What Is The Response Rate To The Offer Letters Sent Out Monthly?

Hey, it's Mark Podolski, the land geek with your favorite niche real estate website, www.thelandgeek.com. and on this week's roundtable, we have almost all the usual suspects. We've got the technician, Eric Peterson. Eric, how are you?

Good. Happy to be here.

It's good to see you. Seems like it's been days. Yeah, it has been. We've got the nightcap OG dude, buddy. Scott Bossman. Scott, how are you?

I am great, Mark. Good to be here.

Good to see you. We've got the most feared woman in the country, the terrorist hunter, Mimi Schmidt. Mimi, how are you?

I'm on the up and up. Doing better. How about you?

I'm. Look, I'm still recovering from my mountain biking accident, which, you know, I'm still blaming Tate for. We've got the Zen master. Breathe in the mailing. Breathe out the marketing. Mike Zano. Mike, how are you Doing great.

How are you?

I'm good. I'm good. And last but not least, you know you love them. 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, how are you? Post our first virtual boot camp. Mark.

I'm good, but that. That thing that you just said just really cracked me up, which is you're still recovering from your mountain biking accident. It sounds like you went over the cliff and like I did, emotionally.

Okay, all right.

I mean, like, you went over the handlebars, though, right?

Let's not talk about.

Okay, all right.

Let's just skip that part.

Are you. Are you. Are you okay?

Forget it.

We'll just move on.

Let's talk about virtual boot camp. How do you think your first virtual boot camp went? Eric Peterson. Scott Tower, skipping you because you're already going off the rails.

Eric Peterson, we'll come back.

Yeah, listen, I think that virtual boot camp was a success. I mean, if it went much better than I honestly expected it to go, I thought for sure something would happen with the technology or the schedule or any number of things. Right? But overall, everything went really well. And I think the people that attended were overall, very happy with what we provided. So I'm happy.

No, I agree. Scott Bosman, what was your take?

I thought it was great. I thought the content, as usual, was really great. And I pulled some new nuggets away right. How many boot camps I've been to. So that's pretty awesome. And, you know, I think the thing I missed the most was the networking, the actual seeing people. Right. Like, we just, I think we all just miss people right now and that. A little bit difficult to deal with and to be able to make connections like we so often do at these events. But, you know, there was still some of that coming through, which I thought was great.

Yeah, I mean, there's nothing like that human connection, being in the room with somebody. But as you know, given that, that barrier, I, I still think, like, it was nice to just see everybody connect, even grill the geeks. Like, you know, people are like, I want to be friends with the Forbes and, and Teria and Landon, you know, and Jeff Detmer. Like, they're like, these guys are great. So, like, we were able to showcase our community and even the young guns, you know, like, who doesn't want to hang out, do deals with Michaela or Roy or Kevin, you know what I mean? It was, it was really awesome. How about, how about you, Mimi? What was your take?

Well, I care about so many of these people and their businesses. I love to see everybody and give them hugs, you know, So I really did miss that part. But the good part was I was shocked. There were like over 100 people there. You know, on Zoom, you would just like page through all the people. It was just there'd be another page and another page. So I was so impressed with the, how involved everybody was and the questions that we would start to get. That was great, the interaction.

Yeah. Zen master, how was your experience?

I thought it was awesome. I think that there was a lot more engagement with the chat questions. I think people weren't afraid of being in the front row and having you get right up there with the microphone, that could be a little nerve wracking to some people. They tend to shy to the back of the room. Everybody got a front row seat. I thought it was amazing. You know, everybody's got the best view in the house.

Yeah, no, you know what? And it's so funny you mentioned that, because being a self absorbed narcissist like I am, I don't even think about that at live boot camp. Like, I'm just doing my own thing, literally, with no empathy for the attendees and what it's like to have a mic shoved in their face, like, and now what do you do in this part of the process? So I think, you know, this forces me to think about other people in a way that I've never had to, which is great. So it's a kinder, gentler boot camp virtually, but the least kind and the least gentle of all. Of us is Scott, Todd, Scott, the least. Your big bat with your big mini bat. Your big intimidating bat. How is your virtual Boot camp?

