How Much We Really Need to Be On the Phone (1088)

How Much We Really Need to Be On the Phone (1088)

Transcript:

Steve:                   Steve and Jill here.

Jill:                          Hi.

Steve:                   Welcome to the Land Academy show, entertaining land investment talk. I’m Steven Jack Butala.

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

Steve:                   Today Jill and I talk about how much do we really actually all need to be on the phone in this business.

Jill:                          A lot.

Steve:                   What are you looking at back here?

Jill:                          I don’t know. I thought I was … I’m expecting people to walk by that we might recognize and so I was just kind of keeping an eye out.

Steve:                   Why isn’t that, Jill?

Jill:                          I don’t know. Anyway …

Steve:                   Before we get into the topic, let’s take a question posted by one of our members on the landinvestors.com online community. It’s free.

Jill:                          Kyler asks, “Does anyone have experience with quiet titling a property in Texas? There are no other persons claiming ownership. There’s just a cloud in the title because the property was owned in a DBA. Debt Doing Business As of a husband that is deceased. The title company instructed us to quite title the property into the wife’s name. Never done this before and would love specific input and steps on how to take the process.” Thank you. I love that. [crosstalk 00:01:11].

Steve:                   Kevin answers this perfectly. Kevin, our moderator on land investors and then I’ll have a couple of comments right after.

Jill:                          Thank you for sharing.

Steve:                   What does that mean?

Jill:                          I don’t know. I just think silly.

Steve:                   What does that mean?

Jill:                          I don’t know.

Steve:                   Thank you for sharing. This is what the show is. I share some stuff. You share some stuff.

Jill:                          Just the way you interjected there. I thought it was funny. Kevin, our moderator is going to answer this perfectly and we’re going to get right back to you in a moment.

Steve:                   You know why I said it that way? I had to get it in there quickly because I think you’re ready to just jump in.

Jill:                          I was. That’s usually what I do.

Steve:                   Sometimes Kevin answers. Sometimes not. Sometimes Kevin answers perfect. Perfectly, and I just throw it in here. You were about to go off the teleprompter again.

Jill:                          No, I wasn’t. I was continuing to read. I can [inaudible 00:02:01].

Steve:                   Jill’s famous for going off script.

Jill:                          Really?

Steve:                   Yeah.

Jill:                          I don’t think it’s me.

Steve:                   Famously.

Jill:                          All right. Anyway, Kyler, I would not pay for quiet title and put the property in the wife’s name. You could lose control of it. This is good advice. She might sell it to your friend after you’ve paid for the quiet title. Quiet title can take about three months and will cost some money, maybe two to $3,000. if you go this route, you can get an attorney to help you make the agreement with the wife to accept the purchase amount and make no claim on the quiet title. Bottom line is talk to an attorney on this one if it’s worth it. That’s such good advice.

Steve:                   It’s great advice and what he’s talking about. What this whole topic is is called equitable title. It’s everywhere in the whole country. Equitable title means you don’t own the property but you have an interest in it. This is what actually foreclosing on a tax lien is. You have a an interest in the property because you own that tax lien. Let’s say you bought the tax lien from the country. A couple of things can happen. You can choose to foreclose on it or you can choose to call the owner if they’re alive and say, let’s just work it out. I’ve got an interest in the property.

Steve:                   He’s exactly right. In a lot of states, like … Let’s say California and I know Colorado and I’m pretty sure … New Mexico for sure, but I know not Arizona. You can resolve this pretty easily with paperwork at the county and a lawyer will do it real fast and easy. Quiet titling is really when everybody’s dead and you can’t find anybody and the state owns it or somebody owns it. You don’t really quiet title … If you’re talking to somebody on the phone, quiet titling is not what you want to do. It’s only when you just can’t get ahold of anybody and they’re just gone.

Jill:                          Thank you.

Steve:                   Today’s topic, how much did we really all need to be on the phone in this business? This is the meat of the show.

Jill:                          Oh, I don’t know.

Steve:                   A lot. Jill and I are recording this on Thursday, these four or five shows. We’re about to hold our live event. This is one of the topics that we’re going to talk about a lot. We’re meeting with our advanced group tomorrow at the time of recording, not tomorrow when this airs. Every single one of them are just … They have a phone personality. You have a phone personality.

Jill:                          Thank you. I was going to talk about this.

Steve:                   Go ahead.

