Wanna Win $10,000?

By
Real Estate Agent with RE/MAX First AB21301874

Winner's CircleI wanted to share with you the newest marketing idea my company has come up with.  It is called the "Winner's Circle" I guess based on the fact we are in the Louisville area and home to "The Greatest Two Minutes in Sports".

Basically it is a pool drawing.  Agents can go to their sellers and ask them if they would like to participate.  The cost of the promotion is $250 which most sellers are willing to pay.  If they don't want to pay, I've seen the agents have them consent anyway with the exception that the agent will pay for it out of their commission.  The fee obviously isn't due until closing.

Once the seller has consented and signed the form, the property is marketed as a Winner's Circle home.  What that means is that whoever sells the the home(buyers agent), that broker will be entered into a pool with a chance to win $10,000.  The drawing takes place after 44 Winner's Circle properties have closed.  After that, the process starts over again.

What a great motivator for agents.  I know if I sell a Winner's Circle home that I will have a 1 in 44 chance to win $10,000.  I don't understand why every Semonin agent doesn't have all their properties listed this way.

Another note is that we are the largest firm in the Louisville/Southern Indiana area, so it doesn't take very long to close 44 properties.  We have about 800 agents in our company and I know they have already had one drawing.  We just started this less than two months ago.

I thought some of the other brokers on here might like this idea. 

Posted by

Your Best Move for Southern Indiana Real Estate

Brett Mumaw REALTOR®

Semonin Realtors

3707 Charletown Rd. Suite 1A

New Albany, IN 47150

(812) 542-9057 Office

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Rainer
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Chad Baird
Re/Max Spirit - Dayton, OH

I would not be comfortable asking my client to participate in this promotion.  There is no benifit to them.  I win the cash on a chance that they bought for me.  I pocket 10K and they get nothing?  As stated above, I would never mention this to any client, unless the money was going to a charity in our name. 

Motivator for agents?  I would pay and play for a chance at the prize.  I actually like the idea to an extent.  But now I have to wonder if I would push a house on a buyer that I knew was not right for them for a chance at 10K?  I like to think I would not, but others may? 

 

Jul 24, 2007 11:41 AM #1
Anonymous
Anonymous
Barry Miller
I can see how in a tight market this may be a motivator to agents, but this may lead to steering. It just seems that this would promote this.
Jul 24, 2007 11:48 AM #2
Rainer
50,693
Brett Mumaw
RE/MAX First - New Albany, IN
Your Indiana Move

Chad - How is it any different than the seller offering a bonus?  It isn't.  All the sellers I've talked to love the idea.

 

Jul 24, 2007 12:23 PM #3
Rainer
54,699
Chad Baird
Re/Max Spirit - Dayton, OH

I'm not judging.   I have collected my share of bonuses, and have offered bonuses.  The difference is the bonus is open to all agents and promoted on the MLS to ANY BUYERS AGENT, for free.  Bring in and a contract, get it closed, you get a bonus. Thats the difference. 

If my Broker asked to take a cut out off any commission to those that wanted to participate to raffle off, I would likely participate.  I happen to love games of chance, and will suggest such a thing to ting.  I like idea in theory, but I'm willing to gamble. 

 My main objection to the whole program is involving my clients.  Im not asking anybody to BUY ME A RAFFLE TICKET.  It sounds like if they do not become part of the circle, there may be a delay in selling their home. 

Jul 24, 2007 12:41 PM #4
Rainer
50,693
Brett Mumaw
RE/MAX First - New Albany, IN
Your Indiana Move

Well this bonus is open to all agents and is promoted on the MLS.  The only difference is that instead of the bonus being a guaranteed monetary amount, it is a chance to win a monetary amount.  One that is normally larger than most seller bonuses.  Also, instead of the seller having to pay the full bonus, they are only paying a small fee.

Will everyone like it?  No, of course not.  But they don't have to sign up if they don't like.  And believe me, I'm not going to make my sellers feel bad if they don't want to participate.  All it comes down to is that it is another tool for the belt. 

Jul 24, 2007 12:49 PM #5
Rainmaker
1,072,241
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
It is a nice promotional idea....we can not do a drawing type promotion by Michigan law unless we enroll all our listings into the drawing.  Thanks for sharing Brett
Jul 25, 2007 07:49 PM #6
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Leigh Bates
Atlantic & Pacific Real Estate - Flower Mound, TX
The Trinity Group
I've seen this done in my area, and was curious how it worked. I'm not sure that I agree with the sellers paying a "bonus" of any type, if it doesn't have a direct benefit to them. I do like the idea in general though and can see why it works.
Jul 25, 2007 10:09 PM #7
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