Mailer Just Hit, What’s it Like to Take 1000 Phone Calls (LA 1289)

Mailer Just Hit, What's it Like to Take 1000 Phone Calls (LA 1289) Transcript: Steven Butala: Steve and Jill here. Welcome to the Land Academy Show entertaining land investment talk. I'm Steven Jack Butala Jill DeWit: And, I'm Jill DeWitt, broadcasting from sunny Southern California. Steven Butala: Today. Jill and I talk about, the mailer just hit. What's it like to take a thousand phone calls? Jill DeWit: More like 10,000, really? Steven Butala: I like you, listener, I'm going to listen to Jill today. Jill DeWit: Well, thanks. 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: Cupidgaveuponme, wrote, "I mailed a new county and the mail hit this week. I didn't get much response, but the first couple responses I did get, accepting my offer has caused me to believe that I overpriced my mailer. I would still like to buy, but not at the price I originally listed in the letter. I believe in being honest with people, but I'm not sure how to say that I actually want to offer less than what they have already accepted. There isn't anything particularly wrong with the properties. They all have access. They're all large acre desert properties with dirt road access, but they're big enough I will have to partner on the deal to purchase at my original offer. And there isn't enough to make it worth it. My son says, move on and keep mailing. I am proud, but I want to at least try. And I don't want to waste a lot of time. We have to brainstorm things to say, but nothing sounds very good to me. Can anyone give examples of what you say to sellers?" Doing it now. This always happens. Steven Butala: No one's more qualified to answer this question than you. Jill DeWit: Sometimes, this situation can happen. Yeah. Sometimes you came in too high, like, "Shucks. I goofed," or there's something about that property that makes it less desirable. That could be, and it's not that you're going to kick to the curb, but you do want to offer less. We do this all the time on our Thursday afternoon member calls. We have a section called, would you do this deal? And it's often that you and I, Steve, are looking at properties and we're like, "Oh, shucks. You know, I see why you offered 12. Man, I love it at five. I could maybe do eight. Twelve's pushing it because I think you're going to sell it for 20." That's usually how it works. So I usually, and I'm doing it now. I go back to the sellers and say, "Look, I didn't realize X was going on out there, such as days on market in that area are so high," or, "Whoops. There's 800 properties available in the zip code," which then I probably wouldn't want it anyway. But there's something that's causing you hesitation, and making you think that you're going to have to take a risk here. And I pass. I tell that honestly and openly with the seller. And then what I do is I would say, "Look, here's, what's going on." I state what the problem is. Say why I need to alter my purchase price. I give them my new, highest and best offer. And I make it... I say it like that, say, "Look, I still want it, but I'm willing to pay seven, not 12, like you signed and sent to me. If seven doesn't work for you, I get it. I totally understand. Please feel free to think about it, sleep on it. If you come to me, probably within 30 days I can still make this work, let me know." And then, just walk away. It's not worth it. There's nothing really to negotiate and such and such and just say what it is and move on. And then watch, hang up and watch what happens in a day or two, a large percentage of those guys, they know, and often if they answered back so quickly, they're like, "Ooh, Yippiekiyay. I never thought anybody would offer this." It's probably what's going on in their heads. So they get it. And they'll come back if they're serious. If not, don't worry about it too. The last thing you want to do is buy something for 12 and you kn...