When real estate agents and brokers find themselves in a competitive market, the creative juices start flowing. The need to differentiate themselves from the pack and attract the right kind of seller and buyer heightens. Here is an example cited in a recent LA Times article:
In the high end market of West Los Angeles, brokers are combining “houses and horsepower” to draw a moneyed home buyer. If the seller owns expensive cars, a broker preview or buyer showing will be set up in such a way that guests must walk by the cars before entering the home. In another home showing, the broker persuaded a local BMW dealer to park several latest model BMW’s in the driveway. The dealer then offered a raffle prize of a weekend test drive of a BMW Alpina B7.
In addition, some brokers will hire a local chef to cater the event. And, if a well known architect designed the home, the food and cars selected will match the nationality of the architect or the design characteristics of the home.
Not every agent and broker works in a high end market. But there are lessons learned here. Everyone can take a look at their market and find local restaurants, car dealers, businesses, etc. who might be thrilled to particpate in an open house by doing something “out of the box” in their community.
Getting creative is fun. Trying to do something different is exciting and can pump up anyone’s business. Maybe a home will be sold and maybe it won’t. But, relationships may be forged with “locals”, and who knows what future successes may develop.
And, if someone decides to offer a seller carryback in order to get their home sold, I’m always available to provide guidance on appropriate terms or find a buyer for the note somewhere down the road.