Occupations that are Going Away (LA 1601)

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Manage episode 303445949 series 2791667
על ידי Steven Butala & Jill DeWit, Steven Butala, and Jill DeWit התגלה על ידי Player FM והקהילה שלנו - זכויות היוצרים שמורות למפרסם, לא ל-Player FM, והשמע מוזרם ישירות מהשרתים שלכם. הירשמו כדי לעקוב אחר עדכונים ב-Player FM, או הדביקו את כתובת העדכונים באפליקציות פודקאסט אחרות.
Occupations that are Going Away (LA 1601) Transcript: Steven J Butala: Steve and Jill here. Jill K DeWit: Hi. Steven J Butala: Welcome to The Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill K DeWit: And I'm Jill DeWit. And we are broadcasting from the Valley of the Sun. Steven J Butala: Today, Jill and I talk about occupations that we think are going away. Jill K DeWit: I want to even add just, not just, the big picture concerns about what's coming. It's so interesting. So I've read some interesting articles this morning. I'm going to, I have some notes to share. Steven J 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, and don't forget to subscribe on the Land Academy YouTube channel, comment on the shows you liked. Jill K DeWit: Anthony wrote, a couple of topic suggestions, using the 80/20 rule, which is the Pareto principle in the land business. "I read this book a few years ago, and I applied the advice in it to a business I was running at the time. The results were shocking improvements in profitability. I moved on and forgot about this until last week when I heard it mentioned in a video, and I remembered how it helped. Identifying those 20% of things that produce 80% of the results. And then..." Is this for me? Steven J Butala: No. Jill K DeWit: Oh, okay. Steven J Butala: No. It's for our listeners. If you get something out of it, then that's up to you. Jill K DeWit: All right, thank you. "And then putting your focus on those things can result in big improvements. It's hard sometimes though, to be ruthless about applying the rule, an example, what characteristics do the people who accept your most profitable offers, like the 20% that make the 80% of the profit have in common?" Oh, this is a little out there, but yeah. "Are they out of state owners? Are they behind on taxes? Are they married age? How many homes do they have? Income? The idea would be to build a profile and find ways to target those people in that data." I took this as something else. I just took this as 80/20, like what am I doing every day that takes up 80% of my time. Steven J Butala: Yeah, this is, I mean, we can talk about that in a minute too, but really if you're just buying and selling land full time, every one of us has one or two deals every year, where we say, "Oh my gosh, this is the greatest deal ever. If I could do just 10 of these, instead of all these other 50 deals, where I only made five, $10,000 or $15,000. But this one I made $150,000 on. All I need to do is 10 of these, where I make a million bucks a year." And so that's the 80/20, there're all kinds of, it's a tremendous number of examples. So the idea is to sit yourself down, and think about it. In my case, I'll take a piece of paper or, a tablet, or whatever with a pen. And I'm just brainstorming about why that deal was so good. Steven J Butala: And the flip side is, why some deals just didn't work out. And so it's not so much, like he says here in the question, the profile of the person that you're buying from, because I don't believe in that. I believe in sending everybody an offer and just, well, they'll find you. Jill K DeWit: I agree. Steven J Butala: You send out 25,000 offers, that five people or 10 people in there that are just dying to sell that day are going to find you. They're going to respond to your offer and say, "Yes, I want to do the deal." The question is, if I send out 25,000 offers, and I do it for only the property profile, and the pricing profile, where I made that $150,000 net, I'm going to do, it's not going to be 80/20 anymore. Jill K DeWit: That's the key. Steven J Butala: It's going to be, it's going to be 50/50, or 60/40 in your favor. Jill K DeWit: Right, I'm going to find more properties, priced this way, in this area, and with this attribute, because those fly off the shelves. Steven J Butala: Yep.

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