The book, How To Sell Your Home in 5 Days by Bill Effros, has sold thousands of copies every year for more than a decade. Effros' book is getting more interest than ever these days from homeowners trying to sell their house in what has become a very slow real estate market. Statistics from many parts of the country indicate that it may take six months or longer for a typical home to sell . Sell your house in 5 days or wait six months, easy decision, right? The Effros book outlines an auction process that sells a home to the highest bidder at the end of the 5 day sale (a Sunday night under his plan). According to Effros, if you do the right advertising and preparation you will sell your house within 5 days for "fair market value". Fair market value, is perhaps the hidden catch in all of this. If you have a high mortgage balance or otherwise have a need to get top dollar for your house, a quick sale may not be for you.
This past weekend I was invited to sit in and watch an Effros style 5 day sale that took place in Davenport, Florida (about 20 minutes from Walt Disney World). The individuals conducting this sale were working with George Cappony (www.georgecappony.com) Cappony, an Effros disciple, has developed his own quick sale method loosely based on the Effros book. The sellers this weekend described Cappony's system as a "5 Day Sale on Steroids". You will see from his site that he has developed eye-catching signs, web sites, and other turn-key tools that have the look of an expensive franchise. Cappony's followers believe that even after purchasing his fairly expensive signs and marketing materials, they are still saving money from what would be a 6% real estate commission. For a few hundred dollars, you can get started with Cappony or just get some more information by taking him up on his offer of a free 30 minute consultation.
This weekend, despite 25 showings of the the house in Davenport, there was not a sale since no one bid high enough to reach the minimum price acceptable to the seller (yes, you can set a reserve which is what protects you from selling your house at too low of a price). At the sale, I did meet another Effros disciple who shared with me his recent success story of 249 people showing up at his 5 day sale in Palm Coast, Florida last week. His home sold for more than he expected and he intends to use the system to sell several other investment homes he owns. He used just the Effros book and came up with his own signs and marketing materials.
While the 5 Day Sale is not a magic bullet for today's slow real estate market, it is certainly something worth trying, especially if you have a home that is not selling. I would suggest a visit to the Cappony site and picking up a copy of the Effros book if this quick sale concept is something you may be considering.
Helping you make the most of God’s money!