Chicago-based brokerage City Point Realty invited brokers and potential buyers to attend an open house event on October 3 and participate in their first-ever “Name Your Price” open house contest. Participants were asked to estimate the sale price of the property based on their experience at the open house, and the person who came closest won a $1,000 cash prize.
Dan Merrion, representing broker and founder of City Point Realty, reports that the open house had a “fantastic” turnout and credits the “Name Your Price” contest as the reason. There were over 20 participants in the contest, and the unit at 2216 W. Armitage in Bucktown is now under contract.
While the contracted buyer was not a part of the open house event, Merrion believes the event was a useful strategy to get buyers in the door, and he found it interesting to see the consumers’ perspective on the current housing market. “There was a wide variety of estimates and a few came very close to the closing price,” says Merrion. “We definitely are going to use this innovative and refreshing marketing approach again for our future open houses, as it is a great way to draw positive interest in a challenging market.”