Tips To Sell A Property That's In Your Inventory For Too Long

Hey, it's Mark Ponolski, land geek with your favorite niche real estate website, thelandgeek.com and on this week's roundtable podcast, we have almost all the usual suspects, sans Tria. Putting in the reps. Harris, we get the Zen master. Breathe in the mailing, breathe out the marketing. Mike Zado, Zen Master, how are you?

Great and getting better, Mark.

Great. Good to see you. Your partner in crime from Nightcap, a sober dude buddy. The Nightcap OG Scott Bossman. Scott. How are you, Mark?

I'm great, thanks. Good to be here.

See you. Playing dueling banjos in Franklin, Tennessee, the technician Eric Peterson. Eric, how are you?

I'm good. Getting ready for some visitors here this week, but looking forward to it.

That's right. I can't wait to get into a dive bar fight in Nashville with Scott Todd. That's how you find out. That's when you find out a person's metal. You go to a new city and you get into a bar fight. I know exactly how I'm gonna do it. Wow. I just came out and said it. We're going to Nashville. We're stirring things up.

All right, all right. Sounds like a party to me.

Speaking of somebody that you would definitely want to have at your bar fight. I love it when you call me Big Papa. Tate Litchfield. Tate, how are you? Good.

No, no fights on the agenda for me, though. So feeling. Feeling comfortable, feeling confident. You know, I don't like to lose fist fights.

It's not my.

Not my thing.

Yeah, I mean, in all, total transparency. I haven't been in a fight since sixth grade. What? Which I won, by the way. And Nate Henderson, if you're listening right.

Now.

All about, you're not getting an apology, and it wasn't a sucker punch. Last but not least, you know you love him. The brain, the professor, your flight school Sherpa. Scott Todd from Scott Todd.net landmodo.com learn anything about anything. Investor ninjas.com. scott Todd, I. How are you, Ark? I'm great.

How are you?

I'm great. I'm great. We got a great topic. We're going to talk first. We're talking first, second, third about this topic. This is our roundtable topic, but you guys haven't heard it. But this is the first podcast that we have changed the intro and outro, so you guys will have to go back and listen for the new intro. Outro Kaizen, Continuous improvement. Speaking of continuous improvement is our topic. What do you do if you've got a piece of Property, it's just sitting on the shelf too long. Mike Zano, I know you love to start. That's it.

Boom, we're in. Property, sitting on the shelf too long. I would look at the pricing. Number one, I'd probably shake it up, maybe put it out as a deal of the week. I get to go first, so I get all these options I could have. So I'd say it'd be the deal of the week, and I. And I would mark it down. We buy these things $0.25 on the dollar. We have room to knock them down in price and still make a ton of money. So I say deal of the week, Blast it out. Really lower the price and just get it sold.

Okay, so deal the week, lower the price, blast it out, get it sold. If it doesn't sell at deal of the week, do you have a protocol, a heuristic, if you will?

Heuristic.

Well, that's a. That's a good word. You know, there's. It's all the properties sell. So do I have something I would like bail out to? I don't. I think the biggest thing is not to panic. So I don't really have a panic button. I'm going to hit, like, you know, and then that's it. I would just, you know, wait. I have a ton of inventory. We're always buying, we're always selling, and that one. Its cycle will come. So I don't. I don't think I have a panic button like that. Not that you're mentioning it. Panic button. Something just happened to you, Mark. He disappeared.

He's a ghost. I'm a ghost. I don't know. Interesting.

That is the funniest thing, man. Like, Marcus completely blurred out the ghost of the. I have his background. Wow.

We have an icon of a lightning cable.

Yeah, he's a cable now.

Well, I'll tell you what happened. I'll tell you what happened. I got a call, and I think because I'm using Re Incubate camo, then the call comes in through the phone, and then the app shuts down and.

The podcast is over.

And the podcast is over. It's not over, Eric Peterson, because you're next.

All right.

With that snarky comment.

Right.

Well, while you fix your camera, I'll carry on. So I know Mike meant to mention this, but he just. He was just being brief. But I want to stress the importance of the deal of the week.

Right.

Like, what's in the deal of the week? Mike talked about lowering the price. He's going to have an anchor to show that he's lowered that price. He's going to have. He's going to create urgency by putting a countdown timer or some kind of deadline in that deal of the week. Another option might be to reach out to your past customers. Who else has bought property in that area. Can you call them and tell them why they want to own this property? Also make them a special offer, create that urgency and. And move it that way.

Honestly, you've really, really made it tougher on your roundtable compatriots. Now Eric Peterson, to add even more to that. But let's see if the dude buddy like Hep OG has anything else to add to move this property that that's sitting in inventory.

