EP: 52 How Pro Land Investors Master Data | Land.MBA Podcast

Last week on the Land.MBA Podcast, we talked about important skills that you need to succeed in the land business. In this episode, we are building on those fundamental principals and taking a deep dive into Data, the most important part of land business. 

Are you looking to purchase land? Is your land not selling? Understanding the numbers and details about a property is key in determining if the deal will make you money or cost you big time. Today, we talk about the difference between number and data, how you can use data to find the best deals, how to clean your data for accuracy, and how you can use it to get the attention of motivated buyers. 

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Speaker1: [00:00:00] They say the data are like people getting interrogated, tortured hard enough and will tell you whatever you want to hear. Seriously, though, and our last episode, Dave and I introduced the five skills you need to pay the bills as a land investor. It's fitting that the first one is data. Data sits at the core of land investing. Do it well and you can make a lot of money with a lot less effort. Do it poorly and you can struggle to cover your mailing budget. In this episode of the Land MBA podcast, Dave and I are going deep on data what it is and how you master it to succeed in land.

Speaker2: [00:00:57] Welcome to the Land NBA podcast on your host David Malmsteen guest along with my co-host. How on earth are you doing today, buddy?

Speaker1: [00:01:08] I'm I'm good. It's getting cold here. Got a sweaters and sweatshirts, and it's all is breaking out fast.

[00:01:18] I know. Fire pit out in with some of my my men's

Speaker2: [00:01:26] Group last night, and yeah, I brought a light rain jacket and it wasn't warm enough. It's the chill is starting to set in here too.

Speaker1: [00:01:37] Yes, sir.

Speaker2: [00:01:39] But we've got a hot topic today near and dear to my heart. The warm you up, especially, you're a data geek.

Speaker1: [00:01:49] Exactly. Well, last time we we talked about the five skills. What did you say? It was the five skills you need to bill or something pay the bills. Five skills to pay the bills. So, yeah, so the first one of those is data. So data, it is. That's what we're going to talk about. And I can't think of anything more important in this business. I mean, there are five skills, but this is without this. The other ones just don't matter.

Speaker2: [00:02:19] Right. It all starts, it all starts with data.

Speaker1: [00:02:22] Exactly.

Speaker2: [00:02:23] Being able to analyze it, being able to use it to your advantage.

Speaker1: [00:02:30] Exactly. But before we get into the meat and potatoes of data, if you are enjoying this podcast and I hope that you are in getting some good value out of it, whether you're watching or whether you're listening to it on podcasts, on on iTunes or Google Play or Stitcher or wherever you get your podcasts, or if you're watching it on YouTube, please like subscribe. Leave a comment. Let us know what you think. Let us know what you want to hear from us. It really, really helps us to deliver great content to you guys. And even if you don't love it, give us a five star review anyway. Just because we're nice guys. Help us out. All right. And with that, you will improve our data. So let's get to it.

Speaker2: [00:03:16] Awesome. Awesome. So, Howard. Biggest question, what is data?

Speaker1: [00:03:23] Data, what is data? Well, it's different kinds of information that are formatted in a particular manner, which then we can subsequently analyze and report on at some point.

Speaker2: [00:03:37] So already? Come on.

Speaker1: [00:03:40] That's the technical definition. I think that within our business, the way that most people immediately think of data is we get a list from the county, from data tree wherever we get it from. And and then we mail to that list. Well, that list represents data. It is made up of a set of records which have a number of fields of information, and we use all that to send mail and to connect with people without that data. We're going nowhere fast, so it starts with data even before we mail. We're using data because we're analyzing counties, and so we're collecting information about those counties in order to say, I want to mail to this one, but not to that one. That is a form of data analysis.