Should You Let a Buyer Stay in Your Home?
Most sellers would have never even considered allowing a serious buyer to spend an evening in the home they are selling. But multiple reports conclude that it might be a winning strategy. A prospective buyer, after spending a relaxing and fulfilling night in the home they are thinking of purchasing, may serve to psychologically draw the him closer to a decision.
In a recent article in Realtor.com, Bob Kanjian, director of sales at AV Homes says that in the two adult communities where he sells properties, prospective buyers are offered an opportunity to pay a reasonable rate to stay a few nights in the home they are considering purchasing to determine their comfort level. The results were enormously successful. Fully one-third of those who spent a few nights at the property they are considering, end up buying the home. This is a rate three times higher than those who don’t spend a night.
Also, spending a few nights may not only add a level of comfort about the home itself, but also serves to raise the comfort level of the buyer in terms of the overall condition of the home and its amenities: how well the dishwasher works, how good is the shower, the lighting at different times of day, etc. Possible concerns about noise levels would also be addressed. Also, if you do it - do it right. Allow use of the barbecue, pool, or other amenities so that the buyer can experience all the benefits your home has to offer.
Further, the sleepover helps the buyer get a feel for the community and neighborhood (learning the roads, sampling the restaurants, the shopping options, etc.).
An article in this month’s MarketWatch concurs that the new technique of allowing sleepovers may give you an advantage in the competition against other sellers.
In the HGTV reality show, “Sleep on It” and TLCs “Date My House,” buyers sometimes spend a night in the home they’re considering purchasing. Surely, this is an indication that this new sales technique is spreading.
Pat Skiffington, an Orlando broker, with the firm Keller Williams says, “Buyers are being more selective. … This is one way sellers can make their homes stand out.”
U.S. News and World report adds that permitting buyers to spend an evening or two, would let them get a better idea of how their furniture would fit into the space compared to the short, standard viewing. Is the kitchen big enough for the kids? Does the dining area accommodate the number of guests you usually invite for dinner, etc.
But a few points of caution are in order: Try to be as sure as you can that the prospective buyer is a serious one.
Secondly, consult your attorney who will probably advise you to ask the buyer to sign a waiver absolving you of any responsibility for any injuries that may occur during their stay. It’s also reasonable to ask the buyer to make a deposit to cover potential damages to your home.