Beyond an earnings report, it's often hard for real estate companies to achieve significant coverage in the media outside of the real estate section.
California-based Coldwell Banker Corp. [5462Z], however, recently hit on an innovative way to grab media attention.
The idea was the brainchild of Hugh Siler, PR manager, who was looking for ways to publicize the fact that Coldwell had become the listing agent for the "Western White House."
The Hillsborough, Calif., mansion, built originally by the family of media tycoon William Randolph Hearst, was listed for sale with Coldwell for $8.5 million. Given the high profile of this property --and election-year interest in things presidential --the realtor company created a contest asking the public and reporters to guess the price of the "real" White House in Washington, if it ever were to be sold. Those who guessed closest to the right price -- determined by a professional Coldwell appraisal --would receive a $500 credit from American Airlines Inc. [AMR1].
The contest was posted on Coldwell's World Wide Web page, at http://www.coldwellbanker.com, and in about one week (Aug. 21-Aug. 27), drew 100 entries and 10 responses from real estate reporters. Even better was the media coverage: reports and photos on the contest and Coldwell's handling of the Western White House sale in The New York Times, the Los Angeles Times, San Jose Mercury News, as well as CNN and TV stations in Dallas and San Francisco. Coldwell's Siler also was interviewed live by radio stations in Detroit and St. Louis.
What would it cost to buy 1600 Pennsylvania Ave. in Washington, D.C.? $63,893,550, Coldwell calculated. The winning guess from an Indiana couple: $62,775,000. (Coldwell, 714/367-2486)