Humber/Ontario Real Estate Course 3 Exam Practice

What should a broker/salesperson advise when a seller with valuables prefers an open house for a high-end home?

1. Immediately agree to conduct an open house, as it is the best way to market this home.

2. Immediately agree to conduct an open house, but ensure that the seller hires some form of security for the duration of the open house to watch over any valuables.

3. Suggest to the seller that she should be present to watch over any valuables, as well as taking over for the broker/salesperson if he or she is called away on another business matter.

4. Suggest to the seller that, while an open house is appropriate for many houses, she should seriously consider viewing by appointment only given extensive valuables in the house. If ultimately an open house is needed, special precautions are needed to minimize the risk of theft or damage.

5. Immediately reject the idea of an open house and suggest only private showings with security personnel present.

6. Recommend a virtual open house to maintain security for the seller’s valuables.

The correct answer is: Suggest to the seller that, while an open house is appropriate for many houses, she should seriously consider viewing by appointment only given extensive valuables in the house. If ultimately an open house is needed, special precautions are needed to minimize the risk of theft or damage.

The correct answer recognizes the inherent risks associated with hosting an open house for a high-end property that contains valuables. While open houses can be a useful marketing strategy, they also create an environment where many potential buyers and curious onlookers can enter the home without any prior screening. This raises the chances of theft or damage to valuable items. By suggesting that the seller consider viewing by appointment only, the broker/salesperson emphasizes the importance of safeguarding the seller's possessions while still potentially accommodating interested buyers. Additionally, if the seller ultimately decides that an open house is the best approach, the advice to implement special precautions reflects a responsible and proactive attitude toward risk management. This could include hiring security personnel, restricting access to certain areas, or advising the seller to remove high-value items from the premises. This response balances the need for effective marketing of the property while prioritizing the safety and security of the seller’s valuables. It shows understanding of the delicate situation and offers practical solutions, aligning with best practices in real estate without disregarding the seller's concerns.