Nov. 18, 2006 – Evan Kane from Endeavor Realty listed a two story three bedroom home for sale in the MLS at a listing price of $1.00.
It is not often that you see a house in the affluent Chicago suburb of Highland Park listed for sale at $1, but that is what Evan Kane the Broker/Owner of Endeavor Realty has done to help his clients sell their home in an increasingly tough real estate market.
Most Real Estate Brokers do not think to use the science of social psychology to help sellers. The real estate market has become increasingly tough causing brokers and real estate agents to have to think of other ways to attract buyers. Endeavor Realty has come up with a different strategy to serve the best interest of its clients.
Citing a recent study by Gillian Ku of the London Business School, Adam D. Galinsky, and J. Keith Murnighan of Northwestern University Kane says, “although this is not an auction, the principles are very similar and the evidence is clear that starting low can lead to more traffic and a higher sale price.”
Not only is approaching a slow market with creative ideas and new strategies increasing traffic and sales for the clients of Endeavor Realty, but it is also attracting other traditional real estate agents that have not thought of going beyond their guiding principles to try something different.
Deciding to implement this strategy has caused a few adverse reactions. “They don’t like it. I am using the system in a way they didn’t contemplate” says Kane of the reaction of more traditional agents. “I have to deal with a few angry phone calls, but it’s in the best interest of my client, so I do it.”
— End —