Scale your Business like a Franchise (JJ 631)

Scale your Business like a Franchise

Transcript: 

Jack Butala:                         Jack, Jill here.

Jill DeWit:                            Good afternoon.

Jack Butala:                         Welcome to the Jack and Jill show, entertaining real estate investment advice. I’m Jack Butala.

Jill DeWit:                            And I’m Jill DeWit, broadcasting from sunny Southern California.

Jack Butala:                         Today, Jill and I talk about scaling your business like it’s a franchise. Hey, they’re the experts, right Jill?

Jill DeWit:                            Totally.

Jack Butala:                         We can learn some stuff from Domino’s Pizza.

Jill DeWit:                            Oh my goodness. I’m like, “Who’s your favorite franchise? I know what mine is, and it’s probably because where I was born and raised, but I just think they do it right.

Jack Butala:                         I love pizza, and I love the Pizza Tracker, specifically.

Jill DeWit:                            See? Your favorite franchise is-

Jack Butala:                         That’s right.

Jill DeWit:                            Exactly, and mine is from Southern California. So yours is-

Jack Butala:                         [crosstalk 00:00:37] Hot ‘n Now.

Jill DeWit:                            Is yours Domino’s?

Jack Butala:                         Yeah.

Jill DeWit:                            Hot ‘n Now. Yeah. That’s not-

Jack Butala:                         I mean, sorry. Hot ‘n Now-

Jill DeWit:                            You and your Hot ‘n Now. I think that’s the silliest thing, but it makes sense. How is it different from In-N-Out? I don’t know. But yeah. Mine is, of course, In-N-Out. And no other things-

Jack Butala:                         You know what? Now it is not a franchise. I just learned this.

Jill DeWit:                            Well this is true. It’s not only a franchise.

Jack Butala:                         It’s all corporate-owned.

Jill DeWit:                            Correct, but I mean they do it is franchise.

Jack Butala:                         Yeah, exactly.

Jill DeWit:                            Let’s say, it’s a system.

Jack Butala:                         Drop one and never [crosstalk 00:01:03].

Jill DeWit:                            It’s not everyone has a different menu. No, they all have the exact same menu. They all have very high standards. Nothing’s ever frozen. Can I go on and on?

Jack Butala:                         It seems that they all have the same smiles. Everybody that works there smiles the same.

Jill DeWit:                            Yeah, the only thing that threw me was, remember the other day I saw that lady work there? I’m like, “She’s the oldest employee I’ve ever seen.” Everybody there is usually like 25 and under and she was like 60, which kind of surprised me.

Jack Butala:                         Which is good I think.

Jill DeWit:                            But it was good.

Jack Butala:                         Diversity’s always good.

Jill DeWit:                            Yes.

Jack Butala:                         It also tells me that if it’s out of their mold a little bit, then probably, they’re having troubling hiring. That’s good, which is a good sign of the economy.

Jill DeWit:                            Well maybe she’s speedy and she made the cut, man.

Jack Butala:                         Jill, you sound pretty enthusiastic.

Jill DeWit:                            I am. I’m like, “Come on. Don’t pick on this lady.” All right.

Jack Butala:                         The Pizza Tracker I learned, if you ever order a pizza in Domino’s Pizza, you had this called the Pizza Tracker. You order it online. You can watch the progress of your order until it arrives at your door, which I just think is amazing.

Jill DeWit:                            It’s cool.

Jack Butala:                         And that’s the standard. I didn’t realize this. I was reading in Wired magazine. That’s the standard for everybody placing orders online for anything now. It’s a lot more complicated than you think.

Jill DeWit:                            Oh I’m sure it is.

Jack Butala:                         There’s barcodes involved and QR codes in the whole thing.

Jill DeWit:                            I can imagine.

Jack Butala:                         I’m trying to implement it in our TitleMind company, our escrow company, Jill and I own, so that anybody can log in at any time and see where their deal is.

Jill DeWit:                            We could it with Offers 2 Owners too-

Jack Butala:                         I know.

Jill DeWit:                            … by the way, when you perfect it.

