Probate Mastermind Real Estate Podcast - Episode 308 Probate Training

The Golden Opportunity in Probate Real Estate | Probate Mastermind Podcast #308

Probate Mastermind Episode #308 | Recorded Live on December 17th, 2020.  

Join Us Live Every Thursday | Previous Episodes.

 

Episode Summary: 

In this episode of the Probate Mastermind Podcast, you'll hear:

  • Bill Byrd’s insight and advice from 6 years of success in Probate.
  • Why ProbatePlus+ Leads Are The Best Probate Leads out there.
  • What you need to say during follow-up calls.
  • How to deliver a winning USP to a personal representative that already has an attorney.
  • How to start wholesaling and investing as a licensed real estate agent

***Most importantly, we hear more incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Call Re-cap:

Podcast Episode Segment: Bill Byrd Reflects On 6 Years Of Success In The Probate Real Estate Niche

Bill Byrd Reflects On 6 Years Of Success In The Probate Real Estate Niche (1:17)

Bill Byrd discusses his growth and experience working in the probate niche for the last 6 years.  In 2010, his family was struggling to pay the bills as he worked cleaning job sites and doing security gigs to afford groceries.  He reflects on his own development, Chad and All The Lead’s Development, and how ProbatePlus+ has accelerated his time management in exceptional ways.

See More: Bill Byrd's All The Leads Case Study - 2018

 

 

Probate Plus vs Other Probate Leads (5:12)

Chad breaks down exactly what ProbatePlus+ is and why no other probate lead list out there compares. Chad and Bill share some insights: Cut marketing costs by 45%; cut 1/3rd of your phone prospecting time out.

 

 

Probate Real Estate Training: Real Estate X-Factor: Be the Solution Before Sellers Realize They Have A Problem

Real Estate X-Factor: Be the Solution Before Sellers Realize They Have A Problem (6:57)

Bill lists the 5 objections he gets and how a singular approach can be used in addressing all of them.  The bottom line is most people’s objections come from lack of awareness, procrastination, or both. The longer a problem survives, the more expensive the problem gets.  Bill and Chad emphasize how important it is to bring the problems to the surface, help families understand the implications of leaving these problems unresolved, and then guiding them towards the solution.

 

 

Probate Real Estate Training: Golden Opportunities In Probate Real Estate

Golden Opportunities In Probate Real Estate (9:32)

Bill drops some golden nuggets! Bill describes the golden opportunities in situations agents and investors tend to shy away from: Situations where an estate administrator is named as the personal representative; situations where the personal representative insists they aren’t selling the property named in the probate filing; and on building a stream of referrals from estate.  Chad and Bruce echo the exact same experience of the leads that start piling in when you’ve built your brand around empathy, people, and understanding.

Bill’s Book Recommendation: 7L: The Seven Levels of Communication: Go From Relationships to Referrals: Maher, Michael J.: 9781942952473: Amazon.com: Books

Bill’s YouTuber Recommendation: Chris Cavallini - Motivation, Etiquette, Taking Control. YouTube

 

 

Probate Real Estate Training: Navigating Probate Sales When Family Doesn't Get Along
Navigating Probate Sales When Family Doesn't Get Along (17:05)

Caller is working with a family who wants to sell, but they just aren’t getting along on terms.  Chad offers insight on how to proceed both in terms of navigating people and real estate.

 

 

Probate Real Estate Training: How to Get Started In The Probate Real Estate Niche

How to Get Started In The Probate Real Estate Niche (19:29)

Isaac used to practice in real estate heavily a few years ago.  He’s looking to get into fix and flip and wholesaling through the probate niche.  He has a partner he works on some deals with, but is thinking he should take accountability over this initiative.  What’s the best way to get started? Jim, Chad, and Bruce advise.

See More: Why EVERY Investor and Agent should have an Agent/Investor partner: https://alltheleads.com/agent-investing-get-real-estate-license/

 

 

Probate Real Estate Sales 101: How to Prospect Old Probate Real Estate Leads

How to Prospect Old Probate Real Estate Leads (27:23)

Ruel and his team are marketing to older lead lists while courthouses in his market remain closed for Covid. Chad explains why probate leads age exceptionally well, and how ProbatePlus+ can help you focus your marketing efforts towards probate leads that still have property needs to deal with.

 

 

Probate Real Estate Sales 101: Do Not Call List - DNC Numbers For Probate Prospecting

Do Not Call List - DNC Numbers For Probate Prospecting (35:51

Caller is in New York and is curious about contacting leads with phone numbers on the Do Not Call List. Chad goes over DNC risks and how Probate Real Estate calls are a little bit different, as they involve public records and no direct selling.

 

 

Probate Real Estate Investing 101: Why Probate Leads Need Real Estate Help, Even If They Have An Attorney

Why Probate Leads Need Real Estate Help, Even If They Have An Attorney (37:43

Caller asks how he can provide value when a personal representative is already working with an attorney.  Bruce lays out why personal representatives almost always need much more than their attorney can or will provide.  Bruce also provides language for delivering this proposition to prospects.

 

 

Probate Real Estate Wholesaling 101: How To Start Wholesaling and Investing as a Licensed Real Estate Agent

How To Start Wholesaling and Investing as a Licensed Real Estate Agent (39:45) 

Caller is interested in getting into the investment side of things, primarily through wholesaling/selling directly to investors.  Chad lays out how to get started investing as a licensed real estate agent using multiple strategies.

See More: SHIFT HAPPENS Session 4 - Creative Financing to Keep the Market Moving Forward - Real Estate Webinar - YouTube

 

 

Probate Real Estate Investing 101: Follow-Up Calls - What To Say

Follow-Up Calls - What To Say (44:16

Fed is making follow-up calls and making contact on multiple attempts.  What should he say on the second, third, fourth calls? Chad loops back around to the point Bill Byrd made earlier in the call - The Step Up Basis rule is about to be repealed with Biden’s new tax plan. This is key and should be brought up with every follow-up.

 

 

Niche For Real Estate Websites: Should I Register My Domain Name As An LLC?

Should I Register My Domain Name As An LLC? (45:13)

Mike is wondering if he should register an LLC to protect the brand around a URL.  Chad describes when this is necessary and when it might not be. Chad describes how to choose an all-encompassing name to register as a business entity, and what names are best left as URLs.

 

 

 

Looking to hear prospecting tips in action? Check out our live role play series.

 

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast Episode #308

 

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

 

 

Jim Sullivan (Host/Coach): [00:00:33] Welcome prolific agents and investors from across the country. Today is Thursday, December 17th, 2020. And this is Mastermind Podcast number 308. Just a little housekeeping before we get started. we do this. Pretty much every week of the year, the next two weeks will be Christmas Eve and new year's Eve.

So we're going to take a little bit of a break and we will return on Thursday. January 7th will be our next regularly scheduled call. We will be here working virtually every day. So as always, if you ever need us, just, email us support@alltheleads.com. And I mentioned, we have a special treat. I'm going to go ahead and unmute bill.

Bill Byrd Reflects On 6 Years Of Success In The Probate Real Estate Niche [00:01:17]Bill. Are you there? Yes, I'm here. Mr. Bird. I give you a little bit of an intro. Bill, you have been with us since March of 2015. If you're not our longest subscriber, you're certainly one of them. And, bill reached out to me this week to share some success with probate. Plus, I want them to talk about that a little bit, but I also would like for him to touch on a couple other things, we.

It bill is either very busy agent. I know you listened to these on our podcast or on YouTube, but you rarely make it to a call. I can't tell you how many times a year we have agents ask about, should I call the executors or the attorneys or they ask about, calling when the executor and the attorney is one in the same and you've probably done a better job of that.

then anybody that you know, that we've had over the last six years, you've really made a career out of it. So I guess let's start at the, let's start at the end and work our way back. You had, reached out to me, us, we build to, give some feedback on probate plus you want to start with that? Yeah.

Bill Byrd: [00:02:18] Yes I would. But first I'd just like to, thank you. And Chad were. the last five years has been amazing. You guys have always been there when I needed you and Chad, every time I send him some new marketing thing, I never get a 10, but if you get a seven out of Chad, add a one to 10.

You're doing good. So lately I've been averaging some seven, so thank you. Thank you. You're very welcome. I, my pleasure. yeah, so I'm a big advocate of Chad, I just, he really helped my business. You all have, but in his fast start program back then, which is not even close to what it is now, but yeah, that really made an impact on me.

So I never believed in scrubbing leads, pull, I'm calling you soon as I get the lead, I'm calling my letters. All my campaign is based on after I've called you the first time. and so I never believed in it, but I thought, I'm just going to try this probate plus, and damn it worked so well.

It like cleaned up my time on the phone. And, the biggest thing is I would have never have known this particular client. I'm going to leave their names out where they are out. They have 12 properties and I'm meeting with them the first of the year to discuss all 12 properties and selling all 12 properties, and I have always, never assumed they just have one property itself, but I was like, man, this is just amazing how much probate plus really helped me out on my time table.

And it also brings you back to the memories of work. All the leads. When I used to drive to Sonoma County recorder, I would drive to Morin. I would drive to San Francisco to get the list of who passed away back then. it's just been an amazing journey with you guys and. I really appreciate how you guys have continually updated.

I know this kinda sounds like, a conversation fairy land, but it's the truth. if anyone knows my story in 2010, my family was. Broke no money. always worried about the PGE bill falling off. I used to guard people for $15 an hour. I used to clean job sites for $20 so that I could just buy enough food for the day, which consisted of milk Cheerios.

A loaf of bread and baloney. And that's what my kids pretty much ate for the first six months. being broke maybe a little longer, but my point being, I'm just wanting to say, thank you guys so much, and I appreciate probate plus. Thank you bill. And for anyone who didn't see our case study video was still a Katt will link to that in the show notes, but you can search for that on all the leads.com, just search B Y R D.

And it should bring up that post, but you'll see, Bill's not living off of a Cheerio's anymore. Really, I think you're a little too modest to toot your own horn here. So I'm going to do it for you, but he's built this into a seven figure business with insanely high margins and taken it a long way. So they'll thank you for sharing all that.

Probate Plus vs Other Probate Leads [00:05:12]Chad Corbett (Coach): [00:05:12] And secondly, if you have probate plus as a relatively new product, we always have new folks on this call each week. Like what the heck is probate plus? you can go to alltheleads.com/probateplus, and the full description there, but it's basically a proprietary data augmentation that you have that gives you all the real estate information.

So not only, real estate held in the name of the decedent, but also in trust, also an entity, out of state, we scrub 3,149 different counties. So we're more than looking in your local MLS or your local courthouse. We're finding anything the decedent may have owned anywhere in the country.

and you can learn more about that. It's alltheleads.com/probateplus and you'll see on there. And bill, I'm curious to see if you've tracked your numbers, but. In beta. When we were testing this with the groups, we found that it cut marketing costs by about 45%. So that is the time and money that you spend on your marketing efforts.

By focusing only on those, I prioritizing the ones that have real estate people were able to save about 45%. have you tracked your marketing savings? No, not yet, but what I will, what I have tracked is my phone. Time, and it has definitely cut a third out of my phone time. Which has been great because I really want to continue to expand into divorce, which a lot of people don't seem to get that.

when you deal in probate, it's normally a family attorney. What does family or estate attorneys do? They also deal with divorce and I'm consistently trying to evolve that we're coming out the new website about that. We're also coming up to a brochure.

How To Be the Solution Before Sellers Realize They Have A Problem [00:06:57] Bill Byrd: [00:06:57] I really enjoyed the call where you guys were talking about being the solutions to their problems before they know they have a problem.

And that has been really great. And then also there's some new tax laws. Now, I don't know how these tax laws got passed because I don't know of anybody that voted for them, but that's really creating some opportunities, with, probate, the fact that you can't carry over. The tax basis, next year of someone that has passed away.

when people say to you and, th there is a five responses you normally get, and one of them is, I'm going to rent it out. now you can say, Hey, very well, maybe I'm the right decision, but I'm just curious. Did you know what path in 2020, where you can't, carry over your parents, property tax bases.

So that means their property taxes are going from like 3000 a month to 20,000 a month. 3000 a year to 20,000 a year. Wow. Very impactful. If you texted me back, I didn't see it. could you send me a link to that on a better. And for anyone who doesn't understand the tax implications of inheriting real estate, which you look up the step up basis, so step up basis and that'll help you understand, apparently that's going away in California, but that's not the case in every state.

So that's one big X-Factor like bill is one of those, like the good example out being empathetic to their position and truly, yeah. Acting in their best interest before they've even give you, given you enough opportunity will attract business that you hadn't been competition when you do it at this level.

So bill you have an early 20, 21 campaign just on that one thing, To go and say, Hey, here's, what's changing. And here's how it affects you. correct. Correct. And just waiting for the final writeup and I'll send you that where it's at right now, and then the last thing I really want to say is through probate and doing a good job and by offering the solutions, there are some attorneys that want to handle the painting, handle the stage Jean, because they're billing.

the state for that. So you've gotta be smart. Fair enough to back away on that. But then there's other ones where we do all that. and judges, depending on how the trust or the will structured see that, and that has led to some, direct referrals from judges on divorces in hand. I've also gotten divorces because normally by the time the lawyer is thinking.

I got to find a real estate agent for these people because they can't agree on anything. he wants a realtor that is going to do everything. Painting, staging, clearing the house out. You name it.

Marker [00:09:32]Jim Sullivan (Host/Coach): [00:09:32] That's great. you built a and bill, we refer to you a lot on, early on, I think 2015, 2016, you realized that some of your best leads were the ones where the attorney and the executor were one in the same. They were professional administrators. And you did a, how many of how you connected with these guys who make a living of handling estates?

