[5-DayForum] Lake Havasu City-AZ Day 4

[Bill Effros]

David,

I changed your Subject line to Place/Day, also.

Starting lower will get you more calls, but it doesn't get you a higher 
bid price. 

The best investment you can make right now is following through with 
your 5-Day Sale on Sunday night, regardless of the bid price.  This will 
inform you about street price values for future investments, and it will 
also improve the bidding next time around.

Let's say 50 or 75 people respond to the ad you ran this week.  But only 
1 will be offered the home.  Most of the other 49 to 74 will still be on 
the market the next time you offer a home using the 5-Day Method.  Many 
will know you actually did offer the home to the high bidder tonight 
(whether the high bidder was able to close the sale or not.)  They'll 
inspect the next home, too.  They'll know it's you.  You will get more 
serious bidders when more are sure you will really offer your home to 
the high bidder Sunday night, and each will bid higher.

Even if you offer the same home a second time because the high bidder is 
unable to close, you should be able to get roughly the same bid every 
time you run a sale on the same property in the near future if the 
buyers know you mean what you say in your advertising/inspection/and 
materials.

Bill Effros



David Herring wrote:
> Lake Havasu City, AZ  I had a similar experience.  29 calls by Friday 
> night.  43 calls total so far.  About 16 groups today.  Everyone 
> was nice.  I was expecting some difficult investors but the 3-4 
> investors that showed up were really cool.  7 bids so far.  I'm also 
> expecting most of my traffic tomorrow.  I'm pretty much running 
> everything by the book.  I priced at 50% of appraised value, $99,500.  
> If I had it to do again I think I would start at $49,500.  I'm having 
> additional help tomorrow for the expected crowd.  This is an 
> investment we bought out of foreclosure a couple of months ago and I'm 
> ready to move on to the next one.  My advertising was 1 ad in the 
> daily paper and 1 ad in the weekly paper.  Less than $150.  I'm 
> impressed.  I hope I can sleep tonight.  Good luck.
>  
>  
> David Herring
>  
>
>     ----- Original Message -----
>     *From:* James Fleming <mailto:jamesfleming at cbseal.com>
>     *To:* 5-dayforum at howtosellyourhomein5days.com
>     <mailto:5-dayforum at howtosellyourhomein5days.com>
>     *Sent:* Saturday, November 03, 2007 7:01 PM
>     *Subject:* [5-DayForum] Not a bad first day.
>
>     5-Day in Vancouver, WA. -- The housing slump continues to be a
>     source of frustration for sellers and a boon for buyers.  Today
>     was my first of two 11 to 5 open houses.  Roughly two dozen people
>     actually showed up; only 5 left bids.  If calls are a reliable
>     indicator, I am expecting most of my traffic tomorrow -- as many
>     as 40, possibly more.  We'll see.  Is this in line with what
>     others of you are experiencing?
>
>      
>
>     Good Selling!
>
>     Jim F.
>
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