Jack Butala:                         I was thinking about that, because it’s the same thing.

Jill DeWit:                            You know, when you upload your data, and now it’s being merged, and now it’s going to the printer. Now it’s in the mail. And then when it’s about to hit, I mean, that’s huge.

Jack Butala:                         Cool. The same way you can track a package on UPS or FedEx or the Post Office now.

Jill DeWit:                            Can you do this on your spare time please, Jack?

Jack Butala:                         Oh yeah. Right after the show I’ll do it.

Jill DeWit:                            Sure, okay.

Jack Butala:                         I have so much time in my hands.

Jill DeWit:                            Oh yes. Thank you.

Jack Butala:                         Before we get into the show, let’s take a question posted by one of our members on the JackJill.com online community. It’s free.

Jill DeWit:                            Okay. Joe M. asks, “Hi all. The county I’m targeting had 15 land deals closed in 2017 according to Zillow. Redfin shows 20 closed land deals in the past two years. LandWatch has 16 available properties for sale. Will the lack of activity deter you from this area? The mean selling price per acre is,” talk about detailed. This is awesome, “is $1,232. Two of the 15 properties sold for over $8,000 per acre. When I remove those two properties from the dataset, the mean price per acre drops to $948. Do you remove anomalies from your dataset? My gut tells me to offer 175 to $190 per acre in this area. This is my first mailer and I want it to be successful, so please let me know if you feel my logic is off. I plan to send out about 1,500 offers.”

Jack Butala:                         Okay. There’s a lot of questions in here. I’ll take them one by one. His first question is, would the lack of activity deter anybody from or deter him from sending out offers in this area? Absolutely not. Some of the best deals that Jill and I have ever done came from what we call rogue mailers that are a little bit off the beaten path. There’s a little bit lack of activity both from a comparison sales standpoint and a listed property standpoint. That just tells me in general there’s always acceptance, but in general, there’s some pent-up demand. People just start selling or buying property there, I think there’s probably a lot of prep to do.

Jill DeWit:                            Like it’s a good thing.

Jack Butala:                         Yeah, exactly.

Jill DeWit:                            Yeah, it’s a really good thing. They love it. Whoever’s out there, they all love it, and they want to keep it.

Jack Butala:                         Exactly. Do we remove anomalies from our dataset? Every single time I do and here’s why. You’re looking at data that’s recorded. There’s two types of real estate data, one from the assessor, and one dataset from the MLS, which relies on real estate agents to input data correctly.

Jill DeWit:                            Correct, and you’re trusting they put in the right numbers.

Jack Butala:                         And more and more they are becoming one database and it is becoming the assessor through IDX feeds and some other stuff that goes on. So, are there anomalies in the dataset? Yeah. So let’s say a family owns three houses on a block. Jill and I actually know a family like this in Arizona. Every time a house comes up for sale in their block, they buy it and they move some other set of kids in.

Jill DeWit:                            They’re making their own compound.

Jack Butala:                         You know what I’m talking about?

Jill DeWit:                            Yeah, I do know what you’re talking about. It is really interesting.

Jack Butala:                         It’s a little bit weird.

Jill DeWit:                            A little too close.

Jack Butala:                         It’s a little too weird for me, but whatever. That works for them. And when the kids get old enough, this guy sells a house to one of the kids, or when they get married, they get a house and stuff. So that gets recorded. That sale gets recorded. Do you think he sells it to them for the top retail price that you need in your dataset?

Jill DeWit:                            It’s true.

Jack Butala:                         Absolutely not.

Jill DeWit:                            Good point. Probably sells it for a dollar.

Jack Butala:                         He sells it for $20,000. A $250,000 house for-

Jill DeWit:                            A dollar.

Jack Butala:                         … 10 grand or something.

Jill DeWit:                            There you go.

Jack Butala:                         However, it works. So when you see real low comps that are just out of whack or real high ones, real high ones are usually what’s called multi sales, or for whatever reason, the assessor or the assessor’s assistant. Six deals got put enclosed on one seed and they recorded each of those APNs for the total number.

