Wednesday, August 22, 2012

Is there a marketing strategy for economic obsolescence?

Has an image like this caught your attention while looking online or flipping through a magazine? 

Pretty powerful first impression, huh?
This head-turner is part of a marketing strategy used by Mike McMullen with our Coldwell Banker Triad, Realtors office in Burlington, to sell 'highest-and-best use.'  These are Mike's remarks: 

"There is nothing wrong with this listing that a bulldozer can't fix. Even the tax card says Economic Obsolescence. Home has no value. But we do have three nice lots being sold as a package with a total of 157 ft. of road frontage by 192 Ft deep. The area contains many multi-family homes and lots would make an ideal site for new multi-family construction."
This image not  the actual MLS sheet, meant only as 
representation. Click here for a better view of the photos.

Would you rather see the front of the home (below), make an appointment to visit the home because it is a smokin' deal, but later see wood rot, roof damage, plaster removed and a crumbling foundation - OR - would you rather know all this info up front? 

"The tax card says 'economic obsolescence' - this is the first time I had seen this on a tax card. This is how the idea came to me because the house is not habitable and not cost effective to renovate," said Mike.

 If Mike had used the traditional marketing strategy, it could be costing his client extended time on the market and lower offers. But instead, he used this 'outside-the-box' marketing strategy. He has answered many emails and calls from investors, builders and Realtors inquiring about the property. 
                                                            
So, what do you think of Mike's approach? What are some other "outside-the-box" approaches to a marketing plan you found successful or you would like to see a Realtor use in their marketing strategy to sell your home?

If you want a better look at the cartoon or the survey, I'm sure Mike will be glad to send you the listing. :-)

Contact him today!

44 comments:

Eileen Teitsma Shubert said...

Mike shared this with me right after taking the listing. I told him I thought it was a great idea. Be interesting to know if he has had inquiries and/or showings.

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