Tune in to The Land Academy Show with Steven Jack Butala and Jill K DeWit for episode 2003! Discover the four pivotal changes in the land-flipping business you need to thrive in the 2024 economic downturn. With their extensive real estate expertise, Steven and Jill share game-changing insights and strategies to secure your success during these challenging times. Don't miss this must-listen episode to stay ahead in the ever-evolving real estate landscape! Watch the episode here Listen to the podcast here 4 Land Flipping Business Changes To Capitalize During A 2024 Economic Decline (LA 2003)IntroductionThis is episode 2003. We are calling it Four Land Flipping Business Changes to Capitalize on 2024 Economic Downturn. Here's the gist. There's an economic downturn, and it's going to affect real estate. It's already pretty dramatically affecting commercial real estate. We want to make sure that you, when you're buying and selling land, capitalize on this and you're not a victim to it. That's what the show is about. We watched some of our friends/competitors back in the day not recover. I'm watching it already start to happen. I'm watching people leave. They're not getting it. They're not making adjustments. They're not ready for it. Since you have done this a couple of times, I've done this more than one time with you, or one time with you, why you're here, you're reading this because we're not new to this. We're not brand new. It's our real gray hair.This is my third real estate recession or real recession in my professional life. My fourth in my actual life. I've learned a lot and I love to share it with you because you can avoid a lot of pain. Jill, before we start, do you have some news? It’s fascinating to me.Current Real Estate Market ConcernsInstead of asking a question, I wanted to take a few minutes and talk about something different. I was reading our local little newspaper, and you're going to love this as I hold this up. You're like, “What? Jill, it's 2024. Why are you holding a piece of paper in your hands? Do you get the paper?” No, I do not. I have to tell you, I don't order the paper. I don't think it's fufu. I like the paper, but I don't get the newspaper, but because where we happen to live and the median age in our area is about 80 or 90. There is still a sweet little pretty in-depth local newspaper that we get for free every week in our mailbox. I read the paper because there's some good information in there.I'm reading this article done by a local resident. He is in real estate, doing houses. He got connected with a guy in England and he wrote a neat article with a top performer in England, an agent over there. He was sharing the differences in how real estate is done in England versus the United States. I loved it this comes right at a perfect time because we all are watching and hearing about the NAR and this big fine, “Are they going to take away sellers’ agents or buyer agents? Are they going to change the commissions? What's going to happen and how's this going to go?” I wanted to shed some light on this too because it's interesting to me how they do things versus how we do things. I'm going to argue I like theirs better.Me, too.Let me tell you why. There are twenty things. I'm not going to read all 20, but I'll get close to 20 because they are interesting. 1) The commissions in England. Think about our commissions, 3% and 6%. That's what we're all used to. We do land deals, sometimes it's 10%. Commissions there are typically 1% to 1.5%. I love it. It's payable by the seller to the estate agent who advertises the property. By the way, the better the agent, the higher the commission, generally speaking. I think that's brilliant. I love it. The buyer is usually unrepresented. But there are a few, special buying agents. Sometimes there are people who have buying agents, and it's only when they're very rich and they need to find a certain property. I totally understand that. That makes sense.