Organizational Skill 80 Technical Skill 20 (HA 1181)
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 Jill DeWit, broadcasting from sunny Southern California.
Steven Butala:
Today, Jill and I talk about organization of skill at 80%, technical skill at 20%. Jill just said, "I disagree with your numbers."
Jill DeWit:
I have different numbers.
Steven Butala:
I said, "Doesn't surprise me." Before we-
Jill DeWit:
Well-
Steven Butala:
... we get into it... Oh, okay, go ahead.
Jill DeWit:
Well, no, and what's this whole thing about? So organizational, so you're talking about to run a successful business, just get through life?
Steven Butala:
All right, here's an example-
Jill DeWit:
What does-
Steven Butala:
... since you asked.
Jill DeWit:
80, 20, why do I care about this?
Steven Butala:
Since you asked, let's say you're the greatest guitarist there ever was, and you look the part and you're ready to be a rock star. You got all the technical skill you could ever imagine. In fact, some people might even say top 25 guitars in the planet, and you're 22. You got a good head on your shoulders. I'll tell you what's never going to happen: You being a rock star. It's not about the skill. It's about getting organized, getting in front of the right people, marketing yourself, and getting organized and setting tiny little goals for yourself and putting stuff in a calendar. It goes... I just picked out a rock star for... It doesn't matter if you're a surgeon. It doesn't matter if you're a chef. I, constantly, even at my age, run into people who think that they're, because they're good at what they do, that it's just all going to fall in place.
Steven Butala:
It's shocking to me, and it's all walks of life, every nationality, every gender, all of it, every age. It's just still... Jill and I have friends who still believe that this stuff's going to happen to them because they're good at it. That has very little to do with being successful at anything.
Jill DeWit:
Okay, well, I will have more to add to this in the few.
Steven Butala:
Before we get into it, let's take a question posted by one of our members on landinvestors.com online community. It's free.
Jill DeWit:
Mike wrote, "Hi, everyone. First post. I'm new here and have no experience buying land before, but I've been selling expensive products online for several years."
Steven Butala:
That's fantastic, by the way.
Jill DeWit:
"I've sent out about 2,700 rural vacant land mailers so far to three different counties. My first mailer was sent eight days ago, so I haven't gotten any calls yet. I want to move on to another county for rural vacant land, but I'm having some concerns about the new-to-sold listing ratio. It's about 150%, which is typically a bad sign." Let me back up to see. That means that more properties are going on the, or less property are going in the market than are selling, so it's the inventory's growing. You don't want that. You want the inventory and getting smaller. "I downloaded the Redfin data for this county's land and with the sold listings from the last year. I was able to zero in on two specific zip-"
Steven Butala:
Excellent.
Jill DeWit:
" ...codes within the county that I want to send mail to because of the prices differences among the-"
Steven Butala:
Excellent.
Jill DeWit:
" ... county. I feel like I can work around the 150% of the new-to-sold percentage by making the following assumptions."
Steven Butala:
Want me to read the rest while you sneeze?
Jill DeWit:
I'm okay. "One, if I look at pricing for those specific zip codes, for all the two to four-acre properties, there are 60 and 80 listings given on Redfin. This seems to be enough data."
Steven Butala:
That's-
Jill DeWit:
"Two-"
Steven Butala:
... way too properties listed for sale by the way.
Jill DeWit:
" ...if I sold it by price per acre-"
Steven Butala: