[5-DayForum] Atlanta, GA 5 day sale post mortem
Bill Effros
bill at effros.com
Fri Aug 3 11:01:32 EDT 2007
Richard,
In previous editions of the book I recommended starting at a higher
percentage of the perceived value. Over the years it has become clear
that starting lower works better.
Bill Effros
Richard Burton wrote:
> They actually priced the house at 75% of value which I would not have
> done however they sold their home and I didn't. They live in Buford
>
> ----- Original Message ----
> From: S M <waldothebear at hotmail.com>
> To: 5-dayforum at mailman.howtosellyourhomein5days.com
> Sent: Tuesday, July 31, 2007 9:53:15 AM
> Subject: Re: [5-DayForum] Atlanta, GA 5 day sale post mortem
>
> Hi Richard,
>
> I don't suppose your friends that did the successful sale around here
> check
> out the list. I would love to see the particulars of their sale. If
> they
> wouldn't mind you posting them, maybe you could do it in their
> stead. (Or,
> feel free to email me directly if that seems more appropriate.)
>
> But, I would love to know where the house was, how much they thought it
> would bring, where they advertised, how many calls they got, how many
> people
> showed up for the inspection, and what did they receive in the end. I've
> been trying to keep up with the Atlantans and I would love to find
> some that
> have had success.
>
> Thanks.
>
> Sandy
>
> >From: Richard Burton <richard1burton at yahoo.com>
> >Reply-To: How To Sell Your Home in
> >5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> >To: How To Sell Your Home in
> >5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> >Subject: Re: [5-DayForum] Atlanta, GA 5 day sale post mortem
> >Date: Tue, 31 Jul 2007 04:30:31 -0700 (PDT)
> >
> >Thank You!
> >
> >Friends ran a suucessful 5 day sale in North Atlanta...
> >
> >I think Clayton County has its own set of issues:
> > 1) Hight foreclosure rate
> > 2) Ranks near the bottom of school districts in the state
> > 3) Ranks near the top in crime statistics
> >
> >I believe this process will work in Atlanta, just not Clayton County
> >
> >Richard
> >
> >----- Original Message ----
> >From: S M <waldothebear at hotmail.com>
> >To: 5-dayforum at mailman.howtosellyourhomein5days.com
> >Sent: Monday, July 30, 2007 11:09:55 PM
> >Subject: Re: [5-DayForum] Atlanta, GA 5 day sale post mortem
> >
> >
> >Ah, but Mark wasn't in Atlanta. I still say the biggest problem in the
> >Atlanta area is to figure out how and where to advertise. So far, I
> >haven't
> >seen a successful 5-day sale in the Atlanta area (though, I am still
> >convinced when I am ready, mine will be the first :^). I really would
> >like
> >to figure out how to get through to the people around here exactly what a
> >5-day sale is all about. So far, everyone who has reported trying
> this in
> >the Atlanta area has had the same 2 problems -
> >
> >1) not enough people respond to the ad
> >2) even if enough respond, the people who come to the sale are really
> only
> >able to afford the starting price.
> >
> >There has got to be a way to break through this.
> >
> >Sandy
> >
> >
> > >From: Bill Effros <bill at effros.com>
> > >Reply-To: How To Sell Your Home in
> > >5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> > >To: How To Sell Your Home in
> > >5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
> > >Subject: Re: [5-DayForum] Atlanta, GA 5 day sale post mortem
> > >Date: Mon, 30 Jul 2007 14:13:45 -0400
> > >
> > >Richard,
> > >
> > >Your problem was not using a magic number (which would have been
> $49,500)
> > >and then continuing the sale without getting 25 responses by Friday
> >night.
> > >
> > >Continuing the ad at this point just confuses matters. People can see
> >that
> > >you didn't really do what you said you would do in the ad.
> > >
> > >Mark ran an ad the same weekend as you at $74,500. He got $136,500
> after
> >2
> > >hours and 45 minutes of bidding.
> > >
> > >Bill Effros
> > >
> > >
> > >
> > >
> > >
> > >Richard Burton wrote:
> > >>I had my 5 day sale in Atlanta this past week-end and ran a 5 day
> ad's
> >in
> > >>the following:
> > >> 1. Clayton County Newspaper which included a local military base
> > >>paper and Hartsfield Airport employee paper
> > >> 2. Atlanta Journal Constitution
> > >> 3. CraigsList
> > >> 4. ByOwner.com
> > >> I was planning on running a 5 day ad in the AJC however I was
> told the
> > >>cost of the 5 day ad was about $1200 while a 10 day ad was $400. I
> went
> > >>with the 10 day ad which is still running through Friday.
> > >> My ad was the typical 5 day sale ad, $69,500 or best offer. My
> home
> >is
> > >>worth about $140,000
> > >> Most of my responses came from the local Clayton County paper and
> > >>Craigslist.
> > >> I only had 31 calls and 11 inspections and only six bids.
