The $1000 Countdown Auction
By Anthony Longo 4 09 2007
A home for sale in Edmonton, Canada, will be $1,000 cheaper tomorrow if it doesn’t sell today.
Steve Sedgwick, a Realtor for Royal LePage Noralta in Edmonton, Canada, is knocking $1,000 off of the home price per day until the property sells, he announced on Aug. 31. The pricing strategy is intended to call more attention to the property in an environment of swelling for-sale inventory. Continued…
Source: Inman Blog
I’m not sure about this? It’s an interesting idea that is sure to generate some exposure. However, it doesn’t create any urgency - why buy something today if it will be cheaper tomorrow? I think it encourages people to wait - it’s natural, you would wait and wait and probably even wait too long.
Also, i don’t really like the idea of the added bonus of a $10,000 theatre system if it sells within 10 days. On the 10th day the price will be 365,000 however, that includes a $10,000 home theatre system - then the next day the price will be 364,000 without the $10,000 bonus - so now it seems expensive compared to the day before. I would think if it doesn’t sell in the first 10 days then it wouldn’t sell in the next 10 either since you are taking out $10,000 of value - you just went from 10 days unsold to an automatic 20 days.
interesting idea - but think little more than a gimmick to attrack some exposure - in the end would doubt that someone would pay the reducing offering price - more likely someone will submit a bid and the seller will hit the bid.
Its all marketing. We are following the story and will report back teh results…you may be right Mike. We will see.
Any update? Has the property sold?
Nothing Yet. Ill check today!
Not surprised. This is a pig of a deal - oink! oink! oink!
keep us posted condoman - doing a great job with the blog….
Ha. Thx Mike. Got 2 calls into this pig … I mean deal!
I think it’s a very good marketing startgey. I don’t know you guys are aware of something called closing the deal which is ultimately the sellers decision. If the seller is loosing by selling simple he is going to counter the offer.