Chicago-based Dream Town Realty has capitalized on Groupon’s massive sphere of influence, offering the first real estate deal through the online coupon vendor.
Groupon is known best for providing huge discounts, usually between 50 and 90 percent off, for dining, concerts and other entertainment. With the $25 Dream Town ‘Groupon,’ homebuyers receive $1,000 from the company upon closing on a home priced $150,000 or more.
Skeptics have questioned the effectiveness of Dream Town discounting its services, but President and Co-founder Yuval Degani explains the value. “They (Groupon) offer us their massive online database,” he says. “We are highly active on the Web as well as a company, and it’s really a great synergy.”
And thus far the results have been compelling.
Dream Town made the announcement on Friday via their Twitter account, and though Groupon didn’t officially announce the deal until yesterday, the results were immediate.
“It (the voucher) activated within hours of going online,” said Degani in reference to the 50-purchase minimum needed to validate the offer.
As of 2:35 p.m. CST today, the deal has 176 purchases. The offer is available for five more days and expires one year from purchase.