And you've really established a steady referral from them, correct? Yeah. Yeah.

Bill Byrd: [00:09:57] Yeah. I get, somewhere between six and seven deals from, either accountants that have that business or attorneys that have that business. The hardest ones to break into are the banks because they didn't want to favor anybody.

Jim Sullivan (Host/Coach): [00:10:09] Exactly. Yeah. And I think you had shared that story with us before, where you had appeared before the same judge, numerous times for a probate case. And when the divorce came up, And they couldn't agree on what realtors, I think the judge ordered them to list the property with you. If I remember correctly, it was something like that, correct?

Bill Byrd: [00:10:27] Yeah. Yeah. David. Exactly correct. Yeah. Yeah. That's exactly. Yeah. that's awesome. That's great. One other thing I did want you to share with the group and I appreciate it. I know you have to get off to a listing appointment, or I know you had something to do. That's why we put your first, you shared with me on the phone, some recent deals that you are working on, they came from, I think one of them came from a three-year-old lead.

I think you had shared with us how you and I love you analogy of the fishing hole in your front yard, if you would share that with everybody. Yeah. Yeah. to me, all the leads has been like stocking a basketball on, right? Yeah. whether you realize it or not, you're going to get.

Future business. You're gonna stock in it with 1500 leads every month. I don't know how many exact leads are in my database, but I know it's in that the thousands. So I talked to this lady three years ago, about selling or her home, her husband passed. And you always have to walk into those leads when you see the same address, for the executor or who's managing this state, there's a person that passed away.

Can I got to walk in there lightly. So I did. And, I've just talked to her every six months. And so back in October, she says, I'm ready to sell to 2.2, $5 million house. We're closing on Monday on that. the other thing that I think people lose sight of is just because you don't get the listing on the probate.

That does not mean there's not a deal there. Your investor could buy it. Or if you hang in there with the, the seller and say, Oh, okay, I understand I didn't get the listing. That's great. I'm really glad you have somebody that's going to help you. I'm curious who you chose sometimes I'll give it to you.

Sometimes they won't on this particular one. the person that had passed away, she had written in the realtor in her. Will. So anyway, so I called him and soon as that house came on the market, cause he wouldn't let me in early. My client was the first one there and we were out and above asking price.

And it was really hard to get a home on the water in my area. and that's just goes to show you that you've got to look at this in, this is an opportunity how you use it is not just one way, right? It could be a lead in this. It could be a deal in the future. You could have a buyer for it. you might be able to cause I'm a big believer in advocate.

They might need painters. They might need different people. And so now you're bringing in your painter, you're giving him a job and he knows that you sent him that job. and there's going to be some gratitude to there. And I just, I absolutely believe you cannot help other people too much, and you have to be grateful and have gratitude for any opportunity to help another person.

Chad Corbett (Coach): [00:13:08] The other things, like I imagine they're going to have two and a quarter million dollars in liquidity. Maybe they're a private lender. Maybe if they keep a property, you get them over to a community bank lender. I have them take the house in inheritance, get a tenant in place, go to a community bank, do a cash out refi, take that money and loan it out to your investors or go sell a rental portfolio.

Like just because you don't get what your desired outcome doesn't mean a damn thing in this situation. If you can focus on the needs of the family and show them ways, show them things, teach them things that no, and they'll spill. Here's how you double your money every four years by loaning holding it to real estate investors right here in town.

Here's how you use community bank financing, portfolio financing to create, leverage, and build a real estate empire of your own. and you'll get 12 deals off of that buyer base because you show them how to leverage the inheritance that they get. So it's being empathetic. I want them to really drive Bill's point home, like being empathetic to what their needs are and also what their blind spots are.

We'll show you ways to service these people at a level like you'll create wealth faster than you can ever imagine because you're helping enough people get what they want and putting their interests first. So thanks for that bill. And very well, Bruce, go ahead. You had a comment, sorry.

Bruce Hill (Coach): [00:14:28] Hey bill. for those of you that don't know Bill and I used to coach for a real estate company together, back in the day, so long, a long time.

No talk. so one of the things that I liked, what you just said is, is the analogy of the back pond in stocking the back on which goes to a point that I frequently make to people is the reason that I've always loved probate so much is, in normally, California might be a little bit longer, but normally six, seven months, most of these families are going to be ready to do something and some even longer than that.

And if you are good at follow-up. And you're empathetic. You're understanding you're not a pushy person in six or seven months. You're going to be the only person in Bill's case three years on this lead. You're the only person that they're considering. Cause you've had a really long runway to build a brand, of empathy and health.

And for those of you that are listening right, are looking at a month or two months to get business. You're going to get some of that as well. But if you can take the long approach with this and build a relationship, nobody else is going to do it. You're going to stand alone as the only person that these families and these personal representatives are ever going to bring their business to.

Jim Sullivan (Host/Coach): [00:15:40] Well said, bill, we can't. Thank you enough. I know you got to go. If you're able to hang in there for a minute or two, maybe some people have some other questions. Is there any other, I know you listened to us on YouTube and you listen to our calls you said every Thursday morning at seven o'clock, it's part of your schedule.

I love that, but boy, if you could just come on once a year, we appreciate it. It give us updates. I think he helped us. I think he helped a lot of people on this call. any other words of wisdom before we let you go?

Bill Byrd: [00:16:06] there's a book called the generosity generation. It's called seven now.

I really recommend everybody reading that. It's something that Chad, had mentioned to me, five years ago. And then there's also, a YouTube. channel it's Chris Catalini. It's C a V a L I a N I, he's got a great, YouTube video that came out about good manners, proper etiquette. And being a good person and having gratitude.

I think that's really where we need to be as real estate agents, especially as we're heading into forbearance. Hell of exactly how all that's going to work. Yeah. very well said, my friend. Thank you. you are the ultimate example of the culture that we try to teach, and I really appreciate you contributing.

Thanks for being here. My pleasure.

Jim Sullivan (Host/Coach): [00:16:53] All right. we do have a few other patient people in the queue that have been waiting. So let's go to our first, our second caller this week, his phone number ending in zero three zero nine you're up next,

Navigating Probate When Family Doesn't Get Along [00:17:05] Hey guys, how are you guys doing today? Great. How are you, sir?

Caller 1: [00:17:08] Good. Good. I came across an issue when I actually made sure obviously every deal going to require some creativity.

The personal representative doesn't have a good relationship with his uncle. Neither does the mom either.

There's only two heirs. And it doesn't sound like they like each other at all. Unfortunately, what would be the best way to handle it? Is it best to call the uncle and try to talk to them? Or is it best to have the attorneys deal with? There will be the ideal case.

Chad Corbett (Coach): [00:17:33] So is he as the uncle an heir?

Caller 1: [00:17:35] That is correct.

Chad Corbett (Coach): [00:17:36] Is there a will or it's intestate? I don't think there's a will. I didn't ask that question. So that's good to know.

So it's, I think it's important that you understand that the personal representative doesn't have to have any contact. Your uncle doesn't necessarily have a say in this, the personal rep, the nephew is the fiduciary and they assume the liability that. It's their job to preserve and maximize the value of the asset and then distribute according to state succession laws there as well.

So if it goes sideways. Just understand the uncle doesn't have to be in the picture. He can't dictate what gets done. Now that said, we always try to go the diplomatic route. This is, we want to reduce stress for the family and improve their situation. So I would recommend you reach out to the uncle and you handle this more like a divorce case, where you actually become a friendly intermediary.

And you might have like good cop, bad cop. If you're not familiar with that as a negotiation tactic, I would go whenever you can on that. But you may have to, their ego may want to spew out some of the other party and you may have to listen. You don't have to have that one day. I'm an intermediary and give the uncle of voice so he won't become a problem. But if he does become a problem, it's really probably not going to prohibit you guys from achieving what the state needs to achieve.

Caller 1: [00:18:49] Okay. I do know that the nephew said based on the conversations the attorney's been having, that the uncle wants the most money for the property that I do know.

So it sounds like he's on board, on selling. It's just a matter of them agreeing. Let me ask you this, then there's two heirs. Do we need both signatures on the heirs to sign the listing agreement or is it more, or the PR is more than sufficient to sign?

Chad Corbett (Coach): [00:19:11] As long as the PR has the letters testamentary, all you need is their signature on the listing agreement.

Caller 1: [00:19:17] Okay. That makes sense.

Okay. Cool. Alrighty, anything else? That's what I have. That's it for today. Thank you so much.

Jim Sullivan (Host/Coach): [00:19:23] All right. Thank you. Next up is phone five five, two, three. You're up next.

How to Get Started In The Probate Real Estate Niche [00:19:28]

Isaac: [00:19:28] Hi, how are you? my name is Isaac Israel of, I live in Rockland County, New York, about 45 minutes North of New York city. I've done many things, in the real estate, including, residential brokering, like 2004, 2007, since 2010, till about now, I've been doing commercial real estate brokering as well as now, embarking on investment.

Thing. one of the things that I wanted to, do is flip fix and flipping and wholesaling. I never had a good system and I somehow through Facebook found out about All The Leads. This is my first time on the call. I heard a lot of good information now on this call. I want to know what's the best way for me to be able to start getting access to the leads as well as maybe some support, if there is.

Or, what's my best way to get started right now. as they say, it was a lot of debt and, and the most money to invest is just living month to month with everything that's going on, but I needed that system. And if you could give me more information, advice, I would appreciate it.

I have to have a partner which we're partnering on the motel now where we doing it, trying to flip it, but that's different things he might want to get in with me also.

I think I'm better off doing it on my own. So what that's required.

Jim Sullivan (Host/Coach): [00:20:46] Yeah, every County is different and I will have someone reach out to you right after the call. and as far as what can you do to be successful with this figure out what all the other investors are doing and do the opposite there. If any of them are even contacting these people, they're just saying, Hey, I can buy your home for cash. you want to be like, Bill just said, you want to offer the multiple solutions. don't come at it as much as an investor, as I'm a probate expert that specializes in helping people and there's a lot of different ways I can help you. You'll be amazed how that will gain their trust and that'll help get your foot in the door. Get the conversation started. And one of the things you do want to do, if you're not a realtor, have a good realtor on your team. That you can refer the ones too, because some of these are going to be great, buy and flips, and a lot of them are just going to be motivated listings.

So you want to have a great realtor on your team that you can refer the people to that, that are in a, any kind of distress and, want closer to retail price. Anything you want to add to that Chad or Bruce? Go ahead. Yeah.

Isaac: [00:21:46] Or maybe get my own light, my license restored, and then also partake in that aspect.

Chad Corbett (Coach): [00:21:51] Yeah, that was going to be my advice. having experience in residential brokerage in commercial brokerage, I have to assume that you've learned how to recruit, because you've been the broker. So I think one of the paths of least resistance and the highest ROI for you is probably to reactivate your license, recruit an agent onto your team, to mentor and train into the space.

And have them, just like in commercial real estate, have them split some of that cost with you, make your broker work for you, but the idea how that works.

Isaac: [00:22:20] So you just, expand on that. Do you mean that like I should become an agent with exp and then recruit under me? Or are you referring to recruit in probate listings?

Chad Corbett (Coach): [00:22:30] When you said before you were a residential broker commercial broker, isn't that right? I meant agents, not like broker that I have agents. Yeah. even, so you can partner with another agent and have them do that side. If that's not what you want it to, and you can also have them subsidize your lead costs, your marketing cost.

You guys can, joint venture on that. So if you're in a tight cashflow position, you may start out by saying, Hey, listen, we'll split these 50 50, but we're also going to split the cost 50 50 and, find the person you can trust and set proper expectations from the beginning of what a, an investor deal is and means for you and what a brokerage deal is a means for them and you guys can collaborate. But any rate, however you end up entering the market, what Jim was saying, this is your first phone. There are almost 700 hours of conversations like this archives and accessible to you have to really dig into that and understand the culture we created and how building a team around yourself to attract the business well, greatly differentiate you.

So you ultimately spend less on marketing than other ones, people, and you get a much higher ROI. and learn a little bit more about what we offer and how we train people to do this. and you may see opportunities too. monetize some of the vendor relationships. I don't normally really recommend that for folks because it just means you're tracking a whole bunch of tiny pieces of revenue.

And it's usually not the best dollar productive activity, but if it's a barrier, if cost is a barrier to entry, it is a way that you can get referrals from painters, photographers, home, stagers, you name all the people that you can bring into the transaction.

Isaac: [00:24:06] But, it's, the other thing is how are they helpful or the photographers and what not for leads?

Chad Corbett (Coach): [00:24:12] So for example, if you pay for the leads the first month, then you don't have enough cash to pay for them the second month, but you believe in this and your heart's in it, in that first. list, you can find somebody who needs help, who needs a painter who needs a senior moving company, an estate sale, know who needs a state plan,

Bruce Hill (Coach): [00:24:29] I'll jump in on that, Jim, what Chad was saying, it's something that I've done in my business and I, actually his advice about taking on an equity partner in the probate space is exactly what I did in my business is I brought in a partner.

I handle the marketing and the attorney relationships. He handles the phone calls and the listing appointments. We split commissions 50 50. We also split costs 50 50. So that's a good way to get someone to partner with you. And then on the vendor side of things, I have a couple of vendors that I market their services for them. And what you do is you could always just drop a little, you're sending your mail out, and we do recommend that people mail as well as called. Tou're sending your mail out anyway with your particular narrative and your particular marketing message. You can always drop a little side, small postcard in promoting one of your vendor partners business and have them offset the cost of that round of mail.

