[5-DayForum] Nancy the Broker

Wed Nov 21 00:46:16 EST 2007

I would have never thought of it that way, but your explanation totally makes sense.  Thank you for taking the time to clarify.

Bill Effros <bill at effros.com> wrote:        Erin,

 Numerous people have successfully used all kinds of variations on the 5-Day Method.  As a general proposition "insiders" are looking for an inside price.  Insiders do not normally offer the high bids in 5-Day Sale round robins.  That's because the final selling price is invariably the highest price anyone can get at the present time provided that the 5-Day Sale is properly run.

 5-Day advertising is not a contest to see who can get the most responses.  The 25 by Friday night rule is nothing more than a screening device.  Getting 50 or 75 or a hundred responses may make sellers feel good, but it does not seem to increase the final bid, while it vastly increases the complexity.

 The drive-by brokers want to buy your home cheap.  There's nothing wrong with that.  That's their business.  You can accept or decline.  Their bids will almost never drive up the final bidding in 5-Day round robin sales.

 However, if many of your responses by Friday night come from insiders looking for a bargain, you can never be sure that the people I call "the three real buyers" will bid.

 You must be sure real buyers are aware of the fact that your home is for sale, and that you have not crammed your inspection full of insiders who have no intention of buying your home for its current full value.

 Bill Effros

 Erin Booth wrote: Bill, 

 You mentioned avoiding 'insider advertising'.  It's been obvious that my foreclosure property is getting some much needed fixing and 3 drive-by Realtors have asked if it was for sale (it's in a quiet neighborhood with only 2 others for sale).  I briefly explain that there would be an inspection the first weekend of Dec and then a Round-Robin bidding for the highest offer.  This gave me the idea of faxing my advertisement (without address) to the different Real Estate branches I associate with when I run my newspaper ads on Wed.  I could only see this as beneficial, but that doesn't seem to be your take according to your comments below.  Please advise...

   Bill Effros <bill at effros.com> wrote:         Nancy,

 I changed the subject line but retained the thread below.

 In general I agree with Terry's comments, although I would have tried to temper my response to make sure you did not regard it as a personal attack.  On a percentage basis, a very small number of people answer almost all the questions.  Sometimes we don't take the time to be diplomatic.  In this case, I saw Terry's response, thought it was a bit harsh, but on the money, and moved on.  I should have responded.

 On the face of it, it is outrageous to think that ordinary people can conduct the largest financial transactions of their lives without the help of "professionals".  And yet, people have been successfully running 5-Day Sales for more than 15 years.  But it only works if both sides believe neither side is trying to take advantage of the other.

 You ran your sale as a professional selling her own home, and you frightened potential buyers.

 One of the great aspects of the 5-Day Method is that you can see if you got something wrong in just three days.

 >From the number of responses you got it would appear you priced your home properly.  You did not advertise in the right price places -- there should have been more local newspaper advertising.  Stay completely out of MLS, and all other "insider" advertising.  If you run another 5-Day Sale, run it as yourself, and run it by the book.  Don't try to mix your broker hat with your five-day hat.

 The 5-Day Method honestly isn't a "gimmick".  It's a different approach.  Treating it as a gimmick, or trying to mix it in with traditional selling techniques has consistently not worked.  Pick one or the other, and then do it right.

 If you decide to run another 5-Day Sale, do so as the owner.  You can still tell people you are a broker, in fact, it will probably help you to do so "I'm a broker, and I was unable to sell my own home using the traditional method, so I decided to sell using the 5-Day Method, and I will sell my home to the high bidder Sunday night."

 Keep us posted on your progress, and feel free to try out your ideas on this forum before implementing them.  We all learn from the experiences of others.

