[5-DayForum] 5 Day Rental

[Bill Effros]

Terry,

I do 5-Day Rentals all the time.  You don't have to take notes.  If you 
run a 5-Day Rental properly (starting at 50% of what you are sure you 
can get) you should get twice as many potential renters as you can find 
buyers.  (We once got 605 responses to a 7 line ad in the NYT -- they 
said it was the modern record -- responses went to a box number 
controlled by the NYT).

They will all stop at the same point.  You will have multiple qualified 
buyers.  Make them fill out a daunting application.  Take 2 months 
security.  (Not the first month and last month rent.)  This sorts them 
all out, you'll get your place back clean as a whistle, renters will pay 
on time, you can rent out the place, again, the following weekend.  
Checking the applications takes longer than conducting the 5-Day Rental.

Bill Effros



Terry Wigfield wrote:
>
> I own rental property and ordered your book with the intention of 
> selling one or two. I have decided that since I do not need to sell 
> any, not to sell at this time. However I want to do a 5 Day Sale! I 
> recently had an apartment come up empty and will rent this out using 
> the 5 day method. From experience I know that you can get somebody to 
> agree to pay virtually any rent. This is especially true if the 
> potential renters are desperate. I see a red flag when ever I get 
> someone pressuring me. The problem is collecting each month. Unlike 
> selling a home, I still need to qualify persons. That will mean taking 
> notes during the open house. I imagine this would be delegated to the 
> closure. I would think I will have to screen out those unacceptable. 
>  I welcome thoughts from anybody.
>
>  
>
> Terry Wigfield
>
>  
>
> terry.wigfield at housemaster.com <mailto:terry.wigfield at housemaster.com>
>
>  
>
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