Because you're promoting their business on a separate cards that you just include with the letter that you're sending out anyway. So there are ways of really monetizing this and at least offsetting costs associated with not only that, but marketing to the families as well.

Isaac: [00:25:44] You partner up in the postcards with a mortgage broker or like who?

Bruce Hill (Coach): [00:25:48] Oh, there's all kinds of people. You could use financial advisors, you could use estate sales companies ,you could, use, clean-out companies. house cleaners, landscapers. We, in my business, I have a list of somewhere in the neighborhood of 24, 25 different vendors that I use throughout the year. And it really, the list can go on and on, but these are 24, 25 different vendors that are going to be typically involved in at least one deal with me through the course of a year.

And, so they're the first people that I go to and ask if they want me to promote their business in a particular round of mail that I'll be sending out.

Isaac: [00:26:26] Cool. I'm so excited. I'll be honest. I was looking at, I was looking into affiliate marketing and I got just because, when you don't have a good, system in real estate, commercial real estate is great, we've been through a few skeptical months.

So this is great that I came across you guys actually saw your work and you really are.

Jim Sullivan (Host/Coach): [00:26:45] We're glad you found us. And we're, we've gotten pretty big over the last six or seven years, but never too big to be able to help you know, anybody that we can. So we appreciate your input.

Isaac: [00:26:53] Who's who Chad. I know I see him on Facebook on allthe eads.com And then who's talking.

Jim Sullivan (Host/Coach): [00:26:58] Yeah, this is Jim Sullivan,  Bruce Hill. Yeah. And if you go to the top of our website, just hit about us and you'll learn boring details that you don't care about all that. Oh, of course. All three of you. All the leads.

Yes, sir. Nice to meet you. Nice to meet you, sir. Thank you. Yeah, we look forward to coming back in here and your success stories. Thank you. All right. Next up is phone number ending in zero nine, four eight. You're up next.

How to Prospect Old Probate Real Estate Leads [00:27:23] Ruel: [00:27:23] Hey guys. How you doing? This is Ruel from Bergen County. Can you hear me? Yes, sir.

Yes, sir. unfortunately our courthouses are still closed. so we've been working with expired and expired leads as far back as January, February, March, unfortunately, nothing stuck. so I was just wondering what you guys think we should, do as far as going back, getting outdated, last year is the latest, or what can I do going forward to be a little more current with the leads that we have?

And second part of that question is a little unrelated, but, we're hired hiring our VA come January. If you could just walk me through how you think I should, college is going to have them go over the last month, three day, which I have a copy of had been go through that. But as far as more training for VA, any input would be appreciated.

Chad Corbett (Coach): [00:28:09] And on your first question, you heard Bill Byrd in the beginning of this call, he just took him to two and a quarter million dollar listing. That was three from a three-year-old list. So not every family will actually sold the real estate during the probate. however, the personal representative is usually if closed, they're usually the one who inherited the property.

So there's some opportunity there. They're also the major procrastinator, so go a year or two or longer, and then leave probate open because there's no mandate. There's no timeframe where it has to be closed. people try to move them along and get it closed. Yeah, there's no hearts law that says it has to be done in this amount of time.

So what you'll find on those older list as you'll have no competition, virtually none ever, because everyone else has long forgotten about them and they assume that they, they've already sold everything. So they don't matter to them. What you find is those are the people who need you to get your leadership and your help most.

So a lot of times it's for your come list. Me calls come from. And so someone else is a contributor here and it's a great subscriber of ours. David Panell. If you've heard him talk, you'll hear him talk about the same thing. He has a significant amount of his folk comes from homeless and calls that were six to 12 months old.

So if you guys have already worked through all the leads and you feel like you want to do more, I think it's a wise investment to buy the historical data and work on those older files because there is opportunity in there and any market in the country. so that was the first part. How far back would you go Ted?

24 months. At least. we find a lot of value. All of us back to 24 longest one I've ever done was back to 1983. So there are families that go decades and just put their head in the sand and do nothing. But you're going to find a really solid or on investment back to 24 months. Right now, I'm doing the other thing.

The other go ahead. Sorry. The other thing I'll mention that was one of the primary reasons we can help grow probate plus, cause you can take two years worth of data, run it through probate plus, and then we'll be able, it's an easy button and we'll tell you which ones still have property wealth. The property is how much it's worth.

everything about it, whether or not it's on MLS or has been. So it's $3 a lead for those historical leads. It's a dollar for the Lea in $2 for the augmentation. But you will like, we'll basically just raise the cream to the top of exactly who to reach out for and why you're reaching out what they own.

Ruel: [00:30:30] Yeah. We were able to do the probate leads and the probate plus four, again, like I said, the last one, which we had was January, February, and March. Unfortunately not much luck. So I guess you're suggesting go back further then.

Jim Sullivan (Host/Coach): [00:30:41] Yeah, I would, I started last year. Yeah. I started to say right now I'm doing two deals that are between two and three years old, both of them.

And they're really good clips where like Chad said, for one reason or another, they family issues, disagreements. They just weren't ready to do anything. Now they finally are, but the good news is. I guess the bad news is probably 90% of them are going to be sold or listed or, it's property has been disposed of, but yeah, you only need a few in there to really have, make a lot of sense and we keep hoping you guys will come back every month.

We think it's gotta be next month. You're the, you're one of the few remaining markets that hasn't opened back up, but, milk the old ones. Yeah, congratulations, but sounds like you've got a good attitude. And we've mentioned on these calls too. you said it hasn't developed, I'm curious on the January, February leads were the majority of them already completed or they weren't ready to, or they were just delayed by the process or what's your most common objection that you're getting.

Ruel: [00:31:37] the biggest feedback was, first and foremost, what they always say is my lawyer's taking care of it. And, the second one is actually they'd gotten rid of the property. So although we ran the probate plus as late as October,  when we ran probably a plus and all the leads, some of them would still say that even though it was on our list, That it was a, that they've gotten rid of the property.

So that was another kind of part that I was going to ask, like how updated is that list when we get them? Because I was surprised when we followed up with called in October and the, probably a plus kind of spit out the list and they still said that they got rid of the property. one thing that didn't occur to me.

If your records division is shut down. That's why your recordings aren't being updated in probate. But

Chad Corbett (Coach): [00:32:18] I hadn't thought of that. So actually, the MLS status and things like that are going to be accurate, but since your record room is not recording, if it's shut down, then probably not getting the data out to where we get the updated data set in that County. That makes sense.

Bruce Hill (Coach): [00:32:33] Yeah. And as someone that also actively markets, the probate leads, when I get probate, plus I always take. While I'm prospecting at the same time, I'm prospecting because I'll make a round of calls for my first letter drops. And as I'm doing that, I take an extra 10 seconds per property. And just compare the deceased name with the, with the current owner name on that real estate record.

I find in my area and this isn't true of every area, but my Area. I find that about 5% will have had property and probate plus we'll show that it has transferred. So it might come through as a property record occasionally, but just looking at the current owner name, you'll see that it transferred sometime in the last couple of months, but we're still picking up a real estate record.

Ruel: [00:33:19] Gotcha. Okay. That's a little tip.

Second question, and I've already forgotten that. Can you remind me, so my second question was we're hiring our VA, in January. And, the first thing I was going to do is just have her go through the three day, which I have a copy of that's the first and foremost. And then I was wondering after that, I was just going to have her listen to all the cold call, Archive that you have, but any other tips on how we should handle the VA?

Chad Corbett (Coach): [00:33:41] So what is the scope of her this VA service? Are they just playing phone work? Are they an office, admin marketing, admin? What are you going to sell house?

Ruel: [00:33:50] Basically our assistant, part of a company. So it's not just cold calling, we're going to employ,basically have her do what the system that we've set up.

Ready. Okay. I just didn't like,

Chad Corbett (Coach): [00:33:58] okay, she's going to be, she's going to be more involved in just making phone calls five hours a week. Like she'll be a full-time employee. Absolutely. Okay. In that case, I agree that you should start her with probate mastery because she will then understand the operating system and core values that you guys are running off of.

And there's a lot of value to that because then she'll start to develop. If she buys into that, then she'll start to develop her own version in her own language, and then putting her in the role, play calls and role playing with her. she w you know, instead of handing them a script, like most people want.

Like you'll be able to groom her into someone who knows what to say, because she was, she did the right things in the right order when getting started. So I would start with mastery. Then I would go have her go to the role-play archive and do middle of less than three complete role-play calls.

Then I would role play with her, like internally and your team. And had her come into our Facebook group, all the leads mastermind, there's lots of little subgroups in there where people set up role play groups that are recurring time each week, have her jump in and role play with our subscribers. you can have her join the probate mastery, alumni, Facebook page.

And, as long as you guys like under your name, but you can jump in there and find role play partners that are, run and get a higher level. But that's the biggest thing. It sounds like she's going to be the initial point of contact. So you've got to get her where she's 100% clear on your offer and she has to be very empathetic to the family's possession.

She has to be very clear on what you offer. And she has to, even if you don't have that in place yet, she has to be confident that she knows she has faith in you, that it will be in place by the time you get to the appointment. She's and that's, that should take up the next month of her time.

Ruel: [00:35:41] You can call back and ask what's next. She'll be jumping into the Role Play calls with you guys. I'm sure about that.

Hey Jim.

Jim Sullivan (Host/Coach): [00:35:46] Yep. Two eight one one. You're up next phone number ending in two eight one one.

Do Not Call List - DNC Numbers For Probate Prospecting [00:35:51]

Caller 2: [00:35:51] Hi, my name is I'm a I'm a broker in New York. I'm actually a associate broker I've been for awhile. What is it that we, one thing you have also that does not fall a little star next to it. How do we contact them? If we cannot call to the Do Not Call List?

Jim Sullivan (Host/Coach): [00:36:05] Are you talking about the generic do not call or are you talking about the New York restriction and I assume that was only quoted on my first lead. The 1st of December start with some of those farmers do not call, the number there.

Chad Corbett (Coach): [00:36:16] We do that to protect our own assets. As a call center, you're a much bigger target for litigation to get roped in to stuff by attorney. So we cannot, we do not call the do not those on, do not call. we've had over $7 million placed on the leads numbers that we've put out.

And there's been one instance that I'm aware of, that anyone's aware of. And it actually did come out of the state of New York and attorney made a phone call to one of our subscribers. And said, listen, we got a call from a consumer. We understand they're a public representative, but their number was on DNC.

Please don't call them again. And that was it. There was no email. There was no letter, no formal complaint. So you have to assess your own risk and make your own decisions. you understand what the NC is, but we have, there are several gray, legal opinions. a couple of which like one, this person is currently appointed as a public representative.

For an estate that's in an open creditors period. Another angle, another legal opinion is that, you're not directly soliciting, it's a seldom something you're offering a service and you're not even sure what that is yet, because there's many ways you can help them, but you and your broker will have to look at it and decide if you're comfortable making those calls.

I will say that most of our top producers actually didn't. okay. I'll follow. Okay. Okay. My second question is, I also was importantly, I was the administrator. If I already have it, if I wasn't a position, I had an administrator, I had an attorney. I'm an administrator. why would, how do I make myself different?

Why Probate Leads Need Real Estate Help, Even If They Have An Attorney. [00:37:43]

if you want to use me whenever you have an attorney, I know I'm not an attorney yet, but how would I show that the service offers better than what. how would I sell the service basically? What do I, what am I offering question,

Bruce Hill (Coach): [00:37:53] You're offering everything that the attorney does not handle. So typically the attorney's handling all the legal aspects, the paperwork, the asset collection, the debt they're handling that and paperwork that goes to the courthouse where the family. They still need to clean the house out. They need to maintain the house.

They need to clean the gutters, cut the grass, fix the leaking sink, have an estate sale, divide up personal property assets, sell the property they need to, they need all that. They need to make sure it's insured. And most attorneys, not all, but most attorneys don't help them with those things. So when someone just hammers me with, Hey, we have an attorney and they're handling everything rather than attack that objection, head on.

I want to attack it in a couple of minutes. On that call. So I want to circle back to that and ask them some questions about what their future plans are. Hey, it's great that your attorney is helping with that. You might not need a whole lot for me today. Do you have a quick minute for us to talk and figure out if maybe there is something that I can provide?

Because I'm not just one thing. And then you asked about the real estate you ask who's involved. there's a whole list of questions that you can ask. And if you want our interview sheet, just, get with support or shoot me an email@roofsatalltheleads.com and I'll get you an interview sheet that we have, but eventually you're going to circle back and you're going to start to share with them how the attorney doesn't take care of.

Many times the attorney does not take care of all those real estate and personal property group related responsibilities. That's on them and that's what you take care.

Caller 2: [00:39:38] Okay. Okay. I'm gonna definitely get this sheet interview sheets, but you have script as well. I'll get a copy of that as well. Thank you.

 To Wholesale To Investors as a Licensed Real Estate Agent [00:39:45] I appreciate it. Very good. We have, we were in the queue. One more question. Go ahead. All right. I also really want to be an investor. If you haven't built to really dream is to be inside themselves a little bit, an investor. I'm assuming I'll find somebody you want to, wants to sell it to an investor. I actually don't have the cash.

I can get a partner, but is there a, a contract you're getting into a contract with them? I didn't slip the contract to an investor, or how does that, how would that work? Like I don't have the money just depends on your, it really depends on your strategy. do you ever cash aside, would you rather have a hold a home long term and get the cash flow and tax benefits?

Or are you just always looking for quick revenue at the beginning of that quick way? And you just don't have enough money to spread them around. So that could be come to the point that I, it, I'm sorry.

Chad Corbett (Coach): [00:40:28] Okay. And you're you already have a license, right? Yeah, I've been a broker for many. Okay. So as a broker, you can take a flat fee listing agreement and don't offer any cooperating broker commission.

So for example, on a hundred thousand dollar house, you might take $20,000 commission and then offer a zero, 0% co-op people are going to be showing your listing. So as long as you have the buyers list, That's a way to do it through your real estate license. And obviously when you bring the buyer in, you would give them an unrepresented party at the end them, I don't recommend representing them in a dual agent capacity.

I think that's right. I think it's, there's too much liability, but you can take a flat fee. Listing and just don't offer it to anyone else. Or you can get it under contract. As a principal, don't use your sole proprietorship, your personal name or your brokerage, and use a separate entity.

and then just assign that contract for an assignment fee. And the most vital comes from most markets. You can find a title company that will do a simultaneous close, where you don't actually, you can close the B to C with the aid of pay money. Okay. And then the reason I asked that, the reason I asked the question I did, if you wanted to really build wealth, basically you can take the subject to a lot of times the home, almost 68% of the time, these homes are free and clear.

and you can take them with owner financing. And a lot of times without a payment, they, they will actually just finance it to you. And then No, I would say a six to 8% interest rate. You can show them an extreme amount of value. Obviously you're not going to go full term. You just, you get it.

Cash flowing. Then do you do a cash out refi with a community bank? And boom, you got cash in your pocket. You've got the house and you've got monthly cashflow. So you need to get clear on what your strategy is like, why do you want to be a real estate investor? If it's to make a bunch of money real fast once, and wholesaling is a great.

But if you want to build real wealth, then you do things like the ladder. what I just talked about, you take a home owner financing, you get a tenant in place, you do a cash out refi. Then you get the best of both worlds. You get the house and you get a pocket full of cash and you get monthly cashflow and you get the appreciation.

and all the tax benefits of that. So really get clear on what your strategy is. Then you'll know what to do with the houses. Yeah, that's a much better idea. That's what I want to do, but I thought I needed more cash for dump influence property and do the traditional down-payment go for mortgage, have qualified for the mortgage and all that other stuff, which I won't qualify with income.

Something I'll point you to, if you go to probably our YouTube channel, the easiest place to find us back in March, we did a series called shift happens in episode four, cat we'll link to it in the show notes, but episode four shift happens. I think he threw seven distinct creative finance strategies that allow you to do what I just proposed.

So if it's, if that's new to you and it's intimidating to you start there, it's a couple of hours of training. We just did it on zoom, but start there and start to get an understanding. and then there's some other places I can point you once you have a basic understanding of what the strategies are, I'll point you to some more advanced training.

Caller 2: [00:43:31] Okay. Okay. That helps.

Jim Sullivan (Host/Coach): [00:43:34] Next up is phone number ending in eight, two one three. You're up next? Hey guys. super quick. D regarding a date, question, book, name, and follow up. So date, you said that the next. Mastermind is on the seventh.

Does that mean that on the sixth? There will be a role-play a yes or no. Oh yes. Good question. Very good. Yeah. That's the first Wednesday of the month, absolutely. Thank you. Okay. Okay. So that will, okay, cool. Then, I think, bill mentioned the name of that Chad suggested something generation. I didn't catch the first word friendship generation.

I wrote down generosity generation. Oh generosity. Okay, cool. And then my actual question is regarding follow-up.

Follow-Up Calls - What To Say [00:44:16] Fed: [00:44:16] So once you've called someone, let's say, two, three, maybe even, starting the fourth call, I'm running out of things to say.  How should you approach it? You just approach it from an angle of, has anything changed that you need assistance with, with such as, securing the property, repairs, plumbing, et cetera, or do you guys take a different approach?

Chad Corbett (Coach): [00:44:37] As you're. Where are you? What market are you in again? I don't know. I keep forgetting. Oh, all good. All good Los Angeles. All right. So Bill Bird just gave you your intro point for every conversation you have until the rent until the end of this month, especially you've got an urgent reason to follow up, right?

Because you are, you just now learned that they're about to lose the step up basis rule and that's a big damn deal. And you need to let them know because nobody else is.

Fed: [00:45:02] Okay. I love that. All right. To do that today, actually. Yes, sir. Thank you guys. All right. Awesome. Thank you for being quick. And our last, if that we saved the best for last, six two, three, one, you're up last.Should I Register My Domain Name As An LLC? [00:45:13]

Mike: [00:45:13] Hey guys. Hope you're all doing well. Try to be quick. I'm going to have to limit my eight questions down to one or two. All right. Thank you Mike. I recognize your voice. Yes, sir. By the way, the other seven, just contact us after the call. Send us an email and we'll deal with them off the call @ support.

Jim Sullivan (Host/Coach): [00:45:28] Yeah. Supported all the leads.com. Yes, sir. The first one is a quick one. It's is the, when you talk about the six ways you guys can help, is that what you refer to as the service hub?

Mike: [00:45:37] Correct. I think that's what Chad to the service wheel. Yeah. And I just, I just want to say hi to thank you for all the great things that you're doing. Thanks to Tim for calling me. It was an honor to speak with him earlier and, and thanks for Bruce to, to speak with me yesterday on our call.

Everybody's doing such a fantastic job. I'm so happy to be part of this. This, this group, if I just got my URL, just got the website, signed up for that. do I shoot, should I then go get that URL, that name form an LLC with it? Or what do I do to protect myself? Am I now going to form a company with that URL?

What's the suggestion there now.

Chad Corbett (Coach): [00:46:13] It's depends on how big your vision is. your entity name certainly doesn't have to match your, your URL name is nice. If it does you have that consistency, but if you have a purpose and a need for an entity, yeah, go get one that matches your URL.

It's available. Now the one thing I would say what, let me first ask, what is your URL? Yeah. Jersey probate solutions.com. Okay. So we've heard on this call. Once you get really good at probate, the attorneys and the judges start giving you what all of the divorce listings, they start paying you to testify in court.

You start to do trust administration. You start to help families in transition that haven't had a loss in the family, but this applies perfectly well to their situation. So when building a brand, the biggest consideration that I warned people are, bring up the people is,

Jim Sullivan (Host/Coach): [00:47:02] we lost Chad. you there, Chad. I know what he was going to say. We lost him in sounds like he cut out. you want, you might want to do something like a Jersey transition specialist or a family transition specialist. You might, if you plan on expanding beyond probate, you might want to make it just a bit more generic.

All right, sir. thank you and contact us with help with the other questions. I appreciate you keeping it short. all right. Thank you. I want to thank each of you, this 2020 has not been an easy year, but, we appreciate all of you being here.

It's actually been a productive year. thanks to our partnership with all of our great clients like you. And we want to, whatever holiday you celebrate, we hope you have a safe, happy, relaxing one with your family. And, I want to challenge each of you. I always do take some of the ideas you heard on this call over the next few weeks, couple of weeks, go out and.

Put them into practice and come back on January 6th for a role-play call and January 7th for our next mastermind call. Have a great holiday guys. Stay productive, stay safe, and we will talk to you soon. Take care.

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Preview for Probate Mastermind Real Estate Podcast episode 307. Listing and investing with probate leads

Proven Method For Beating Your Competition | Are Niche Websites Worth It? Turning Real Estate Clients Into Personal Lenders | Probate Mastermind Podcast Episode 307

Proven Method For Beating Your Competition | Are Niche Websites Worth It? Turning Clients Into Personal Lenders Probate Mastermind Podcast #307

Probate Mastermind Episode #307 | Recorded Live on December 10th, 2020.  

Join Us Live Every Thursday | Previous Episodes.

 

Episode Summary: 

In this episode of the Probate Mastermind Podcast:

  • Jim shares how he is winning multiple deals won through attorney referrals
  • Chad advises Fed on building a solid relationship with a fix-and-flipper
  • Joe shares how he is edging out his competition of 15 years in the probate space
  • The mastermind share advice on niche digital marketing, turning probate clients into personal lenders and key SOI referral sources, and how probate can be the perfect niche for new agents and investors.

***Most importantly, we hear more incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Call Re-cap:

The Best Real Estate Niche For New Agents (1:10)

Cliff is new to real estate and is looking to start working with sellers.  Jim lays out why probate leads are an extremely good niche for new real estate agents who haven’t established their brand in their market quite yet. Also, many experienced traditional agents have certain habits engrained, and learning the All The Leads Probate Approach teaches the right skills, language, and strategies from the start.

See More: The Probate Leads gathered, validated, and skip-traced for you.

Real Estate Loans: Private Money vs Hard Money Real Estate Lenders

Real Estate Loans: Private Money vs Hard Money Real Estate Lenders (2:56)

Chad breaks down the semantics and actual differences between Private and Hard Money loans.

See More: Go Navigator Capital: The Bridge Between Private and Hard Money Real Estate Loans

How Do You Follow Up On Real Estate Leads That Hung Up

How Do You Follow Up On Real Estate Leads That Hung Up (7:46 : 23:21)

Christian is looking for advice on probate prospecting.  When making cold calls, what should you do when the personal representative hangs up on you? Should you always call them back, and how should you follow up with probate leads in the future? Chad also offers advice on changing your USP to fit the context better next call.

Are Niche Websites Worth It For Your Real Estate Business?

Are Niche Websites Worth It For Your Real Estate Business? (10:49)

Caller is interested in a setting up a separate website for the probate side of his real estate business.  The value in having a separate page for this niche is that your USP and branding can present as something much more valuable to a family going through probate than a traditional real estate marketing website.  These websites will establish credibility and trust.  Chad describes the websites.
See More: ATL’s Probate Credibility Website Sample
David Pannell’s Marketing System: Premium Letters (23:21 of this episode)



More on Digital Marketing (Facebook Ads, Videos, Blogging, and more) in the Probate Niche:

  1. Check out the first two segments of Probate Mastermind #288
  2. Article: Ads vs. Organic Marketing: Are Facebook Ads Worth It? Navigating the Digital Marketing World As A Real Estate Agent, Investor, Wholesaler 
  3. How to Use Facebook To Stay Top Of Mind With Leads Stuck In Court Back Logs: Second Segment of Probate Mastermind 283
  4. Probate Mastermind 278
  5. Probate Mastermind 280
  6. Probate Mastermind 281

Proven Method For Beating Your Real Estate Competition

Proven Method For Beating Your Real Estate Competition: (17:47)

Joe shares his journey of entering the probate space, applying the approach he learned from AllTheLeads.com, and beating out his competition as a result. He’s been in competition with one agent in his market for 15 years, and the value-first approach is giving Joe the winning edge. Joe and the masterminds take this success one step further and discuss how to help probate clients turn equity into investments and even become private lenders for future investment deals.  The ultimate way to beat your competition is not just to win deals on a one-by-one basis, but to turn clients into assets in your sphere of influence.

How to Turn Closed Probate Cases Into Real Estate Opportunities

How to Turn Closed Probate Cases Into Real Estate Opportunities (25:19)

Probate leads aren’t dead just because probate court has ended.  In fact, there is actually a significant proportion of leads that still need to sell property and much less competition targeting them with marketing. Caller and the Coaches also discuss how to approach personal representatives who shared an address with the deceased (widows, live-in relatives, etc).

See More: Call a surviving spouse? Tips for prospecting probate leads for real estate (alltheleads.com)

 

Recommendations for Real Estate Virtual Assistants

Recommendations for Real Estate Virtual Assistants (31:15)

April is a Virtual Assistant from MyOutDesk working for an AllTheLeads.com subscriber.
See More: Daniel Ramsey - My Out Desk - Hiring a Real Estate Virtual Assistant (alltheleads.com)

Jim Wins Multiple Deals Through Attorney Networking

Jim Wins Multiple Deals Through Attorney Networking (32:01)

Jim Forsythe is closing on multiple deals: Several are coming from a single attorney! Jim shifted gears towards working with attorneys about two months ago and it’s already paying off big time! Jim and the coaches discuss B2B networking, deal structuring, and marketing strategy.

 

Building A Strong Relationship With Fix and Flippers

Building A Strong Relationship With Fix and Flippers (39:34)

Fed is working with a newer flipper and is finding himself coaching him quite often.  What should he do to help solidify this relationship and make sure this flipper is evolving efficiently? Chad advises.

Approaching Probate Attorneys Named As The Administrator

Approaching Probate Attorneys Named As The Administrator (46:04)

Giovanni is looking to approach attorneys that hae been appointed administrator for individual probate cases. How should he approach this in a way that gets him through the gatekeeper? Chad advises on language and establishing a long-term relationship over a lead-by-lead relationship.

 

 

 

 

Looking to hear prospecting tips in action? Check out our live role play series.

 

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Episode Transcript

Probate Mastermind Real Estate Podcast Episode #307

 

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

 

 

Jim Sullivan (Host/Coach): [00:00:33] Welcome industrious agents and investors nationwide today is Thursday, December 10th, 2020. And this is mastermind podcast number 307. Coming up on the holidays. Hope you guys are finishing the year strong. We have four in the queue right now. We do have room for more. So just hit star six and, hit one and you can get in there and, Have your questions, your wins, pretty much nothing's out of bounds on this or off limits on these calls.

So let's start with our first caller phone number ending in one, one, one zero. You're up next.

The Best Real Estate Niche for New Agents [00:01:10]Cliff: [00:01:10] Hi, this is Cliff. I'm new to this, and actually I'm new into real estate business. I have my license.  but, yeah, I saw that my wife had gotten a thing a while back.

She's been a realtor for a long time, and I just want to find out how to get involved in this kind of market. cause I would rather deal with,  sellers than buyers.

