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In his book, Bill also explains that the traditional historic approach in America to selling a home employs a slow version of what is know as a “Dutch” auction. Under the Dutch Auction methodology, a given property or item is often priced conservatively above its current market value and if unsold at that conservative price point, the price is then reduced until such time that the property or item appeals to a given “bidder” and is then sold. The school of thought on this methodology implies that in home selling, this leads to lower sold price levels. In our opinion, this is the rationale for much of the success of Bill Effros’ 5 Day Sale methodology.
Bill’s approach involves the marketing of a “subject auction property” through direct consumer channels and advertising the property at an aggressively low beginning “price point.” The aggressively low beginning price point is designed to attract as many given real estate consumers in as short a period of time that are actively seeking a property in their market(s) similar to the “subject property” in both type of home and geographic area. Type of home meaning house, town home, condominium, cooperative, rental property, etc., and geographic area meaning specific parts of a city, town, village, community, neighborhood, or subdivision.
In this way, “real buyers” identify homes for sale that meet their property profile, and by inspecting the property along with other potential buyers in “real time” they are able to competitively bid for the right to purchase the “subject property” in one weekend. This approach often results in a timely sale of the “subject property” by compressing the property sales cycle over traditional methods and results in a fair market price that works for both the “able” buyer and the “willing” seller in a free and competitive market at a static point in time.
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