Over 200 Groupons Sold To Chicago Home Buyers and Sellers

by Jacqueline Zenn

(Below is a follow-up report from UrbanTurf Chicago on the success of the Groupon offered to Windy City home buyers and sellers last week.)

With over 200 Groupons sold at the time of this posting, it seems that Dream Town Realty’s social buying experiment could be an early success.

Dream Town Groupon
Dream Town Groupon at time of this posting

Last Friday, UrbanTurf reported that Dream Town Realty had partnered with Groupon to offer a $1,000 cash gift at closing. The Groupon costs $25 for a $1,000 refund at the closing on a Dream Town property priced for at least $150,000. The deal is limited to one per Groupon customer, and it is valid for one year from the date the deal was emailed to subscribers.

While Dream Town Realty may be the first residential real estate company to use Groupon’s massive database as a marketing tool, social buying for real estate already exists. HouseTipper.com, launched late last year, allows users to harness their collective buying power. It works much like Groupon by pre-negotiating deals with developers, real estate agents, property managers, store owners, and a variety of other businesses to offer users discounts and deals on real estate purchases and sales, leases, and related products and services.

HouseTipper logo

The concept of real estate firms using social buying has its detractors, many of whom bring up the fact that a property is not (typically) an impulse or small scale purchase, which is what many of the Groupons are geared towards. In addition, Gary Lucido also pointed out that buyers and sellers may be able to get a better deal without the Groupon if they are selling or purchasing a property over $208,000.

Local real estate agent Sheldon Salnick also feels that the deal “is geared toward the lower end”, and that traditionally incentives don’t work for higher priced properties, since “luxury buyers don’t want to feel like they are shopping in a discount store.”

However, even though this deal has cost Dream Town Realty approximately $2,500 so far, since a company has to pay half the price of the number of Groupons sold, commenters on this Tech Savvy Agent post pointed out that it is a relatively small price to pay for the amount of buzz the Dream Town-Groupon deal has generated.

Of course, we’ll have to wait until next year to see how many of these Groupons have been redeemed by buyers and sellers.

See other articles related to: urbanturf chicago, groupon, dream town realty, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/over_200_groupons_sold_to_chicago_home_buyers_and_sellers/3335

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