We Live or Die by Our Data Quality
Jack Butala: We Live or Die by Our Data Quality. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala, Jill DeWit.
Jill DeWit: Hi.
Jack Butala: Welcome to our show. In this episode, Jill and I talk about how we live or die by our data quality. Excellent show today. I love data. Let's take a question posted by one of our members on SuccessPlant.com first. It's our free online community.
Jill DeWit: Jason asks, this is a long one, I'm going to try to paraphrase here, "I almost sold two adjacent parcels that I acquired-"
Jack Butala: Let me go get a cup of coffee while you read this because it's like four pages.
Jill DeWit: No. You're silly. I almost sold two adjacent parcels that I acquired a couple of weeks ago. This would have been a [terms 00:00:42] deal and it broke down on what I wanted to get out of the down payment. The lead came in from a letter I sent to the neighboring property owners. I haven't marketed to the general public yet and here are the numbers.
Jack Butala: That's just like us.
Jill DeWit: This is really good. "These two properties I purchased for $750 each," so we're $1,500 in, "I offered them for $3,500 each cash or $3,000 each if they bought both."
Jack Butala: That's four times.
Jill DeWit: "He seemed mildly interested in this but then we talked terms. We verbally agreed to $5,500 each." Good [marking up 00:01:25]. "10% down, $200 a month. He asked me to send him the details through the email so he could make sure that this is what he want to do. After I sent him the details, I heard back from him two days later saying he couldn't swing it financially. What would you do to close the deal? Reduce or eliminate the down payment, reduce the payment and extend the length of the financing, reduce the price? He just cut off negotiations, called no counter." This is the last paragraph here. "I'm leaning towards going back to him with a reduced down payment. If he doesn't still buy it, then I'll then reduce the price. I should have some room there. This would be my first sale. Any guidance would be much appreciated."
Jack Butala: How about I go first and then you answer because I think we're going to have different answers?
Jill DeWit: Okay.
Jack Butala: Number one, I've said this probably a hundred times on this show, I'll say it again, why are you doing a "deal"? This is not how this works. This is what I say to our members over and over and over and over again. Do the same thing like a machine on every transaction. The buy side went great. You sent a bunch of mailers out. Some people signed them, or sent them back, or called them back and you purchased the property for 750, which is clearly way undervalue. Check. Acquisition, awesome. Nice work.
Like a machine, regardless of who calls you or unless somebody intervened and delayed this guy's success, post them all over the internet. Post them on the website you've created. Do the same process for sales. I see this over and over and over again where you do all the work on the acquisition piece. You buy it for the right price, and you drop the ball on the sales piece because you just don't follow all the way through.
What's happening here is the buyer called. They're talking a lot about the deal on the phone. Multiple times they're talking numbers. I would say no. If it was more than two conversations, I would just say no. The deal died and that's what happens almost all the time. That's my answer.
Posting stuff all over the internet, make sure, make, make, make sure on your website that they can check out by clicking a button and paying by credit card the same way people buy shoes on the internet or anything else for that matter.