> > >> Of the 11 inspections, 4 were from investors looking for a
> deal. All
> > >>the others could only afford a home under $100,000.
> > >> The 69,500 or best offer only attracted potential buyers who could
> >only
> > >>afford close to $65,000. None present would have been able to afford
> > >>close to what I wanted.
> > >> My round robin ended quickly... two were not home, two dropped
> out in
> > >>the first round when the initial high bid was at 92,000. One
> raised it
> >to
> > >>92,500 and the last one dropped out.
> > >> My question to the group (and Bill) is:
> > >> "The 69,500 or best offer" only attracted people than can afford
> about
> > >>69,500. How do you attract folks that are looking for a higher end
> > >>property? If I were selling a $400,000 home and offered it at
> $200,000
> >I
> > >>would think that folks interested in a 400,000 home would not even
> >bother
> > >>with a 200,000 or best offer.
> > >> Your thoughts?
> > >> Richard ----- Original Message ----
> > >>From: Bill Effros <bill at effros.com>
> > >>To: 5-DayForum <5-dayforum at mailman.howtosellyourhomein5days.com>
> > >>Sent: Monday, July 30, 2007 10:57:28 AM
> > >>Subject: [5-DayForum] Magic Numbers and Magic Endings
> > >>
> > >>Many people don't get what I mean by "Magic Numbers". Several people
> > >>have offered wording to help. Here's my latest attempt--let me
> know if
> > >>it resonates:
> > >>
> > >>First divide the price you really think you can get at this time by 2
> > >>(to obtain 50% of what you really think you can get)
> (alternatively you
> > >>can multiply the price you really think you can get by .5 to
> obtain the
> > >>same number, if you are happier multiplying than dividing.)
> > >>
> > >>Either way, you wind up with a number that is 50% of what you honestly
> > >>believe you can get at this time. There is no danger in starting too
> > >>low. You will get more responses with a "too low" starting price, but
> > >>the final bid will be as high or higher than you would get with a
> higher
> > >>starting price. If you start "too high" you will fail to get 25
> > >>responses by Friday night, and you will have to rerun your 5-Day Sale
> > >>starting at a lower number on a subsequent weekend.
> > >>
> > >>The last 5 digits of the starting price should be one of the 4 numbers
> > >>shown below -- the "magic endings" as someone has dubbed them.
> > >>
> > >>$X24,500
> > >>$X49,500
> > >>$X74,500
> > >>$X99,500
> > >>
> > >>With $X99,500 being the strongest of the 4.
> > >>
> > >>Drop the number you will use in your ad to one of these 4 "magic
> >endings".
> > >>
> > >>If your home is worth less than $50,000, offer it for $20,000,
> $15,000,
> > >>$10,000 or $5,000--whichever one is 50% of what you think you can
> really
> > >>get at this time. This is the only instance in which you don't use a
> > >>magic ending.
> > >>
> > >>Again, there is no danger in starting "too low". You will get more
> > >>responses, and at least 3 real buyers will show up, ready willing and
> > >>able to pay the highest price for your home at this time. You do more
> > >>work when you start "too low", and having more real buyers will not
> > >>increase the final bid. Your home is still worth only so much.
> > >>
> > >>Always use a magic number with a magic ending. Other starting prices
> > >>can work. Magic numbers always work. That's the "magic"!
> > >>
> > >>Bill Effros
> > >>
> > >>
> > >>_______________________________________________
> > >>5-DayForum mailing list
> > >>5-DayForum at mailman.howtosellyourhomein5days.com
> >
> >>http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> > >>
> >
> >>------------------------------------------------------------------------
> > >>
> > >>_______________________________________________
> > >>5-DayForum mailing list
> > >>5-DayForum at mailman.howtosellyourhomein5days.com
> >
> >>http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> > >>
> >
> >
> > >_______________________________________________
> > >5-DayForum mailing list
> > >5-DayForum at mailman.howtosellyourhomein5days.com
> >
> >http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
> >
> >_________________________________________________________________
> >http://liveearth.msn.com <http://liveearth.msn.com/>
> >
> >_______________________________________________
> >5-DayForum mailing list
> >5-DayForum at mailman.howtosellyourhomein5days.com
> >http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
>
>
> >_______________________________________________
> >5-DayForum mailing list
> >5-DayForum at mailman.howtosellyourhomein5days.com
> >http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
>
> _________________________________________________________________
> Don't get caught with egg on your face. Play Chicktionary!
> http://club.live.com/chicktionary.aspx?icid=chick_hotmailtextlink2
>
> ------------------------------------------------------------------------
>
> _______________________________________________
> 5-DayForum mailing list
> 5-DayForum at mailman.howtosellyourhomein5days.com
> http://mailman.howtosellyourhomein5days.com/mailman/listinfo.cgi/5-dayforum
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20070803/4779f7b6/attachment.html
More information about the 5-DayForum
mailing list