Could Groupon Save the Real Estate Market?
Groupon has proven to be a great way to increase awareness and traffic to local businesses. But what about breathing new life into a sluggish real-estate market?
Chicago-based real estate agency Dream Town is hoping that’s the case with its weeklong $25 deal offering $975 off your next home.
The Chicago-area deal stipulates that for $25, you’ll get $1,000 in cash at the time of closing if you buy a house or list a house with Dream Town Realty over the next year. The deal requires the buyer to enter a minimum transaction of $150,000, and of course, there’s a limit of one per household.
Groupon is not disclosing how many vouchers have been purchased so far, but it was successfully “tipped” after 50 were bought. There is no cap on the number that can be sold.
On the company’s Web site, Dream Town bragged that it was offering the “nation’s first ever Groupon offer for Real Estate.”
Dream Town’s co-founder and President Yuval Degani told Chicago Breaking Business: “What we’re trying to do is acquire new customers. We’re not really looking at it as a reduced commission. We’re looking at it as getting customers for life.”
Under that rationale, any business could consider offering a group-buying discount from Groupon, or one of its competitors, such as LivingSocial. Already, we’ve seen major categories emerge, such as travel and family-centric activities.
Could real estate be next?