I thought the boot camp was good. Right. You know, it was. It was different. You know, normally we're accustomed to seeing people. We're accustomed to, like, being there in the room. People can walk up and ask us questions and that helps to solidify some of the content that they might be missing or something. But at the end of the day, I think it was pretty good. Right? Like, I, uh. I didn't see any technical problems other than some Macintosh that you were operating that didn't have a microphone on or something. Like you talked for two minutes by yourself. Like, did not happen on a Surface is all I gotta say.

That was a sc, by the way. You can blame Matt Forbes and his Scarlet usb, you know, thing. I actually have to press a button. That's a Matt Forbes thing. That is not a Mac thing.

Personal accountability.

Okay, fine. It's always my fault. But that's true, you know. Yeah. Extreme. Extreme ownership. I'll take extreme ownership of it.

Okay.

But Matt Forbes is listening. It's a Matt Forbes.

No, I don't think it's a Matt Forbes issue.

Source. No.

So I think it's really good.

What's that?

Don't you just leave it on?

Yeah, but it turns off because, like, you know, the computer will go to sleep and all that. I don't. I don't even want to tell you what happens technically, because then it just feeds Scott, Todd and his. His Surface.

What you need, apparently, is one like, I have that just, you know, when the computer goes to sleep, the thing just keeps operating.

That.

Anyways, I thought it went really well. And for our first one, you know, the surveys, we've got a lot to improve on for October, virtually, because we're all about Kaizen. So for those of you that left us feedback, thank you so much. We definitively know how to improve and the next one will be even better. But we do have a really interesting topic that came out of Boot Camp. So, Ari Peterson, what is today's topic?

Well, a question that was asked during boot camp was how many offers do the coaches send out? So today we're going to talk about how many offers we send out. And then along with that, what are we doing about the response rate? Is it what we always talk about, that 1 to 3%? Or is it different today?

Yeah. So let's start with you. How many offers are you currently sending out? And what is your response rate as of Today?

Yeah. So we send probably right around a thousand offers a month to multiple counties. Our mailing, typically, we're not just mailing one county each month or each week. We tend to take the counties we work in and they kind of live in the queue of offers to go out. And throughout the month, we'll hit all those different places that we like to buy property. Response rate currently, and I would say probably for the past three to four months maybe has been a little lower than typical in our business. I think my interpretation anyways is that people. I'm not concerned about people receiving too many offers, but I believe what's going on is that the people receiving my mail, they might not be in a position today where they need money. And that could be due to what's going on in the economy. You know, the unemployment and the extra funds and those things. I mean, possibly that could be what's going on. There could be other things happening as well. But I just feel like maybe at this point in time, the people receiving these offers are feeling a little better financially where they don't need to make a sale of, you know, a couple thousand dollars and. And have that extra cash. However, if that is the case, I do believe that is going to change soon. As time goes on, you know, the government changes what they're doing. That may be reflected in what's happening with our offer letters, but that's just kind of my own personal thought on it.

So, yeah. Scott Bossman, how about you? How many offers and what's your response rate right now? You're on. You're on mute. There you go. Are you still on mute? Can I unmute you?

There we go. Okay.

Sorry about that.

So, yeah, we're doing around a thousand a month as well. I would say we're seeing the same trend. Response rate is less. However, we're not buying less property. We've done a couple bulk deals this summer where we've bought multiple properties from one seller, multiple properties from another seller. Those opportunities are still there for sure. It only takes one in a thousand mailings to be able to purchase 20, 30 properties. So our buy rate is not down, and in fact, our buy rate is up a little bit. And then we have taken advantage of some wholesale deals as well, because for, you know, last three or four months in a couple different areas, land's been flying off the shelves and we're trying to replenish that right away. And there's a lot of wholesale deals going on right now. So I think that's, you know, as Far as that goes, I would agree. Response rate on mailings is down. But our ability to purchase property is actually has been up here the last couple months. And I kind of agree with Eric. I don't know if the people getting the mailers, you know, maybe they're realizing that, hey, my land in this economy right now, with, you know, the volatility of the stock market, that type of thing, maybe this is more of an investment for me and maybe I should hold on to it a little bit longer, Something like that.

