Tag - real estate

3 Secrets to Help Your Clients Avoid Probate

The probate process can sometimes be slow and costly. It can also leave information the client might just as well keep private vulnerable to scammers and even burglars. For these reasons, many of your clients will wish to avoid this process. As a real-estate expert you can add value to your clients and make things easier for yourself by letting them know how this process can be avoided when possible. Here are three secrets your client can use to avoid probate.

    • Write a living trust: Many people believe that simply having a last will and testament will prevent their loved ones from going through probate. This is not necessarily so. The truth is that all the assets that you own and will pass on to your beneficiaries are subject to probate. A revocable living trust circumvents the probate process which can leave your beneficiaries waiting indefinitely for the income from the probate property. A revocable living trust is a document whereby you can create a living trust as a separate entity from yourself. The trustee can easily transfer the property it holds to the family and friends it was left to without probate.

 

  • Joint Ownership of Property: By taking joint ownership of a property your client can avoid probate after the first owner dies. Be sure your client has stated on his/her deed how they want the title to be held. This way the property goes to the joint owner when the primary owner(s) dies, avoiding probate completely. Your client can avoid probate using the following kinds of joint ownership: Joint tenancy with right of survivorship, tenancy by the entirety and community property with right of survivorship.

 

  • Pay-on-Death Accounts and Registrations: Suggest that your clients designate a beneficiary or beneficiaries on their bank accounts, insurance policies, pension plans, 401K plans, IRA accounts, stocks and bonds. This is actually quite easy and these financial instruments often include language that allows you to do so when you open them. Your client is then able to ensure that his/her assets are immediately dispersed without having to go through probate first. Again, this can save him/her much time and expense.living trust

This list is by no means complete but it is a good start to avoiding the tedium of probate. Even though probate can generate listing leads, your client can begin to do things to avoid the process starting today if they so desire.   

Top 5 Responsibilities of Executors and How You can Provide Value as an Expert

One of the best ways to guarantee your success as a real estate professional is to learn how other experts can add value to your own services. In other words, you should strive to learn how experts among the other fields you encounter can help you to get more listing leads, perhaps through real estate lead generation websites, increase sales and become better at what you do. An executor is one professional whose responsibilities you should know so that you can provide them with greater value as an expert.

What is an Executor?

An executor is someone who is named in a will or appointed by a court that has the legal responsibility to take care of the deceased person’s remaining financial obligations including the disposition of his/her property and other assets. This is a position that is fraught with responsibilities which become even more complicated when there are no direct inheritors.

The Top 5 Responsibilities of an Executor

  • An executor decides whether or not to sell real estate: The disposition of land and property and is among the fundamental and most important responsibilities entrusted to an executor. At times it can be a straightforward process and at other times it can be quite complicated depending on the nature of the will. An executor should know to prepare a house if he/she is going to put it up for sale.
  • An executor gets the property in the estate ready to sell: This of course is directly related to real estate experts. Getting the property ready to sell could entail removing old, word or broken furniture, replacing light fixtures, fixing the roof, etc. Here a realtor is often consulted in order to help determine an effective sales strategy.
  • An executor handles issue related to probate proceedings: This will directly impact you as a real estate expert as well for reasons explained in the previous post concerning how to acquire more listings by becoming a probate expert.
  • An executor handles debt and tax issues: The executor makes sure that the deceased person’s debts are settled and that their taxes are filed. There is a federal estate tax and smaller state taxes that may be due.
  • An executor figures out who inherits property: If the deceased person left a will this duty can be carried out quite easily. If the deceased person did not leave a will the administrator will have to consult state law to see who the decease person’s heirs are and relate them to the “intestate succession” statutes.