Jim Sullivan (Host/Coach): [00:01:26] Oh yeah. Yeah. Yeah.  cliff, this is a, I will just tell you it's an extremely good niche for a brand new agent because. A vast majority of these people you're going to be reaching out to are not local.

You're going to be reaching out to people all over the country that just inherited property in your market. And they don't know you from the guy that's got signs all over the neighborhood are doing, print and TV commercials. So you're really on an equal footing. And sometimes I think you're on a better footing because you're really trained to do probate.

A lot of the experienced traditional agents are set in their ways, so you're what you're really doing. You're reaching out to motivated absentee owners, and helping them,  anything they need, including getting their property listed and sold. But, if you, unless you have any specific questions, I'll do the same thing.

I'll have one of our sales team reach out to you right after the call.

Cliff: [00:02:12] So you guys. Have these leads you develop through, searching around through, different court records and whatnot. And then what are you doing? Needs from you. Is that how that works?

Jim Sullivan (Host/Coach): [00:02:20] Yeah, basically go to the courthouse in every County where we have this subscriber, get the probate data.

It's very time consuming process. Then we add extremely accurate phone numbers. We've got, templated letters. we've got included coaching, so it's really a complete system. And we'll basically give you all the information and teach you to reach out to these people and be able to help them.

One of our salespeople can walk you through the whole system, start to finish and probably five to 10 minutes. And as soon as this call's over until two o'clock, I'll have one of them reach out to you. All right.

Cliff: [00:02:50] Thank you.

Jim Sullivan (Host/Coach): [00:02:51] All right. Fair enough.  Next up is phone number ending in seven three, six, eight.

Real Estate Loans: Private Money vs Hard Money Real Estate Lenders [00:02:56]Christina: [00:02:56] This is Christina. I'm here in Texas and I don't have a win because I'm new. I haven't gotten my first set of leads yet, but, I do have a couple of questions. what is the difference between a PRI private money lender and a hard money lender? Or are they the same?

Chad Corbett (Coach): [00:03:10] So typically, it's kind of semantics, like they're both private lending, unregulated commercial lending from, private non-institutional lenders.

but typically private lending refers to the dentist or the doctor down the street or the probate seller who just got a big windfall of cash. And oftentimes that's going to come with no origination points and an interest rate of somewhere from six to 10%. Where hard money is more of the institutional investor groups that are offering private, investment loans.

That's usually going to come with points, origination points from 1% to 4%. And interest rates anywhere from 8% to 18%. And oftentimes, depending that depends on your experience level and the price point of the project, but it's either way they're there basically no nine at nine non-bank loans, that are made B2B.

If you look, if you search,  ask the expert, you can look, you can find the interview that Jim referenced in our YouTube channel, you can find it on auto leads.com. It's part of a series called ask the experts. And we did a, thing with, Rick roll from GoNav capital, and they're the bridge between the two really.

they are, they're not a traditional hard money lender. They're not as attractive their rates and terms. Aren't as attractive as what you can negotiate on your own and your own community or the private loans, but there's somewhere in between.  it's there. Less aggressive terms. Like it's, if you're just getting started and you have experience and you're looking to scale quickly, like they're really, they're a good resource.

Christina: [00:04:43] Okay. And then a follow-up question to that if I may is  one of the reasons why I'm so attracted to this program is the ability to become an investor, which I've never done, but I've been wanting to, since I was in my twenties,  you guys helped me structure those deals,  or is it just sleep only?

Chad Corbett (Coach): [00:05:01] No. that's a big part of what these calls are about. if you listen to the archive of these, I don't know that there's ever been a week where we didn't end up transaction engineering something.  so if if you find that, bring us as many facts as you can, this is what the asset value, this is the reason, the ARV or the retail value.

This is what the seller says. They want.  as many details as you can give us on the asset value and the motivation, the reason they're motivated, then their level of motivation. Then we can start to determine how much equity is there and what strategy can be applied based on their level of motivation and the equity level in the asset.

And really, I've found I can fit pretty much any residential, any probate deal. I can sit with them one of six strategies,  and that's Part of what we do in mastery is show all the potential ways that you can work with these families and monetize the deals. It really fits within six, six or six different strategies.

Jim Sullivan (Host/Coach): [00:05:54] And I was gonna, I was going to also add, if you get one on a Friday afternoon, you don't have to wait until the following Thursday, just send us an email. Or you can jump on Bruce's our full-time coach. He's a very seasoned,  realtor and investor. You can, you're entitled as a subscriber to a free coaching call with him every month.

And if you need more than that, he's available also.  yeah, no, we'll help you. We'll help you. We'll help you structure them. What I loved, I've been buying and selling for 40 years. What I loved about the NAB cap, I tested it and I went and put a deal. I was working on in there and I answered five questions.

And in five minutes I had an approval at 8%. Which is pretty good for a hard money loan. most of them out there are 12 to 15%. So their interest rates are pretty reasonable for an easy loan like that. And the fact that you can get an answer real quick online is very appealing, before you, you want to go into making that offer and dealing with the person, knowing that you have the funding and kind of having an idea of what it is.

Christina: [00:06:49] Okay. I'm really excited. I appreciate all your help and I am starting to assemble my team. I got a web address from GoDaddy last night. so I'm like this trying to get my, and, there's so much to listen to. So I just wanted to call you all. Thank you so much. but that's all my questions today.

Thank you.

Jim Sullivan (Host/Coach): [00:07:07] Yeah, you're very welcome. And I was just going to add, you don't have to, we've got seven, 800 hours worth of content. If you have a particular question,  our website is extremely robust. You can just go to that search bar, put in almost any subject, and you'll find where we talked about it or covered it, or you'll find where you can find it on one of these calls.

It's like Google, you may have to play around with it a little bit. You can get almost any question answered. There are those that I don't think too. I don't think there's too much over the last seven years as it come up at least once. So appreciate your input. Thank you. All right. Thank you.

All right. We have, next up is phone number ending in zero three zero nine. You're up next. How Do You Follow Up On Real Estate Leads That Hung Up? [00:07:46]

Christian: [00:07:46] Hey guys, it's Christian here. I just want to say hi to Chad again. And the host, I asked you a question yesterday and I was in the call, but this is a follow-up to my question yesterday. And I couldn't really talk yesterday.

Cause that was a store. And I apologize for that. But, remember when I asked you, what do you do when you hang up? When, probate a PR person hangs up the phone. What do you do after that? And I know you mentioned that you pretty much call back and you just say you got disconnected and how do you follow up with, after, you just stay silent.

And then the other question I had, or that goes along with it, how often do you follow up after they do that to you? Do you continue to call them five, seven times or you just let it go and don't bother them again. So it all  depends on the context.

Chad Corbett (Coach): [00:08:28] If you got engagement and then you said something that offended them and they hung up, I, I usually, I read the people and read the situation.

So if they seem distracted or like they're having a bad day, Then I'll call back the next day. But if they seem like they've gotten so much, press sure they're just seeing red. And I like, they're not, I don't think I'm going to be able to engage with them tomorrow. And I might follow up with them in a couple of weeks at a different time of day.

For example, if they're super pissed at nine in the morning, They just got the work and they're late for a meeting and they answered their phone. Anyways, I wouldn't call back at nine. I would call back at 1230 and see if I could speak to a different version of that person on their lunch breaks. So I would take into account the time of day and what's happening around them.

What actually, what was said in the conversation,  and their level of aggressiveness and determining how soon and how often I would try them again. Does that answer your question? Yeah. And then when you call back again the say few weeks, or now, do you still do the USP again or you just make it like, Hey Christian here, just following up, just wanting to see how everything's coming along or how would you handle it again?

I would think back your good notes of what happened in the conversation for me. Like when you talked to thousands of people, I leave myself clues, right? Like  angry, short, Traffic noise in the background. And when you reconnect with them, it's not, you don't have to start over with the probate USP.

You can say, Hey Christian, this is Chad. we talked a couple of weeks ago and I think I caught you at a bad time. It sounded like you're in a hurry and out in traffic. So is this a good time to talk for just a couple of minutes and just be ready? Cause you're going to hear it. Who is this?  Christian, when we spoke a couple of weeks ago.

It's okay. I'll remind you. We've got a team of folks here locally that help families going through probate. And as part of that, we try to reach out early and often to the families because we realized that any time surprises come up. So I was just touching base to make sure everything's going okay for you guys.

And if not see if somebody from our team could help you with whatever you might help with, is there anything that's off track or you're not a hundred percent clear about. And just re-enter it that way.

Christian: [00:10:36] Okay. That makes sense. Okay, cool. Perfect. Yeah. That's the only question I have today. I appreciate your time.

Jim Sullivan (Host/Coach): [00:10:41] All right. Thank you, sir. Next up is phone number ending in zero zero five five. You're up next.

Are Niche Websites Worth It For Your Real Estate Business? [00:10:49] Caller 1: [00:10:49] Hey, how are you, Chad? Hey, can you hear me today? I'm doing great. great mastery session. Enjoyed it. so I've got a question for you. So where are we at with, what I noticed is we didn't see any like examples of what, what a website would look like and where do I find that?

Or how do I, get my mind around, starting to work on that. Sure. And I actually,  we had so many people in so many questions. I normally show that as part of mastery.

Chad Corbett (Coach): [00:11:14] If you go to http://modern.yourprobatewebsite.com/ . That'll give you an example. That's just one of many you can call in and ask to talk to our web team and they can show active sites.

This is just a one on one of the examples. This is a basic, before any customization is done.  But we, they can share with you, some of the sites they're most proud of and the ones that I like showing off and some of the other templates or, Based sites, but modern com.

It's a WordPress application so we can make it look and feel any way you want. You can customize, add testimonial pages, video pages, where you can literally do anything you want because it is WordPress.

You let us know what your needs are. we can also connect it. If you have a core website, we can connect those. So there's a clean interface between the two and the customer doesn't even really notice that they're bouncing between two websites. Oh, I see. Okay. Sure. And, the, you're you're you're not ready with that.

any, content or guidance on how to, market, online, with the YouTube videos and the Facebook posts and the Facebook videos and things like that. Because as I'm talking to other investors, That's what seeming to be working right now. Matter of fact, I was shocked.

I was looking at my phone. I'm like, Oh, I know that guy. And on my own phone, I know a guy who buys, repositions multi-families is, raising, I guess doing, raising capital for another fund to go buy things. And this is a local guy I'm like, wow, presented himself. he's one of Just like one of these national guys when you're looking on your phone, you're watching a YouTube video and a commercial comes up.

I was pretty impressed. And now I see what they're saying, this is, this is, it's, if you advertise it correctly, you get your market correctly. This is gonna pop up. And, I'd love to be able to, Get that in those executors and executor fixes and the probate attorney spaces as quickly as possible, because I think it's just, it's going to separate is nobody's doing that.

Sure. And I don't have a digital marketing course for this niche right now. That's going to be one of the modules that are built into the new marketing part of probate mastery version 2.0 like the masterclass. So over the next few months, I will actually take the time and show you step by step for now.

and Kat can link to these in the show notes. There's a couple of recent mastermind calls where we've talked about it. It's in long form, but. You essentially take your probate list, export that from my probate leads, import it into Facebook as a custom audience, and you match on first name, last name, all five phone numbers.

If you have that many and the email address, and what you'll find is you'll get, you won't see this, but we know from working directly with Facebook, we have about a 90% match rate on those audiences.  if you have a thousand probate leads bloated in, we're going to be in front of 900 of them daily basis and what that's going to hyperfocus your budget.

So your actual cost per result, your CPR is really low because it's a small, highly targeted list. And what we find is we get daily impressions like ranging from. 25 times a day, they actually see your brand. So you never know what's going to work. Video works really well. So what I usually suggest is you pick a quiet morning and go stand in front of your local courthouse.

Something that has, it's an emotional. Image like, so that's going to interrupt them by triggering their reticular activation system. And then you go, Oh my God, that's my courthouse. I was just there last week. And then you've got captions playing and it's just a short, no more than 32nd video saying, are you going through probate and New Jersey?

Did you know that there's a social enterprise right here in the community to help families through this click learn more? And when they click, they land on a landing page on your, on the website, we were just talking about your WordPress site and there you have, you could do it as an about page. You could do it on the homepage, but there you have, or a landing page, but there you have a video of you talking directly to the family, as you would.

If someone had just walked up and said, Hey, I want to introduce you to John DOE. He's an executor of estate. and I know you can help him. That's mechanically. Like you don't script it. You don't like just talking to the camera the way you would talk to a human and that's really effective and you need a call to action.

So you could have them download something. And as part of that, download that your, the opt-in would include the ability to add to SMS market, to them, to drop ringless voicemail, to email market. So you can use social media to get, let's say we get a thousand of them and we have 4%, Conversion like you tighten that audience down, then you can start to drip, email drip to them.

You can S you can text message market. You can drop ringless voicemail, and you can do this for pennies. now the one thing I would say is you're just getting started, and this is, it's interesting because it's something new and innovative. I still want to see you get your letters out and get on the phones.

First. This is supplemental. This isn't your primary marketing methods. Because we know direct mail works. We know phone calls, work, digital marketing takes some time like it's you never, and even if it's working today, it doesn't mean it's going to be working tomorrow. So use the tried and true methods first.

And then once you've got that in place, then step in and start doing the digital stuff. And one thing I'll suggest if you have somebody there in your market that, sounds like you think he's doing a good job. Reach out to him and ask him what agency he's using. And maybe you can maybe he'll give you a referral and you can actually have that agency do all the work that I just confused you with.

