Don't know how I missed this story but it popped up on the Cam Good news feed tonight.
Not only can he give buyers access to hot asian money, but these buyers are so rich, paying 25% more for a property is nothing to them.B.C. real estate company targets high-end sales with exclusive listing servicehttp://www.vancouversun.com/business/yo ... story.htmlTheKey.com president Cam Good says he’ll make a lot more money for his clients, but others aren’t so sure
By BRIAN MORTON, Vancouver Sun March 7, 2012
A local real estate marketing company is developing its own exclusive listing service to sell high-priced B.C. homes to wealthy Asian buyers.
However, a claim by TheKey.com president Cam Good that his new service called PLS.ca (Private Listing Service) will result in sale prices more than 25 per cent higher than vendors would get on the multiple listing service (MLS) is being treated with skepticism by other realtors who rely heavily on the MLS to list properties.
“Cam is a very innovative guy and he tries a lot of different things,” said Dan Scarrow, vice-president of corporate strategy for the Macdonald Realty Group and a realtor who also sells high-end homes. “But I haven’t heard of this. I’m very skeptical of that [a 25-per-cent sales premium]. It seems that the purpose of MLS is to get maximum exposure so you can get the best price and terms.”
PLS.ca, launched in January, is being marketed by Good as a private, exclusive version of MLS, and that sellers will like it because it offers homes for sale with no sign on the lawn, no nosy neighbours, no realtors, no open houses and no strangers going through the house.
As well, Good said, wealthy Asian buyers – primarily mainland Chinese – like the exclusive or “special” nature of private listings because they’re only offered to individual buyers and not the general market through MLS.
Good, who escorted a Shanghai family by helicopter Tuesday to two pricey homes in Victoria, said he has 20 multimillion-dollar listings so far, but as yet no sales.
“This is not the fastest way to sell,” added Good, who said he has an office in Hong Kong and branch office in Beijing. “But we’re not worried. If you make one sale, it’s very good business. I believe we’ll sell one this month for between $10 and $15 million.”
Good said he charges a 3.5-per-cent commission and that homes listed on PLS.ca will sell for at least 25 per cent more than homes listed on MLS, noting that his clients believe Canadian prices are still low and they’re willing to pay a premium for the right property and service.
“The reason we could get higher prices is the way we present homes to people. It’s good marketing and salesmanship. [Buyers] see more value in a home that’s presented in a certain light. When it’s more special, they’ll pay more for it.
“We have 20 trips lined up [with Chinese groups] over the next three months.”
Good gathers listings and clients many ways, including real estate shows in China, referrals and word of mouth.
He also partners with some local realtors who gain access to overseas buyers when they take the property off of MLS.
Good said listings are presented to buyers privately, with write-up, photos and video similar to MLS.
Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business at the University of B.C., said that while the privacy aspect for sellers has merit, they could be limiting their market.
“And why would a wealthy Chinese buyer want to access this exclusive listing without seeing what else is out there as well?”
Scarrow said while there’s value in offering privacy for sellers, “if your goal is the best price … MLS is an excellent tool for that.”
Scarrow also noted there are already realtors who sell exclusive listings not on MLS, though not aimed specifically at Asian firstname.lastname@example.org
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