Learning from the Land Investors Community (LA 937)
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: I'm Jill DeWit broadcasting from sunny southern California.
Steven Butala: Today, Jill and I talk about learning from the LandInvestors.com online community.
Jill DeWit: I learn something sometimes from our community. I love it.
Steven Butala: Every day I go in there.
Jill DeWit: Yep.
Steven Butala: Every week I go in there, probably twice a week, maybe three times a week, for sure. One time a week to spend a ton of time pulling the questions on for this show, for all these shows. Man, it's just ... Jill can attest to this. These people, it's an amazing tool.
Jill DeWit: I know. It's the greatest thing.
Steven Butala: It is truly an amazing free tool.
Jill DeWit: Yep. We'll talk more about that here. I have a lot to say.
Steven Butala: Before we get into it, let's take a question posted by one of our members on the LandInvestors.com online community. It's free.
Jill DeWit: Steven Kisch asked, "Hello. For those that use either Congress Reality, $299 list free, or BrokerDirectAnalyst.com, as low as $85 specialist fee, what is the commission structure you are using in listing to get deals done for selling land? How low can you go and still attract buyers, agents, or is that even an issue? Thanks, Steve."
Steven Butala: Let me give some background real quick before ... Another community member is going to answer the question. When you go to sell a piece of real estate, in the past, you have to hire a real estate agent or a lot of people thought you had to hire a real estate agent, and they would charge 3 to 6% of the sale price depending on the terms that you sign.
Jill DeWit: Right.
Steven Butala: There's thing called fixed price MLS that came about recently because of the internet.
Jill DeWit: That was the only way that ... What he's saying is that hiring the agent used to be the only way to get it in the MLS.
Steven Butala: Yes. Now, you can do this thing where there's this fixed price MLS, these services that are online.
Jill DeWit: Right.
Steven Butala: They're tech people that happen to have a real estate license and can legally have access to their MLS-
Jill DeWit: And put properties in there for you.
Steven Butala: They'll take all your information to 50, 80 bucks, a 100 bucks, 300 bucks, some number like that, and they're not going to give you any services at all. They're just going to post it on the MLS, so other realtors can see it, because they have buyers, and sell them the property.
Jill DeWit: Right.
Steven Butala: Go ahead.
Jill DeWit: It's just a listing service.
Steven Butala: His question is, "That's great. So ..."
Jill DeWit: "I don't have an agent with me. That's not how I'm getting it in the MLS."
Steven Butala: Well, his question is, "That's great. That takes care one agent in the deal, the listing agent." You pay him $50, or whatever you negotiate, and nothing else.
Jill DeWit: Right.
Steven Butala: "What about the other person on the other side that's representing him? What do you do?"
Jill DeWit: "Is it still going to attract peop...