Finding a Buyer for Life

Finding a Buyer for Life

Jason Cochard for Land Academy

Getting into the land business has a few barriers to entry that keep certain kinds of people out — money for acquisitions is a big one, as is the idea of spending money on mail before you buy any property. If that wasn’t enough to keep people out, maybe you’ve got to the point of sending a mailer, but then the hundreds of inbound hate calls will probably make you, or your spouse, think twice.

After you’ve jumped those hurdles and stick with it, you’ll inevitably get to a really satisfying point (and not solely financially), which is the round trip deal I’d like to share in this post. Here’s how the acquisition went.

I bought a property from a somewhat young couple who were happily selling at a loss. They had bought via the internet, sight unseen like we do. After visiting their land, they realized the cold mountain climate was a deal breaker. Instead, they were relocating to the desert for as much heat as possible, so they were happy when my offer came in. We spoke via phone for a very short amount of time, set up a notary via email, and closed the property a few days later, just like my offer letter said.

I mention the highlights of the acquisition because that kind of seller is exactly who you’re looking for. In the midst of all the inbound abuse, especially on your first mailer, this kind of response can be surprising. And it’s surprising that it’s surprising, because the whole point of this is to find willing sellers. Even though it’s easy to get bogged down with negativity, it’s so very sweet when someone is thanking you instead of cursing you. And we should all strive to only buy property from people who are thankful for it and happy about it.

But an even better feeling came when I sold the property.

I priced the listing at a point where was more than doubling my money, while also remaining below all listings. I posted it everywhere I could think of except for the MLS. This was one of my first deals, and I hadn’t started to use the MLS for property listings yet.

After about 6 weeks of tire kickers and eBay scams, a real estate agent called me and tried to get me to pay upfront fees in return for her showing the property to her interested clients. Because of the details I post, it is always easy for the buyer to contact me via my website. When the agent asked for upfront fees, I told her I don’t work that way, and I was happy to increase the price but at the current price there was no room for commissions. She said the buyers had already seen my listing on my website, but that she’d show other sellers’ properties to her clients since I wasn’t playing her way. The phone call was over at that point. I didn’t think anything would come of it, but it was good to begin to see some of the shadier side of real estate professionals and understand their tactics.

About 5 days later, I got a call from a couple who had just gotten back from a 2 day road trip across 3 states, specifically to see my parcel for sale. The fact that they had visited without asking permission was a really good sign that they wouldn’t be the typical tire kickers. They explained that they had been working with the shady real estate agent but parted ways so were talking to me directly.

Their tone of voice was measured. Not like they distrusted me, but like the stakes were really high. I just kept talking like normal, but could sense that something big was weighing on them. Finally, they gave in and embraced vulnerability, explaining that they just couldn’t believe that the price was real. They had visited the parcel, fell in love with it, and already were drawing up plans to build a house and put some animals on it. They knew where the septic was going to go, and now needed to find out if this deal was real, because it seemed too good to be true. When I explained how I acquired it and what I do, and how I try to keep my pricing below “market value,” they seemed to release all the hesitation and everything changed into full blown unabated gratitude. They told me I was re-shaping their retirement plans, and that they owe their future to me and my willingness to sell at such an amazing price. They started to cry tears of joy. The fact is, if my life fell apart and I knocked on their door in 20 years and explained who I was, I would have a place to stay.

It gave me “all the feels” to know that I was able to make a great margin on an asset that was to become the centerpiece of someone’s happiness. Of all the examples I can think of, that kind of gratitude is the closest thing to having your cake and eating it too. Could I have listed the parcel for more? Probably. But then the days on market would have been higher and my buyer’s gratitude wouldn’t have been so earth-shattering.

Best of all, they were so amazed that I was able to offer such a low price that they’ve asked to be notified first if there’s ever any more property nearby. Impact your buyer’s life, get a buyer for life.