Jill DeWit:                            Showing with the one. Instead of breaking that out, they just put that one number in there.

Jack Butala:                         Yeah. So I always shave off the top two or three or 10 or 15 weird ones and the bottom ones.

Jill DeWit:                            And the bottom ones.

Jack Butala:                         And the bottoms ones to get a real number.

Jill DeWit:                            Exactly.

Jack Butala:                         That said, Joe, this dataset is incredibly tiny. You can’t base pricing off of 20 sales.

Jill DeWit:                            To the 15th. Now he’s down to 13. He’s pricing it on 13 units, which is hard to do.

Jack Butala:                         So you’re going to have to go in and test for … I call it testing for reason. It’s an old accounting concept. I’m not sure if it’s used anymore, but kind of just to apply logic and see what makes sense. Does it make sense for me to solve for this or this? I don’t know.

Jill DeWit:                            Right.

Jack Butala:                         Going in at that specific price … Pricing, by the way, is the theme of the week here.

Jill DeWit:                            It’s the theme of the year.

Jack Butala:                         It’s the theme of your career, is what I’m trying to say.

Jill DeWit:                            Yeah, exactly.

Jack Butala:                         It’s the reason that we actually have a show.

Jill DeWit:                            It’s the theme of the week every week. Thank you, Jack.

Jack Butala:                         So would you price it at 200 bucks an acre if you couldn’t it sell at a thousand an acre and it seems to be going for eight grand an acre? That seems too light to me. Way too light. So I don’t want to go back and read the question, but he’s saying, “Should I go in at a $175 to $190 per acre in this area?” My gut tells me that’s way too low.

Jill DeWit:                            That’s what I think, yeah.

Jack Butala:                         If it’s selling for 8,000 an acre-

Jill DeWit:                            You’re going to piss off a lot of people.

Jack Butala:                         … you want to sell it for 4,000 an acre, because you want to be in at half. This is for land only, not houses. So you want to buy it at 2,000 an acre. That’s generally how I would price land that’s like this.

Jill DeWit:                            But then he said, but the ones that are left over, Jack, the 13 are priced at a thousand per acre.

Jack Butala:                         Oh okay.

Jill DeWit:                            So that’s where he’s getting it from.

Jack Butala:                         The sale prices?

Jill DeWit:                            Yeah. So when I remove those two properties-

Jack Butala:                         Oh I see.

Jill DeWit:                            … the mean price goes down to a thousand, like 948 an acre.

Jack Butala:                         Yeah, 200, then, you’re correct. It’s a law of halves. In general, it depends on how much property you want to buy. The higher they go, the more property you’re going to buy in general. Jill and I for land are not afraid to tell you, “Scrape the bottom.” We go in intentionally crazy low.

Jill DeWit:                            Well, I’m thinking houses.

Jack Butala:                         For houses, we intentionally go in high, because it’s all about making 10 grand and getting out of there.

Jill DeWit:                            Exactly. And that ties into our topic for today.

Jack Butala:                         Scale your business like a franchise. What does this really mean? This is the meat of the show. A long time … I don’t really know who the first person was to do it. I think it was some of the pizza companies in the ’70s, got this bright idea that they don’t want to deal with the end user customer. They don’t want to deal with the people that ate the pizza. So, end user, consumers, customers — I don’t need to tell anyone who listens to this — are difficult.

Jill DeWit:                            I know. Think of yourself, listener.

Jack Butala:                         Think of how difficult you are. Do you want to deal with you?

Jill DeWit:                            Here’s a good one. Think of how difficult Jack is. You know what’s so great? I have to just say this, Jack, and that I love you, and I’m not trying to throw you under the bus.

Jack Butala:                         It happens anyway.

Jill DeWit:                            But your general disdain for customer service in general-

Jack Butala:                         Oh my gosh.

Jill DeWit:                            Well I’m trying to think of how to explain it, but you as a customer, you are the biggest pain in the you-know-what as a customer too.

Jack Butala:                         I know.

Jill DeWit:                            So I got to tell you, whenever you …

Jack Butala:                         You why? Because I’m always disappointed.