 Bill Effros

 Nancy SEWELL wrote:             .hmmessage P { margin:0px; padding:0px } body.hmmessage { FONT-SIZE: 10pt; FONT-FAMILY:Tahoma }   Thanks for the input...when you say you "believe the buyers saw the ad for just what it was - a realtor trying a different marketing gimmick" - you should know - I am the owner and happen to have my RE license - and the bottom line for this whole group is that everyone, whether or not they happen to be a realtor - is doing exactly that - trying a different marketing "gimmick" to get their house sold!  Jeeze - you make it sound so dirty to be a realtor --- and in fact as a realtor I am ecstatic to have this technique in my "bag of marketing gimmicks" to help people get their house sold - especially when there are so many think inside the box only types out there!!  Anyway I thought that by stating specifically in my ad that the 800 number is a recorded info msg about the house and event, and that my personal phone number is included in the
 recording would have helped allay any of the fears you mentioned.  And, in the recording I mention immediately that I am a licensed realtor as well as the owner.  I guess I was trying to be cautious in not allowing ANYONE to say that I did not disclose that I am a licensed realtor.  And, I have read studies that people are much more relaxed about calling a "free recorded message" so they know they will not be pressured into anything.  This method has been successful for me in many other business realms, too.  The great news is that I was able to really pinpoint where my advertising dollars were best spent!  The bad news is that the only benefit of knowing where those dollars worked best is that I know when I re-run the sale I will definately place my ad in the Pennysaver again - but will not do as you advised and place it in the same group of Patuxent papers --- you are correct that I should try other papers, thanks for that - and I'll definately give it a try using my
 phone number instead of the 888 number - you bring up some good points there - I guess nothing beats a try eh?  Thanks again for your comments - will let you know how it works in 2 weeks!  Have a safe, happy Thanksgiving!  Nancy

