We have had a little trouble moving a lot of the REO inventory for awhile so Melissa and I stepped up the advertising and did all the things we should be doing. Internet, print, etc. Even then, we couldn't get showings. One morning Melissa asked me what else we could do to get exposure. I told her that we have bank property so we are going to use bank marketing.
Buy a house, get a toaster.
Anyway, we both laughed about it, but I put the offer in MLS. Many of our bank owned units now describe the property and say "Free Toaster".
Would you believe that it worked? I received the following offer today.
Additional Terms Page 2 of 2
Item 10. The buyer would like to take advantage of the "free toaster" offer in the Remarks section of the MLS listing and requests the toaster be black / stainless.
I called the agent to tell her that the listing agent reserved the right to deliver a toaster of the listing agents own choosing at closing. She laughed and told me that the only reason her clients wanted to see the house was because they saw the offer.
People say that free Hummers and trips to Aspen do not sell properties. A free toaster offer gets them in the door though. Just ask the banks.
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
Free toasters hey..... you go with what works. I am so eager to unload some of my listings that I just might have to give it a try - - if you don't mind. LOL!!