[5-DayForum] Having to sell your home if you put it in MLS
Bill Effros
bill at effros.com
Sat Nov 3 16:25:22 EDT 2007
Thanks to all who participated in this thread. It was very helpful to
me, as well as everyone else. I am often asked what I get out of this
Forum, and the answer is that I get a large number of people
contributing thoughts, ideas, and experiences that help me shape and
form my own ideas about 5-Day Sales.
Here is my own bottom line based on this thread.
Insofar as humanly possible, I think 5-Day Sales should run only for 5
days prior to the Round Robin with a starting price 50% of what the
seller believes is the current market value.
If you can shape an MLS listing to fit these parameters, fine. If not,
pull everything out of MLS and all other long-standing media for a few
weeks prior to your 5-Day Sale so you can evaluate the effects of
advertising targeted on the best buyers in the current market at a price
to be determined by them, not you.
In answer to Peter, no, I don't think the more buyers the better. What
you are trying to do is to create a 5-Day bubble. In 3 days you can
determine if you have a realistic understanding of the market, both in
terms of price and most likely current buyers. If not, no go. If yes,
proceed.
If you decide to proceed, you MUST be prepared to offer your home to the
high bidder Sunday night. You may not be able to sell it to the high
bidder for the bid price for any number of reasons, but you MUST be
prepared to offer it, and to see if you can come to mutually acceptable
terms.
If you are not prepared to offer your home to the high bidder Sunday
night, give it back to a broker; put it back on MLS; set up a web
site--and wait to see if market conditions improve to the point where
you are prepared to sell your home to the best buyer. If this does not
happen, create another 5-Day Bubble, and try the 5-Day Method again,
until either you sell your home using the 5-Day Method, or you sell it
some other way.
Bill Effros
PS -- What are you doing to Raven? Are you using the battened main
sail? I wish I had more time for the R22 list...
Peter Thorn wrote:
>
> Bill,
>
>
>
> Yeah, I'm still lurking on your list and the R22 list too. Too busy
> working to write much email. I'm also trying to get an upfit Raven in
> the water for the winter series in New Bern.
>
>
>
> So what's your opinion about the MLS auction section? It would get
> the property lots of free (for me) exposure on Realtor.com. Buyers
> read Realtor.com and the more Buyers the better, right?
>
>
>
> PT
>
>
>
> *From:*
> 5-dayforum-bounces+pthorn=nc.rr.com at mailman.howtosellyourhomein5days.com
> [mailto:5-dayforum-bounces+pthorn=nc.rr.com at mailman.howtosellyourhomein5days.com]
> *On Behalf Of *Bill Effros
> *Sent:* Tuesday, October 30, 2007 10:46 PM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] Having to sell your home if you put it in MLS
>
>
>
> Peter,
>
> Is that you?
>
> I'm pulling my boat tomorrow.
>
> Bill Effros
>
>
>
> Peter Thorn wrote:
>
> OK, but suppose you could put it into MLS (and also Realtor.com) with
> a commission payout of $1.00. Would that be a good idea?
>
>
>
> PT
>
>
>
> *From:*
> 5-dayforum-bounces+pthorn=nc.rr.com at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum-bounces+pthorn=nc.rr.com at mailman.howtosellyourhomein5days.com>
> [mailto:5-dayforum-bounces+pthorn=nc.rr.com at mailman.howtosellyourhomein5days.com]
> *On Behalf Of *David Herring
> *Sent:* Tuesday, October 30, 2007 5:04 PM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] Having to sell your home if you put it in MLS
>
>
>
> I stand corrected. You owe the agent a commission and are not
> required to sell your home if the agent procures a buyer at the price
> in the MLS. That is the same rule in CA and AZ.
>
>
>
> Do not put you home in any MLS to sell it using the 5 day method. The
> agents will want to be paid if you sell your home or not.