Jill DeWit:                            You know why? Because you go in thinking you’re going to be disappointed.

Jack Butala:                         You’re right.

Jill DeWit:                            Because you know why? You walk in saying, “No matter what they’re going to give me, I’m not going to like it, so I’m going to be mad at everything,” instead of giving them half of a chance.

Jack Butala:                         Did you ever go on a date with a guy and you’re sitting across-

Jill DeWit:                            Many.

Jack Butala:                         Sitting across the table. This is the second or third or fourth or fifth date, and you’re going, “He looks so good. Why doesn’t he just stop talking?”

Jill DeWit:                            Oh, now, that is funny.

Jack Butala:                         The more he says, the more disappointed I get. This is not going to work.

Jill DeWit:                            Well, yeah. I was thinking of a different reason.

Jack Butala:                         That’s how I feel about-

Jill DeWit:                            We’ve done that with really good-looking people that when they talk, they’re so stupid.

Jack Butala:                         That’s what I’m saying. You’re disappointed.

Jill DeWit:                            You’re like, it’s not like they say something bad or wrong, like the guy just confessed to a crime.

Jack Butala:                         They’re just 20 points below you.

Jill DeWit:                            They’re like, this person, or maybe they have a lisp.

Jack Butala:                         A lisp?

Jill DeWit:                            I’m speaking from experience.

Jack Butala:                         You’re going to get us in trouble.

Jill DeWit:                            I’m sorry.

Jack Butala:                         Let’s move on.

Jill DeWit:                            Okay, sorry. Anyway, you brought up the analogy.

Jack Butala:                         My point is you just disappoint. I’m always disappointed. I’m disappointed in how you almost never can speak. You’re supposed to speak and then someone else speaks. Lot of times you just sit there and I don’t even know what they’re saying. They just want to overtalk it because they’re afraid you’re going to be, like, go off on them.

Jill DeWit:                            You think?

Jack Butala:                         Yeah, the customer service person.

Jill DeWit:                            I think that they have a lot to say. I think some of them … I’ve gone up and done customer service. I’m like, “So how are you?”

Jack Butala:                         We are so different on this point.

Jill DeWit:                            Here’s what I’ve done. Not only necessarily through the bank, because I’ve learned not to do this at the bank. Well, here’s what happens. If I go to the bank teller, they say, “Next please. How are you today?” I was like, “Great. How are you?” Like, “Wow, oh my God. I can’t believe I made it today. I almost couldn’t find a parking spot, and this weather … my goodness. I think I’m wearing two different socks.”

Jack Butala:                         “I’m a grandmother.”

Jill DeWit:                            Exactly. Like, oh my gosh. So, you have to be careful.

Jack Butala:                         Are you a grandmother, Jill? Mind your tongue.

Jill DeWit:                            The next thing you know, 10 minutes had passed, and by the way, that’s a time waster. That’s not how you want your business to run.

Jack Butala:                         And there’s people behind you.

Jill DeWit:                            That’s the thing too. So, anyway, sorry.

Jack Butala:                         Jill, do you have a story you want to share with us that happened to you recently at a bank? because we had to open …

Jill DeWit:                            Oh my gosh.

Jack Butala:                         We were doing so many land transactions that we can no longer to the bank and get cashier’s check [crosstalk 00:12:50].

Jill DeWit:                            Oh it takes too many time.

Jack Butala:                         We had our lead employee needed to become a signer on a bank account, so she could go get checks.

Jill DeWit:                            That took two hours.

Jack Butala:                         Yeah, so what happened?

Jill DeWit:                            She wasn’t that smart.

Jack Butala:                         So it wasn’t a grandmother problem?

Jill DeWit:                            No, no, no, no, no.

Jack Butala:                         Okay, so you were disappointed?

Jill DeWit:                            I was very disappointed.

Jack Butala:                         See, now here’s … making my point.

Jill DeWit:                            She was very nice but she wasn’t smart. She didn’t understand her own process at the bank. This is painful.