How You Add Value and an Expert

There are a lot of moving parts to being an executor. For this reason, executors often engage with and require the help of other experts such as attorneys, CPAs and of course real estate agents. All The Leads offers a system to help you become the HUB of the probate process so you can differentiate yourself against any other professionals and be the first to engage in the conversation.  You may be a real estate agent or investor but first and foremost you are a Probate Expert (the HUB) and then a real estate agent or investor (one of the spokes).  The diagram below will help you understand the HUB concept and what other professionals you can add to your team so you can help the Administrator no matter what their challenges may be. executor

To learn more about our service and how we can provide you a complete system to be THE Probate Expert in your market please give us a call at the number above or click HERE to see if our probate leads and complete system is still available in your county.

How I Got More Real Estate Listings by Becoming a Probate Expert

It is a well established fact that it takes luck, education and no small amount of creativity to be a lucrative real estate professional in today’s market. What I mean by that is that you must sometimes be willing to seek and acquire properties in “non-conventional ways.” Specifically, I’m referring to using probate listings as a way to scoop up good real estate deals. This is what I have done in order to increase my real estate listings. Allow me to explain how this works.

Probate Property: An Untapped Real Estate Resource

What is probate property? Probate property is property that was owned by someone who is now deceased. That property must eventually be transferred to someone. When the owner of house dies it is usually under two circumstances: (1) There is no will or heir, (2) It is handed down to the heirs of the deceased. The probate process is the legal mechanism set up to determine what happens to the property. In the first instance where there is no heir, the property often sells below its market value. This makes it more lucrative than other kinds of properties. In the case where a home is inherited by survivors, the opportunity to buy low still exists. Often, survivors wish to sell the property quickly to avoid taxes, insurance, maintenance costs, etc.

How I Increased my Listings

 

According to some estimates, 2.5 million Americans in the 25 to 75 year old age group who die each year. This means that there are approximately 50,000 probate homes available per state. I learned these general statistics and developed several strategies for growing my real estate listings via probate property. One can easily keep track of probate court filings in the area in which one is interested. I learned to do so by newspaper notices and through county records as well. This gave me information about available properties as well as the area’s median home price, etc. real estate

 

In short, after using the traditional methods of lead generation over and over, I eventually realized that I could grow my listings by learning all there is to know about the probate marketing process. In fact, I learned that these methods are overlooked by other professionals who are either unaware of or simply don’t know how use them.

Aging Boomers and the Growing Need for a Higher Level Real Estate Professional

The changing population landscape offers a wealth of opportunities in probate real estate.

 

A big shift is happening in our population. Baby Boomers – one of the largest populations in the United States – are getting older, retiring, and passing on. By the year 2060, it’s expected that the majority of Baby Boomers’ $30 trillion in wealth (80% of which is locked up in real estate) will have been transferred to their heirs. This isn’t a shift many people, including real estate professionals, like to think about.

baby-boomer-real-estate

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However, this transition represents a huge opportunity for real estate professionals and listing leads. Baby Boomers hold a large number of assets – from residential properties to vacation homes to business real estate. Real estate professionals who choose to focus on probate leads will see more and more opportunities in this niche over the next 30-40 years.


Fill a Growing Need in Probate Real Estate Listings

Probate plays a huge part in inherited real estate, and if you, as a real estate professional, seize this opportunity, you can create REAL value for families in this situation. Better yet, if you can become a knowledgeable probate expert, you can better serve the community and build a lasting, low-competition real estate listings business.

 

Focusing on probate leads can put you ahead of the competition in a number of ways. But before we dive into how it can differentiate you, let’s first look at what probate is, and why there is a growing need for it. Put simply, probate real estate involves the transfer of property upon the death of a homeowner. The assets of the dead, including their real estate, typically end up in probate court so the government can ensure that the citizens’ liabilities to the government, such as debts and taxes, are paid.

probate-leads-for-real-estate

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Probate real estate is a  growing, much-needed niche, but if you don’t understand your audience or their pain points, you’ll be in no position to add value. If you’re interested in adding valuable probate leads to your real estate listings, you need to understand four things:

 

 

  • WHY are you doing this?
  • WHO are your target clients?
  • WHAT are their pain points?
  • HOW can you be a solution?

