If you’re actively in search of a new home or are just mulling over the idea of making a home purchase, open houses present an ideal opportunity to visit homes that have recently been listed on the market. There’s no need to make an appointment. Instead, you can just show up any time during the scheduled open house and check out the home at your leisure.

But the purpose of an open house is to sell homes. Sellers willingly allow complete strangers to make their way into their homes in hopes that at least one of the visitors will put in a decent offer. Considering the big sacrifice that sellers are making by prepping for an open house and opening their doors to the public, buyers should at least reciprocate by following a certain standard of etiquette.

If you’re planning to attend an open house this weekend, keep the following tips in mind to make sure you don’t step on the sellers’ toes or sabotage your negotiating power should you decide to put in an offer.

Don’t Take Up Too Much of the Agent’s Time

Sellers and their agents are putting in a lot of effort to hold an open house. And while there will certainly be a lot of visitors who are just passing the time on a Sunday afternoon, open houses aren’t meant for social gatherings.

After you’ve entered the home and briefly chatted with the listing agent, move on. Don’t spend all of your time chit chatting with the listing agent and taking their time away from other potential buyers.

Sure, you want to get as much info on the home as possible, especially if you’re interested in the home. But you can get all the detailed info you need from the property description sheet or brochure that is typically handed out at open houses.

Ask For Permission to Take Photos

You might want to take a picture of certain parts of the home so you can assess them after you’ve gone home for further consideration. But keep in mind that this is someone else’s home.

You likely wouldn’t feel comfortable having a stranger take photos of the inside of your house without your explicit permission, so make sure you ask for permission from the listing agent before you start snapping photos at an open house.

Don’t Be Too Nosy While Going Through Drawers and Closets

While it’s perfectly fine and even expected that buyers will be opening and closing all doors and drawers, it’s quite another thing to rummage through the seller’s personal things. Don’t mindlessly pull drawers open and sift through piles of clothes or jewelry boxes. Not only is that somewhat rude and inconsiderate, but it’s also an invasion of privacy.

Hold the Harsh Comments Until After You Leave

Sellers typically aren’t present during their open houses, specifically because it usually makes buyers feel uncomfortable. Buyers like to have the flexibility to go through the home and make comments without feeling as if the sellers are listening to every word or breathing down their necks.

That said, you might still want to practice a little bit of composure and hold back on some particularly harsh comments about the house. If there are some things that really turn you off, there’s no harm in saying something about it – within reason. The listing agent is still present in the home and likely within earshot, so you still want to be careful about what you say.

If you end up putting in an offer on the home, the listing agent may remember you and the comments you made, which can end up hurting your competitive edge if you find yourself competing with other buyers for the same property.

Don’t Give Away Too Much Information

Not only should you watch what you say about the property, but you should also be careful about the amount of information you divulge about your situation that could weaken your negotiating power. While there’s nothing wrong with discussing a little bit about your situation, giving out too much info about your motivations can be used against you at the negotiating table.

The Bottom Line

If you play your cards right when attending an open house, you can make the most of your visit, especially if you wind up putting in an offer. But beyond that, never forget that you’re walking around someone else’s home, so always be courteous.

When it comes to investing in real estate, location is everything. There are certain locations where demand is always high, which is key to ensuring profitability in this type of investing.

One such investment opportunity lies in student housing. Buying a property near colleges or universities will almost always afford you with the benefit of consistent demand. Students who choose not to live in dorms on campus still need someplace close by to live, which is where real estate investors can cash in on this in-demand market.

You’ll probably find it rather easy to find tenants. Just about every university or college town has some form of student housing available.

But like any other type of investment, it’s also important to be prudent about where to plunk down your hard-earned dollars when it comes to investing in student housing. Keep the following tips to make sure you’re profitable without taking on an unnecessary headache.

