This is causing a big stink, any thoughts?

Real Estate Broker Uses the Science of Social Psychology to Help Sellers

NewswireToday - /newswire/ - Deerfield, IL, United States, 11/16/2006 - The 2.1 bath, three bedroom house is listed in the MLS for $1. Is this a joke? Is this a mistake? $1 listing attracts the eye of not only potential buyers, but other real estate agents.


8:30 A.M. 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."

What an idiot! I wonder if he was dumb enough to list the house for $1.00 as well?

I hope he did and someone writes up an offer- full price, no contingencies, close immediately, $1.00 earnest money.

Finally, any real estate company that uses a carrot for their logo... :rolleyes:

Carrot Realty

I think it is listed for $1.00.

What would happen if someone does write up a $1.00, no contingencies, close immediately, $1.00 earnest money offer?

Here it is:

MLS# 06340169

http://www.realtor.com/Prop/1071679536

Not a very professional way of attempting to sell a property in my opinion. Why don't they just auction it and move on. That's what auctions are for!

Isn’t this kind of like an auction?

Yes, but not in the proper way or medium.

I think MLS systems need to prohibit this practice. If every property in the MLS was listed at $1, you couldn't effectively search for properties for any buyer. This degrades the integrity of the information in the MLS system.

Gulf Winds,
Realty Freak is Evan Kane!

Looking thru our MLS rules, I believe marketing a property for $1, would be a violation and considered unethical.

Sorry Realty Freak, this forum needs a new moderator. This forum is supposed to be about ethics. It should not be a tool so that you as moderator can post messages intended to publicize personal listings under the veil of discussing a broker in Chicago (who just happens to be you).

Realty Freak is Evan Kane.

Click on his profile. Then click on the link that says http://www.realtyfreak.com. Once you're there, click on ABOUT link on his page, which is right underneath the calendar. And it's all right there.

Hey Evan, do you really think this forum is for idiots? Obviously, you have no respect for any of the brokers/agents here or the real estate industry in general.

Pretty low.

Which one of these statement on their website is not true?
About Endeavor Realty
Endeavor Realty, a different kind of real estate company. How are we different?
We do NOT display properties that are under contract as a way to trick you into calling.
We will NOT share your e-mail address with anyone nor will we bombard you with worthless news letters.
We will NOT try and deceive you.
We will NOT charge you for services you don’t want... don’t need... or worse, don’t receive.

ok. now try buying that house for $1.

the $1 listing was a publicity gimmick to get a best offer listing into an MLS that probably has multiple good reasons not to allow best offer listings

using this forum to direct attention to that listing (not revealing that it is your listing) is another publicity gimmick; but since this forum is about ethics and you're the moderator, I think that is unethical

I love this phrase on his site:

"It is Mr. Kane's goal through his company, Endeavor Realty, to be the catalyst of change that brings transparency, efficiency and honest to the residential real estate industry."

... and why is this guy a moderator here?