[5-DayForum] 5day rental experience

[Bill Effros]

Brent,

Don't do it.

The real beauty of a 5-Day Rental is that not only does it get the best 
price, but you can also select the best renter.  The top bid you got is 
what you can rent that place for at this time.  All the bidders, good 
and bad, quit at the same point.  They all know that for just a little 
bit more any one of them can get a place nicer than yours, so why should 
they bid more for yours?

But any one of them would be happy to have your place at the bid 
amount.  Use the application process to sort through them.  You will 
wind up with a renter who appreciates your property, takes good care of 
it, and returns it to you in the same condition as it was originally.

Bill Effros

brentday at althor.net wrote:
> Hello forum,
>
> I was active on the forum this past August when I ran
> a failed (I couldn't take high bid) 5-Day sale.  I listed
> the house for months on MLS, and while I had 2-3 showingsB per
> week I had no offers.
>
> I ran a 5-Day rental last week and it was a GREAT success.
>
> I have 4 offers above what I was hoping to get and we are
> reviewing the applications this week.
>
> I have a question for Bill, or anyone else who has done
> a 5day rental.
>
> After the round-robin on sunday, I pulled the craigslist ads
> on monday.  But I've still continued to get emails and phone
> calls from people who saw the old print and internet ads.
>
> I started saying that it was no longer available, but I now
> tell people who call that we had an open house where people
> could offer what they wanted for rent (short version of 5day method).
> That we have offers between $1300-1625, and if that was around
> their price range they could schedule a showing.
>
> A couple people have come by and said they will phone in an offer.
>
> I'm not going to redo the round robin.  Everyone is at their
> "best offer" and it mostly depends on the applications at this 
> point.
>
> Do you think it is wise to keep showing the house in this
> way?  
>
> I was also considering re-listing on craigslist indicating the
> range of offers I had received.  Do you think this is a mistake?
>
> Thanks for all your help.  I was still a fan of the 5day method
> after my failed sale.  I'm a huge fan of it now after a succesful
> rental.
>
> Best,
> -Brent
>
>
>
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