Vancouver Realtors Wining and Dining Prospective Clients

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The Real Estate Marketing Insider comments on reports in the Vancouver Sun that Vancouver realtors, trying to attract clients in a slow real estate market, have turned to incentives like prizes and free events for prospective home buyers.

REMI offered its comments on news that Vancouver realtors have been trying to generate real estate leads and new clients by offering prospective home buyers pricey luxury incentives; REMI is unsure that this is good for the housing market, and worries that it could set a precedent for customer relations that could devalue future commissions and make profits in real estate more difficult.

The Sun spoke with two Metro Vancouver realtors, affiliated with J.K. Cooper Realty. Jordan and Russ Macnab, in an effort to drum up new business in their firm, are taking about 30 potential home buyers for a night on the town. The prospective clients will receive drinks, a limousine ride, a visit to a Vancouver pub, and tours of five homes for sale by the realty firm.

The night, dubbed the “crib crawl” by the Macnab brothers, only costs $20, but “crawlers” should expect to be pressed to make an offer on one of the properties. The Macnabs say that the event serves three purposes: in addition to being a way to attract potential buyers, it will be a convenient way to show buyers not only available properties for sale, but the potential of those homes to entertain large groups of people.

The big-ticket move by the Macnab brothers to attract buyers isn’t the only incentive package being offered by Vancouver realtors, who are struggling in a slow market. Other schemes have been tried by realtors around the area; one firm, Rennie Marketing, offers new buyers a package that includes a kayak, a bike, a year-long family membership to Science World, and other perks. River Green, a complex just outside Vancouver, gives buyers one-year memberships to the Olympic sports facility nearby.

A spokesperson for Rennie says that although most buyers elect to take a discount incentive on signing their new homes, the incentive works indirectly by showcasing neighborhood retail options and making the lifestyle of their properties more attractive. Even if buyers don’t take the incentive package, the knowledge of the opportunities surrounding the properties may make the homes more attractive.

Most of these events and incentives are attempts to generate real estate traffic to the dead market of Vancouver. The Canadian Real Estate Association says that sales are still quite depressed in Vancouver: in October, the dollar volume and number of home sales were down more than 16 percent from October of last year. The average home price is down 2.5 percent year-over-year.

The Real Estate Marketing Insider offered its observations on news that realtors in Vancouver have been turning to pricey incentive packages and outreach events to attract potential clients. The Vancouver real estate market has slowed considerably, and realtors are being forced to develop creative ways to attract new buyers and help cement the interest of potential buyers.

The Real Estate Marketing Insider is an online journal that offers real estate professionals hot news, marketing tips, and trend analysis. REMI is based in La Jolla, CA.

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