 

 

Often, the inheritors of real estate are not prepared nor in a position to own the property. They usually seek to liquidate the asset quickly, but the seemingly complex probate process can last longer than they’d like it to. Usually, they view the entire process as a hassle – they don’t want to deal with the attorneys, the taxes, the probate, or the travel.

 

These Sellers are usually  extremely motivated to get their property sold so they can use the equity to settle liabilities and close the estate . They are looking to cash in on the value of the real estate, and are sometimes  willing to discount it to get rid of it quickly and avoid losing money in the meantime. This presents an opportunity for buyers as well as those looking to list their property.

 

And this is where you come in.

 

Clearly, the aging Baby Boomer population and their subsequent heirs have a need, and if you’re in the position to present them with solutions to this problem, you add an incredible amount of value. They have to deal with multiple people, aren’t sure who to trust, and everything seems to take more time and more money. They are in need of a confident expert, one who knows how to navigate the complicated terrain of probate.  

 

Most real estate professionals ignore probate leads altogether, namely because they don’t want to bother with something they don’t understand. And, those who do get excited about probate leads often don’t want to put in the work to become an expert, so they don’t know how to successfully create a compelling offer that gives the family options they truly need.

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If you choose to add probate leads to your real estate listings AND focus on becoming a higher level real estate professional, you will see a girth of actionable opportunities rise up before you.  

 

And that’s where we can help you.


How to Add Value to Your Real Estate Listings

Probate leads aren’t a magic pill to get you  real estate listings. Becoming a Probate Expert is  an opportunity – a big one, yes – but one that takes diligence, knowledge, and self-education. As you know, even with fresh, quality listing leads, not everyone on the list will want your assistance. You need to be focused and stay diligent.  

 

Confidence and deeper knowledge of probate will not only help you earn real estate listings; it  will differentiate you from the competition and provide real value to families who truly need and want professional help. Here at All the Leads, we’ve nailed down some best practices in working probate leads for real estate listings.


Probate Leads Require Effort

Our complete probate system provides you with the best quality probate leads in the industry.  . But, we don’t just hand over listing leads and expect you to succeed. We know it takes knowledge of the market and the audience, which is why we also provide you with access to our comprehensive training and a wealth of resources so you can expand your probate expertise and  implement successful strategies.

 

Our goal is to keep your probate leads pipeline full so you can take your real estate listing business to the next level and focus your time and energy on what you do best – listening and selling homes.  Probate leads require more empathy and professionalism than the average real estate listing lead, and our system will help you reach that higher level of professionalism.

 

If you’re a real estate professional or investor looking to offer a needed service to your community, then consider pursuing a niche in probate. The passing on of Baby Boomers creates a need in your community but also  offers an opportunity for you to strengthen and advance your business with new, valuable real estate leads while your competition ignores the opportunity before them. All The Leads provides a proven, repeatable system driven by up-to-date knowledge and experience in all 50 states and over 3,000 counties nationwide.

 

If you want to learn how to take your real estate listings to the next level, sign up for our advanced training, Probate Mastery, where we’ll help you build your specific Probate Strategy, teach you to automate your marketing campaign  and give you the confidence to get on the phones this week to build a whole new pillar in your listing business.

 

Sources:

https://www.washingtonpost.com/news/politics/wp/2017/01/24/heres-how-much-longer-each-generation-will-be-sticking-around/?noredirect=on&utm_term=.580e526d0dd8

https://www.cnbc.com/2017/02/16/promises-problems-on-horizon-as-30t-wealth-transfer-looms.html

http://alltheleads.com/conversion-rates-for-probate-leads/

https://youtu.be/5baMDOBwMLI

https://www.youtube.com/playlist?list=PL7g5lIzgG8Ef6HdHk0A0fcGA4kAOsfKEy

http://alltheleads.com/171-2/probate-glossary-faq/