctly, it can get you a good price for your home. Used incorrectly, it could leave your home sitting on the market for weeks! God forbid.
The Pros of listing with Deferred Showings
The biggest benefit and most common use for deferred showings, is that is generates buzz. It’s a great way to really build demand. Letting the listing sit on the open market for a few days before anyone can see it guarantees that it will get in front of plenty of potential buyers even before you get your first offer. It makes buyers feel comfortable, knowing they’ll get a chance to see the property before any offers are accepted. Once they see it, they’ll probably also know whether or not there are other interested buyers working with the same deadline. This is going to encourage buyers to make more competitive offers.
While your home’s listing is active and being sent around by agents, you have some time to clean things up before the first showings. This isn’t a huge advantage, because at this point everything should be in order. But if not, you’ve got a few days to completely relandscape the yard.
In today’s climate, it’s also a great way to minimize showings. If you’re house is priced well in a competitive market, your house should sell after the first open house. Even if the agent isn’t doing an open house, the first day of showings will probably have multiple buyers come through.
The Cons of listing with Deferred Showings
Having a strict schedule about when showings will take place could turn away potential buyers, especially in a growing city like Boston, where many relocate from out of town. Believe it or not, there are times when someone comes into the city for just a day to find a new home. You’re home could be perfect for them and they could be qualified to make a strong offer, but will never see your home because they flew into town two days too early.
Another con would be that creating such buyer momentum and demand could make for a tense deal. The buyers could have ended up in a bidding war, and in the heat of the moment gone too far. Your home is your biggest asset. And anytime large amounts of money are involved, it can get stressful. A competitive home buying situation can only exacerbate that.
If you have any questions about deferred showings, and if they could benefit your home’s sale, give me a shout! You can reach me at 617 528 8461 or willy.charleton@nemoves.com.