As we all know Real Estate is a dynamic and profitable experience with predictable outcomes when handled by traditional and conservative professionals. The outcomes still continue to be powerful because all that participate stand to gain. Often referred to as the largest transaction of ones life it demands a standard of interaction to give that predictable result. One mistake, error or mis-step can cost time and money.....and ...?
WHAT IF I UPPED THE EXPERIENCE?
I had a 1996 Corvette Collectors Edition I wanted to sell & at the same time I was soliciting listings in Real Estate. What if I combined the two? You list with me & that is your entry to win the Corvette. I put a value on the car & set the listings at ten to trigger the raffle. It was as simple as stated. I will sum it up as it looked
SELLERS DRIVE AWAY IN THIS WHEN YOU LIST YOUR HOME WITH ME
Selling your home? In addition to getting top dollar how would you like to drive away in this? To enter into this free drawing all you have to do is list your home with me. When I have the required 10 listings, you will be notified that the contest is activated. The winner will be announced when all 10 escrows close
DOES MY REAL ESTATE LICENSE COVER THIS?
As a licensed individual, we are held to higher standards than the lay-person. So I started to research this to see if it could be done without violating any rules. First off, contest rules differ for each state. I read what was required for California and didn't see any problems but it did enter close to the edge of it all but doable
CALIFORNIA DEPARTMENT OF REAL ESTATE LEGAL HOT-LINE
Called them twice. This source consists of volunteer attorneys that give free legal advice to Real Estate agents who are enrolled. The first attorney (I called twice) had trouble responding as they had never encountered this. They went from it can be done but I don't know for sure & left me to research this further
This guy agonized over the question and really wanted to answer. First he said NO it cannot be done but when I challenged him in discussion, he wavered and said its possible. We explored the up and downsides and he left me with I wouldn't do it but you can and you will find out at that time. I knew it was up to me
THE TEN LISTINGS
What is the time frame on this? How do I procure the ten listings? How long will it take? What if I list and sell over the course of a year? What if someone challenged the contest was a good question. Perhaps they would want "contest proof" that it was held fairly? Well what is that? Also, I was prepared for peer pressure
MY FELLOW REALTORS
Who could compete with this offer? It does come across with the obvious to any client or principal and answers the question of: why should I list with you extremely well. I know my fellow Realtors would not let this go by without challenging it. Remember, this could take up to a year to consummate. Who can resist a free car? It even begs the question of: Fellow Realtors, what can you offer? Can you top this?
TWO BIRDS ONE STONE
FACT: I was planning to sell the car anyway. FACT: I was actively selling and listing. Why not combine the two? Well it became complicated and exposed me in ways that made me think. For instance, the statute of limitations in California is four years. That means people can sue you within that period if they want to
WHAT IF SOMEONE DECIDED TO CHALLENGE THIS?
Did I want to be the first test case for this subject matter? If found illegal that means criminal dynamics and brings my licensing into question. Civilly speaking, I could be challenged for authenticity, fair-play and a host of many charges that in the end I would have to prove. Why would someone do this to me?
THE REAL QUESTION
Why are you doing this? The answer is an interesting one to discuss. Giving away free prizes or a chance to win something is not new. You see it wherever you go. People respond to it and like it. Why can't I sell the car and solicit for listings separately like everyone else? Well the answer always leads to the cutting edge
IF THE DUCKS LINED UP
The car was worth as much as $15,000. Listings for a median value range of $400k times 6% = $24k x 10 listings = $240k maximum with a minimum of $120k if I cooperated with other Realtors minus the $15k value of the car leaves me with about $100k. It can always be more too! In what length of time was a good question? But ducks can tend to do what they want! What then?
IF I PROCEEDED SEPARATELY
The listings would come. The car would get sold and life goes on with certainty. No muss, no fuss but also no adventure, risk and breaking through to a new concept that could have changed the way business is done in California Real Estate or could it have? I will never know because I didn't do it. Plain Real Estate is exciting enough