Let’s look at the theory behind selling your house in a weekend. What we’re going to do, in the big picture of things, is advertise like crazy to draw out all the real buyers and get them to come to the open house on one weekend. We’re not going to spread it out and put a litle bit of advertising out and have people trickle in. We’re going to do one big advertising blitz. And then once all the people that we can get interested in the house – it’s only going to be like two or three people that are really interested with the ability to buy who would buy the house. So we’re just trying to find those people. Everyone else – it just adds to the emotional fervor of the weekend open house and getting people to bid. You’re really only looking for the real two or three people that are interested in buying the property.

We put out tons of advertising and get tons of people to call in on our marketing to get information on the open house. You get a bunch of people that come to the house on Saturday and Sunday. They look at the house, you explain to them how the bidding process is going to work. Then if they’re interested in bidding, ask them to sign up on the bidding sheet. They don’t have to put any money down or anything like that. And then on Sunday evening, after you close the doors for the open house, you call back people in order and then you get them to bid up the price of the house using a round robin bidding process. Round robin simply means that you call the person with the highest bid. You tell them they’re the high bidder. Call the next highest guy and tell them the high bid is at “this”, would you like to raise your bid? And they tell you “yes”, so the bid goes up $500 above what the high bid was. Or if they say no, say “No problem. I’m going to cross you off the list, and you can’t bid anymore.” Keep going down the list telling the new person what the new high bid is and they either keep bidding up or they drop out. You’ll find that you’ll get two or three people that are gonna bid the price up to the full retail price of the house, because it’s hard for someone to let the house go for $500 below market. So they keep bidding it up, bidding it up until they get to what the fair market price of the house is. That’s how the process works. And if you don’t get a certain number of calls by Friday, the night before you’re about to do your open house, cancel the open house and re-do your advertising, putting out your advertising correctly this time, getting the right number of calls and then having your open house.

Until my next post,

James

P.S. For more information on how to sell your house in a weekend, download the audio CD course.