>
>
>
>
>
>
>
>
>
> David Herring
>
>
>
> ----- Original Message -----
>
> *From:* Betty Pauley <mailto:bpauley at a2scolumbiamo.com>
>
> *To:* How To Sell Your Home in 5-Days
> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
>
> *Sent:* Tuesday, October 30, 2007 11:00 AM
>
> *Subject:* [5-DayForum] Having to sell your home if you put it in MLS
>
>
>
> I couldn't help but jump in. I've heard several times the 'if you
> put it in the MLS then you must sell for that'. That is not
> accurate. Putting it in the MLS is not a contract with a buyer to
> sell at that price. No one can make you do that.
>
>
>
> What the issue is, if you list your home with a Realtor, the
> listing contract specifies at what price the Realtor will earn a
> commission if they bring you a buyer. My listing agreements with
> owners state, if I procure a willing, ready and able buyer within
> the listing period, at the price and terms they have specified in
> the listing agreement, then I have earned a commission and you
> agree to pay me. It does not say that you have to sell your
> house. You can pay me and keep your house.
>
>
>
> When I as a Realtor put your house in the MLS, then I am entering
> into a contract with all the other Brokers that if they bring a
> willing ready and able buyer at the price I have advertised in the
> MLS, then I owe them a commission. Realtors don't like it if you
> advertise an artificially low price and they go out and work to
> find a buyer, only to find that you are unwilling to sell at that
> price. This is the biggest reason that Auctioneers and Realtors
> have never been able to work together very well is that
> Auctioneers don't want to put a price on the property that if
> another agent brought a buyer they would get paid even if the
> owner then refused to sell.
>
>
>
> The listing agreement between the seller and the listing agent is
> a contract. If I bring a buyer at this price and terms, I will
> get paid. It is not a contract to sell.
>
>
>
> When I, as a broker put it in MLS, that is a contract that I am
> then extending to cooperating agents that if they procure a buyer,
> I will share my commission with them.
>
>
>
> Don't put your home in the MLS at a price you are unwilling to
> accept. You won't have to sell your house, but according to your
> liting contract, would owe your agent a commission and they in
> turn would owe a portion of that commission to a cooperating agent.
>
>
>
> ****************************************
> Betty Pauley, ABR, GRI, CRS, SRS, Broker
> Licensed Auctioneer
> Assist2Sell Buyers and Sellers Realty
> 2000 S. Forum Blvd. Suite 4
> Columbia, MO 65203
>
> Office: 573-234-2345 ext. 233
> Mobile: 573-268-7454
> Fax: 573-234-2860
>
>
> mailto:BPauley at a2scolumbiamo.com
> http://www.TeamAssist2sell.com <http://www.teamassist2sell.com/>
> ****************************************
>
> -----Original Message-----
> *From:*
> 5-dayforum-bounces+bpauley=a2scolumbiamo.com at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum-bounces+bpauley=a2scolumbiamo.com at mailman.howtosellyourhomein5days.com>
> [mailto:5-dayforum-bounces+bpauley=a2scolumbiamo.com at mailman.howtosellyourhomein5days.com]*On
> Behalf Of *Bill Effros
> *Sent:* Tuesday, October 30, 2007 12:38 PM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] You're a Woman!?
>
> Wow!
>
> Now I've got to recalibrate, again!
>
> Yeah, I'd change the picture.
>
> Everybody is saying the same thing about October, and we're on
> the leading edge of information.
>
> I like your site even if you're not a woman. You have a lot
> of services to offer, and your prices seem fair. The advice
> you have given on this Forum has been extremely helpful, both
> to me, and to people who know less about the 5-Day Method than
> you.
>
> Bill Effros
>
>
>
> Terry Wigfield wrote:
>
> I am NOT a woman. Don't ask me why they used that but that is
> a picture the web company pulled from their stockpile. I guess
> I will need to update that at some time.
>
> Here is some info you may be interested in. October has been
> the slowest month for home inspections since I've been doing
> them.
>
> Terry Wigfield
>
> HouseMaster
>
> 301-791-7216 fax
>
> terry.wigfield at housemaster.com
> <mailto:terry.wigfield at housemaster.com>
>
> ------------------------------------------------------------------------
>
> *From:*
> 5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com>
> [mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com]
> *On Behalf Of *Bill Effros
> *Sent:* Tuesday, October 30, 2007 9:13 AM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* [5-DayForum] You're a Woman!?