 > Date: Sun, 18 Nov 2007 20:57:33 -0500
 > From: brentday at althor.net
 > To: 5-dayforum at mailman.howtosellyourhomein5days.com
 > Subject: Re: [5-DayForum] Day 3
 > 
 > 
 > I have to agree. One of the best parts of the 5day method
 > is that buyers feel like they are equal footing with
 > an owner. If they think they are dealing with a business,
 > then they tend to think that something is stacked against them.
 > 
 > When I did a recent 5day rentals; everyone was totally relaxed.
 > 
 > You would not believe what prospective tenants told me (the landlord)
 > just while chatting.
 > 
 > Here are my top three:
 > 
 > * "I need a good landlord because I have trouble taking care of things."
 > 
 > * "I owned a house once, but it burned down."
 > 
 > * "I fall asleep smoking, but my wife always comes and gets me."
 > 
 > Once people are relaxed, and they feel like there is no gimmick,
 > they will bid what they think the house is worth. Otherwise
 > they'll have their guard up and won't go as high.
 > 
 > -Brent
 > 
 > On Sun, Nov 18, 2007 at 08:44:36PM -0500, Terry Wigfield wrote:
 > > The 5 Day Sale method is most effective when the buyers believe it is the
 > > owner selling and they can develop a relationship and trust of the seller.
 > > First, by having an 800# with extension it telegraphs to the buyers that the
 > > owner is not selling. They believe this is a marketing gimmick by some
 > > flashy national company or Realtor. Second, by not being willing to answer
 > > the phone calls yourself (instead of voicemail) you have re-enforced the
 > > belief that this is a marketing gimmick. The phone call is your chance to
 > > put this belief to rest and to put the buyers at ease with this method of
 > > sell. I don't know your area but I guess your talking about Paxtuxant River,
 > > MD $150 for classified ad in 9 papers sounds really cheap. Are there more
 > > prominent papers for advertising in your area?
 > > 
 > > 
 > > 
 > > Next time I would place the ad in the same group of papers but would also
 > > look at additional papers. I would not list the voicemail thing in the ad. I
 > > would use a regular phone number and I would have the owner or yourself
 > > answer all phone calls. I believe the buyers saw the ad for what it is, A
 > > realtor trying a different marketing gimmick. Just my 2 cents. 
 > > 
 > > 
 > > 
 > > Terry Wigfield
 > > 
 > > HouseMaster
 > > 
 > > 301-791-7216 fax
 > > 
 > > 5daysale.biz <mailto:terry.wigfield at housemaster.com>       
 > > 
 > > _____ 
 > > 
 > > From:
 > > 5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtosellyourhomei
 > > n5days.com
 > > [mailto:5-dayforum-bounces+terry.wigfield=housemaster.com at mailman.howtoselly
 > > ourhomein5days.com] On Behalf Of Nancy SEWELL
 > > Sent: Saturday, November 17, 2007 7:14 PM
 > > To: How To Sell Your Home in 5-Days
 > > Subject: Re: [5-DayForum] Day 3
 > > 
 > > 
 > > 
 > > Hello all -for whatever it's worth I scheduled my sale for this weekend, too
 > > and had only 13 calls. I called everyone to let them know I will
 > > reschedule. The sad thing is that I paid $150+ for an ad in a group of
 > > local newspapers (Patuxant Publishing) and had not one phone call from that
 > > ad. I actually am a realtor and have an 877 number that I directed people
 > > to with an extension IDing where they saw the ad (I said in the last line of
 > > my ad that this was a pre-recorded msg with event details/address and owner
 > > direct phone number for more questions)- so, I can actually track which
 > > extension was dialed and how long they listened with their phone
 > > number...worked out really well and had a few really positive comments about
 > > that form of presentation...anyway I'm bummed beacause I was going to
 > > recommend this style of selling to some of my other listing clients....I
 > > know Bill will say I listed the starting price too high - the house
 > > appraised a few months ago for $185K, started the bidding at $99,500...was
 > > really torn about starting it lower - guess I should have --- anyway, will
 > > give it another try after Thanksgiving...am wondering though - I think I may
 > > have an older version of the "Tried and True" - I think I followed the
 > > formula for pricing---I am thinking I should have started at $74,500 --- may
 > > even try $54,500!!!!! I believe this system will work --- wish I had more
 > > ba_ls and started the price lower...will keep you posted!!!!!! Happy
 > > Thanksgiving to everyone!!!!!!!!! Nancy
 > > 
 > > _____ 
 > > 
 > > Date: Sat, 17 Nov 2007 09:11:01 -0500
 > > From: bill at effros.com
 > > To: 5-dayforum at mailman.howtosellyourhomein5days.com
 > > Subject: Re: [5-DayForum] Day 3
 > > 
 > > Thanks for responding, Brent.
 > > 
 > > Obviously the right call.
 > > 
 > > Christy, I'll get back to you in a bit to review what happened.
 > > 
 > > Bill Effros
 > > 
 > > brentday at althor.net wrote: 
 > > 
 > > Hi Christy,
 > > 
 > > You should cancel and reschedule. Probably aim
 > > for the December 1 weekend so you avoid Thanksgiving.
 > > 
 > > Get evereyone's name and phone number if you don't
 > > have it already and tell them you'll contact them
 > > with the new date/time.
 > > 
 > > -Brent
 > > 
 > > 
 > > On Fri, Nov 16, 2007 at 10:10:30PM -0500, Christy Genthner wrote:
 > > 
 > > 
 > > Ok, so it's day three, I've had 15 contacts so far. We also have had 79
 > > hits on different websites that have the address on it. Should I cancel it
 > > or proceed? 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > Christy Genthner, Mortgage Advisor
 > > 
 > > Stockton Turner & Company
 > > 
 > > Mortgage Bankers
 > > 
 > > 7380 Sand Lake Road
 > > 
 > > Suite 130
 > > 
 > > Orlando, FL. 32819
 > > 
 > > Ph: 407-438-5459 Ext. 2
 > > 
 > > Fax: 407-499-4924
 > > 
 > > <mailto:cgenthner at stocktonturner.com>
 > > <mailto:cgenthner at stocktonturner.com>       cgenthner at stocktonturner.com
 > > 
 > > www.ExpertLendingGroup.com       <http://www.expertlendinggroup.com/>       
 > > 
 > > Looking to purchase or refi...Check us out online!!
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > 
 > > _______________________________________________
 > > 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
 > 
 > _______________________________________________
 > 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

---------------------------------
 _______________________________________________ 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/20071120/4112a157/attachment.html 