While Eric stole mine. I love the idea of reaching out to prior customers who've bought property in that area, but what about prior. What about other land investors who work the area? Maybe you're just starting the business and you do need to infuse some cash in your business. Well, it might be a good opportunity to reach out to Eric Peterson if he works the area and see if he wants to pick up property in that area if he's killing it with sales. So that'd be another opportunity, I think, is to reach out to another land investor if this thing is driving you crazy and you're burnt out on it. The other thing is just, I think to. In addition to the deal of the week, which is a great idea, I think it's just to increase the volume of the ads for this particular property. So up the volume, experiment with pricing a little bit, maybe even increase the pricing. I had a property recently, it just wasn't selling and we increased the price. 1000 bucks and it sold. So experiment with things a little bit.

Yeah, that's one of the funny things about this market is that sometimes if it's too low, people think there's something wrong with it. And you do have to increase the price. And reaching out to another land investor is a fantastic idea. But Tate Litchfield, I love it when you call me Big Papa. What are your thoughts?

Yeah, unfortunately, we get properties that sit a little bit longer than we want. And I think the most important thing is you got to recognize immediately that you are the problem. It's your fault. And this is kind of goes back to being accountable and being the owner of a business. And if something's not working, well, the question you need to ask yourself is why, right? Is my pricing off? Is my marketing falling on deaf ears? Is it irresistible? Are my images any Good. Have I put forth a decent effort to get this property sold? And if you can say yes to all of those things and you still don't know why, well, then the market is telling you something. And then what the market is telling you is that you're too high. Right? You're not. Maybe you're not high enough. So I think there's often this panic phase that we all go through when we have something that sits for a little bit and as it sits, it begins to fester and we start to hate it. And I like everybody's responses that they've said thus far. And, you know, the truth is, you shouldn't ever be panicked about having property and inventory because you as an investor has a unique set of skills. And, and those skills allow you to turn property into cash and do it very quickly due to your network, due to your flight school family. Right? And those are people that are having success, and I'm sure they're looking for more assets at 20 cents on the dollar or 30 or 40 cents on the dollar. So I think for me, when we have property that sits for too long, we need to first start with us. What are we doing wrong or what aren't we doing well enough? And after we adjust those things, we give it a little bit of time, we really put our effort into it. Normally we can get that property sold, but sometimes you just need to refresh things and put a different spin on it. Change up your marketing, change up your headline, change up your targeted audience. There's lots of things that you can do, and marketing is always changing.

Yep. I love it. I mean, you guys have made it really hard for Scott Todd to be the anchor on this. Captain Todd, what do you call yourself when you're a pilot? Is it a captain?

I call myself Scott. That's it.

You don't.

Hi, this is Captain Todd speaking. No, I like that.

I'll tell you, when I was in Scott's plane and he was going through the pre flight, first of all, it was intense. He looks at me, he's like, I'm not going to talk to you for a few minutes here. He's concentrating, he's going through his pre flight, everything. And then he looks at me, he's like, okay, nothing's going to happen, but if it does, here's what you do. And he walks me through like that. I'm like, okay, long story short, there was an issue in pre flight and so I didn't get to fly home with him. But I can tell you, I can't wait to do it. That plane is sweet. And it is just the way it is. It is one of the great luxuries of life, I can tell you that. I always thought, oh, it'd be nice to have a chef. No, I want a private plane. Anyways, I digress. Scott, Todd, finish. Let's clean this up. What are you gonna do sitting there?

Yeah. So Tate kind of said this, and he said, don't panic. And you know what? I don't panic because I don't care. I really don't care.

Right?

Like, I seriously do not care. And I used to care. And there's nothing wrong with caring. And I'm not saying it in a bad way that I don't care. What I'm saying is that as everybody's mentioned this call, I'm buying an asset for 20 to 25 cents on the dollar. That's it. Period. End of story. And honestly, I don't care how many of these things I pick up. That's my goal, is to pick up as many as I can and put them in my pocket. And eventually, we're going to need it. We're going to find a buyer for it. In fact, right now, the market's in my favor because I'm buying these things at the old price and I'm selling them at the new market price. And it's crazy because I actually had somebody come along, like, we were selling this. We had bought a property for $9,000. We had it listed for. We bought a wholesale. We bought it, and we had it listed for 18. And as the market's been going up, we've been creeping up the price up. We had it listed for 25, and we had a guy come along last week and offer us 23,000 cash. I think that's a pretty good deal right now. I probably bought this property, I don't know, about six months ago. So if this is one that I was panicked about and I pulled the trigger, then I would have missed out and, like, sold it wholesale or just tried to dump it out. I would have missed out. And so that's the thing, is I just try to buy these assets and I hold onto them. They sit in my inventory, and as long as I don't need the money, what's the problem? Because guess what? When I sell it and it pops like it does, it's way better than the money just sitting in the bank account. So I don't worry about it. And in fact, one of the things I've often, like, regretted is when I Go back and I look at properties I've wholesaled, and I'm like, why did I sell it for that?