Jill:                          If not you, someone. Let me explain some of the reasons why and how you’re going to be glued to your phone at least starting out where somebody will be. First of all, on the acquisition side, when these people get your offers and they call back, you need to answer the phone, get it done. We were just talking to someone the other day. They were like, “Shucks, we’ve got these three signed offers in the mail. We call them. We made the first initial contact. We call them back to set up the process,” and now they can’t catch up with them. They’re dark. I’m like, “Darn.” You need to answer the phone and try to get as much done as you can. If you’re going to buy it, make that decision and set up the day you’re going to close and get the money out to them in that first call.

Jill:                          All of that is very important talking to them. You need to be available to them too. This doesn’t usually go that way, but it does sometimes. Usually I have the opposite where it’s like they want to talk a little too much kind of thing. They want to make sure you’re real. They want to make sure the notary’s coming when you said they are, things like that. You just need to be available to them and answer their questions and make them feel good. That’s where you’re going to be busy on the phones on the acquisition side. Now it’s in escrow. You think you can sit back and let an escrow agent close your deal for you and you just coast? No, you need to call them at least every other day. I’m not kidding, or multiple times a week. I do.

Jill:                          Seriously, I have one person right now in New Mexico. We’re doing five deals a week. We’re very tight and she can send me this, I can send her that. It’s really fast and quick and easy. You just have to stay on it because if I don’t, and we didn’t have that relationship and she didn’t know that I was so involved and available, she would take her sweet time. It would just be put down in the bottom of the pile for whoever’s in front of her right then. I let her know, these are important. What could you need? I’ll get on it. I check in with her. Where did we stand? I’m waiting for the seller. I said, great. I’ll call them too.

Jill:                          You have to push them through. That’s what you’re going to be doing on the escrow in getting the deal done. Do you want me to keep going?

Steve:                   Yes.

Jill:                          Do you have anything you want to add? Do you want to wait for the end?

Steve:                   You’re probably going to cover it all better than me.

Jill:                          I’m the phone person in this relationship in case you hadn’t noticed. It’s really, really true. I’ll just interject that. One of the greatest things Steven shares about … When we partnered up together, he’s like, thank God I don’t have to talk to anybody on the phone anymore. It all came on my side of the sheet.

Steve:                   You know where this topic came from? I wrote it. We recently realized that one of the people … One of the transaction coordinators that was in that position for us didn’t have the phone skills and some other skills that were required. Unfortunately … This is for two people recently, came to us and said, this just is not what I want to do. We parted ways amicably and we still talk to everybody. It’s all fine, but they didn’t have … It takes … In layman’s terms, you’ve got to work this deal. You got to just get a headset and be on the phone constantly managing these transactions both on the buy side and on the sell side. That’s all there is to it. If you can’t stand doing that, this isn’t going to work for you. If you are not that kind of person …

Steve:                   The only way that this would work is if you buy really inexpensive property and resell it on eBay, $1 no reserve and hope that you’re going to make some profit on it and you probably will. You have to be on the phone. That’s why I wanted to do this topic. The whole basis of this whole show, not this episode, this whole show is to help people buy and sell real estate. I’m trying … This is my way of trying to say, go buy a convenience store and just sit behind the counter all day if you don’t want to be on the phone. There’s a lot of … If you have … I have that personality. There’s a lot of stuff I can do for a living and do really well at not being on the phone. This is not one of them though. Go ahead, Jill.

Jill:                          I love what you said too. It takes a person in this position that only has the technical skills, but the people skills and the phone skills and they’re not afraid to pick up the phone. We’re going through transaction coordinators a lot right now. The last one had the technical skills, but not the … Afraid to pick up the phone. The person before that person had the phone skills but not at all the technical skills. They were, they looked at our system and said, oh no, I’m out. I can keep up. You guys are throwing too much at me. That’s okay.

Jill:                          All right, let’s move on here. Now we’re going to … We’ve got the escrow, we’ve got the acquisition stuff. Now it’s a sale thing, right? I could just not do anything. My posting just solves itself, right? Not necessarily. You still will have people that will probably have some questions. That’s one of the things I’m going to talk about the live event too is how to weed them out real quick and how to quickly assess. We should do a show on that too. How to quickly assess who is a legitimate buyer, who’s not. We haven’t talked about that in a while cause that’s really important. Your time is so valuable but you do need to be available. Hopefully the calls that you get are only things like, can I wire you such and such many right now? I’m moving the rest around and I’ll have it in on Friday. I don’t want to pay the credit card fees and I’m sure you don’t either. Done. Those are the kinds of calls we all want.