Okay. Sounds good. Yeah. And I'll look. Yeah. So I've got just two other, the gentlemen per Nell is his name. you're you're you're good student. Prunella. Did you meant, was that his name? David Prunella or Panella? Can you hear me? You mentioned yesterday. Sorry. Sorry. You had mentioned yesterday about, he did a really, I think I heard this right, great custom postcard specifically for surviving spouse members.

Do you, is there a copy of that or should we reach out to him individually? I'd love to see what that. That looks like. Cause I know that's a little bit more of a trickier type of you go to the Facebook group, all the leads mastermind and the search bar type in P a N E L L. And you'll see his activity.

One of those things will be a video that he made leafing through about a 20 page premium booklet that he made. And that's what I was referencing. Oh, okay. We've got nine more in the queue.

Jim Sullivan (Host/Coach): [00:17:39] Hopefully that helps. We've got a full queue. We'll try to get to all of you today. next up is phone number ending in zero, zero six, eight.

You're up next. Proven Method For Beating Your Real Estate Competition: [00:17:47]

Joe: [00:17:47] Good morning. This is Joe in Sacramento.  Hey Joe, not a seasoned probate person, but I only found you guys about four or five months ago, and I thought it was very astute the way you go about, giving people much more service than just saying you're a real estate agent and I've beaten out my big competition several times in the last few months because of what you taught me.

So I wanted to thank you. That's great to hear. Yup. Appreciate the, so you've done several deals where you had competition and you won out because,  you went above and beyond, just wanting to list the house, correct? Correct. My competition, who I know very well, because we've been competing for.

15 years. He always goes in from the standpoint of, as-is sale. And I went in from a service standpoint of what could we do to the house to bring more equity to the estate and people just, they, they see the difference and, it just works really well. So thank you.  that's great to hear. We appreciate it.

And, actually David Pannell is in the queue. Chad, do you want me to go to him next? He must have a comment. Oh, you have another question? Go ahead, sir. Yeah.  I have a client who's selling properties that will net him almost a million dollars. What would you suggest he do with it, with the money?

Chad Corbett (Coach): [00:19:12] Do you have capital needs?

are you buying and selling or flipping? Yes. So turn them into a private lender is one of the best things you can do because that serves your business. And,  at those rates, even if you're charging an 8% is money's going to double every seven years.

Okay.  the other things you can do, you can, you can help him diversify by setting up a long-term long-term care plan for himself on a state plan for himself and his family.  five to nine college savings plans. We try to make sure everybody has an opportunity to meet with our registered investment advisor.

And with our estate planning attorney, because probate, sees he's about to learn, it's going to cost five to 8% of the gross value of the estate when he settles out the administration costs. So helping him avoid that in future generations and actually take that million dollars and turn it into multiples of millions, statistically.

Without leadership. 75% of families will completely deplete their inheritance within 18 months. And I don't mean investing, spending. So we try to, at the point where we have a, an emotional high connection, like where they really think we're the smartest people in the world. Let me try to use that influence to get them to do the right thing and invest in their family and the generational wealth and the preserving generational wealth.

So the good news is he's not going to have a tax liability on that because of the step-up basis rule. So this is a, for most people, I once in a lifetime opportunity to invest somebody else's money tax without paying a tax on it.  so you could, look, ask him what his needs are, ask him, how long do you want to work?

what do you have in mind for your family and potentially carve off a couple hundred thousand dollars for private money loans to you or your investors take a couple hundred thousand and pay for everybody at the next generations college.  really just focus on what his needs are and what his dreams are, and maybe suggestions, and just know that if you don't, he'll probably spend it.

Do you have a registered investment advisor that knows about this? Yeah. That's why I choose to work with RIA because they're there they're educated to a much higher standard to help go much stricter code of ethics. So they have a fiduciary responsibility to every client regardless of the investment vehicle.

And there's a website. If you go to broker check.finra.org, you can actually search by zip code. You can search at the firm level or the individual licensee level.  but that's a good place to start and see who the RAs are in your market. But they're typically smaller boutique indie firms and they don't mind working with, they certainly want to work with somebody who has a million dollars, but they also don't mind working with someone who right now only has $10,000.

it's a lot different than the, the big financial institution experience. Okay, thank you.

Bruce Hill (Coach): [00:21:57] Hey Chad. Alrighty. Let me chime in. Let me throw in real quick, before you move on Jim. there are a lot of people that inherit money that they're not going to,  they might be looking for something that's a little bit bigger.

They might want to invest themselves. And of course, We all know that a lot of times that person that's never been an investor before has no real estate background, they're going to get themselves in trouble. So if it's somebody that doesn't want to just give you a private money loan, but they want to be involved.

One of the things that I've done with a lot of them in my market is turn them into investors that are in a private investment club that I manage. And if you have a really good business attorney that sets it up properly, you can.  turn this money into investors that, that you make all the decisions on the real estate flips or buy and hold investments, whatever strategy you're using it for your investment.

And, it's just another option. If somebody's not willing to just. Turn their money over to you. It may be an 8% return if they want to be a principal and the transaction with you as the manager that gets to pull all the triggers and run the flip or run the buy and hold investments in something that awesome.

good suggestion.  We referenced David Pinel, David, we have 10 more people in the queue, and I know we can talk to you, but hopefully for our hours, but we always want to hear your words of wisdom. Thanks for chiming in.  Chad had the best, where's the window wisdom. I just want to answer that guy's question.

David Pannell: [00:23:21] I don't know who just answered. So I'll just chime in on that. It's, it just, you guys offer so much resources and all I did, I needed something. I've always brought things to an appointment. So I just wanted something that looked really professional. So I just made a, I made a PDF book that I could send people by the mail or by email.

And it's just, it's, it's a 28 page resume, basically everything I've done in probate sale.  you could start with a regular resume of what you've done and I can, I'll share my resume on the group, but,  it's just basically a resume template so that they know that I know what I'm talking about.

so it's the USP basically in a big,  28 page book that it just helps me convert the deals either to a nursing appointment or to a wholesale.  it's not a postcard, letters and postcards work, but,  it's bringing something to the presentation of why you should be there more value. And David, you said you're fulfilling those at three bucks, is that right when you mail it?

Yeah. So three or $4 and not to every single lead, but the ones you have a good dialogue with like ones that are, that are serious. And if it's really targeted to the ones. I just by calling them over the years now that I've, they fall into three categories and it's the spouses is the, it's the family, the relatives, or is the out account administrator.

And once you identify what category they fall in,  and then, they have a house to sell based on your probate plus. Once you have a conversation that they're going to sell a house in six months, then they're getting that book from me probably twice over that six months.  and I'm going to get an email from him and just dial in their information because then I can retarget them and offer them the same book on Facebook.

So they're constantly seeing that and I don't expect them to ever open it or read it. I really don't.

That's great. Great tips, David. Thank you.

Welcome.

Jim Sullivan (Host/Coach): [00:25:13] All right, appreciate it. Next up is phone number ending in six zero three five. You're up next?

How to Turn Closed Probate Cases Into Real Estate Opportunities [00:25:19]

Caller 2: [00:25:19] Hello, I just have, one question and then  like advice for another one. Sure. So my question is when the cases come up that they're closed, does that mean that there's no opportunity for us to go and help them?

Chad Corbett (Coach): [00:25:31] No. I certain number of families, upwards of maybe 10 to 20%.  actually not make a decision on whether or not to sell the real estate. So they'll do a, like an inter family transfer and it'll show that the house went from John DOE, the decedent to, into a trust or to a single family member.

So a number of people, and this is especially prevalent in Colorado. A number of people will actually close the probate. And just transfer the real estate out to one of the heirs. And then they'll, eventually they will end up selling that. So there's opportunity beyond the probate closing and real estate.

It's just not, there's, we are far more likely that real estate will be sold during probate, but not everybody gets around to it. The attorneys ready to go ahead and close the case. He's listen, you're going to get this anyways. Let's just transfer it out and close this up and you can decide later when you want to sell it or what do you want to do with it?

Caller 2: [00:26:25] Oh, okay.  let's see. Am I am the kind of advice that I have? Do you guys necessarily go after the cases where the administrator lives with the deceased or if there's like air? So living at that same house, Yeah. And oftentimes it's the surviving spouse. You can see the descendant name will match the personal or the last name we'll to personal representative.

And they both have the same address.

Chad Corbett (Coach): [00:26:46] A lot of times that's a surviving spouse and that's one of the things David just referenced. So it's more sensitive. but understand a lot of times, the average senior citizen in the United States, according to the federal reserve only has $24,000 on liquidity.

I started life savings, 24,000 bucks. So they're oftentimes on fixed income. They, the house they're living in represents 50 to 80% of their net worth. And now all of a sudden, instead of getting two social security checks, they're getting one and they didn't have a proper retirement plan. They didn't have a proper estate plan.

So the urgency, even though they may. a month after the passing, they may say, I'll never leave this house. And what we know from the nursing home industry is that's the only plan for a 78.8% of senior citizens survey by the nursing home industry say that they only have one plan. I'm going to live out my life and my house.

But only 20%, according to the CDC actually get that plan works the other 80% and the thrown into a stressful situation because the lack of planning created a lot of stress and earnings to be in the family. So it's all my God, mom can't pay her bills or power's been turned off. She can't take care of the house.

He can't afford to pay the pool boy or the lawn guy. We got it. And then the family has to step in. So you want to make contact with those people, even if their mindset right now is I'll never sell this house, I'll die here.  okay, fair enough. I'm not trying to force you to sell the home. I wanted to let you know that there's a team here in the community that can help families and these transitionary period.

So whether that means connecting you with social services or, transportation or the different living situation, just know. If there's ever anything you need, please call us. we have really in the situation you're in, we have never met a family that we couldn't help. So is it okay with you if I just touch base every couple of months.

Okay, perfect. And whatever that frequency is, but. Letting them just softly introducing your, the concept of what you do and having them be aware of that when you call back as that urgency builds and as the financial start to slip, or the maintenance gets out of hand, you never know the next month, the second month or the third month.

How motivated they're going to be. And it happens all the time. Most, a lot of your com list me calls will be from the surviving spouses and, they file probate. They get into the middle of that. And then all of a sudden they realize, Oh crap, I'm going to run out of money. And then they panic and oftentimes dump equity.

And if you look at it as I look at it as an obligation to those folks, because they're, they might not be financially savvy enough to realize they're not forecasting, that they don't have enough money and eventually they're going to run out. Or eventually the cost of maintaining that property is going to eat up the savings that they have, and they don't have a regular income.

So I feel an obligation to touch base and check in on them. And that, if you can do that, you start to build trust with them. And then when they find themselves in that urgent situation, you're the only person in the universe. Like they just allow you to come in and help them. Okay, cool.

that was all.  we do a series called tips from a trainer, a video blog series. If you go to all the leads.com in the top, Search bar put in surviving spouse. And there's a tips from a trainer video where we share some stories and techniques and different things. In addition to what we just talked about, you might want to check that out.

Bruce Hill (Coach): [00:30:05] Okay. Chad,  here's another thing with the surviving spouses, especially those that are elderly. We. Often, and a lot of folks make the mistakes that surviving spouse is the only decision maker. When I think we're really kidding ourselves with that, it's normally the kids that have tremendous influence over what their elderly parent does.

And so just going off of the immediate wishes of the surviving spouse and saying, Hey, I'm not going to follow up with them is a big mistake because the kids are going to get in there and start,  putting some pressure and some influence on their parent to say, look, why don't you come move with me?

Why don't you go to this assisted living place? They're going to put a lot of pressure. And most of the time. And I don't know the statistic like Chad does, but most of the time those houses will be sold.  just because of the children over the shirt.

Jim Sullivan (Host/Coach): [00:30:57] All right. Excellent guys, I'm going to go ahead and I'm going to close the queue cause we've got still got six or seven more people. Chad, you had another comment for that person. No. I just said that's really good advice. Yep. Good advice. Thank you, Bruce. All right, next up is phone number ending in five nine two two.

You're up next.

Recommendations for Real Estate Virtual Assistants [00:31:15] April: [00:31:15] Hey guys. How's it going? Great. How are you? My name is April. I'm great, sir. My name is April. I'm not a real estate agent. I'm a virtual assistant and I work with Kim Barber.  I really wanted to go in with a Q last week. Guys got a lot of questions about virtual assistants, but I couldn't. So I just want to know the answer, some of the questions there.

I believe the one guy didn't, did have a question about what is going to be the probate or it's going to be admin,  virtual assistants who, everything from admin to answering the phone calls, to setting up appointments and all that. Just one, you guys to let you know about it. and I work with my out desk, Oh, great. Yeah. We recommend you guys all the time. You're what you're one of the better ones. So thanks for the input. Any feedback or any questions for April? No, thanks for being here. you got to hear us recommend you

Jim Shares Multiple Deals from Probate Leads [00:32:01]Jim Sullivan (Host/Coach): [00:32:01] Next up is Mr. Forsythe. You're up next, sir. Hey, Jim, how y'all day doing? Hey Jimbo. What's up?

Jim Forsythe: [00:32:07] Oh, I just go give you a good story.  I've been working with the, attorneys here and we closed two yesterday of his own property.  he's got one other forced to sell and then, it looks is going to list, five more, probate, if we don't sound striped to one of our investors and that's from one client attorney, it's a three, it's an attorney and then, three other, probate leads.

So it's actually four different people we're working with and helping. So yeah. But it was one source the attorney to his own property and then referred to three more.

Jim Sullivan (Host/Coach): [00:32:40] Wow. That's great. And you, Jim, you just start made up your mind maybe a month or two ago, I think, to start working the attorney end of it.