Oh, man.

But see, that's the thing is I'm to the point in my business where I don't have to have that because I've already had the success. But if you're new, then you need some success to build your confidence. So I don't care if you have to go wholesale. I don't care if you have to give it away and take everybody else's advice. But eventually you'll get to the point where you're like, just keep picking these things up. And whether they sell or don't sell, who cares?

Yeah. I have really nothing else to add. I thought everyone's answers were amazing. But, Scott, I think what you were alluding to more is this mindset that you can never have enough land. And we see it time and time again where people who start in the business, even people who have been in the business maybe six months, even a year, as Tate said, they start to hit the panic button because now they have 16, 20 properties in inventory, and they feel like, well, I don't want to buy any more properties until these sell. And I think we can all agree they're not thinking correctly about it. If you can buy any asset 25, 30 cents a dollar, why wouldn't you buy as many as you could? Now, if you run out of money, you go to Uncle Scott and say, I need some money. Let's make a deal. And you find the money, because again, money loves speed. And anytime, that's really the hard part of this business is buying an asset 25, 30, 35 cents on the dollar, even in a rising market. So I thought it was a great topic. And then we are going to go to our tip of the week. And before we go to Scott Todd for the tip of the week, Actually, I think. Was it Mike Zaino this week?

Listen, you can call on me, no problem. I got it.

Don't worry.

I got it.

Just come to me.

Come right to me. I got it.

Are you feeling Zano?

Just trust me. Just throw the ball to me.

All right, well, I just want to mention our sponsor, which is flight school. Learn how the next 16 weeks can literally transform your life. Start building your passive income without renters, rehabs, renovations, or rodents. Go up the mountain of land, investing with the greatest Sherpa in the world, Scott Todd taking you up there quickly, safely, efficiently. Oh, yeah, that flight school tuition ain't going to cost you nothing. Guaranteed you're going to make it all back 180 days or less. Cash, returns, deals. Just show us your work. That's it. Learn more. Go to landgeek.com training thelandgeek.com training Scott Todd, what is your tip of the week?

Mark, this is the ultimate tip. Learn how to delegate. Mike Zano, what's our tip of the week? All me.

No, that's a great tip. Oh, that was great, actually.

So I do have a really great tip of the week. The next podcast, I think I'll take the tip as well because I got two really good tips of the week. So I'll wait for the next podcast for a second. But this one, I chose this one because at the very end there when, when, when Scott Todd was talking about mindset and so on and so forth. So I just watched and I'm pasting it in the comments. It's a, it's a YouTube video clip and it's. It's called how to bend reality to your will and become unstoppable. So look that up. The link is right there. What I love about it, Mark, this is similar to what Scott Todd was just saying it's all about. It basically goes into the fact that the story we tell ourselves is really how, you know, our lives change. Or it could be for the worst, right? So, you know, it's important to tell yourself the correct story, right? So listen to this. Go to YouTube, find this video. How to bend reality to your will and become unstoppable. This guy, Morin surf, he's on impact theory. M O R A N C E R F I love it. He's talking to a guy who's a neuroscientist and he's talking about that basically, be careful what you tell yourself because that'll become true. So you really have the power to shape yourself. So in land investing, are you panicking about this property? What's the story you're telling yourself? You know, you bought the asset 25 cents on the dollar. You know, you're safe. You got that Warren Buffett margin of safety. So don't hit the panic button.

I love it. I love it. That's a great tip of the week. And it is one of those things that, you know, when you become aware of your thoughts and you see the story you're telling yourself, you. You really avoided conflict because you have humility. For example, you know, at Newport with the coaches, if I was going to have an argument, let's say with Eric or Tate to rea Scott, I would I would preface it, hey, the story I'm telling myself is this. And just so you know, in that way they're not defensive because it is a story I'm telling myself. Right. And you know, to pick on Scott Todd. Like, the story I'm telling myself is I'm incompetent. Why are you such a competent guy with flying an airplane and I have to walk everywhere or I have to, I have to actually, you know, go the old fashioned way on a commercial airliner. Right. So is it true? No, it's not true. It's just a story I'm telling myself. I'm competent in lots of other ways, but we're really, really hard on ourselves and I think it's a, it's a really great tip to just be aware of that and watch those thoughts and just watch them as what they are. They're just thoughts. They come, they go. We don't have to be attached to them. So there you go. I want to thank the listeners. Remind them the only way that Eric and Tate and Mike and Scott Bossman and Scott Todd are going to take any of my guff is if you do us three little favors. You got to follow rate. Review the podcast. Send a screenshot of the review. Supportlandgeek.com I'm going to send you for free a signed copy of Dirt Rich. All right, let's do this. 1, 2, 3. Let freedom ring. Not bad.

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All right, well, thanks, everybody.

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