I’m not sure I have the words to describe this. I will say that I am constantly amazed at how many people operate in our industry that have absolutely no clue what they are doing.
WTF? In 19 weeks the property should be free!
How exactly does this headline help get this property sold? Way to create a sense of urgency and spark that coveted biding war.
We really need governance of minimum aptitude levels in the CRE industry. First Fresh & Easy’s real estate director and now this guy. This is getting ridiculous.
3 comments
Jay Bastian says:
February 8, 2010 at 3:03 pm (UTC -8)
Who's the broker, I want to make sure we never deal with him?
joshua says:
February 9, 2010 at 5:26 am (UTC -8)
i saw that a couple weeks ago and stopped short dividing it out. all i could think was "i know whos not getting an offer off this email".
Doug says:
February 9, 2010 at 7:45 pm (UTC -8)
At first glance, I'd have to agree, this looks ridiculous. That said, I've seen this kind of thing since the mid '90's when I started in the brokerage business. It's called a Dutch Auction. Wikipedia link: http://bit.ly/20Xasq
Assuming that there are a number of buyers that would be interested in a property like this, and assuming that they are all ready, willing and able to make a buying decision, this kind of scenario can work. When the price gets really attractive, one or more of them might consider the cost of inaction, ie: loss of the building to a competitor, too high and jump in with an offer sooner rather than later.
Is this a strategy that should be used regularly? Absolutely not. Is it something that can work under the right circumstances? I think so.