And focusing equally on that. It's not something you've always done or is it,

Jim Forsythe: [00:32:51] yeah, it's not. And we've had meetings with, two others and we've got another one scheduled. we had it scheduled for yesterday and he couldn't make it. So we're rescheduling it for next week. And then we've got other targets.

We're just doing, trying to do one a week and then hopefully good for you. So you are, you're just, you're looking down your leads. You're seeing who the players are. And then how are you setting the appointment? Are you just showing up at their office? You call in ahead. How are you getting to meet with them?

calling ahead,  the ones we've dealt with so far are people that I've met in the past. the ones we're going to, we're going to be yesterday was the, associate of one. I met with him last week and it says, they're not partners in the same office. And, they also do probate. And so meeting with either two or three.

Of those attorneys. So we'll actually hit two or three other sources, and then I've got another lady that I met about a year or so ago. And, we're going to meet with her in a couple of weeks and probably after the first of the year and just keep hitting. And we got, we go down through and look at the attorneys that have the most,  probate.

Leads each month. And so we can shut out the ones that have the most number, like random number of leads. And those are the ones that we're concentrated on right now.  that's great.

Chad Corbett (Coach): [00:34:07] Good for you and Jim, go ahead, Chad, we've talked about this a lot. Other people get to hear us talk about it, but if you don't mind share with everybody, what was your opening statement?

Like what values did you demonstrate to get the appointment?

Jim Forsythe: [00:34:18] the first attorney was just someone that I've known. I just hadn't really dealt into him. And, we just found out that, he went out to lunch with us and, while we're sitting there having lunch, he says, Oh, by the way, I've got three personal properties that, I need to sell right now.

And he gave us that information. And then while we were sitting there at lunch, then we, you talked with him about anybody else that he might've any of his probate clients that we might be able to help, as it turns out, there's going to be like three of his clients and, one client, one of the problems, please.

We're not sure if we're going to be able to sell the hell of a reverse mortgage on it. And, it may be,  Too much work to do to make it anything work. being with one of my investors in about an hour to show it to him,  if I can't figure out a way to sell it to him, I may call Chad or Bruce back and, see if I've got any ideas, but, it's a reverse mortgage.

one 43 is what the O on it. And, there's about $80,000 of repairs that could be done. And the property is only worth about two 50.  you do the numbers real quick. That could be a potential short sale. So reach out to, to Pam. If that's the case, she's done quite a few reverse mortgages at short sales.

Oh yeah, I know that. I hadn't thought about it.  can you do where they do a short sale on reverse mortgage? Absolutely. Yep. Okay. Yeah, we've done the thing that's done 50 of them. I'll bet. Okay. I'll keep the other one.

Chad Corbett (Coach): [00:35:45] The other thing to consider Jim is as long as you have a savvy investors, that's aware of the timeline because it is a ticking clock, but you can actually take those subject to.

And just leave the heck. I'm alone in place as you flip the house or transition it to a rental so they can buy the house subject to just know that there's a foreclosure clock ticking. So they have to finish the project. So they need to get rehab to get a tenant in there and then get it, do a cash out refi with a fresh note against it.

but as long as you have a savvy investor who understands that timeline, And understands that,  you can actually take these and basically grab a free rental property until you get it rehabbed and get a tenant in it and then do a cash out refi and had a long-term buy and hold. So that's just the way for everybody to make sure that your buyer gets the deal and that you get paid faster.

A short sale will work as well. Okay. I appreciate it.

Jim Sullivan (Host/Coach): [00:36:39] Great job, Jim. We appreciate it, man. Keep it up. And I think people, we people often ask us, should I work the. The heirs or the attorneys. And we always say, yes, they're  the heirs are typically the now business, but the, but an heir is probably, or a personal representative is probably only going to have the experience once in their life.

A good probate attorney can turn into a career where the deals for you, so great job realizing that and taken advantage of. And man, thanks for the other so far. I think you're definitely in the running for wind of the week. Thank you, sir.  Hey. Jim and Jim to chime in on that really fast.

Bruce Hill (Coach): [00:37:13] what, I get this question all the time from our subscribers that they'll set an appointment up with an attorney and then they call me and say, I don't know what to say. How am I going to prove them that I'm an expert? And if you're not an expert yet, it doesn't mean that you don't have tremendous value.

When you go on those attorney appointments. When you have conversations, you just sit down and you tell them, look, I'm taking this meeting with you. And I don't want this to be a one-way street where I'm begging you for referrals and I'm not offering value.  of course I want referrals. I want business from you and you to, connect me with clients that have a need.

But ultimately what I want to know is what do I need to do to make your life easy? And instead of going in and assuming that, everything that they need exactly how to make their life easy, you just ask and they'll tell you, most of the time that answer is just take really good care of my clients and I'll be happy, but by walking in and making the statements, you want it to be two way street, where you provide as much or more value to them, then you get, it really sets you apart.

You don't even have to be the expert yet. You can work on that later. So if you're holding off on calling attorneys, I'd say don't hold off anymore. Just set meetings up, have conversations, tell them that you want to provide value and you don't want it to be a one-way street from them to you and say, what can I do to make your life and your client's life easier.

I am launching get five listings, right? Jim, go ahead, sir.

Jim Forsythe: [00:38:37] Another thing that we're doing. we're having each of the attorneys that we've met with so far are doing, videos for us. And of course, then we're going to take and post them on my ATL website. We're going to post them on all of our, partners, websites.

And, and of course we're telling the attorneys, if we're going to be, they can't advertise for themselves, we can advertise for them. And so we're going to be putting their videos in our.  email drip campaigns that we're sending to our probate leads. And of course, some of those are not going to have a probate attorney.

And so they may see an attorney on one of our, emails and they may wind up calling them. So we're offering that as a,  something that we can do for them. And so far, all three of the attorneys that we've talked to. Absolutely. We'd be glad to do a video for you. And, that's great. Good job, sir. Keep coming back.

Jim Sullivan (Host/Coach): [00:39:26] We appreciate all the input.  We got three more on the website and the queue we may get to everyone. Next up is, eight two, one three. You're up next.

Building A Strong Relationship With Fix and Flippers [00:39:34]Fed: [00:39:34] Hey guys. It's Fed. How are you? Hey, great Fed.

All right. so the question actually has to do, since we, I noticed, many people have been talking about flipping, so I have a, client who is a flipper and he actually asked me, he's Hey, since you're in the probate world, Why don't you see if we can get into one of those,  so that there's not as much competition now, this flipper actually does not have much if any experience flipping.

So he's asking me like, Hey, what do we need to look out for and all this stuff, and I'm not sure I'm going about it the right way. So what I've been doing, even when I searched for properties is let's say the property is, let's say a thousand square feet.  then I go look at what something double the size would be and how much it would sell for.

But I know that with zoom, you can always double square footage. What you guys have done suggestions on that because they said maybe I'm doing I'm overdoing.

Chad Corbett (Coach): [00:40:33] I think you need to connect them with a mentor.  and you want him to be, to be a serious buyer and a sustainable buyer. Then he needs to learn. He needs to learn a lot of people try flipping houses, very few people staying sustainable businesses in it.  and he needs to understand, different acquisition models.

like it's just, it's too much for you to do.  his job is to tell you what his strategy is. And how he values assets. Your job is to go find them for him. Your job is not to teach him a strategy and an go find them. so I would suggest that he go to a local REIA suggest that he finds a mentor.

Now the one thing you can do to help start creating some momentum for him is go into your MLS pull 24 months of data and short. Okay. search for LLC and the seller name field. And,  you're going to find a bunch of, there'll be rental properties and there'll be flipped, but just select the ones that look like they're, they're flipped and then export that like NLS detail sheet for each of them.

And then if you can find that the previous listing, so here, like here's what he paid for it. And the photos of it. Here's what he sold it for. And the photos of it. And you could maybe make him like a portfolio out of your MLS records of what everybody else has done and your marketplace in the last 24 months.

And that just get him juiced to go, Oh my gosh, I could take a house that looks like this and make it like that and make this much money.  but there's a lot to learn. There's a lot to learn. And I think it's outside of it's unreasonable for you to teach him everything.

Fed: [00:42:08] yeah. Cause I feel like all he came at me with is he said, look, I'm all cash.

Let's say I buy it. I'm just going to throw numbers out there. But he said, let's say. I buy something for a million, all gladly put 500 grand into it, but then I want to make, I want to net 500 grand, but sometimes what you're buying is let's, you're going to have to add square footage, at least in the areas that he wants to be in.

So then he says, we'll find out how much I'm going to be able to get. And realistically not being an architect contractor or whatever, I can get a rough idea, but I feel like I'm running comps like crazy. And, without even being a hundred percent sure. Cause I'm not sure just how much the zoning is going to allow me to add.

sometimes it's 40%, sometimes it's more, what town are you in? Los Angeles?  you have ginormous real estate investors association and everybody's spelling something like he should be able to connect with a mentor.

Chad Corbett (Coach): [00:43:05] What I would suggest is it sounds like, Hey, he's a, he's probably his biggest investment threat,  with that kind of money and no knowledge, he's likely to go by.

What I would speak to him if he were my client, I would say, listen, man, why don't I find you a seasoned investor? That's doing flips. We'll make you the lender and you can JV on the deal. So instead of taking an interest rate, you actually, you take a percentage of net profit, and I think I can get you 25% of net profit, but no promises.

I'll start the conversation. We'll meet. We'll have a drink. We'll talk about it. But if you have a buyer in your list, that is a seasoned flipper.  some of them, half of them are going to look at it as one. Hell no, I'm not going to change my train, my competition. But if you have a fix and flip investor who has an abundance mindset that.

Needs capital rather than paying for hard money loans and going through all that headache, they can just form a series, LLC, buy an asset together. He brings the capital, he gets to shadow them and watch the projects come together and learn from that investor. And then maybe he'll cut his teeth enough that he actually will know what to look for.

so that's the kind of service so that you can provide. I wouldn't, don't become his mentor unless you're charging that because he'll where he's gonna wear you out.

Fed: [00:44:24] Oh, he's been wearing me out. I feel definitely thank you for that advice. Cause that really does help. Yeah. So just be patient like the best deals are still to come, especially in LA.

Chad Corbett (Coach): [00:44:34] Like why don't you become a lender on a couple of deals and you can, that gives you your principal in the transaction. You have access to the house. You can go on material runs. You can. You can look at the contractor quotes, you can see the P and L like the way we booked this and the QuickBooks, because there are a lot of moving parts to flipping a house.

And the other thing that he's probably not aware of is how little of that money you get to keep compared to other strategies you get blistered on taxes. So the other question, if he were my client that I would ask is why do you want to flip out. And if it's  San Diego. Yeah. Anyways, another question I would ask him is why or why have you chosen the fix and flip strategy? And if it's because he thinks chip and Joanna Gaines are just the coolest damn people ever, I would challenge it on what are your investment goals?

What are your, what return do you demand? Because he's going to make more money. Over time as a buy and hold investor  and the shifting environment, he has way less risk. And in doing that, so you may be able to change his mind, turn him into a buy and hold investor. And then you just look at cap rates and gross rent multipliers, and the rehab becomes much easier and you can get him.

You can use that million dollars as a leverage paired with community bank financing, and he can buy a $10 million, or he can buy a $5 million portfolio with the money he has right now. But ultimately he'll make and keep a hell of a lot more money. So that's, my advice is ask him why, if he has sound reasons to be a fix and flip investors and get him over to a mentor.

Approaching Probate Attorneys Named As The Administrator [00:46:04]Jim Sullivan (Host/Coach): [00:46:04] Perfect. And we're going a little bit over time today, guys, Giovanni, you may be up probably going to be our last call of the day. What can we do for you?

Giovanni: [00:46:10] Hi guys, this is Giovanni San Diego, fairly new to, the probate scene. But I have a question and it's related to a couple of masterminds ago. Chad had mentioned, or one of you gentlemen mentioned about, when a, a case has, a PR as an attorney.

most likely 80% of those are. Assigned an attorney because no one has stepped up. So when making those calls to those attorney offices, and I also watched the, the John Fraker video, he had mentioned that, of course, this decline attorney,  privacy, do you have a recommendation of how to approach the gatekeeper and.

Chad Corbett (Coach): [00:46:44] Basically get in so that, the goal is set an appointment or to be able to get some information so that it can have a plan of attack on how to work that potential lead don't go after it at the lead level, go after at the referral relationship level. So you're not trying to get one deal. this is a public administrator or a fiduciary.

You're trying to get all of their deals for the rest of their career. So don't call and say, I'm calling about the state of John DOE and the house at one, two, three Walnut street, because that's what everybody else does you call and say something like, I didn't see Avani. I have a team of people right here in Roanoke to help families.

You've gone through probate and I keep seeing your, you guys pop up. And I think that what we do is perfectly complimentary. Like I have ideas of how I can help, attorney John Doe's scale his business, and I can actually Mark it for you. Where non-solicitation laws prevent you from doing that. You think he could have five minutes to talk?

And let that organic matter organic conversation about you supporting his small business. let that, let him ask, what is it that you do exactly. Then you talk about your full-blown service and then he'll connect the dots and it's okay. Once you're in rapport and you have good dialogue, it's geez.

Of all the cases you're working right now. there's gotta be something that you can dish off to me so I can help these families and you can handle more caseload. What would that be? Like? What can I help most of your, what do you think I can help most of your clients with? And then just got quiet.

And that will go to, Oh, what redundancy do I have that I don't get paid on it. This guy can get paid on, but the Jones estate I'll give him the Jones estate. So focus on the relationship, not the deal. Got it. All right. All right. Thank you guys. Another great call.  I want to challenge each of you as I always do.

