Would you be willing to sell your Irvine property to a
buyer who is offering virtual currency?
In recent news, there has been an influx of people who are
putting their homes up for sale in Bitcoins. It may be actually worthwhile to
consider the upsides, because doing so opens up your property to a vast new
market (not to mention potentially garnering the attention of your local media
and scads more traditional buyers who are in their audience).
You may have read last December’s reports about the man who
tried to sell his ranch-style home in New York for $799,000 worth of bitcoins.
Another seller, a 22-year-old Canadian man, put up his advertisement in March.
He had the distinction of being the first one in his town to advertise a home
in exchange for the popular digital currency.
Now in case you’ve been putting off trying to figure out
what Bitcoin actually is, perhaps I can save you some trouble. It’s an open
source and decentralized peer-to-peer payment system that allows its users to
buy and sell in virtual cash.
In case that sounds like gobbledygook, in the simplest
terms, it’s a system where you don’t need to have real, government-minted cash
to close a transaction—all you need is an online “bank account” with enough
Bitcoin to pay for its dollar equivalent. Bitcoin’s primary attraction is to
those who feel queasy about the stability of traditional currency, especially
those who fear inflation. Their fears are quelled by Bitcoin’s creators, who
guarantee that only a certain amount of Bitcoin will ever be allowed to
circulate. Apparently, many people believe them.
Bitcoin might be new (introduced in 2009), but it is
gaining more and more popularity. Even businesses like Overstock.com, Virgin
Atlantic, the Sacramento Kings, TigerDirect, Atomic Mall, Clearly Canadian, and
Zynga now accept bitcoins. As more credible parties accept them, the more
credible the phenomenon becomes.
How could it help you sell your property? Many people who
are using the services of online advertisers are technologically savvy, and usually
aware of how Bitcoin is fast becoming a popular payment system for online
transactions. Compared with credit cards which generally charge 2 to 3% in
transaction fees, Bitcoin fees are much lower—practically negligible. Because
it currently resides in such a small market niche, that target audience is
especially attentive to Bitcoin-traded products. There is also the likelihood
that at least some traditional buyers who stumble across such a unique offering
will find themselves intrigued enough to investigate your property further. You
may even make the news. Talk about free advertising!
Whether or not you’re a Bitcoin believer—if you’re ready
to sell your property in Irvine this summer and want state-of-the-art marketing
input—I’m your agent. Call me today to discuss a marketing plan that, Bitcoin
or not, is designed to bring in the buyers!