Yeah, no, absolutely. Mimi Schmidt, how about you send out.

About 800 mailers a month, but I buy like I'm in five counties, one of which I wholesale in. I've got a big deal working in another county, so I will say, though, so I've got wholesale deals, I got bulk deals. I got the mailing going out. I don't mail to a county more than once a month. Sometimes it's like a subdivision even. So I do look. I track the response rate and look before I send it out to watch my pricing. And I am watching like I've been out on land moto a bunch the last couple days, making sure that my pricing is appropriate because it's been going up so quick. I think you really got to pay attention to the pricing right now just because things are changing so quickly. So then my response rate stays really good around that 5% because I'm watching the pricing.

See, there you go. Eric Peterson could take a page out of the pricing matrix book of the terror center over there, the Zen master. How about you?

Well, can I point out a little gem that was thrown out earlier that may have gone over everybody's head or whatnot. I'm not sure. But, Scott, when you talked about the Surface, it goes to sleep and it still works. That sounds just like our land business. Two efficient models side by side, right? Do we not go to sleep and our land business still works? The Surface goes to sleep and yet it still functions such a good parallel there. I just didn't know if anybody caught that.

I think there's one more thing to append to that, though. Unlike the land business, the surface land business doesn't get viruses.

I don't get viruses either. My surface doesn't get viruses. I don't know what you're talking about.

I certainly remember having to go back to the Microsoft store and getting a new computer for myself. What websites were you visiting the podcast and listens to? Scott. Todd. Thanks, Scott.

No, not me. Not on my computer.

Okay, well, we can at least all.

Agree that if we go to sleep, the land business works. So that's sort of the higher reference there. I don't want to cause any, you know, woe be for me to cause any, you know, arguments in the group. Yeah, I don't want to stir the pot. I just thought I'd point that out, you know.

You know what, my son does this all the time. He's like, to be honest, and then whatever he's going to say, I know. Or he's like, I don't mean to offend you. Like, whatever he's going to say, that next is offensive. And so you stir the pot. And then you're like, but I don't mean to stir the pot. But, yeah, you do.

Hey, Mark, no offense.

Yeah, exactly. So whatever's gonna come out next is offensive.

Like, well, could be taken as offensive. It doesn't mean it's going to be offensive.

Well, I'm not gonna be offended by it, but anyone else listening to this, like, oh, yeah, that's offensive. Why do you say no offense?

Or they might just go. Or they might just go by a surface.

Okay, but you're not even answering the question, Mike. Okay, so how many offers and what's your response rate?

We sent about 800 out across several counties. And, you know, I can attest to the same story that the, you know, that the or overall response rate may be going down. But I'm always uncovering bulk deals, and I think, you know, so that, you know, that's important to realize. You know, you're always gonna, like, Scott Boston said that one Mailer could unlock 10, 20 deals just like that. You know, so any. And there is land all over the place right now. But that's not the question. The question you're asking is, so about 800, sometimes close to 1,000. And, you know, there may be some months we buy four or five properties, some months we might buy 20. You know, so I think it averages out over time. You know, we uncover those bulk deals. So I'm not worried about it. I think that might have been the origin of the question is like, are we concerned that maybe that the response rate is a little lower than normal? And so the answer would be no, I'm not concerned. I don't think, based on the answers so far, anybody else has either.

All right, Scott, Todd, how about you?

