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Thursday, May 22, 2008

Thriving in a down real estate market using creative marketing

Since the real estate market is down, people are coming up with creative new ways to make money in the declining industry. Marshall and Barbara Zucker are realtors who previously were brokering annual sales of $150 million, worth $4.5 million in commissions. However, the real estate market in Las Vegas has gone up 169% from 2006 to 2006, and 40% of all home sales there are foreclosed properties. In an effort to get people to buy, in February they purchased a 24 seat bus for $40,000 and called it the Foreclosure Express, offering tours of foreclosed homes. The free tour consists of viewing a dozen homes for ten minutes apiece. In return, viewers have to sign an exclusive representation agreement covering any property on the tour. The Zuckers hope to garner 15 to 20 new sales a month as a result of the tour.