2021 Market Update (LA 1407)
Transcript:
Steven Butala:
Steve 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 Dewitt, broadcasting from sunny Southern California.
Steven Butala:
Today Jill and I really may... Not Jill, give you a 2021 real estate market update.
Jill DeWit:
Here's the reason. When we were sitting, writing the topics, I asked for this topic. I said, "Babe, we talk a lot in the confines of our bathroom," early in the morning when we're getting ready, which is very true. Fortunately, we have a large bathroom. It's not like a closed door situation. Don't worry about that.
Steven Butala:
Fortunately, Jill has a large bathroom that she lets me into to talk to her, once in a while.
Jill DeWit:
We have a large bathroom. No. And there's actually places to sit in the bathroom, which is very nice. So often one of us is getting ready, usually it's me, not him and he sits down with his cup of coffee and we have these really great in-depth conversations. And lately, as I'm sure you are probably doing this also... I can't wait for 2021.
Steven Butala:
Yeah.
Jill DeWit:
What do you think is going to be possible? What do think is going to happen with this, X, this kind of real estate and these situations and all of that? So I said, "Babe, can we move the bathroom discussion to the podcast," which we are doing now and I'm lovingly calling it The 2021 Market Update by Steven.
Steven Butala:
Boy, that's like truth time effect.
Jill DeWit:
It is.
Steven Butala:
That's the most true thing I've heard with great detail.
Jill DeWit:
Yes. Do you want me to describe our bathroom more?
Steven Butala:
If you need to.
Jill DeWit:
Okay. It's Okay. All right. Before we get into it, let's take a question posted by one of our members on The Land Investors, online community. It's free. Pete asks, I'm new to Land Academy but not new to real estate or investing.
Steven Butala:
Good. Good for you.
Jill DeWit:
I sent out my first 10,000 piece mailer... Nice... last week, and I'm waiting for the calls to come in. I'm in the middle of setting up my processes for when that does start happening next week. In a lot of businesses, I know that most of the money's made in the follow-up not the initial contact with a prospect.
In this business, the money's made when you buy it at the right price. Of course. Buy it right, what we say. So it makes sense to me that my focus should be on acquisitions and I'm confident that the rest will fall into place much easier. Is it typical for most of the sellers to agree to a deal on their first phone call, or is there a lot of, let me think about it.
Steven Butala:
These are good questions.
Jill DeWit:
And then you never hear back from them. If the latter is true, I'm thinking of having an extensive, automated follow-up campaign that were really help. By this, I mean putting these automated tools in place, emails, texts, ringless voicemails, Facebook retargeting ads, triggering them to visiting my website that I advertise on my offer letters. When I get a seller that's not ready to commit right away, I would just drop them into my CRM and the rest would be completely automated until they respond again.
It's not too hard to build up something like this that will follow up for a year. It would focus on a lot of contact within the first two weeks, then gradually get down to about one contact attempt a month. Has anyone built something like this out and does it bring a lot of deals that you may or may not have happened? Thanks in advance. Dying to know, did anybody comment on this yet?
Steven Butala:
Oh, there's a bunch of comments on this but I'll tell you, I just had this conversation with my tech team, like three days ago, that these tools are becoming prevalent, where somebody calls you, it goes into a CRM. You either took the call, hopefully. Jill and I just had in the bathroom,