On average, we typically hit, and it varies, but we'll typically hit anywhere from 1000 to, like, 1600 offer letters. And it just depends. One of the big things that it depends on is My inventory, right? Like, when I'm. When I'm doing well, or if we have stuff in the pipeline, it might just be that thousand. And when things like when the inventory is getting low, like, our inventory right now is, like, really low, then, you know, we're upping it. So, like, the month of August will actually hit probably, like, 2000. Now, the response rate. I think that the response rate is down, like everybody said. But I think what's happening is, as everybody said, is that we're uncovering, like, larger deals, okay? So, like, we're grabbing bulk deals. And so essentially, there's no lack of deal flow. I think that the problem comes in is that you just gotta be hustling a little bit on the. On the buy side. And, you know, on the sales side, it's like, it's the easy button over there. So on this. On the selling or on the buying side, you gotta hustle a bit more. Normally, it's like the other way around, right? Like, normally, it's. The sales side is a little bit of the hustle where the buy side is the easy stuff. So it's just kind of rebalancing the way that we're thinking about things and the way that we're approaching things and how often we're following up with people, too. Like, when they raise their hand and go, hey, I'm interested, or, okay, let me talk to so and so. Well, now we're following back up with them where before we were just like, come back to us when you're ready. Now we're like, hey, what. What did you decide? What's the deal here? And I think that people are saying kind of what Eric said, which is, you know, they're not saying this, but there's a lot of money flowing. There's a lot of money flowing in the economy right now. You know, there's people that are definitely unemployed, but there are a lot of, like, government funds flowing. And so people are a little bit more comfortable today. And then they're like, well, maybe I'll see what happens. Maybe I'll see. Maybe I need this in the future. I don't know. So the secret, though, the secret is this consistency. Just keep hitting the mailboxes, because three months from now, everybody that you mail to may call you back and go, let's do it today. I need the money today. How fast? We don't know. It will turn when? Who knows?

Yeah. It's so true. And the COVID economy is weird, but in every. Every market cycle, there's always that Point where it's easy to buy, it's harder to sell, or it's, you know, really hard to buy, but super easy to sell, which I think we're seeing kind of now. And then there's nice equilibrium where it's easy to buy, easy to sell. You just have to adapt. Now what's nice about our niche is that we can still always buy because we're buying right. Where if you look at multifamily, they can go a couple years, the market's too hot, they can't buy anything. The cap rates don't make sense. So we're really lucky to be in this niche. Even in a weird economy, in a weird market that seems to be heating up the way it is. You know, whether we buy it at 25 cents a dollar, 30 cents on the dollar, 35 cents on the dollar, we're still locking in big, big profits. And we're not having to outlay this huge amount of capital, go to private money, you know, all these other headache type of things that, that the other real estate niches have to go through right now. I mean, I wouldn't want to be a fund sitting on $20 million and I can't buy anything unless it's at a 2 or 3 cap. Like, can you imagine going to your investors like, whoa, this Covid economy was too hot. I couldn't buy anything. That's when you get in trouble, you over leverage, you overpay. That's a whole other podcast. Anyways, I thought this was a really good topic. And Eric, I'm really glad you brought it up. So we're going to go back to Eric. Well, boomerang back to Eric and ask him first tip of the week, A website resource, a book, something actionable for the art of passive income listeners to go improve their businesses, improve their lives. What do you got?

All right, today I have an app to talk about. You can find it at thetoday app. And it's, you know, we've talked about a number of different apps that kind of fall into this category. It's kind of about building habits and, you know, accomplishing your tasks and things of that nature. But I, I came across this one last week. I actually don't use it, but I did kind of. It caught my eye and I thought it could be helpful for certain people. You know, one thing we talk about in the Mastermind and with coaching students from time to time is theming your days and, you know, taking certain days of the week and accomplishing a certain part of the business that day. So, for example, you know, maybe Tuesday is marketing day and you're going to make sure you've got all your new properties out on the market, all the places you want them posted, and that's your number one priority. Well, I could see like theming your week and kind of building it into this app and using it to help you kind of stay on track and not get distracted. So I thought I'd throw it out there and there you go.

I've got a really good book that would go along with this app. But before I give that book tip out, I have to like remind the listeners of who our sponsor is today because they pay big money to be on this podcast and we have to give them their due. It's flight school. Learn how the next 16 weeks can literally transform your life. Go up that mountain of land investing. Start building your passive income without renters, without rehabs, without renovations, without rodents. And go up there with Scott Todd as your Sherpa. He's done it thousands of times. He'll take you up that mountain of land investing quickly, safely, efficiently. Learn more. Get on a call with the dude buddy nightcap OG Scott Bossman or the Zen master Mike Zano. Thelandgeek.com training thelandgeek.com training so Eric, my book that I would recommend to go with this app.

