Jill Friday – How to Sound Like a Professional Investor (LA 1637)
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, there’s this thing going on with this and listen, there’s a flood plain on the back. And I’m not even sure it has access at all. I think my price is accurate. I’m not here to sell you a bill of goods. This is what it’s worth for me now. And if you’re interested in selling…” Bear in mind, the people that call back, as angry as they are, they’re sellers, they’re just angry about the price. Or maybe they’re just angry people. So your job is [crosstalk 00:04:30]-
Jill DeWit:
This one should love the price.
Steven Butala:
What Jill’s job is to meet these people from where they come, embrace them halfway, entertain them, or engage them and see where their pressure points are, what their stick points are and find out if there’s a deal there with ethics. If there’s no deal there, or if it’s just so far off then by all means blame the person who did the mailer and priced it too high. That’s what Jill does.
Jill DeWit:
Works great every time. I’ll give you some good concrete stuff too, Erin. Give them two, maybe three reasons that’s it. And don’t talk for half hour about them. Just say, “You know what? I didn’t realize it was this far from X.”
Steven Butala:
Yeah. Great.
Jill DeWit:
And-
Steven Butala:
Excellent.
Jill DeWit:
… I didn’t realize it has this-
Steven Butala:
Excellent.
Jill DeWit:
… This issue. And that’s all they need to know. You don’t need to… Because the more you information dump, then it sounds like you’re stumbling. So don’t worry about that. And then speak confidently. Just say, “You know what? This is it. I know I said 10,000.” I just did this conversation. I had this exact scenario with a lady. This is the funniest thing. Did an exact call deconstructing with people on the phone in my intensive last week. My offer was somewhere in the two thousands. Right. Lady came on the phone and said right away, I like everything about the price. I have 20 acres and I’ve been told it’s worth a $1000 an acre. Right? So she has $20,000 in her head. She said, “But look, I’ll let it go for 10. So she already before I even said anything, cut it in half. I’m like, “All right, now we’re getting closer.” As we talked and I’m looking at the property on the phone, I came up from two, from [crosstalk 00:06:16]-
Steven Butala:
That’s exactly right. I was going to say that at the end here too.
Jill DeWit:
I came up from two. I said, “You know what?”-
Steven Butala:
Maybe it is worth what you offered.
Jill DeWit:
I said, “All right, I’m looking at it right now. I could do three. And she’s like, “You know what? I can’t do it.” So I couldn’t do three. So we talked a little bit more. And at the very end of the conversation, I said, “All right, here’s my best. This is my highest and best offer, which is four.” So I came from like $2,500, whatever it is to four, she went from 20,000 to 10. And at the very end of the call, she didn’t say no. She said, “All right, I need to run this by my son-in-law. And I’ll call you back.” At my four. So that’s how you can recover too. You just have that conversation and point… It’s nice when you get experienced and you can look at the property on the phone and that will [crosstalk 00:07:04] come with time, don’t worry about it.
Steven Butala:
When Jill says, look at the property on the phone, she means she’s in front of a computer [crosstalk 00:07:08]-
Jill DeWit:
And I’m looking at-
Steven Butala:
She’s got it pulled up on NeighborScoop and she’s on the phone. She doesn’t mean look at it on her phone.
Jill DeWit:
Right. I’m at my desk and I can make some decisions. And I can tell her… I said, “Look, I’m looking at the property next door to you. This is what it’s sold for. I’m looking at the property down the road. This is what’s going on over here.” So that’s another way too, Erin, that you can recover from this, point out recent comps. And they can look them up themselves. And I always say, “Hey, it’s right there for us all to see. And this is why.” So good [crosstalk 00:07:37] question.
Steven Butala:
This has partially answered the topic today. Today is Jill Friday and she just didn’t do it enough, she’s going to talk about it more. How to sound like a professional investor? This is the meat of the show.
Jill DeWit:
Thank you. Yeah, you’re right. I did just cover a lot of it. So I have three main things I want you to think about here. We’ve all been in these situations too. We’ve all had a new job where you’re sitting there at the desk and the phone rings, and you’re not sure you can even pronounce your boss’s last name correctly. Maybe you remember being an assistant one day. I used to have to say Lebanoff-McKnight. I couldn’t remember… No, actually it was even worse. It was Lebanoff-McKnight Development Group. Try to say that fast. Every single time you have to answer the phone. And you are brand new, first day on the job. I slaughtered it. It was hilarious. There’s times it was just a garbled mess and people would giggle and they would say, “Hahaha. Is [Moe 00:08:33] there?
