[5-DayForum] A couple of ad questions
Bill Effros
bill at effros.com
Mon Oct 29 11:54:24 EDT 2007
Debbie,
The ad on the cover of the book was designed by my publisher's art
department to sell books. It works.
Squoosh your ad into the space available in the classified section, and
it will sell homes.
Do your best. If your starting price is low enough, and the essential
elements are placed in the ad so they are clear to real buyers, your ad
will sell your home. No need for display ads.
Others have addressed this issue in the archives, but I can't tell you
where to look right now.
Bill Effros
Debbie Anderson wrote:
> Bill,
>
> One problem I found is that you cannot run the 5-Day ad in the
> classified section in my area (Dallas/Ft. Worth) The classified ads
> are only one column wide and the 5-Day ad will not fit. They are
> already expensive. Do you spend the money for a display ad? Has anyone
> else run into this?
>
> Thanks,
>
> Debbie A.
>
> ----- Original Message -----
> *From:* Bill Effros <mailto:bill at effros.com>
> *To:* How To Sell Your Home in 5-Days
> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
> *Sent:* Saturday, October 27, 2007 3:32 PM
> *Subject:* Re: [5-DayForum] A couple of ad questions
>
> Palantine (?)
>
> The ability to sell a home to the high bidder does not rest solely
> with the seller. The seller's acceptance of the bid does not
> ensure a sale; it's just the starting point of the second phase.
>
> 5 Day Sellers who properly run 5-Day Sales know more about the
> market for their home on the Monday morning after the sale than
> anyone else in the world.
>
> Almost all 5 Day Sellers know more about the market value of their
> home by the Friday evening before their inspection than anyone
> else in the world.
>
> The question is only what the sellers are going to do with this
> knowledge.
>
> My recommendation is that sellers cancel their sales on Friday
> evening if they are not prepared to sell their homes to the high
> bidder Sunday night. Always cancel if you fail to get 25 targeted
> responses. Make sure all of your responses come only from
> targeted advertising. If you don't like what you hear from people
> who respond, cancel. There is no shame in this.
>
> But if you do get 25 Calls by Friday night, and you do have a 2
> day inspection, and you conduct a round-robin in which you tell
> participants you are going to offer your home to the high bidder
> for the amount bid, you must be prepared to go through with it.
>
> Now if the high bid is not acceptable to the bank, you can try to
> negotiate with the bank or with the buyer. Maybe no satisfactory
> deal can be struck, and your home won't be sold to the high
> bidder. But maybe you can work something out. You have obligated
> yourself only to try to get beyond the second phase of the home
> sale with the bidder who bid the most Sunday night.
>
> Most 5-Day Sellers who refused the high bid a year ago are worse
> off today than they were then. I get calls every day from people
> asking me how they can now get the bid they refused. Few sellers
> who overpaid or over mortgaged their homes can find renters who
> will pay 100% of the carrying charges, so they are losing money
> while the value of their property continues to plummet--and they
> have no flexibility until the rental period ends.
>
> I agree with most of the rest of your analysis. The times they
> have a-changed. It's been like a giant game of Hot Potato, and
> the people currently holding the potatoes are the losers of the
> game if they must sell now. There is no way to know how long it
> will be before home values get back to the pre-crisis level--there
> will have to be a lot inflation in this country, first, and its an
> open question how much inflation will be tolerated by the entire
> population to benefit the current holders of the hot potatoes.
>
> The 5-Day Method, properly used, will allow you to understand
> market conditions for your home in 5 Days. This is really true,
> and valuations derived in 5-Day Sales by either Friday or Sunday
> have proved stunningly accurate. If you're in trouble and you
> can't sell; pull the plug on Friday. If you've got to sell, play
> fair, offer your home to the high bidder Sunday night, and see if
> you can work out a fair deal with all the parties interested in
> consummating a deal.
>
> Bill Effros
>
>
>
>
>
> palatine1 wrote:
>> Bill, I know that you say you should always be prepared to accept
>> the high bid from a properly set up auction. But these days there
>> are a lot of people anxious to sell their house who still owe a
>> lot on it. They're willing to take a big drop in price, but
>> sometimes an auction brings in far less than they owe. They may
>> not be able to afford bringing cash to the closing, even if they
>> wanted to. They realize they would be better off renting their
>> property for a year or two until the the market improves,
>> _something they had no way of knowing for certain before the
>> auction_. If properly set up, the auction did exactly what it was
>> supposed to do: show them the market price. But I can understand
>> why some people would find it impossible to accept the highest
>> bid in some circumstances, through no fault of their own.
>>
>> There have always been market ups and downs. But the
>> situation has indeed been unique in some parts of the country in
>> that entire segments of the buying public have essentially
>> disappeared. In some places, the only buyers out there are
>> first-time home buyers, because everyone else feels locked in to
>> their own house. First time buyers generally have little money
>> for down payments, and a shorter credit record. And the credit
>> tightening has made it even worse. Unless you have a property
>> that fits this niche, you're out of luck if you live in some of
>> these areas. You have to face the fact that you might owe
>> considerably more than an auction or an agent is going to bring
>> you. But you don't know for sure until you try. And it's these
>> people who will face the prospect of having to turn down the
>> highest bid.
>>
>>
>>
>>
>> ----- Original Message -----
>> *From:* Bill Effros <mailto:bill at effros.com>
>> *To:* How To Sell Your Home in 5-Days
>> <mailto:5-dayforum at mailman.howtosellyourhomein5days.com>
>> *Sent:* Friday, October 26, 2007 4:09 PM
>> *Subject:* Re: [5-DayForum] A couple of ad questions
>>
>> Lynn,
>>
>> People try different things on Craigslist and different
>> things seem to work in different places. I just run the
>> standard 5-Day Ad format, and that has worked very well for me.
>>
>> The Open House category did not exist when I first ran 5-Day
>> Sales, so I have always run in the homes for sale category.
>> I don't think the Open House category conveys the sense of
>> urgency required, and the process is really much more than an
>> open house.
>>
>> Around here they don't force you into price categories,
>> although I would guess people are dipping into lower
>> categories than they thought they would ever look to see if
>> sellers have acknowledged the falling market. Good 5-Day Ads
>> are so far out of whack they attract people no matter where
>> they are located. A call or an email is required -- you can
>> get 25 by Friday night if you convey the idea that you are
>> really going to sell to the high bidder.
>>
>> Bill Effros
>>
>>
>>
>> Lynn Baskfield wrote:
>>>
>>> When placing ads on sites such as Craigslist, do you put
>>> your starting price in the headline area where they ask for
>>> price? Or do you leave the price blank and put 5-day sale or
>>> Auctin in the headline?
>>>
>>> Also, the real estate section main newspaper in Las Vegas,
>>> the Review Journal, has price range categories for homes for
>>> sale. Rather than choose the starting price category of
>>> 174,500 for our 5-day, we opted to use the Open House
>>> category. Any thoughts?
>>>
>>> May your spirit dance,
>>>
>>> Lynn
>>>
>>> Lynn Baskfield
>>>
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>>> /And what will you do with your one wild and precious
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>>>
>>>
>>>
>>>
>>> Photo by Jim Earley <http://www.trailblazercoaching.com/>
>>>
>>> ------------------------------------------------------------------------
>>>
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>>>
>>
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