Tell Stories in Land Postings (JJ 673)
Transcript:
Jack Butala: Jack and Jill here!
Jill DeWit: Hi!
Jack Butala: Welcome to the Jack Jill show, entertaining real estate investment talk. I'm Jack Butala.
Jill DeWit: And I'm Jill Dewit, broadcasting from sunny southern California.
Jack Butala: Today, Jill and I talk about telling stories in your land posting. It's really actually how you sell real estate, put this subcategory or sub asset of real estate anyway.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Paint a beautiful picture. If you, as the story teller or as the lister or the seller of your own land, really question whether or not at the end of your posting, "Boy, this sounds so good. I really wonder if I should sell this thing." Then, you're doing your job.
Jill DeWit: I think it starts even when you buy it. When you're looking at the asset and you're deciding whether or not to purchase it ... if you don't do this, you should be doing this.
Jack Butala: Do you ever really ... decide you're gonna sell a car and you get it all cleaned up and and it's like, "Man, I should keep this."
Jill DeWit: Right.
Jack Butala: That's the feeling you're looking for.
Jill DeWit: Right! So, you're already starting, when you're buying the property, you should already be thinking about what the end use is.
Jack Butala: Right.
Jill DeWit: And that's how you're gonna paint the picture of the story. Cause you're gonna know that ..."You know, wow, this is an interesting acquisition. This would be great for selling to people that I've talked to that love to hunt and find deer." You know that. You're already thinking about how you're going to tell that story and post the property for sale.
Jack Butala: Right.
Jill DeWit: And get other people excited.
Jack Butala: Before we get into the details, let's take a question posted by one of our members on the jackjill.com online community; it's free.
Jill DeWit: Cool! Matt asks, "I was recently scratching my head as to the low turnout of a recent mailer. I close on two properties out of 800 mailers."
Jack Butala: Hold on a second. (laughs)
Jill DeWit: I know.
Jack Butala: How is this a low turnout? 800 mailers by my calculation costs about $300 to send out from start to finish, and you bought two properties? Let's read on.
Jill DeWit: Mm-hmm (affirmative). "I offered $4000 in an area where market value is somewhere around $18,000, so I should have presumably been able to get .521% I would think, which is 4-8 properties. I'm selling one of the lots now, and the buyer actually owns another lot in the subdivision, and she mentioned, 'I've received two letters and a postcard in the last year or so.' Sure enough, one was mine hahaha", that's funny, "so, clearly, someone beat me to it, which is fine. I still will pick up a few lots and move on with my life. Now I'm curious if anyone has a trick to check the sold comps to see if one name or LLC has made multiple purchases in the past year or two. I presume that the lots won't still be in their name. If they are any good, they will have sold them by now, but picked off the motivated sellers in the process. Does anyone screen this kind of thing? Or just price your mailer and move to the next mailer?"
Jack Butala: Would you like to answer this first?
Jill DeWit: Okay.