In today’s episode of The Art of Passive Income—Round Table edition, Mark is joined by:
- Tate Litchfield
- Erik Peterson
- Aaron Williams
- Mimi Schmidt
- Scott Todd
We start this episode off with a special thanks to Doug Kolb and all of our vets this Memorial Day. We also welcome Round Table newcomer, Mimi Schmidt to the panel!
Our first topic is OVERTHINKING this business—whether it’s the offer amount, the marketing approach, or the technical stuff, far too often people overthink this business so much it stops them from making progress.
Just do it, whatever it is. Don’t get into this spiral of getting too detailed and preventing yourself from making progress. -Tate
Mimi, who’s super analytical and tends to overthink things shares the story of her beginnings when she made the mistake of sending out 0$ offer letters and one was accepted!
You’ll learn about the market by the responses you get or don’t get, it’s just that simple. -Mimi
Everyone goes over the areas of the business that causes them to overthink. Plus, they give advice on how to change your mindset from overthinking it to letting go and taking action, so you can move forward!
The consensus is by putting too much thought into the task at hand you’re slowing down your progress. So allow yourself a fair amount of time to do the task, but don’t exceed your time frame. Then, take Action. Adjust. Pivot. The goal is to continuously improve while moving forward. Striving for a perfection that may never come only slows down your progress and can even stall it. As Scott always says, Done is better than perfect!
There’s this great study and I think that when we’re overthinking it, we need to have it in the back of our heads. Essentially, it said there are these gamblers and they get five data points on picking the winning horse. Then they were asked, “Based on those five data points how confident are you that you picked the right horse?” They said they were 17 percent confident. The race ran and they were 12 percent right based on those five data points.
Then it went all the way up to 150 data points and the same gamblers said that they were 40 percent confident based on those 150 data points and again they picked it 17 percent.
So oftentimes more information is not going to help us is it’s just going to make us get overconfident. So when you’re doing your county research just price it, get it out and then let the market tell you if you’re too high or too low based on the 3 to 5 percent. If your response under three percent you’re too low if it’s over five percent you’re too high. -Mark
Finally, Scott talks about the changes that have been happening behind the scenes over at LandModo.com. With AB testing, buyer studying, and tweaking the response rates continue to rise dramatically!
Listen in for all the details…
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?