Jack Butala:                         So, Domino’s Pizza or whomever had this idea first, said, “Our customer could really be the business owner. Then we can sell them everything. We can sell them the countertops, the pizza dough, all the stuff they need week in and week out to make pizza. We can sell them advertising space and they can just pay us a fee and we can teach them how to sell it.”

Jill DeWit:                            Yeah, we get a fee.

Jack Butala:                         We can educate them.

Jill DeWit:                            Take a piece off the top of not only our process, then our name-

Jack Butala:                         Help them find a location.

Jill DeWit:                            … and all the products because they have to, “Now, we’re going to have a contract.” This is brilliant, whoever came up with this idea, because you only have to buy my buns and my hot dogs. No, seriously.

Jack Butala:                         Buns and hot dogs, that’s what the next show’s about.

Jill DeWit:                            Come on. Whatever the business, you have to buy my stuff.

Jack Butala:                         In case if you haven’t realized, listener, we’re still in third grade.

Jill DeWit:                            Oh gosh. So there you go. Keep going. I didn’t mean to interrupt your story.

Jack Butala:                         So, I mean, it doesn’t take a long time to figure this out. How it applies real estate, you know, do you want to deal with the end user? The person who’s walking through the house telling you if that, well, this wallpaper’s got to go, or, “I can’t buy this house because it’s not painted right.” Do you want to deal with that person and pull your hair out, or do you want to deal with a guy who’s going to actually change the wallpaper and he’s buying 13 deals this week, and he just wants to run through and make sure the house isn’t falling down before he renovates it? That’s what I [crosstalk 00:14:45].

Jill DeWit:                            Right.

Jack Butala:                         That’s my whole point. Run your real estate business as a wholesale operation is really what I’m saying. This is how we do it anyway. We intentionally sell property ridiculously, inexpensively so the guy keeps coming back.

Jill DeWit:                            So I understand. Your definition of this topic, which is your topic, is-

Jack Butala:                         We have separate topics now. This is a Jack topic. Go ahead. Oh this is a Jill topic, so light and fluffy.

Jill DeWit:                            Well, no, but it’s funny because you picked the yoga topic.

Jack Butala:                         I know.

Jill DeWit:                            So that’s good. All right. So, you explain it like thinking of who you’re selling to, okay?

Jack Butala:                         Who’s your customer, the end user or the person who owns a business that deals with the end user?

Jill DeWit:                            Well my way of looking at this and my way of scaling your business like a franchise is not really thinking so much about who I’m selling to or my customer. It’s the before that part, which is creating a process.

Jack Butala:                         Right. So the deals you do in Indiana are the exact same that you do in Idaho.

Jill DeWit:                            Right, like you have a … shoot. What’s it called? I can’t think of the term, but there’s a three-letter term that describes your way of doing business. Step one is this; step two is this, like you have a manual. You have all the steps to do all the transactions, and like you just said, it’s the same as any state. The beauty of this is, I mean, you can tweak it, make it … Once you have that process, like I just did this with TitleMind. I had my people sit down and tell me because it’s a new company. We’re all learning. I have different personalities and I have different talents and different people that I pull together for this company, and they all bring all kinds of good stuff.

One’s an expert on the customer service. One’s an expert on doing the due diligence part. One’s an expert on closing the deals and all of whatever. So I had them all sit down. We have whole long process and it’s like 100 steps, let’s just say.

Jack Butala:                         Wow.

Jill DeWit:                            Seriously.

Jack Butala:                         It’s 100 steps?

Jill DeWit:                            Yes. It’s really long. And that’s for me-

Jack Butala:                         Is one of the steps, pick up the pencil-

Jill DeWit:                            It is not.

Jack Butala:                         Write down the first name of the seller. Step three, write down the second name of the seller.

Jill DeWit:                            No, it’s 100 good steps. I’m not kidding.

Jack Butala:                         Something’s wrong with that.

Jill DeWit:                            I love when you look at me like, “What!” You give me this look, like-

Jack Butala:                         Of course. To close a deal, I think that’s like six steps.

