Bubble Wrap

The Madoff effect: Brokers get creative to unload property after the scam

In this month’s issue of The Real Deal, sellers and brokers get creative with the techniques they are using to sell property. Among the strategies explored are: sealed bid auctions, short-term rentals, and ditching exclusive contracts.

In the new market, developers in particular found that the first round of incentives they offered to buyers — things like free closing costs, gift certificates, and ‘price protection’ programs — did little to assuage uncertainty. Brokers say that gimmicks don’t work and that good, well-priced properties are now the only gold standard.