Jill Friday - How to Sound Like a Professional Investor (LA 1637)

Transcript:

Steven Butala:

Steven and Jill here.

Jill DeWit:

Hello.

Steven Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWit, broadcasting from the valley of the sun.

Steven Butala:

Today Jill and I talk... Well, it's Jill Friday, and she's going to tell us how to sound like a professional investor. I'm as excited and interested as this as you are.

Jill DeWit:

Thanks.

Steven Butala:

Before we get into it. Let's take a question posted by one of our members on the LandInvestors.com online community, is free, and don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill DeWit:

Okay. Erin wrote, "What are some good ways to recover from a mailer that was priced too high?"

Steven Butala:

I figure this is right up your alley.

Jill DeWit:

Totally. This is hard. I know it, it's hard to get used to. It's so much easier to come in low and add money than it is to come in high and take away money. But I've done it. And so I was just taught. This is part... I believe is into the topic today. This is all because of the intensive training that I'm doing. We're week two of three right now. By the time this airs it will be over. And it's just how I get deals done. Whether it's the buy side, the sell side, all of that. And what do you do with you come too high with these people. First of all, I want you to take a step back and, and double check your math because maybe there's something to it that you're missing because it could be zone something special.

Jill DeWit:

It could be in a very unique area. There could be some special attribute. So I never assume when people call in and say, "I like everything, but the price." When they say exactly like that. I will never assume that I'm wrong. I got to get some more information first. So I nicely say, "I may have goofed. Tell me what's going on." And then I ask a lot of questions. So say you've done that they came in... This is the opposite though. You price it too high. They love you by the way. Re roll back again. What's the exact question?

Steven Butala:

How do you recover from a mailer that's priced too high?

Jill DeWit:

Priced too high. Okay. So, and by the way, this is the funniest situation, because... Can you do that for me for a second? It's funny for me because everybody calls you back and they love you. That's usually how you know you did it. Like, "Oh no, I sent out a thousand offers and I got a thousand phone calls. Oops. I may have offered too much." All right. So, but anyway, you need to take all the information in and do it just like you would normally take all the calls down, take all the inbound information, go back, do your due diligence, pick the 10 best ones. Right? And then you got to re figure, what is the right price. And then you need to go back to them and tell them, "I goofed and here's why."

Jill DeWit:

And it's not hard to come up... I mean, I will point out something that would make the property worth more and say, "I thought it was closer to town." I give them some reasons why not that I meant to buy it cheaper. I will never say that, but I will give them some reasons that shocks. "I hate to say this. I know I priced it at 10,000. I meant two. Here's the reason why I did not realize this was this far from X. I did not realize that the access needed a Y. I did not realize that you owed that much on back taxes." So you can come up with other things to do that... Don't do it on all of them. Still pick your best ones and then go back in and give them some reasons. And then let them respond.

Steven Butala:

Every property's got flaws. Every property's got attributes. Great stuff about it. No two properties are exactly the same.

Jill DeWit:

Exactly.

Steven Butala:

Point out the flaws, whatever they are and say, "Yeah, I offer you 10,000 bucks, but here's the deal,