Wait, did we save it for next week so our listeners come back to hear the follow up tip.

I don't know.

I don't know. I think this is a good combo though.

Okay.

There's no shortage of tips.

Wait a minute. If, if you give it next week now that the follow up and listen again we get another download but you.

Guys hungry for those metrics?

Then Mimi wouldn't have to worry about another one. Another tip of the week, you know.

But hey, win, win.

That Mimi love is really, really overwhelming. Look, you know what? She has a full week to do in depth analysis. I think we should like.

Another proposal.

Wait, Eric's got one.

So I can't think of a time where Tate Litchfield ever gave a tip of the week.

I have to agree with you.

I know he's not here today, so I'm gonna be very happy about this, but is it true it has given you right?

I think you're right.

Think he skirted the whole thing, man.

Is it possible that he hasn't done it?

I think we need to blindside him next week.

He would, he would have to. He would have to prove that he did. Do.

Has been two years I've been Doing it years and three.

Wow, that's. That is a long time.

Two years.

So then you better keep. So Mark, then you better keep it as a backup too.

What you're about to say.

You know what, Case Tate doesn't have a tip.

Yeah, look, you know what? I'm not gonna tease the listeners and be like, well, you know, download next week's roundtable so you can get the tip of the week. It is Atomic Habits by James Clear. I know I've talked about this before. I really like that book. It would be a really nice compliment to Eric's Tip of the week of building habits because it can really move the needle in your life. So with that, I want to thank the listeners and remind them the only way we're going to motivate Mimi to continue doing tips of the week is if you do us three little favors. You got to subscribe, you got to rate, you got to review the podcast. Send a screenshot of that review to supportlandgeek.com we're going to send you for free the $97 passive income launch kit course as well as the latest whole tailing course, how to double your money 30 days or less. Please do it. We really appreciate it. We really appreciate your support. You know, you could also do forward this to a friend that needs to make some more money. Get out of their dead end job, get some passive income, get out of solo economic dependency. Be a giver. Do that. All right, are we ready to do this? Are we good? 1, 2, 3.

Let's let freedom ring.

Geez, Mike, by the way, Scott Boffin. How about. How about Natalie Mino with the. The boot camp magic? How many, how many deals did we close?

So we had to be close to. I mean, we were right around 10, I think. I think you and I predicted 11.

Yeah.

But the Swansons had multiple deals over the weekend. Chad and Haley, they're in flight school right now. They had two or three over the weekend. The Minos had one and a bunch of Don Paris had a couple. So I think we probably hit 11.

I bet we hit 11 that. I'm telling you that that magic is. It's magical. We should do boot camp freaking every weekend.

For Natalie Mino, it was kind of the. I think it happened right at the cessation of boot camp. So it was like a three day build up. And then she got that sale, which was pretty cool.

That's really cool. Wow.

We gotta add that to the survey. Did you sell it?

Yeah. We should add that to the survey. Yeah, yeah. If you didn't fill out the survey, can you go back to your email and fill it out, please? It really helps us. And leave a review on Facebook. Go to the landgeek.com reviews, let us know.

Maybe, maybe. Maybe the. This would be hard. Maybe this is me being mean. I don't know. But, like, trade you the surveys for the slides.

Okay, so I did put that in my first email as a joke. Like, do this, then you'll get that. But then I thought, that's so Zainoish to, like, have conditions, you know, so zaino esque.

I don't think that's, like.

Friendship.

Weren't you supposed to say, no offense, but this is.

No, no offense, but I don't like Kibby.

No offense.

Don't make fun of you. They don't like you. That's how we judge the people, the fire station. They don't make fun of you. They don't like you.

So keep it coming.

You know, what's the old saying in the South? Bless her heart.

Oh, yeah.

Oh, bless her heart.

Yeah. That's like, you know, you're getting, you know, destroyed.

