Buyer Management in this Hot Market (LA 1704) - a podcast by Steven Butala & Jill DeWit

Buyer Management in this Hot Market (LA 1704)
Transcript:Steven Jack Butala:
Steve and Jill here.Jill K DeWit:
Hello.Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill K DeWit:I'm Jill DeWitt broadcasting from the valley of the sun.

Steven Jack Butala:Today, Jill and I talk about buyer management and this super hot market we're all experiencing.

Jill K DeWit:Isn't it great.

Steven Jack Butala:Yeah. Greatest real estate market I've ever seen my entire life.

Jill K DeWit:Who was I talking to? I can't remember who I was talking to the other day, but I was just like we all need to take a step back and just think about what's going on right now and how great this is. I was going to say this at the end, but lately the longer I have a property in inventory, the more the price goes up and I'm watching this too.

Jill K DeWit:There's a property behind us. It's a spec home, and every six months they raise it $500,000. Instead of lowering it, they're raising it.

Jill K DeWit:We've done that. We've had some properties that we priced a while back and then an offer comes in. And we countered it. Not only our full asking price but we went,"You know what, we actually priced it too low."So we countered with something else. And they're like,"What?"And they walk, and that's fine. They're like,"You know what, we're going to reset this with the agent."[inaudible 00:01:19] like,"All right."We're like,"This [inaudible 00:01:21] right now that we doubled."That's the price it commands. We'll talk about it more, don't be too fast here.

Steven Jack Butala:When I was in public accounting in the late'90s at KPMG, I was working under a partner and our specialization was healthcare. But there were other partners that were in the same office building and their specialization was Y2K readiness. We all thought that computers are going to go haywire and all of that. Those guys retired and the amount of consulting that they delivered between 1997 and 2000 to get huge systems ready. We're in a situation now where if you wanted to, you can.

Jill K DeWit:You go nuts in retire.

Steven Jack Butala:A return of $20 million a year for the next few years can just be done. Or whatever your magic numbers.

Jill K DeWit:Yeah you don't need that much.

Steven Jack 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. Don't forget to subscribe on the Land Academy YouTube channel, comment on the shows you like.

Jill K DeWit:Where would you retire with those numbers by the way? If you want to retire in Paris, then you need that money. If you want to retire in Mexico like we are talking about, you don't need nearly that much money.

Steven Jack Butala:[inaudible 00:02:41] retire in Mexico at our age, honestly if you wanted to on a million bucks.Jill K DeWit:
Exactly. And have a great life.Steven Jack Butala:
Sure.Jill K DeWit:
Yep. Austin wrote,"Just listed a property on the MLS on Friday with my broker, buying for $13,500 and selling for $38,000. I have two parcels in title right now, will probably be three next week. Land wheel turns."Steven Jack Butala:
Austin is... he was reporting that in the subsection on Discord of Success. Success stories and he's also in our career path right now.

Jill K DeWit:He's working him through the system.

Steven Jack Butala:Yep.

Jill K DeWit:And the great thing is with that a broker, the broker's doing the work and Austin can focus on getting more of them. That's perfect.

Steven Jack Butala:Today's topic,"How do you manage your buyer in this market of total hotness."This is why you're listening.

Jill K DeWit:I'm going to say once... I don't know if it's once a week, but a few times a month, I get a call because whether it's a deal funding or whether it's a deal that we have. But the message gets to me like this,"Hi Jill,

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