Try to Find a Unit as Close to the College as Possible

Choosing the right property is a crucial step in making sure you’re getting involved in a sound investment. Students typically prefer to rent places that are close to campus, usually within walking distance. Or else, something that’s within a quick bus ride to school or has a transit stop in close proximity also works.

The closer the unit is to the college, the more in demand it will be and the higher the rent you can charge.

Consider Renting by the Room

Rather than renting out an entire home, consider renting out the place by the room. This can help you collect more in rent money every month and beef up your bottom line. Students who want their own room without having to deal with others when it comes to rent might actually prefer this arrangement as opposed to renting to a group of students and charging one rent fee for the whole house.

For example, if you have a 4-bedroom home, you could potentially rent it out for $3,000 a month, hypothetically speaking. But if you rent out each individual bedroom and assign the kitchen and bathrooms as common spaces, you may be able to charge $900 per room instead. That would leave you with an extra $600 in your pocket every month.

Be Frugal With Your Finishes

If you buy a home that needs a little fixing up, be careful with how you finish the place. You’re not catering to buyers who are looking to call the place home for the long haul.

Instead, you’re offering a home to a demographic that doesn’t particularly care too much if the kitchen counters are granite versus laminate or if the floors are made of real wood versus vinyl. As long as the place is clean, functional, and decent-looking, you’re fine. Don’t spend money on things that won’t give you a good ROI.

Ask the Parents to Co-Sign the Lease

Students aren’t exactly known to have a ton of extra money lying around. In order to minimize the risks of being left hung to dry from lack of rent payment, you can ask the parents to be co-signers on the lease. This should reduce lease payment defaults.

Be Diligent About Lease Clauses

Students who are on their own for the first time will find this situation pretty exciting. But being young and having other priorities often means that students aren’t always the most reliable people when it comes to taking care of their place, especially since this is just a temporary situation. Students aren’t as responsible as long-term adult tenants might be, so there’s always a risk that they could do some major damage.

As such, be sure to make it very clear in the lease what will happen if a certain amount of damage is done. Clearly state how much money will be charged and how such fees will be payable.

Look Into Local Legislation

If you’re buying a property that’s not already designated student housing, you’ll have to do some due diligence to find out how your jurisdiction zones these types of dwellings.

There may be rules about how many rooms there can be and how many students can live in the place at once. There might also be student housing licenses that may be required, so find out if this is the case in the city you plan to buy in.

The Bottom Line

There’s plenty of money to be made investing in student housing. Be sure to work with a seasoned real estate agent who can help you make the right choice in property and speak with a mortgage broker who can give you all the ins and outs about the type of financing options you have available to you.

I’m always in search of healthy, cheap, and most importantly, delicious food! This week took me to Poke Burrito in North Center, located at 4301 N Lincoln Ave. Poke Burrito has two other locations in the city, one in the South Loop and one in Oak Park. They boast fresh, healthy, ingredients that allow you to customize your meal. The restaurant itself is adorable. There’s a giant lighted marquis sign “Poke Burrito”, a row of tiny potted plants, polished wood tables, and brightly colored chairs. It is counter service, so we walked right up to check out the menu. The menu at Poke Burrito is simple. There’s a BYOB section, to either build your own bowl or build your own burrito. Flip to the other side of the menu for the House Creations section, tried and true combinations that can either be packed into a bowl or a burrito. I decided to build my own! You start by picking your size: small, medium, or large and choosing either a bowl (with a base of mixed greens, white rice, or brown rice) or a burrito (wrapped in either soy or seaweed paper). I decided to do a medium bowl with brown rice. Next, you pick from a list of ingredients (and there’s no limit to how many you can choose!). I chose to add cucumber, pineapple, sweet onion, edamame, ginger, jalapeño, and avocado. I was pleasantly surprised to see that avocado carried no extra charge! Next, you choose your sauce. They suggest you choose no more than three sauces. I chose the Spicy Aioli: spicy Sriracha blended into creamy mayonnaise and Sweet Chili: a distinctive and slightly sweet chili sauce. Next, you can choose up to THREE proteins! I chose marinated tuna and salmon. Finally, you choose what to top your bowl with; I chose tempura crunch, green onion, sesame seed, and masago (capelin roe). Since I got to choose all of the things I liked, it’s no surprise that my bowl was fantastic! But I was very impressed with the quality of the ingredients. The fish was fresh, flavorful, and plentiful. The vegetables/fruits were crispy, crunchy, and also very fresh. I especially loved the Spicy Aioli sauce! Now, I want to come back and try some of the House Creations. And I’ve got to try a Sushi Burrito at some point!

Poke Burrito is open daily from 11 am to 10 pm. They are available for delivery and take-out as well as dine-in. Find more information on their website.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Open houses provide sellers with a great opportunity to showcase their home to the general public in hopes of finding a willing buyer to put in an offer. While not mandatory, open houses can be a great way to generate interest among buyers and give them a chance to check out your home without having to commit to a private showing.

But how the open house is conducted and what you do as a seller can heavily influence the success of your open house. To help you make the most of your open house, there are a few rules of etiquette that you should follow as a seller.

Don’t Stay

Buyers want to have the freedom to walk through the home freely without thinking that the seller is watching them like a hawk. They want to be able to open all doors and drawers without feeling like they’re invading the owner’s privacy. They also want to have the liberty of making comments about the place – both positive and negative – which they probably wouldn’t do if the seller was present.

You’re holding an open house for a reason: to find a buyer. But if you’re there, you’re limiting potential buyers’ ability to check out your home in great detail.

It’s common for sellers to leave the premises while their homes are being opened up to the general public. So when it’s time for your open house, make plans to be anywhere but at home.

Take Your Pets With You

Your home is just as much your furry friend’s as it is yours. But during your open house, your pets should vacate the premises just like you should. This is a good idea not just for buyers, but for your pet’s safety as well.

Some buyers might have an affinity for animals, but others might not. Your pet could be a major distraction during your open house. Plus, animals don’t exactly do much for the decor and smell in a home. Your pet may have a distinct odor that many buyers might not appreciate. Animals could also leave behind a mess that buyers might be turned off by.

Your pet can also be put in harm’s way if you leave them there without you to supervise. The front door will be opened and closed a number of times as prospective buyers enter and exit the home. Your pet could easily escape whenever the door is opened. Do yourself, your pet, and buyers a favor and take your pet with you while your home is open to the public.

Clean Up the Place

While your home is on the market, it should be in pristine condition at all times. This is true both for showings and for your open house.

Before you leave your home for a few hours during your open house, make sure that you’ve cleaned up the place, put away everything in their proper places, and polished all surfaces. Leave out a bouquet of flowers or two to sweeten the smell in your home while you’re at it to make a better impression.

Offer Some Direction

If your home is a bit difficult to find – especially for buyers who aren’t familiar with your area – make sure there are plenty of signs that are clearly positioned at both major and minor roads and intersections to help buyers find your home. To make the signs even more noticeable, attach some helium-filled balloons to them. Proper signage can attract a lot more buyers to your open house.

Keep Cars Out of the Driveway

Don’t leave any of your cars on the driveway during your open house. Instead, leave these spaces open for buyers who come to visit.

Further, make sure to ask your neighbors to move any cars they may have parked in front of your home to give buyers even more space to park in case your open house is a busy one.

Put Out All Important Documents

To help prospective buyers get all the information they need to make an informed decision before putting in an offer on your home, leave out pertinent documentation that they’ll have easy access to. This includes any paperwork related to home inspections, appraisals, permits for renovations, utility bills, surveys, and so forth.

The Bottom Line

It takes a lot of effort on your part and on the part of your agent to put an open house together. You just never know if one of the visitors who shows up will be the one to put in a solid offer. Be sure to follow these seller etiquette rules to boost the odds of a successful open house.