All industries that sell a product have what is called a "Black Friday" day, where sellers provide huge discounts and sell in huge quantities. How does the Black Friday looks like in Real Estate industry? Or, what happens in your business day after Thanksgiving? Do you show more houses traditionally and perhaps have more closings by the end of the month or early December?
These are some questions I asked to my fellow Real Estate agents in Active Rain forum, and here are some of the most interesting answers I heard back from them.
Joan Cox from Metro Brokers of Denver, CO
One of my fellow Realtors colleagues here did a Facebook campaign paying for ads and reduced the price just for Black Friday. They did get the home sold.
Raymond E. Camp of Empire Realty Group from Webster, NY writes that any Friday without a closing is a Black Friday. "Probably no more closings, but should be writing a few offers," he adds.
Several real estate agents responded saying they have never heard of Black Friday sales in Real Estate. Another agent wrote, saying she is trying not let the calendar control her business. Barbara Todaro of Franklin, MA responded, writing "I have not noticed any change in our business through the end of the year.. It's consistent."
Mike Rock of Complete Design from Granite Bay, CA wrote that he would say if Realtors had a Black Friday it would be the first really nice Saturday in Spring when the hibernation is over and people don't mind going out.
"I have sold a house on Black Friday," writes Gita Bantwal, a RE/MAX agent from Warwick, PA. But she adds that she also had a case where the seller wanted to take the listing off the market at Thanksgiving.
Daniel Aurel of Adams, IL says while there is no official Real Estate Black Friday day, many sellers and Realtors have found a way to capitalize on the Black Friday phenomenon. They use the season of holiday sales in general, offering serious incentives to homebuyers. "And you won't believe some of the things you could score with your home purchase," Aurel adds.
Praful Thakkar, who is a real estate agent from Andover, MA and works with Keller Williams Realty said he wish they could have a one-day sale. My question sounded very interesting for him and here is what he added in his reply. "Though great idea - and I think I may try to do something unique this Black Friday," Thakkar wrote. Similarly Wiliam Feela, a broker from North Branch, MN wrote, "maybe on a specific home that needs to sell right away." Another real estate agent, who thought the idea is good, Stefan Winter of Las Vegas, NV writes, "no, I do not think there is. It be awesome if we could discount all houses x amount for 1 day to see how many sell, but I don't think sellers would like it much."
Larry Johnston of Elkhart, IN
It seems that Friday it the day of the week where the Title companies are the busiest, unless it is the last workday of the month.
Olga Simoncelli of New Fairfield, CT, has an insightful response, say the buyers who come out on the Black Friday are very serious and some are facing relocation. "If all the sellers collude to discount their homes on the same day! Re: showings - they are rare, but the buyers that do come out day after Thanksgiving are very serious, mostly relos that might not have time to look long and are taking the opportunity during a long week-end off from work to look," Simoncelli writes.
What about you? If you are a real estate broker, how does the Black Friday look like in your business. Have you ever sold a discounted house on a Black Friday?