>
> Terry,
>
> You're a woman?
>
> I just went to your site for the first time. That person
> there...that's you?
>
> I am simply flabbergasted. I know it's politically incorrect
> to admit it, but I can't remember any email correspondence
> I've ever had (and I've had a lot of them) where it took me
> this long to realize I was picturing a man when the other
> person was a woman or vice versa.
>
> Now I have to go back to read all your email in a whole new light.
>
> Good for you!
>
> This is a life-changing experience for me. I'm only half kidding.
>
> Bill Effros
>
> Terry Wigfield wrote:
>
> Bill,
>
> Hope you enjoyed your vacation, I've tried to avoid giving you
> more to catch up on. I've added my two cents where I felt I
> could contribute. I thank you for keeping an open mind about
> the signs. You have told others to treat all the buyers the
> same you can never tell who the buyers may be. I believe that
> is also true about the methods of advertising. You can't tell
> where your buyer may come from.
>
> I have no doubt classified ads in newspapers are by far the
> best form of advertising a 5 Day Sale and should always be the
> primary form of advertisement. But, additional exposure just
> can't hurt. I plan to provide a form to record location of all
> signs, so that they may be retrieved after sale. Signs are not
> illegal in my area and I never really thought of that aspect.
> Here they are common and I can see why they would be
> prohibited. They definitely need picked up after sale. I will
> need to tell all to check their local ordinances.
>
> When you get time, look over my web site and let me know your
> thoughts. I put these items together after observing what the
> members on the forum where asking for. There is very little
> available for the 5 Day Sale method and for those who don't
> have the time, they now have another option. I believe the
> "Ad" sign is a good solution to the problem of no phone
> number. Notice no address; they have to call to get location.
> I would have to agree with you the directional signs found
> elsewhere are not appropriate for a 5 Day Sale. I believe
> signs and flyers are the second best form of low cost
> effective advertisement and are a good supplement along with
> newspaper ad. Just putting my plug in for signs and flyers.
>
> I believe, as you, that web sites are unnecessary and are not
> effective. You cannot get a web site recognized by search
> engines in 5 Days. I'm told it takes months. Google still
> doesn't find my site, even though it's been optimized. But
> it's only been published for a week or two. Internet
> classifieds are fine if they are free. Yahoo has a good paid
> site around $50 to $60 for a 21 day period. Problem is, there
> are so many internet classifieds, and which do you choose?
> Which one will buyer choose? The ad blaster programs don't
> work well for major RE classifieds and will not get you on any
> of the major class ads. But that is a whole different topic.
>
> Terry Wigfield
>
> HouseMaster
>
> terry.wigfield at housemaster.com
> <mailto:terry.wigfield at housemaster.com>
>
> www.5daysale.biz <http://www.5daysale.biz>
>
> ------------------------------------------------------------------------
>
> *From:*
> 5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com>
> [mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com]
> *On Behalf Of *Bill Effros
> *Sent:* Monday, October 29, 2007 11:42 AM
> *To:* How To Sell Your Home in 5-Days
> *Subject:* Re: [5-DayForum] Marketing signs
>
> Terry,
>
> Thanks for all the help you provided on the Forum while I was
> on vacation.
>
> I have only been following your activities with one eye,
> because I haven't had the time to catch up with everything,
> but I will start responding more directly to your comments.
> Thanks, also, for your patience.
>
> The 5-Day Method evolves as people bring their experiences. I
> re-write the book to reflect changes as they are proved over
> time. This Forum is a work-in-progress to allow people to
> adjust techniques between editions.
>
> The signs issue is tricky, and I will continue to think out
> loud. The signs are flat out illegal in some places, and in
> violation of gated community rules in others. They have been
> the source of a lot of a lot of mischief, and they often
> attract people who you would sooner not attract. At the same
> time, they always increase the "action", and, especially for
> first time 5-Day Sellers, it is easy to confuse the action
> with the result.
