West-Press Printing Administrative & Professional Tucson Urban League CEO/President Health Care CENTRAL ARIZONA COLLEGE DIRECTOR OF HEALTH INFORMATION MANAGEMENT Administrative & Professional Jorgensen Brooks Group Counselor Trades/Construction RANCHO RESORT MAINTANANCE POSITION Sales and Marketing Everready Glass Sales Reps Mechanical Komatsu Equipment Co Resident Field Mechanic BusinessReal estate
Peoria Wal-Mart offers a first: Buy property in storeTucson, Arizona | Published: 12.18.2007
Real estate might be the one thing shoppers expect not to be able to buy at Wal-Mart.
But one Phoenix-area real estate agency is working to change that.
Metro North Realty opened a branch last month in a Wal-Mart at 7975 W. Peoria Ave. in Peoria.
Metro North Realty broker Octavian Dobos said he is interested in possibly opening Wal-Mart branches in the Tucson area, but two Tucson real estate professionals were somewhat skeptical of the idea.
The Peoria branch is the first Wal-Mart-based real estate office in the state, although there are some others throughout the country, said Wal-Mart spokesman Daniel Morales.
Branch manager Daniel McCarthy said he's hoping to capitalize on the foot traffic in the store and get more exposure for his listings. The added visibility might be necessary next year if the market continues to lag, he said.
While many real estate agencies are trying to enhance their presence on the Web, McCarthy said he suspects buyers will start to prefer personal attention to virtual tours and other Internet-based home-shopping tools.
"I think in 2008 is when we'll see our low point," he said. "What we're doing is just trying to get our properties seen by potential buyers."
The move also fits with Wal-Mart's one-stop shopping mantra, he said, because clients might be able to pick up some groceries after signing a contract.
"We're just trying to add a little extra convenience," he said.
But Judy Lowe, executive vice president of Realty Executives Southern Arizona, said she wasn't sure Metro North's plan would work. Lowe said she recalls when department store chain Sears, Roebuck & Co. owned real estate firm Coldwell Banker Residential Group and installed real estate offices in its stores throughout the 1980s. It didn't work well, Lowe said. Sears later sold Coldwell Banker.
For Wal-Mart, "I would assume it would be the same," Lowe said. "When people go to Wal-Mart, they're there to do shopping. They're really not there to talk about buying a home."
Another Tucson broker, Tammi Alban of Exit Realty New West Group, said Wal-Mart stores might be too busy to entice people to sit down and discuss a home purchase.
"Usually it's so crazy in there," she said.
A shopping mall might make more sense because the environment is "more leisurely," she said.
The Wal-Mart real estate office concept is still in an experimental stage, Wal-Mart's Morales said, and the company isn't sure whether it will be more widely expanded. Already, many Wal-Marts have storefront space for businesses such as salons and community banks, he said.
"We want to first see how that goes in this market," he said about the Peoria real estate office. "We definitely want to make sure it's something that fits with our business needs, and something that our customers are looking for."
Find the latest local real-estate news at www.AzStarBiz.com.
● Christie Smythe covers real estate for the Star and writes a weekly column on the industry. Send news about commercial and residential real estate to her at Business, Arizona Daily Star, P.O. Box 26807, Tucson, AZ 85726; fax to 573-4144; e-mail to csmythe@azstarnet.com.
|
|