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Incentives Get Attention, But They Don’t Close The Deal

With so many homeowners struggling to sell their properties in a market that has been swamped by foreclosures, one of the newest tactics amongst sellers is to offer an incentive to sweeten the deal for prospective buyers.

How about that for an incentive? © Go, Cat, Go

But while real estate agents admit that home sale incentives are a great way to generate more buzz, the real key remains the property’s price.

Incentives for buyers have gotten more and more extravagant in recent months, with sellers offering everything from NFL season tickets to BMW cars, and even pets.

Tony Vehon, a owner of the Weichert Realtors Lake Realty, based in Gold Canyon, Arizona, says that sellers are finding themselves in the middle of not just a price war, but a beauty contest as well.

Speaking to Fox News, Vehon said “in order to sell, every home has to be the right price and it has to look perfect. And not only that, but in order to drive traffic you’re going to need to throw in a special incentive, something that grabs people’s attention.”

Martha Thorn, a realtor with Coldwell Banker Residential Brokerage in Tampa Bay, Florida, explained how one of her clients had tried to entice buyers to buy his $200,000 home by offering to throw in free season tickets to see the Tampa Bay Buccaneers NFL games this season.

But the tickets were definitely not the deal clincher, says Thorn:

"The buyers were thrilled with the tickets, but that certainly wasn't the reason they bought the house. The most important thing is always the price.”

Linda O'Koniewski, with RE/MAX Heritage, based in Melrose, Massachusetts, agrees with that observation. By offering to pay fees related to a condo being sold, for example, the seller would be able to generate a buzz and get plenty of people to come round and look at the place.

However, says O’Koniewski, no incentive will work if the price is not right. Unless sellers price their properties competitively, they will be unlikely to sell.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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