Round Robin Auctions are an awesome way to sell your properties quickly — fully or partially rehabbed homes or even a personal residence — because they create a sense of urgency, generate a lot of foot traffic, and help you to get the best offer that the market demands at that time. While I’ve only done this once, my mentor has done it successfully over and over again for years regardless of the market conditions. It works.
I received a specific request from a BiggerPockets member to review how we did this, and because its pretty long to explain, I’ve decided to break this into a 2 part series.
You may or may not be familiar with Bill Effros’ book “How to Sell Your Home in 5 Days.” The entire premise of the book is that in 5 days you can sell your home at the highest possible price that the home demands, risk free. How?
- Day 1-5: Offer your home for 50% of what it’s worth.
- Day 4-5: Show your home.
- Day 5: Sell your home for 100% of what it’s worth.
There are plenty of details in each of those steps, but that’s the general idea. Keep reading to learn more!