The National Association of Realtors (who smartly reeled back their launch of a $250,000 new-logo-that-looked-like-the-old-logo campaign), is running new ads in ‘a limited campaign targeting millennials’.
Here are samples – I’ll wait over here by the phone for those millennial calls:
Just ten years after Zillow came out with their website that is now attracting 72% of the eyeballs looking for homes for sale, our MLS is launching their second attempt at a public-facing portal – and you get the data directly from the MLS!
The National Association of Realtors is on the ropes.
They know that Zillow and others are producing effective, big-time advertising that benefit realtors directly. But finally, N.A.R. has responded, and spent some of the $120 million+ in annual dues collected on sharp, provocative advertising with vital impact.
Here they demonstrate their commitment to realtors with not one but two new heart-stopping ads to help us sell more homes:
The auction included an outrageous set of conditions, which many thought would drive down the price to compensate. They included:
The 5% buyer’s premium tacked onto the highest bid.
Tenant-occupied, and buyer was responsible for evicting.
No buyer’s agent commission paid.
Not in the MLS.
5% deposit required upon winning.
They conducted the auction online, which gave participants the convenience of bidding from their couch at home. It should have allowed bidders the chance to double-check the comps as the auction wore on – because every time a new bid was made, they extended the ending by 1-2 minutes.
Those checking the comps would have seen that in the heat of the frenzy last year, three of this identical model sold for $638,000, $653,000 and $679,000. Then in October this sale with nice view closed for $705,500, which was the highest price since May, 2007:
The bank foreclosed in 2011, and nobody wanted it then for $459,088. The opening bid this week was $325,000, and once the auction started the initial bid increment was $25,000.
Most of our readers guessed it would sell in the $400,000s, which would be an adequate buffer to evict and remodel.
Look what happened today:
AND IT DIDN’T HIT THE RESERVE PRICE!!!!!!
Somebody was willing to pay almost $200,000 more than the bank didn’t get in 2011, and that wasn’t enough to reach the reserve price? Hopefully the bank will come to their senses and reconsider before that bidder changes their mind. Counting the 5% buyer’s premium, the highest bid was $678,038!
Our closest and winning guess was $568,050, and submitted by blucore – congratulations!