>
> Keep calling them as you see them, and let us know what you
> advise based on your experience.
>
> Thanks, again, for all your help -- it has been appreciated.
>
> Bill Effros
>
>
>
>
>
> Terry Wigfield wrote:
>
> Galina,
>
> I have been reading the forum since July and occasionally
> reply if I have something to add. I tell you this in case you
> have not been following the forum during this time and are
> unfamiliar with me or any replies or post I have made in the
> past. You should be able to find these in the archives.
>
> One thing I noticed was the lack of marketing aids for those
> doing a 5 day sale. Most signs available are for someone doing
> a FSBO but are not geared toward the 5 day sale. I have since
> put together signs for a 5Day Sale, flyers and some other
> marketing materials. Most signs are simply directional signs
> that simply point toward the direction of home. Bill, the
> author, does not promote the use of signs and gives two
> reasons. 1) The signs do not give phone number, hence you have
> no way of including these persons in your 25 responses 2)
> The phone call is the time to answer questions about the 5 Day
> Sale method and to put the buyers at ease with this method.
> These signs do not give you the opportunity for either.
>
> I believe I have found a solution to the above. Newspaper
> classifieds should be your primary method of advertising,
> however any cost effective means of reaching the buyers can't
> hurt in my opinion. Maybe, Bill will jump in on this later. I
> have put together some signs which have the traditional
> directional signs (to be put out for directions on Sat and
> Sun), but also have your classified ad on signs complete with
> phone number. These signs are to be placed out from Wednesday
> through Sunday (same as ad in paper) to get additional
> responses. The way I do this is to have the common 5 Day Sale
> information printed but leave the house and contact
> information blank. You may then place this information on the
> signs yourself with a marker. I have put together some
> packages on my web site www.5daysale.biz
> <http://www.5daysale.biz/>. These signs are relatively cheap
> for coroplast plastic signs and include shipping. I say
> relatively because to get the best price a person has to have
> printed a minimum of 100 signs each. Price goes up
> dramatically 10x for small runs. I searched for printers,
> trying to find one that had better pricing for small runs of
> customized signs. They where all about the same about $15 to
> $20 per sign (once you added 2 color print, stakes, shipping,
> double sided ect.). If you would like different amount of
> signs than shown in packages or have questions, you may email
> me directly at terry.wigfield at housemaster.com
> <mailto:terry.wigfield at housemaster.com>
>
> There is another company on web that has the 5 day directional
> signs only, and they are more expensive. I do not know of
> anyone who rents signs, probably due to shipping cost (approx
> $60).
>
> Last, you can make your own signs but make sure you have the time.
>
> After newspaper ads, Signs and Flyers are probably the most
> cost effective. Free internet classifieds are fine also. I
> would stay away from web sites, due to the cost and it takes
> time to get your ad discovered by search engines. Since there
> are 1000's of classifieds your ad is like a needle in the
> haystack and the chance of getting found by the buyer in 5
> days is unlikely. I would have a web presence if I was doing a
> regular FSBO but not a 5 day.
>
> Best Wishes
>
> Terry Wigfield
>
> HouseMaster
>
> 301-791-7216 fax
>
> terry.wigfield at housemaster.com
> <mailto:terry.wigfield at housemaster.com>
>
> ------------------------------------------------------------------------
>
> *From:*
> 5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com>
> [mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomein5days.com]
> *On Behalf Of *Galina Grechka
> *Sent:* Saturday, October 27, 2007 10:49 PM
> *To:* 5-dayforum at mailman.howtosellyourhomein5days.com
> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
> *Subject:* [5-DayForum] Marketing signs
>
> Hi All,
>
> I'm going to run 5 days sale some time in November.
>
> Do you know where I can get these attractive marketing sings
> with directions for reasonable price?
>
> Can I rent them somewhere?
>
> Another question: what day to put these signs? Only Sat - Sun
> or earlier?
>
> Galina
>
>
> __________________________________________________
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