[5-DayForum] A couple of ad questions

Mon Oct 29 17:19:34 EDT 2007

Debbie,

This is one of the most frequent questions on forum. You may not be able to
format ad exactly as shown in book. Bill has said before the formatting is
not as important as conveying the correct I nfo. Lets' say you cant get the
location and 'By Owner" on same line, Then make it two separate lines. Both
the location and "BY OWNER" should be all caps and should be bold and
centered on page. Then your house information. Next the price in bold and
centered on page. Next will be "Open House Sat/Sun 10 to 6 regular print
centered on page. Next line "Home to be Sold Sunday Night to"  reg print
centered on page. Next line " HIGHEST BIDDER (all caps, bold and aligned
left)      (xxx)xxx-xxxx   (all caps, bold and aligned right).

The idea is not to get the ad exact but to convey the correct message. You
want the location and "BY OWNER" to stick out. The "BY OWNER" is important
to convey. You want people to know this is the owner selling and that this
is not some slick marketing campaign by a large company. Naturally you want
the price to stick out. The high bidder and phone number should be prominent
also.

 You will notice I have my open house open until 6 pm. I believe even on
weekends some people work till 5 and may not be able to make open house.
Second I use the wording "Home To Be Sold Sunday Night to"    as oppose to
saying "will be sold" gives a little more wiggle room.

You can view other 5 day sale marketing aids at my web site below, Hope that
helps. 

Terry Wigfield

HouseMaster

301-791-7216 fax

301-988-8533 voice

5daysale.biz <mailto:terry.wigfield at housemaster.com> 

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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 Debbie Anderson
Sent: Sunday, October 28, 2007 10:02 PM
To: How To Sell Your Home in 5-Days
Subject: Re: [5-DayForum] A couple of ad questions

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
<mailto:5-dayforum at mailman.howtosellyourhomein5days.com>  in 5-Days 

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
<mailto:5-dayforum at mailman.howtosellyourhomein5days.com>  in 5-Days 

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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