Jill DeWit:
I’m like, “Yeah. Hold on a moment.” And then you’re struggling to find the whole button. I know I’m dating myself telling you about this, but anyway, we’ve all been there. So it’s just like that. And you get over it a weekend. You’re like, “I’ve got this.” So it’s exact same thing. So the first thing I want you to think about is be ready. Are you ready? Write it down. I used to write it down. Literally how I answer the phone. Be prepared when people call you how you can answer the phone, be prepared with a list of questions that you’re going to ask them, and or if you’re making an outbound call, you’re calling the county, you’re calling back someone on a property, do your due diligence, everything that you can, look up all the stuff that you can. So you know what you’re speaking of before you call them. Make notes, write a bunch of stuff down, have some research. My point number two practice.
Steven Butala:
Oh my gosh. That’s exactly what I was going to say. Practice is so… We haven’t talked about this at all. Practice is so ridiculously underplayed [crosstalk 00:09:35] in our entire culture. Here’s why I don’t mean to interrupt you.
Jill DeWit:
It’s okay. Go right ahead. I’m used to it. I’ll bring out the puppet.
Steven Butala:
It’s television and the internet.
Jill DeWit:
[crosstalk 00:09:43] Am joking.
Steven Butala:
And we watch these shows and all these rich people that you know are 22 years old and great looking have perfect bodies and they’re loaded. It’s all fiction and generations, mine included are like, “[inaudible 00:09:54] is easy.” And all you see is the good stuff. You don’t see the awful [crosstalk 00:09:58]-
Jill DeWit:
The 12 takes it took to get-
Steven Butala:
… Or the squalor they lived in. If it were a real story, they lived in squalor to get there. To get to the point where they have a nice house and all that. So that’s-
Jill DeWit:
I often wonder if they’re standing in front of somebody else’s car.
Steven Butala:
… Nobody practices anything. You have to practice it. And practice means failing. So you might have to talk to 28 people that might have sold you their real estate, screw it all up, and on that 29th one, you make 10 or 20 or 40,000 bucks. So practice.
Jill DeWit:
[crosstalk 00:10:23] Practice makes sense.
Steven Butala:
You nailed it, Jill.
Jill DeWit:
Practice with somebody in your house.
Steven Butala:
Yeah. This show didn’t happen overnight.
Jill DeWit:
Practice. And then the third thing I’m going to say is sit back and trust this with experience, it will happen. After the 10th call from the same property size, the same two acres in Tarrant County, wherever you’re mailing, you got a pretty good handle on what’s going on around there. So it’s going to happen. And then once you get through that mailer, you’re going to be more prepared for the next mailer and so on. I really think that’s what we used to… We haven’t said in a while, used to say that when you’ve done 10 deals start to finish, I mean, bought, marketed and sold all the way through to the end. You’ve got a lot of experience under your belt.
Steven Butala:
And the first thing you know is whether or not you want to do this forever.
Jill DeWit:
True.
Steven Butala:
Or not. And if you… The light bulb went off over my head around the third or fourth deal. Like, “Wow. This isn’t…” I thought it was always accidents. Like, “Well, that’ll never happen again. I’ll never double my money on a piece of really…” Well 16,000 deals later. So it’s all about if do you enjoy it. Do you enjoy doing deals, all the aspects of it. There’s going to be aspects that you don’t and shove those off to somebody else that does enjoy.
Jill DeWit:
Find a trophy person who could speak on the phone.
Steven Butala:
Trophy partner.
Jill DeWit:
Find a trophy partner with a good voice. That’s all you need. That’s how you really sound like a pro. Don’t bother. Just kidding.
Steven Butala:
The real way to sound like a pro. All kidding aside is to have a bunch of experience, because you’re a pro.
Jill DeWit:
Right. But you can be researching and do just fine. So it’s all good. Happy you can join us today.
Steven Butala:
I can do it if you want.
Jill DeWit:
Can you do it? I’ll take this real quick.
Steven Butala:
Happy you can join us today. Five days a week. You can find us here on the Land Academy Show. Jill is taking a land call. Join us next week for another interesting episode. You are not alone in your real estate ambition. Thanks for tuning in. We hope you find our content valuable and appreciate your support. If you haven’t already, please check out our YouTube channel, hit the subscribe button because we are Steven and Jill, information and she’s got the inspiration to buy undervalued property. Thanks.
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