Winner of a House Raffle Didn’t Get the House!
Diane Giraudo McDermott, February 25, 2010
In December of 2009, a house raffle in Florida held their drawing. The owner of the winning raffle ticket did not win the house, and the homeowner did not get their property sold. What happened? The raffle formula that was used went something like this: The grand prize home was valued at approximately 2 million, tickets were $10 each, and the plan was to sell 300,000 tickets to cover the cost of the grand prize, additional expenses, other prizes, and a profit for the charity. But they had a safety net. If all the tickets are not sold, the winner/s and the charity will share the money received from ticket sales.
The winner received approximately $300,000, and so did the charity. The homeowner got zilch, except for the added costs associated with holding their property for the duration of the raffle. In my opinion, this was not a winning raffle formula. If someone will risk $10 to win a 2 million dollar home, they will certainly risk $20. Right there you cut the number of required ticket sales in half. However, I think $50 to $100 would have been a better per ticket cost price. Additionally, this reminds me of a passage from the book, Think and Grow Rich, by Napoleon Hill in which he states that a warrior, after docking the ship, unloading the supplies and the entire crew, set the ship on fire–stating that there is no exit except to win the battle.
Similarly, in a house raffle this must be a “failure is not an option” situation for the charity or the motivation to get all the required number of tickets sold is simply not there. In the case of the Florida house raffle, the charity was not required to get all the tickets sold in order to make a profit for its organization–and all the tickets did not get sold. I Sold My House in a Raffle shows you how to create a winning raffle formula where everybody wins. You will learn a step-by-step proven method to get your asking price, save money, save time, & help a charity too!