In a previous SCR poll, 66% of readers found the bulk buying process a bit complicated. Perhaps sensing the confusion as well, the folks behind the bulk buying program are now offering a series of events and even a video explaining how this works.
Furthermore, here's the explanation I got from the marketing firm in response to some of my own skepticism as well as reader sentiment:
So far, they have listed the nine remaining homes at The Decatur (21 released total) in the NWMLS (twelve of them have been reserved to date with three back up positions for a total of fifteen reservations.)
Bulk buy quick video can be found at www.condobulkbuy.com.
They're also hosting a series of events as follows:
- Wednesday, October 21 (5-7pm) – Eleven Eleven East Pike Homebuyer Preview and Q&A
- Thursday, October 22 (5-7pm) – The Decatur Homebuyer Preview and Q&A
- Saturday & Sunday, October (12-6pm) – The Decatur and Eleven Eleven East Pike Sales Event
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The poll also clearly indicates that buyers think Condo Bulk Buy is a really bad idea. It lacks buyer transparency and is really just a sales gimmick.
Paul Allen lost $60 million on the startup Mercata that tried to do the same thing. How long will it take condo developers and Realogics to learn that lesson?
http://news.cnet.com/2100-1017-250529.html
Psychologically it is very difficult to commit to buying without knowing what price you are going to pay for. The only way I would get into this bulk buying process is if I knew I would qualify for the highest price I could end up with.
Then again if I am going to qualify for the highest price, why get into this bulk buying game and stress over the wait. I can take my highest price and look for a bargain elsewhere.
Condo Bulk Buy is B.S. Another gimmick to control the buyers in our fair city. Just don’t do it. Don’t allow this kind of below-board (clearly it isn’t above board) tactics dictate your purchase price. Just offer a fair price for the place. That is ALL THERE IS TO REAL ESTATE. If they accept it, great! If they don’t, piss on ’em and move on! God only knows there’s more inventory out there for you to fall in love with.
Pricing is now posted online at http://leung.typepad.com/DecaturBulkBuyPricing.pdf
If you have to offer classes to someone just to figure out how to make the real estate transaction happen, then you better think twice before adhering to this kind of transaction. Also, consider who is offering the “course.” This isn’t an independent firm that doesn’t stand to profit from your transaction. The people offering the “course” are those that will directly profit from your transaction. Hmmmmmmmmmmmm…..