Wednesday, October 7, 2020

May I Have The Envelope Please?

The story linked below is, technically, a real estate "story", but the reality is this is a marketing inspiration. 


Briefly, the Newsweek story is about a real estate investor that purchased a single family house to rehab and eventually sell for a profit. During his interior "tear down", he discovered envelopes of cash amounting to roughly $10,000. He gave the money to the seller and then did not accept the reward offered by the seller and family for doing this good deed.


Of course, this is not to say that Mr. Dow would not have done such a wonderful thing under any circumstances. I personally know more than one person that found large sums of cash while "going through" a home which had not been theirs. Let's just say that money was not returned.The point here is that by doing so, Mr. Dow gained it back with far more than $10,000 worth of publicity. At the same time, he made another family very happy, while benefiting in his own way.


By returning the money, Mr. Dow gained favorable publicity for himself and the company he represents (which has independent offices around the country). He could not have bought that kind of publicity, especially in a publication such as Newsweek, for "only" $10,000. And that does not include any other publications and sources which pick up the story.


From a marketing standpoint, this was a brilliant move. Quite frankly, some homeowners have a poor image of "rehabbers" because of the discounted prices they get prices for after negotiation. This story goes against that reputation, while placing Mr. Dow ahead of the pack in his category. 


Again, Mr. Dow may have returned the money regardless of the reward. In this case, everyone benefits in some way. This story will (most likely) lead to at least one "additional" rehab project for him and his team. Chances are the profit from just one deal will amount to more than $10,000. Whatever that total, he would not have generated that without this article.


That becomes his "reward" for returning the money.  It is also great real estate marketing. It was also his "reward" for the seller!

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