Attending Open Houses and Private Showings in Philly

You’ve amassed a sizable savings account and have been researching the Philadelphia real estate market for the past few months. The next step is starting your home search. In the early stages, it’s recommended to view as many properties as possible to familiarize yourself with the current market.

The best way to do that is by attending open houses in Philadelphia. Open houses allow you to see properties around your budget and get a sense of which factors impact value. 

When you eventually find your dream home, you will have viewed enough properties to know that this is the one you want to pursue.

No doubt you’ll find some places you love, and others that leave something to be desired. But by viewing all of them, you’re able to acquire as many data points as possible. That way, you’ll be well-informed when it’s time to make the move on your eventual home.

Here are some tips on attending open houses and showings in Philadelphia.

How do I find out about upcoming open houses?

In the old days, it used to be a chore to search a bunch of real estate sites and write down addresses and open house times. 

Fortunately, Prevu streamlines that process for you by sending you a weekly open house guide with every upcoming open house that meets your property criteria. You can create a free account to browse listings and begin receiving regular property and open house alerts.

Can I attend open houses without an agent?

You can absolutely attend an open house on your own. At the open house, the listing agent or an associate will be present to welcome and sign you in. They are there to show the property and answer questions.

Make sure to introduce yourself and sign yourself in. If you want to receive a buyer commission rebate on your purchase (more on that later), be sure to list Prevu as your broker or representative. Once you do that, walk around the property and get a feel for the home. 

One benefit of attending an open house, particularly if you go towards the end of the event, is to gauge how much interest there is in the property. Was the open house busy while you were there? If you can see the sign-in sheet, take a look at how many people came in ahead of you.

Knowing this will be useful if you decide to submit an offer, since you can get a sense of how competitive the bidding process might be for this home. 

Can I ask the listing agent questions?

It’s fine to ask the listing agent basic questions about the property, but do keep questions limited to the property itself. Questions about the type of flooring, or if there’s a tax abatement are OK. It’s better to save the more in-depth questions about financing or the purchase process for your own buyer’s agent. 

Having a poker face, even if you love an apartment, is in your best interest in most cases. The only exception would be if you’re speaking directly with the homeowner, in which case it often helps to show a genuine interest and affection for the home.

What if I’m unavailable on the day of the open house?

If you’re unavailable on the day of an open house, your buyer’s agent should be able to book a private tour. With Prevu, buyers can request private showings with the click of a button online with our Smart Buyer™ platform.

While you can speak more freely with your agent during a private tour, best practice is to speak more in-depth a block or two away from the property. After all, many homes now have video security systems that also record audio — it’s often best to keep these conversations private before entering into negotiations.

What if the listing agent calls me?

If a listing agent calls you after an open house, let them know that they should direct all inquiries to your agent. If they continue to reach out, however, most definitely let your agent know so they can speak directly with the other agent. 

Is there any downside to having the listing agent represent me?

This is called dual agency and can open a buyer up to a number of risks. When a buyer agrees to be represented by the listing agent (seller’s agent) they are also giving up some of their rights. By agreeing to dual agency, the agent is no longer able to offer undivided loyalty to either the buyer or the seller. 

When buyers come to an open house unrepresented, they may open themselves up to a dual agency situation where they aren’t the agent’s first priority. When sellers sign a listing agreement with their agent they typically agree to pay 5-6%. This amount is generally set regardless of whether the buyer has a buyer’s broker or not.

Remember that sellers receive no benefit from you being unrepresented, dual agency only benefits the listing agent. Therefore, it won’t make your offer any more attractive to the homeowner.

Hiring your own buyer’s agent ensures that you have unbiased expert advice from someone who only has your best interest in mind. And when you work with Prevu, you can also get back up to 1% of the purchase price with a Smart Buyer™ Rebate — a benefit that you would not have if you signed with the listing agent.

Be aware that new developments may have different rules

New townhome communities or condo buildings that are under construction may require you to visit the showroom or sales office with your agent the first time you tour the property. Otherwise your agent may not be eligible to receive a commission. So, if you are interested in a "new construction" condo or townhouse, let your agent take the lead in scheduling the showing.

New construction real estate transactions can be tricky, so having an experienced agent is a must.

Getting ready for your first open house in Philadelphia

Going to your first open house is exciting, but shouldn’t be stressful. Feel free to dress casually, but stay away from anything that might turn off sellers or listing agents (ripped pants, potentially offensive T-shirts, etc.).

If you’re unfamiliar with the neighborhood, plan to arrive a bit earlier to give yourself a chance to find the property. It’s also recommended that you walk or drive around the area to get a sense of the local amenities and energy to make sure it fits with your desired lifestyle. Is there a lot of noisy traffic nearby? Will you be able to shop for groceries and transfer them from the car to the home easily?

The open house is an opportunity to see a home’s inside and outside, but also remember to consider the surrounding locale and how it will impact your daily life.

If you have any questions please feel free to reach out to the Prevu team or start to browse listings in Philadelphia.