Land That Sells Fastest (LA 998)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Hi.
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 sunny Southern California.
Steven Butala: Today Jill and I talk about the type of land that sells the fastest, and slowest, and medium, and all other types of land where you can make hoards of money on it. It just might take a little bit longer.
Jill DeWit: Exactly.
Steven Butala: Before we get into though, let's take a question posted by one of our members on the Landinvestors.com online community. It's free.
Jill DeWit: Jeff asks, "Hi everyone. For those of you who have a transaction coordinator, I was wondering how much you pay them? Hourly, by the deal, et cetera? And are they in-house or virtual? Thanks." This is-
Steven Butala: I know. I put this in here for you.
Jill DeWit: Perfect!
Steven Butala: And I will preface this, Jill's answer, by saying this. If we had 10 transaction coordinators overnight, magical dust, and they were all good ones that we could work with and work together well with, we would overnight be doing 10 times the number of deals.
Jill DeWit: Ding, ding.
Steven Butala: If you leverage that whole mail system by sending these blind offers to owners, we can times 10 that in a half hour. As far as financing and funding deals, on the back end of acquisitions, times 10 overnight with the people in our group, and with pulling money from different places. The whole problem, the whole bottleneck has always been, for me, and always will be, getting good people to do these deals.
Jill DeWit: So here's the thing. I have not, and I would not do a virtual transaction coordinator. I have had the best luck having them in-house, and in an office. Around me, too, by the way, especially while they're learning. So, that's my first thing. I have tried in the past, too. This is a really good question, very timely, because I'm hiring more right now. I've tested having a transaction coordinator, and then boots on the ground, separately, where the transaction coordinator ... Jeff's in our group. I think I know who this Jeff is, and then we have boots on the ground below them that are out there doing different parts of deals, like really for House Academy. But you can use a transaction coordinator for land or houses. It's great.
Steven Butala: And should.
Jill DeWit: And should. So anyway, I've tested, Jeff, I've tested let's see what the boots on the ground can do on their own, being their own transaction coordinator, because every now and then there's a little bleed over as to who does what, so until they just figure out their roles and figure out how it works. But so I thought, "You know what? One time I'm going to try without a transaction coordinator, give the whole thing to the boots on the ground and see if they can do both." I found that did not work. So I want to save you.
Steven Butala: And vice versa.
Jill DeWit: So yeah. And yeah. You can't have a transaction coordinator in this city doing deals, and two states over without a boots on the ground, because there are-
Steven Butala: Two separate talents, by the way.
Jill DeWit: ... times that they do need that physical presence against this kind of ... Physical presence more for houses than land is really what it is. And that's really where you have a boots on the ground. That's when you need it. So my things are I would hire in-house.