Navigating Open Houses by Yourself

We frequently espouse the benefits of an exclusive buyer’s agent. However, this does not mean you need your agent’s presence to attend an open house in New York City. Open houses may seem passé in the digital age, but there is nothing like the personal experience. You can likely tour the property online, but this cannot replicate physically walking through the lobby and the unit. For instance, you won’t see the condition of the building or experience a slow and outdated elevator online.

Why go alone?

Your agent may have a scheduling conflict, or you are comfortable looking at properties by yourself since it is only your initial foray.

Perhaps you do not have your own buyer’s agent at this point. While that is fine, try to find your own representation as soon as you can. You want his or her expertise working on your behalf, finding out information and helping you navigate the process. A listing agent is happy to represent you, but this creates a dual agency. It is a confusing relationship, and we have suggested buyers should avoid this situation.

The process

If you have a buyer’s agent, let him, or her know which open houses you plan on attending. If there is a way to register ahead of time, your agent can handle this for you. Walk-ins are usually welcome since the seller is trying to drum up interest. You should make sure it is fine, though, since there are instances when you must have an appointment. These are usually restricted to luxury listings, however.

There is typically a sign-in sheet. The listing agent is likely to engage you at some point, and we suggest being upfront and letting the listing agent know you have representation in if that is the case. In fact, you c include your agent’s contact details when you sign in. The seller’s agent cannot make misleading statements, although you should not expect him or her to impart any information that will help you to the detriment of his or her client. A listing agent owes his or her fiduciary duty to the seller.

The listing agent is trying to weed out serious buyers from casual lookers and even the merely curious. If you have a buyer’s agent already, this could show the seller’s agent that you are indeed looking to make a purchase fairly soon. Having an agent could separate you from someone that is not ready to make a decision, indicated by a lack of representation.

Once you have completed the tour, let your buyer’s agent know. If you are interested, he or she can take steps to follow up. You may want to make an offer or schedule another visit. Your agent can help with the next stage, no matter which direction you choose. Even if you are not interested, you should still communicate this to your agent. That way, he or she has more information to help you find the right home.

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