[5-DayForum] 5day rental experience

[Bill Effros]

Brent,

I'm a straight renter, or a straight seller.  I don't mix the two.  I 
don't gamble.

I know I can get the top rental using the 5-Day Method, or the top sale 
price using the 5-Day Method.  I decide which I'm going to do, and 
whether I do it.

I have no interest in giving the top renter an option I may regret.

Bill Effros

brentday at althor.net wrote:
> Thanks for the advice Bill.  I pretty much decided the same
> thing after some more thought.
>
> One of the top bidders (not the highest) has offered to
> do an Option to Purchase with the lease, with a $3500
> option fee.
>
> Any advice or suggestions on this?
>
> Thanks,
> -Brent
>
> On Wed, Nov 14, 2007 at 07:21:29PM -0500, Bill Effros wrote:
>   
>> 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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>>>
>>>   
>>>       
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