Taking Out A Second Mortgage In Second Life

    March 23, 2007

Buying a home is usually the single largest investment that the average individual will make over the span of their life. Careful thought and planning are exercised when determining how much of a mortgage to take on, how large of a home to purchase, and what realtor to use.

Indeed, home ownership is not something to be entered into lightly. Buying a home in Second Life, however, can be as simple as a point-and-click transaction, and Coldwell Banker has decided that it wants to be the real estate company to meet the needs of the virtual world’s potential homeowners.

That’s right, as if the process of taking out your first mortgage wasn’t painstaking enough, you can now pony up even more cash to purchase your own little piece of digital real estate in Second Life.

“We are incredibly excited to be a part of Second Life, the most explosively popular community on the Internet,” says Charlie Young, senior vice president, marketing, Coldwell Banker Real Estate Corporation.

“Like the Second Life members, today’s homeowners are technologically savvy so it’s paramount that we offer them the opportunity to engage with, and experience, our brand in a variety of different ways, whether in the real or virtual world. Second Life is an excellent virtual platform that will enable us to interact with consumers where they are meeting today, in online 3-D communities.”  

So just where are these virtual homes located? According to Coldwell Banker, they’ve set up a home development in the “Ranchero” section of the Second Life mainland, a property that consists of 500 homes covering 550,000 square meters.

With prices varying based on size and style, Second Lifers can choose from several different architectural layouts including southwestern, colonial and contemporary, and will receive free “virtual furniture” for their new home as a closing gift from Coldwell Banker.

I’m just wondering if virtual realtors still get 6% commission for selling these virtual homes.