Jill:                          What we don’t want is someone going, so the back taxes listed are $43. Was that just this year or whatever? Those are the … Are we really talking about $43 kind of thing. That’s the sales side. You do need to be there to answer the phone because a right person might try to reach you. I had this one lady one time, we talked one time. She said, I’ll take them all. would you take this price? I said, hang on a minute. I said yes I will. She bought 50 properties for $30,000 or something.

Steve:                   Every couple of years somebody says, I want to buy your whole inventory.

Jill:                          There’s this whole county. They want the whole thing.

Steve:                   That hasn’t happened as recently that I can remember. I’m not on that side anymore.

Jill:                          Right. That’s that. Then finally, the last thing is you have the sale. You think it’s done. You’re like, great. They’re going to check out tomorrow on your website or they’re going to wire the money. Can I just sit back and wait for it? Nope. You need to give them a timeline. You need to follow through. Still be on the phone and through the process, get the deed to them. Make them feel … You want them to feel good. That’s the whole point too. You really want these buyers to feel really good about buying from you and not just, yay, kaching. I got one. No, you don’t want that. You want them to walk away and open up your deed and have it …

Jill:                          I hate when people send deeds, by the way, in a regular …

Steve:                   So do I.

Jill:                          Business size envelope with a stamp on it.

Steve:                   We’ve never talked about this.

Jill:                          We never do that. I hate that.

Steve:                   It’s so disrespectful.

Jill:                          We always spend …

Steve:                   It’s a piece of real estate.

Jill:                          You just spent how much money? I can send $7.50 and do the USPS. Tracking is free and it’s not the overnight thing. It’s a two day or three day thing. Who cares? They get this big envelope and they rip the thing. I pull out not just a deed by itself, but it has …

Steve:                   I’m glad we’re talking about this.

Jill:                          This is so silly, but they love this. It makes them feel important. There’s a Manila envelope in there which has a cover letter, recording instructions, their deed. If I had anything of the property, I would have thrown it in there. Maybe if I title insurance I would have thrown in a copy of that or something for the records just to make it even feel like a little fatter in there. They love that. Why wouldn’t you do that? Anyway, that’s my whole thing.

Jill:                          You need to be on the phone. You need to be … My last recommendation is always get a phone number that you can keep and if you’re just starting out, you don’t have a big phone system where you could forward calls, just get a burner phone. You literally hand that phone … If you have an assistant or whoever it is. You hand the burner phone to somebody else. If they’re covering you for the weekend or you’re covering your employee for the weekend, it’s too easy to hand the burner phone back and forth is what we do too, or did.

Steve:                   Every single person … I’m going to end up with this. Every person I’ve ever met in any industry, anywhere that I’ve ever worked or who I’ve known personally who’s on the phone a lot is incredibly successful.

Jill:                          Makes a difference.

Steve:                   There’s no such thing as somebody being on the phone all the time and just failing constantly. I’ve never been aware of that.

Jill:                          We should have another show on this too. Not this show cause this is going to get too long, but …

Steve:                   It’s too late.

Jill:                          I know. I’ve been doing a lot of … There’s stuff you know, and there’s stuff you don’t know and stuff you need to be reminded of. I’ve been doing a lot of reading about people, talking to people, building their trust. There’s lots of ways to do that and we should have a show on that.

Steve:                   Building people’s trust? Yeah.

Jill:                          Thank you.

Steve:                   That’s what this whole podcast is really.

Jill:                          Exactly.

Steve:                   Trying to earn people’s trust.

Jill:                          Thank you.

Steve:                   Join us next time for the episode called empowering your team without checklists.

Jill:                          We only answer your questions posted on our online community found at landinvestors.com. It is free.

Steve:                   You are not alone in your real estate ambition.

Jill:                          I know I keep talking about land investors, but you’ve got to check out the Facebook page cause it’s pretty cool. By the way, wherever you are watching or wherever you are listening, please subscribe and rate us there. We are Steve and Jill.

Steve:                   We are Steve and Jill. Information …

Jill:                          Inspiration …

Steve:                   To buy undervalued property.

 

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