Buy a condo, get a car! Homebuyer incentives return
Aug 2011 02

What would you do in order to get buyers interested in your property?

The #1 way to get someone to look at your home is to price it appropriately at what it’s worth. You can pretty it up, you can make repairs, but the price is most-important. The location is most important to what people are looking for, but your price should be set at what it’s worth, inclusive of location.

But, often, you aren’t trying to convince a buyer to come to your property, you’re trying to convince his or her real estate agent.

And that’s where incentives come in. Offering an agent a high commission rate, or a bonus, can go a long way to making your property stand out. (Some states ban certain types of gifts.) You can also try offering an incentive to buyers, but probably with fewer results.

Unless your incentive ends up being part of a New York Times article.

Which is what happened to one homeowner in Brooklyn. He’s offering the buyer of his co-op a free car, with purchase.

… [A]long the humble byways of Kensington, Brooklyn, a man named Gary Parker is offering a more budget-minded incentive to buy his tidy one-bedroom co-op. It, too, is a car, but one befitting a more down-market lifestyle: a claret-colored 2002 Hyundai Elantra, a hand-me-down from his mother that has more than been around the block, its odometer clocking in at some 79,000 miles.

You read that right; he’s offering a used car, a Hyundai, with 79,000 miles on it, to the buyer.

A very unique situation. Kind of fun, if you think about it. Of course, you’ll need a place to park that car. Fortunately, the purchase price of $298,000 for the one-bedroom co-op includes the right to rent a parking space for $100 per month.

What types of incentives have you seen? What would convince you to take a look at a property you’re not that interested in? Would you prefer a lower price to an incentive? Have you received an incentive before?

Image above from the Prudential Douglas Elliman Real Estate website. Scott Klein is the listing agent for 370 Ocean Parkway, Unit 11F, Brooklyn, NY.

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