ROI Expectations (CFFL 496)
Transcript:
Jack: Jack Butala with Jill DeWit.
Jill: Hi!
Jack: Welcome to our show today. In this episode Jill and I talk about ROI, Return On Investment, expectations in the land business. Before we get in to it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.
Jill: Cool! Chad asked, "My first mailer was mailed out from LetterStream on June 12th. Today is the two week mark and there have not been any phone calls or emails coming in yet. I'm worried I may have done something wrong. How long after your mailers go out do you normally start getting calls or emails about your offers? I'm just excited and anxious to get this business off the ground. Even and angry call would make me happy right now. LOL!"
Jack: Oh I can arrange that.
Jill: Right. [Continues quoting Chad's question] "At least then I would know my offers made it out there to them. Any guidance or comments are much appreciated. Thanks in advance".
Jack: Well Chad you nailed it, I mean you nailed it. You're gonna get an angry call any time real soon here. Like I said yesterday, we looked through a long list of questions that Jill and I get and I try to pick the toughest ones. The ones that are coming from skeptics or, you know ... we don't need a-
Jill: Or just that need help.
Jack: ... surround ourselves with a bunch of thank you notes, you know. So what you're feeling is very, very, very typical. It actually happened to me, it happened to Jill, it happens to everybody. You know your first time you just wonder, "What the heck", like you second-guess yourself. Right, like, "Did I do it right? Did I miss something?"
Well here's the mechanics of it, and then I'll address the psychological piece of it after that, if Jill can stay awake. The mechanics is that you send your ... You get your mail merch done, probably through offers through owners, and the second that you submit it to LetterStream they either send it out that day in the mail or the next day. Now here's the catch; the post office is a government institution so it's very unpredictable and it's inconsistent. And if you send mailers out to a place like Illinois it's gonna take three times as long. If you send it out to the local county that you live in and you dropped it off at that LetterStream, put it at that post office, that local post office is gonna happen that day. So there's a big huge variance, to directly answer your questions, three weeks is not unheard of at all. Around three weeks to four weeks is when you're gonna start to get some real angry calls followed by a bunch of calls that are saying [inaudible 00:02:27] that's just kinda interesting. And then about six weeks you're gonna start getting signed offers back. If you price it right.
Jill: And you send enough-
Jack: Yeah.
Jill: ... too.
Jack: Yeah if you send 15 letters out, I will confirm your worst fear.
Jill: And you hand wrote them.
Jack: Right. 1500 is what you want to send out a month.
Jill: Mm-hmm (affirmative).
Jack: So I think that answers the mechanics piece of it. The psychological piece is, you know, what your experience is ... The reason that there is a hundred thousand listeners in this show and about five hundred members, because people don't have what you have. They don't have ... Let's call it chutzpah on this rated G show.
Jill: Chutzpah!
Jack: They don't have the-
Jill: I know.
Jack: ... What is the number three [inaudible 00:03:12] call, huevos. You don't have the huevos, then don't get on the surfboard. You had the huevos to take it to this point. So you're gonna be fine. I've only-
Jill: Stop.
Jack: I've only had two situations, exactly two, that got back to me where people got stumped on a mailer and they called me and said, "I got stumped on a mailer. It's been six weeks, I didn't hear anything back". Or, "I got one signed offer back and I didn't wanna buy it".