What is an "open house" in the context of real estate?

An "open house" refers to an event where potential buyers can visit and view a property without needing to make an appointment in advance. This format encourages immediate interest and allows prospective buyers to explore the property at their leisure, often resulting in a more relaxed atmosphere compared to scheduled private showings. Open houses are typically advertised to attract as many visitors as possible, often occurring on weekends or designated times to maximize exposure. This method benefits sellers by showcasing their property to a wider audience and allows buyers to easily compare different homes in a single day without the commitment of a private showing.

The other choices reflect different aspects of real estate practices but do not accurately define an open house. For instance, a private showing is typically a more exclusive event where specific clients and agents can view a property, which contrasts with the open access of an open house. A formal event hosted by real estate agencies could encompass several activities, but it lacks the specific context of being an accessible viewing of a single property by potential buyers. Finally, a marketing campaign for properties refers to broader promotional strategies rather than the specific practice of inviting the public to tour a home directly.