Too Much Housing Inventory, Call In Overstock.com
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Sure we have a housing inventory problem in the United States, but does it really require Overstock.com to come to the rescue? The company that bills it self as Your Online Outlet thinks teaming up with auctioneers Williams & Williams makes good sense.
Well, buying blenders that a manufacturer made too many of is a wonderful product for Overstock.com to sell, but what is next? We have only 10 3 bedroom ranches in a Phoenix, Arizona subdivision left? Come get the last custom Maine 2 story colonial we have in inventory?
Sure it is great to use another channel, but using Overstock.com just seems wrong.
The Overstock.com real estate portal provides consumers with the ability to search and browse thousands of auction properties in targeted geographic areas. In addition, consumers can link directly to Williams & Williams’ website where they can register and participate in online auctions.
“We have dialed our customers into another overstocked inventory to allow them to make their best deal,” said Patrick Byrne, Overstock.com chairman and CEO. “Our site provides Overstock.com customers with information from real estate auctioneers and brokers who have direct access to auction properties and local expertise.”
“It was very important to us in launching the new area of online auction that we had the expertise of an innovative and technically capable real estate auction company. Williams & Williams is that company,” said Bill Floor, director of real estate for Overstock.com. “They share our vision to provide consumers with new, empowered ways to shop for property.”
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Comment by Mortgage Samson on 22 August 2008:
Personally, I don’t see a big difference between blenders and real estate.
I say let Overstock get in there and mix it up!
Comment by California Movers on 22 August 2008:
Overstock.com is a great site, i love it.
Comment by indaknow on 22 August 2008:
If Overstock.com weren’t completely inept, this might be a good idea. It makes sense to alleviate over-saturated housing markets via online aggregation - its using one of the most powerful marketing mediums available to alleviate a huge economic concern.
However, Overstock.com, Patrick Byrne, and his legions of ‘yes men’ can’t get out of their own way - instead of turning their ‘blender’ business into a profitable one, they seem to have thought that venturing into the auctions, cars, social media, travel, and now real estate businesses would be a good idea. Case in point - Overstock bought a travel company called Mountain Reservations for $30m in 2005. They sold that same company 2 years later for $17m and in the process of losing $13m, turned a once profitable company into a loss leader. Byrne and his minions don’t know their asses from their elbows, and will eventually turn this promising idea into another blunder.
Pingback by Hitting the Links | Redfin Boston Sweet Digs on 25 August 2008:
[...] No joke: Overstock.com sells houses. [The Real Estate Bloggers] [...]