Jill DeWit:                            … you guys are that good? No, no, because it’s way more detailed than that. When the call comes in, we want to qualify the seller. And the way that we qualify this, the process is, like, we are license providers of all the top three, right? The data sources.

Jack Butala:                         Data.

Jill DeWit:                            So, we check at least two of those three processes, sometimes all three. I need to go back and look at the thing. We might be all checking all three, and it’s going to be for me to go say, “All right. If you got two sources, one’s this and one’s this- ”

Jack Butala:                         Oh, to verify ownership.

Jill DeWit:                            Right.

Jack Butala:                         Oh I see.

Jill DeWit:                            You know what I’m saying?

Jack Butala:                         Yeah, it’s picking up your pencil is a step and I understand that.

Jill DeWit:                            Okay, so here’s my point, if I may without being interrupt.

Jack Butala:                         This is exactly what happens, every single topic with you, and it’s just like you’re trying to do it right and I’m trying to do it fast.

Jill DeWit:                            You’re trying to mess me up. I feel like, okay, I’m riding my bike and you’re throwing a stick in my wheel. Well, could you just put down the sticks, Jack? You just want to see if I’m going to fall. That is not nice. So I’m going to make you sit on your hands and put your sticks down.

Jack Butala:                         I’m sitting on my hands already.

Jill DeWit:                            Thank you. Thank you.

Jack Butala:                         I’m actually afraid of you, that’s for sure.

Jill DeWit:                            I’m going to take … Now, hand me your mic. We’re going to take your mic away and your sticks away. Now you’re going to write notes. Okay, we’re going to take the pen away.

Jack Butala:                         Is it okay if I have dinner tonight?

Jill DeWit:                            No, okay, stop chewing gum and stop blowing bubbles. Just kidding. So here’s my thing. All right. I mean, this is really good. You should be doing this. Once you’ve done your 10 deals and you got them out of the way, you need to now sit back and look at your process. There’s some things that we’re missing that you need to add in and some things that were overkill that you should take out, and that’s what I think of as making your business like a franchise. Streamline it and it’s all the way start to finish from … You should have one process for doing your mailers. You should have one process for reviewing the properties.

You’re reviewing your acquisitions. You should have a separate process for closing your deals. You should have another process for posting the properties and marketing because that’s all important. We’ve talked about that many times. And then all the way at the bitter end, have a process for how you close these deals. Are you going to record them? Are you going to give them instructions to record? Are you going to charge them for it? All that good stuff. Make it easy on yourself, and then what happens is, number one, you don’t have to think about it. Now it’s just a no-brainer. You’re not getting creative. You don’t have to spend time on it. How did I do the last one? Did that work or that work? Now you’ve already got that.

The other thing is, as you grow your business and you bring in new employees and you outsource whatever it is, I mean, it’s going to make your life easier. And that’s for two, when you’re stepping back going, “All right.” This is what happens to our members. They quickly go, “Oh my goodness. This is working. Now I want to do more,” and you can take a step back and go, “What part is the easiest part? Let me outsource that first. Maybe it’s just answering the phones and filling the calls and putting in a database for me to review.” That’s probably going to be the first thing that a lot of you are going to outsource and then you’re going to go on and on and on, because you want to be able to scale your business.

That’s the thing. You don’t want to be handling every deal yourself all by yourself every day for the rest of your business career.

Jack Butala:                         You do not want to do that.

Jill DeWit:                            Because you will never make more than … I don’t know. How much money-

Jack Butala:                         There’s only so much time.

Jill DeWit:                            There’s a finite number of money you can make.

Jack Butala:                         That’s exactly right. You want to scale it. That’s exactly right, Jill. The other thing, too, about what you’re saying is that you can run … If you have things in an automated type of food environment, you can run analytics. And eventually, you’re going to see what works in Indiana … Well what the heck? Everything I did in Indiana doesn’t work in Arizona or our numbers are half in Arizona. So you can streamline processes and customize it a little bit. Maybe people don’t eat meat in Indiana, so you discontinue sending meat on their pizza.

Jill DeWit:                            Well you know what? To further your example, which is true, do you remember? For a while we were focusing on properties west of the Mississippi. We had done that. We as a company-

Jack Butala:                         Yep.

