[5-DayForum] Help -- only 5 responses!

Thu May 3 14:31:17 EDT 2007

1--Magic Numbers.

$134,500 is a bad starting point.  It should have been $124,500.  This 
truly conveys a $250,000 expectation.  You would be amazed at the 
difference between a magic number and any number in between.

Tell your partner to change it on Craig's list to $99,500.  Explain to 
the buyer the book, and this list.  They can join this list without 
buying the book.  They can ask what's been going on with your sale.  
Somebody who is not you will explain it.  Explain it on Craig's list.  
Your bad.  If everyone believes you will really sell it this weekend, 
even at a loss, they are going to show up.

2 -- These 98.5% of listing price numbers are completely misleading.  
Most of those homes are selling at 75% of the original listing price.  
Then they lowered it.  Then they lowered it. Then they lowered it.  
Until the average of homes finally sold are 98.5% of the final price, in 
many cases 6 months to a year after the original listing at a much 
higher price.

The average also tells us that many of the homes were listed too low, 
and some sold for more than the listing price.  This is just plain real 
estate broker hogwash.

Your partner had the right idea provided you are prepared to sell your 
home for what it's really worth in today's market.  $99,500 will not 
hurt you if your home really is worth $270,000, but the lack of response 
at $134,500 tells me that it's probably not worth $270,000.

Just be straight with everyone.  I think I would lower the price 
everywhere you can to $99,500.  Explain what went wrong, and that you're 
going to sell that home to the high bidder this weekend whatever the 
high bid turns out to be.

And if some realtor comes along and tells you they could get you 
$290,000 (what you'd need to gross to net $270,000 with a realtor at 
some future date) you'll sell the realtor the home for $250,000, and 
they can keep the extra $40,000 for themselves. 

You know that won't happen.

But you can get the top price possible this weekend.

Lower the starting price to $99,500 wherever you can.  Tell people over 
the telephone, and in email, even if they see a higher price that you 
overestimated the value, and you are prepared to take less--this weekend.

More work for you.

But you'll still get exactly the same fair price as high as anyone can 
get for this home on this weekend.

Keep us posted.

Bill Effros

Peter Thorn wrote:
> Bill,
>  
> Thanks for the reassurance.  We are willing to selling the house at a 
> loss, if that's what the market says it's worth.
>  
> The most current MLS data shows homes closing in Chapel Hill of 98.5% 
> of listing price.  Last October an independant state licensed real 
> estate appraiser indicated a value of $280,000.  We chose a target 
> value of $270,000, read your book, and ergo... an advertised price of 
> $134,500.
>  
> Early this morning my nervous partner got on Craigs list and changed 
> the price to $125,000, then printed a bunch of fliers with the $99,500 
> price and is posting them on store fronts wherever store managers 
> allow.  I changed Craigs list back to $134,500 and have tried to 
> diploatically wipe the egg off our face with a NJ buyer that wants to 
> drive down here.
>  
> We're up to 9 people so far.
>  
> Your thoughts, please.
>  
> PT
>  
>  
>  
>  
>
>     ----- Original Message -----
>     *From:* Bill Effros <mailto:bill at effros.com>
>     *To:* How To Sell Your Home in 5-Days
>     <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
>     *Sent:* Thursday, May 03, 2007 10:44 AM
>     *Subject:* Re: [5-DayForum] Help -- only 5 responses!
>
>     Close, no cigar.
>
>     Don't put the signs up before getting 25 responses to the ads.
>
>     This is not a contest to get 25 responses from poor prospects.
>
>     This is making sure the 3 real buyers show up because they believe
>     you will sell the home this Sunday at a fair market price.
>
>     If you get 25 different real buyers responding to your ads, you
>     can be quite sure the 3 real buyers will show up over the weekend.
>
>     It is painful to learn that $1700 worth of advertising at what you
>     though was 1/2 the price you would ultimately get doesn't insure
>     the 3 real buyers will attend the open house and bid this
>     weekend--but it's extremely useful information, none-the-less.
>
>     Maybe the 25 will call by Friday night.  If so, proceed.
>
>     If not, pull the plug.  Don't artificially inflate the number of
>     respondents.
>
>     Learn from the experience and adjust.
>
>     I'll stay with you.
>
>     There is no reason to think you won't get 25 by Friday night from
>     the ads.  But you will probably get less for your home, at this
>     time, than you were hoping.  If you think the market will improve,
>     don't sell, wait--then run another 5-Day Sale when you think the
>     market is better.
>
>     The experience of all of us who have run a lot of 5 day sales is
>     that nobody who runs their 5-Day sale properly is able to get
>     substantially more for their home in the near term offering it by
>     any other method.
>
>     Bill Effros
>
>
>
>
>
>     Nokitty1 at aol.com wrote:
>>     The only requirement is 25 responses by Friday night. You have 2
>>     days left. If you have your signs up and ads in the paper you've
>>     done all there is to do. Take down names and numbers of your
>>     responses just in case you have to postpone the sale--which you
>>     won't know if you will until Friday night.
>>      
>>     Its like watching a pot to boil. Try to walk away from it and let
>>     the process work.
>>      
>>     Noah
>>
>>
>>
>>     ------------------------------------------------------------------------
>>     See what's free at AOL.com
>>     <http://www.aol.com?ncid=AOLAOF00020000000503>.
>>     ------------------------------------------------------------------------
>>
>>     _______________________________________________
>>     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
>   
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20070503/66df6547/attachment.html 