She can't help it.

Bless her heart. Eric, is that. Is that a thing? Like, here's an insult for you. Bless your heart.

It can be. It certainly can be.

It's. Yeah. It's like, yeah, you're listening to that album again. Oh, bless your heart.

It's the only music you like. Bless you.

Yeah, it's. It's like such a polite dig. Although I. I do like the Southern accent. I really do like anything that, like, it all sounds, like, very sweet and charming, even if it's, like, rude. It's like, that was such a nice insult compared to, like, the Boston accent which is like an ice pick to your eye. Like, ow. You know, my. No offense, no offense, but, you know, you know, Boston has been rated the most unfriendly city. Really? Why is that?

How I know I'm back in Boston? When I come from the trips, I hear the honking of the horns. You don't hear that anywhere.

Yeah.

Mike, why we say we love you, I don't know.

Well, if you had to live. If you had to live in. In like, a frozen tundra.

Hey, we're polite here in Wisconsin. There is no honking of horns here in Wisconsin.

The Wisconsin's.

Anywhere.

Wisconsinites.

Minnesotans are friendly because the horn froze off and fell off. That's why there's no honking, because it's too dang cold there. At least the horns still work. In Boston, Wisconsin, man. They're worrying about, like, the horns are clogged with cheese. No offense.

We live longer up here. The weather up here builds character and.

Live long and prosper.

Longevity.

I bet you could do that.

I could do that.

Boston.

I don't mean to stir the pot. You can get me to live in Wisconsin for a billion dollars just between.

Two furs in the summer. I could.

With the mosquitoes. No, I pass.

We don't have. We hardly have any mosquitoes where I live. I don't know. It's the craziest thing. Like, I grew up in South Dakota. Mosquitoes horrendous. This little pocket in Wisconsin, hardly any mosquitoes. Come on over. It's 78 today, Mark. It's gorgeous.

That's 78. That's a winter day in Florida.

No way.

By the way, how sweet are Eric and Mimi never stirring the pot?

Never.

We have to, you know, get them.

To, like, I don't know, I got a box of wine or something for suggesting Tate take on the deal of the week or the tip of the week.

That was good.

Stir the pot.

I think that was just. That was just being generous of Mimi's, you know, plight of every week for years, having to be put on the spot with the tip of the week. But in fairness to the rest of us, her tips of the week have been so good, like, it's hard to follow. You know what I mean? So it is a compliment.

It's not like she remembers two years, three months, two weeks, one day.

Exactly. But who's counting? Who's keeping track?

Mark, you know what my favorite part of boot camp was? Is when I basically helped Tate market lots and told them that, like, if you buy lots and then you go to Vegas, you get to have lunch with them, too. Like, that was my favorite part of boot camp.

That was so funny. He immediately shot back at you, too. But in fairness, he's the one that started this, right?

That's right. He started.

He started it.

Yeah, sure, he started.

Yeah. But it was. It was like. It was great seeing, you know, our community, even virtually, like, that's. It's still better than nothing, I. I think. And so for us, I think the challenge is, well, how do we create that networking component virtually? Because technically speaking, it's very difficult to do. But there are some things I think we can do, and we're gonna work on it for sure. We'll get real geeky with it. So it's good. But it was really great hanging out with all of you this past weekend. And, you know, for me, listening to the modules and, you know, everyone was involved, it was great. And I think that it's really nice because then no one gets just sick of my voice because we. We blend in all the voices because there's always a point in boot camp, I just get sick of myself, you know? I know Mike's like, yeah, I got.

I got real offense.

10:10Am Friday, I had enough of you, Mark.

No offense.

Like, is he still going to keep presenting? No offense. I don't mean to stir the pot, but it was hard to listen to.

You want a good dose of the New England accent, you gotta watch nosferatu. Nosaratu nos 4A2. You haven't seen that? It's a great TV show. Stephen King's son maybe wrote it. I'm not sure.

Okay, cool.

Based in Haverhill.

All right, well, on that note, everybody, have a great rest of your day and see everybody soon. Thanks, everybody.

Thanks, Mark.