Jill DeWit:                            This is way before Land Academy. We were just doing our land acquisitions.

Jack Butala:                         Right.

Jill DeWit:                            We just found that we had all the right people. We knew all the right contacts. You knew all those areas like the back of your … Anything west of the Mississippi, now, it’s everywhere. It’s nationwide, but-

Jack Butala:                         It’s still easier to do it west of Mississippi.

Jill DeWit:                            See?

Jack Butala:                         I think it’s just easier to do business west-

Jill DeWit:                            Isn’t it interesting?

Jack Butala:                         … for us.

Jill DeWit:                            See? Maybe it’s because where we’re situated and maybe we can communicate with those people better. I don’t know.

Jack Butala:                         I don’t know either.

Jill DeWit:                            We probably have a lot of members, because I know there’s a lot members in our group doing, killing it east of the Mississippi, and they probably think we’re nuts, and they’ve got it all figured out-

Jack Butala:                         Yeah, I’m sure of it.

Jill DeWit:                            … east of the Mississippi. They’re like Florida pros and Georgia pros and whatever pros. So there you go.

Jack Butala:                         This notion of scalability, and we’ll end on this, is so important because you don’t want to be … You want to make this infinite. You want your revenue opportunity to be infinite. So you have to ask yourself, look yourself in the mirror, and say, “What’s the thing that I have to do that no one else can do?” And I’ll tell you what it is. It’s surprising. It’s everything else you can outsource. You can outsource … It’s pricing and finding buyers. Those are two things that I think an owner needs to do.

Jill DeWit:                            What about picking the acquisition?

Jack Butala:                         Picking like the neighborhood?

Jill DeWit:                            Because I think that’s the deal maker.

Jack Butala:                         Oh yeah, you have to do that too.

Jill DeWit:                            Okay, thank you.

Jack Butala:                         And that, you can almost train somebody to actually … The way we have it now is that before it gets to me, it’s already chosen, and I know the person who does that really well. So nine times out 10, I’m like, “Yeah, whatever you think.”

Jill DeWit:                            You can say, “Here’s the criteria. If it meets these eight things, we’re going to buy it.”

Jack Butala:                         Yes, especially with houses. With land, there’re so many more variables, but houses are … Well there are like 14 other houses in the block in the last three months sold for this. We pretty much know how much we’re going to sell it for.

Jill DeWit:                            You still have to be careful. I mean, there’s things that will mess with your career, mess with your business, and those are the things you do. When there’s money going around, that’s what you do.

Jack Butala:                         Biggest thing that’ll wreck your career is your spouse.

Jill DeWit:                            Geez. Oh, Jack, Jack, Jack. What am I going to do with you? Oh, Jack, Jack, Jack.

Jack Butala:                         Well you’ve done it again. You’ve wasted another 25 minutes of listening to the Jack and Jill show. Join us tomorrow where we discuss when and when not to walk into the bank. Jill will make probably some more stories about [crosstalk 00:23:46] happens.

Jill DeWit:                            Yes, and we answer your questions. Should you have one, post it on the JackJill.com online community.

Jack Butala:                         You are not alone in your real estate ambition. You got really smart, really fast.

Jill DeWit:                            Not really. I’ve always been smart. You just don’t listen.

Jack Butala:                         We just don’t talk to each other that much, which I think is great. That’s why we’re together and happier.

Jill DeWit:                            Yeah, it’s true.

Jack Butala:                         I know you’re smart. I just don’t want all the details.

Jill DeWit:                            That’s a stinker. Oh my gosh. I should’ve said that about the thing that ruined your business is your partner. Thank you.

Jack Butala:                         Too much talking, we’re actually having.

Jill DeWit:                            Oh my gosh. Hey, please stop talking and share the fun by subscribing on iTunes or wherever you are listening, and while you’re at it, rate us there. We are Jack and Jill.

Jack Butala:                         We are Jack and Jill. Information-

Jill DeWit:                            And inspiration-

Jack Butala:                         To buy undervalued property.

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