Jim Sullivan (Host/Coach): [00:48:31] I want to thank you for being here. We had some great ideas. I have a feeling all of you should be picking up the phone and calling your attorneys, but take one thing.  w did inspired you on this call, go out and put it into practice and come back next Thursday and share the results with the group.

Be safe, be productive, and we will talk to you all the same time. Next Thursday. Take care of everyone.

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Probate Real Estate Live Coaching - Free Each Week - Episode 306

Six-Figure Deals, Handwritten Letter Automation, and The Best Tools For Scaling Your Real Estate Business | Probate Mastermind Podcast #306

Six-Figure Deals, Handwritten Letter Automation, and The Best Tools For Scaling Your Real Estate Business | Probate Mastermind Podcast #306

Probate Mastermind Episode #306 | Recorded Live on December 3rd, 2020.  

Join Us Live Every Thursday | Previous Episodes.

 

Episode Summary: 

In this episode of the Probate Mastermind Podcast:

  • Chad, Bruce, and Jim share their predictions for the 2021 housing market
  • Eddie discusses the A-Z of his recent six figure probate deal
  • The coaches discuss how to offer lock change services to win prospects
  • We cover which real estate CRMs and Virtual Assistant services are the best fit for your business
  • You’ll learn how to automate handwritten letters for follow ups  

***Most importantly, we hear more incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Call Re-cap:

 

Donate $100 of Ray Dalio's Money

Donate $100 of Ray Dalio's Money (1:18)

Chad shouts out Ray Dalio and his initiative to donate $100 to the charity of choice for 10,000 people.  Chad posted the link inside All The Leads Mastermind.

 

 

More Reasons To Take The Certified Probate Expert Course

More Reasons To Take The Certified Probate Expert Course (2:28 and 18:24 and 30:16)

Chad is redesigning Probate Mastery to deliver a better experience AND expand alumni benefits to a full fledged community with advanced weekly mastery coaching calls.

 

“But I'm going to try to expose you to a deeper level, to entity structure, asset protection,  and investment strategies that I use personally, and for the families that we serve.”


“I'm going to build a digital marketing component where you'll understand how to take the leads you already have and reach them in a multimedia campaign.”

 

 

Probate Real Estate Coaching With All The Leads summary

Probate Real Estate Coaching (4:20 and 25:09)

Bruce runs through the probate coaching options included with All The Leads Probate Leads as well as private options for coaching.

 

 

Eddie Lands a Probate Deal With A Six-Figure Spread

Eddie Lands a Probate Deal With A Six-Figure Spread (5:58)

Eddie discusses a deal he’s putting together involving a historic home that will net him a six figure spread when all is said and done.  He describes his follow-up and what worked in building rapport, providing options, and getting a procrastinating seller to become a motivated seller.

“I wrote him an appointment card, like you get at the dentist and I mailed it to him and I said, Hey, we're going to meet, I look forward to our appointment at 1130 on this day. He was there.”

“you bought a house with leadership and influence, not pressure”

 

 

I’m Closing A Probate Sale - But The Family Needs Help Outside of Real Estate!

I’m Closing A Probate Sale - But The Family Needs Help Outside of Real Estate! (11:55)

Scott listed and sold a house from his probate leads list - But the family needs help with so many other things. Scott wants to help, but they are outside of his area of expertise and it seems like their attorney hasn’t taken the lead on any of the issues the family needs to handle.  Scott doesn’t want to step on the attorneys toes - What’s the next move? Chad makes an important point about attorneys being trained in the legal profession, not in the business of running their own business. Chad provides some conversational language to build a stronger relationship with the attorney and ensure the family gets the help they need.

“Attorneys are small business owners who were not trained in small business, they were trained in the legal practice.”

“I hear a massive convergence story, for future conversations... By sharing the story of someone else, you get the person that you're talking to self identify as having some of those same potential problems.”

“You're doing the work. You may as well take credit for it. And if you slow down and step out of your comfort zone and capture these things and then repurpose them as a marketing strategy, but very discreetly as valuable content that goes out into your community.”

 

 

 

Real Estate CRMs: Podio, Salesforce, Custom - Which Is Best?

Real Estate CRMs: Podio, Salesforce, Custom - Which Is Best? (21:34)

Caller is interested in finding a CRM that will help him scale his business and accelerate growth.  The budget is there if the ROI is there. Chad discusses some differences between Salesforce, Podio, and custom platforms. Chad also discusses Sierra Interactive, the platform David Pannell customized and used to scale his real estate business.

“But the great thing about Podio is there are certain investors in certain realtors that actually sell everything they've done to customize it as a plugin for a few hundred bucks. And they probably spent, 20 to $50,000 to get it to that level.”

 

 

 

Real Estate Tips: Where To Hire a Virtual Assistant for Real Estate

Where To Hire a Virtual Assistant for Real Estate (26:32)

Caller is ready to hire a real estate assistant to handle administrative tasks while he focuses on dollar-productive activity. Like plenty of others, he wants to know where to look to find and hire real estate virtual assistants. Chad discusses Daniel Ramsey’s My Our Desk or Amy Ramsdale’s REVA Global.

 

 

 

Preview for Real Estate Advice: Handwritten Note Automation - WOW Your Real Estate Prospects

Handwritten Note Automation - WOW Your Real Estate Prospects (35:01)

Fed is evolving his follow-up and mail marketing game by sending out hand written notes to prospects AND real estate attorneys.  He sends direct mail, makes his cold calls, and ideally sends a handwritten letter to follow up after.  However, time is getting short.  He has created vector templates to speed up his follow-up note writing, but it’s still taking too long. What can he do? Can he hire a virtual assistant to handwrite his letters? Chad reminds him All The Leads offers handwritten letter automation - No more time wasted writing probate letters or any other real estate letter.


“when you're prospecting, you're going to use the shortcode function in the CRM. And when you, when one of those happen, you're going to put in the short code, send note card…..You can do it in under a minute.”

 

 

 

Preview for Real Estate Mastermind Segment: Changing Locks On Behalf Of Clients: Proof Of Permission

Changing Locks On Behalf Of Clients: Proof Of Permission (44:22)

Richard, Chad, and Bruce discuss some good storiesand not so good stories of changing locks on behalf of clients and prospects. Chad describes how to write letters that ensure a locksmith has permission and will be paid for their service.  Changing locks is an awesome way to win a visit to the property and get a foot in the door with prospects - Just make sure you have proof of the seller’s permission!

 

 

 

Preview for Real Estate Advice: 2021 Housing Market Projections

2021 Housing Market Projections (48:32)

The coaches discuss the state of the market, predictions, and where to find opportunities for great deals. Chad gives a brief projection on how inflation, false inventory reads, consumer behavior, and appointments like Janet Yelin will impact the real estate industry.


See More: Chad’s SHIFT HAPPENS Live Webinar Series: Finding Opportunities In The Coronavirus Landscape

 

 

Looking to hear prospecting tips in action? Check out our live role play series.

 

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Episode Transcript

Probate Mastermind Real Estate Podcast Episode #306

 

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

 

 

Jim Sullivan (Host/Coach): [00:00:33] Welcome phenomenal agents and investors nationwide today is Thursday, December 3rd 2020  and this is mastermind podcast, number 306. Hope y'all had a great Thanksgiving and, hope you're looking forward to the holidays. And you're also staying productive at this time when a lot of other agents and investors aren't working,  it occurred to us recently that.

A lot more of you are taking advantage of the podcast online format. And, many of you may not be coming to our calls. before we get started, I wanted to give, our two coaches an opportunity. Chad, would you share with everybody? I know there's changes coming to mastery. Would you let everybody know when mastery is and the changes and how they can get signed up for it?

Donate $100 of Ray Dalio's Money [00:01:18]Chad Corbett (Coach): [00:01:18] Sure. And I've got one of the things I'll lead with. I just posted. So Ray Dalio is someone that I look up to as a mentor. And I really, I learned a lot and drawing a lot of power and knowledge. He's only one of the most interesting campaigns that I've seen where he's donating a hundred dollars gift card to anyone who volunteers.

The first 10,000 people. And it's a really brilliant way for him to build his marketing lists of like-minded people, but also spread a million dollar donation around all over the world, by letting someone else choose the charity of choice up to three. So I extended that to you. Yeah. As I posted it in our Facebook group, all the leads mastermind.

There's really no strings attached. It's just a philanthropy campaign. If you go drop your name, email address, then you'll get an email with a code as long as you're one of the first 10,000. And I just vetted it out and shared it with you guys. So if you feel like if you're in the spirit of giving, and if you're not familiar with who Ray Dalio is, he's a great guy to follow for economic and social

research and he's one of the most successful hedge fund managers ever, but also a philanthropist.  so that's my spiel,  check out all the leads mastermind on Facebook, and you can find that link.  More Reasons To Take The Certified Probate Expert Course [00:02:28]Probate mastery is finally evolving into a masterclass, so I'd chosen to teach it live, because it's more fun for me that way I get to interact with you guys, but it's turned into.

Something bigger than me and people waiting around sometimes for weeks for me to actually teach the live class. So to be able to get you guys the full form of everything I can teach and to have instant delivery and to still have access to me, it's going to transition to a digital course. That's going to be much longer.

I, it's somewhere between 20 and 24 hours of content because I'm adding in a lot of the more advanced things that we. Sometimes talk about in the Q and a and sometimes comes up on these calls. So you'll have immediate access to the full course, the full curriculum. And then every week you'll have a, you'll have access to me in a live Q and a, mastery coaching call.

So it's a way for me to deliver more value faster to you.  It will be going up in price. we introduced it at 250 and I've just left it there, but,  I've got big visions for this and I'm going to give it everything I've got. the final pricing isn't decided, but, it will not be 250. So if you have been waiting to take mastery, this is the last class that we'll have at two 50.

And for all alumni. Joyce, if you're listening, I know you've been 40. This is month 41 for you consecutively.  you'll still have access. Anyone who's already had the course will have access to the course once it's open and you'll have access to the group coaching call. We start on Monday 3:00 PM and Tuesday and Wednesday at the same time.

So if you're, if you've been waiting to get in mastery, jump in and it's likely we'll out sell it. if we oversell it, just check your email that comes out here in a few minutes. I have a plan. If we do oversell the a hundred spots, I'll take care of you.

Jim Sullivan (Host/Coach): [00:04:12] Thank you, Chad and Bruce, you want to share real quick, give an overview of what you offer to our subscribers and to everyone out there.

Probate Real Estate Coaching [00:04:20]Bruce Hill (Coach): [00:04:20] Yep. Okay. basically we have two different coaching platforms that are available that are private coaching platforms. first off for any of our subscribers that have not taken advantage of a free coaching call, you can get that once a month, a 15 minute call. Basically we cover either strategy or accountability, give you an overview of your business and kinda drill in on some of those adjustments that you'd need to make to be successful. if you have been taking advantage of that, you'll probably notice that my calendar is starting to fill up. I do still have some openings available for private coaching.

So if you want more than 15 minutes a month,  what we have available is, anywhere from an hour. Of extra private coaching a month where we really dig deep, all the way up to, you could get, four hours a month of private coaching. We go really deep. It's much more granular than the 30,000 foot view that we give on the 15 minute call.

And, should really propel and push your businesses forward. So if you guys want to have a private conversation about what that would look like, what kind of costs there would be associated with, just jump on my calendar,  grab a 15 minute call. We'll go over that. And if we need to talk a little bit more, I'll give you another private link for that.

Perfect. And you don't offer a 24 hour program like they can just come live with you for the day. Chad does. No, sir.

Chad Corbett (Coach): [00:05:41] I'm picking up my new toy hauler, my new fifth wheel home tomorrow. So if anybody really wants it, I'll come to you.

Jim Sullivan (Host/Coach): [00:05:48] All right. Sounds good. All right. we got a full, cute guys. We got an eight in the queue. let's get started. First up this week is phone number ending in five, four 64. You're up first

Eddie Shares a Probate Deal With A Six-Figure Spread [00:05:58]Eddie V: [00:05:58] in Kansas city. How are you guys doing great Eddie? What's up.  just giving you an update on the, I've been talking with Bruce about this one for I think a month, but, I think the ink is still drying on this contract.

Chad has told me to send him the contract, in the mail.  I didn't do that. I was close to, sending in the mail and her price thing. Give me a call.  but we met over the house this morning and. He was like, I was like, Hey, I had texted him earlier. I was like, Hey, I still want to get together.

you want to get this house sold before the end of the year, let's get a purchase agreement signed. And he was like, yeah, but we still got to talk about price. So I was like, perfect. So we planned on today going by. And I had actually bought the house three doors down last year for 40,000.

So he said you bought that house for 40,000. We'll do this house for 40,000 too. Which works perfectly. I was prepared to go to 45 and, we sold the one, three doors down for two 10. Holy smoke though. That's incredible. How much did they put into it? We put one 10 in it.  but the one that we're buying is a nicer shape.

it has better, it's a historic home. It has better historic features like the Cedar shake siding and the stones in great shape and, the detail on the exteriors really fantastic.  so there's a lot of really cool things that the other house didn't have. So we're thinking this one will sell for around two 40, so pretty excited about it.

Any way you look at it, you have a six figure spread in this deal, right?  yeah, so yeah, it's a good deal. Congratulations

Jim Sullivan (Host/Coach): [00:07:29] Anybody to beat that for the, for the winner of the week. That's awesome.  so job, I've literally been working on it for a year. I'm telling people I'm not sure that's what I want to dig it.

Chad Corbett (Coach): [00:07:37] That's what I want to dig into. How many other investors do you think, or has he told you he's met with.  I don't think he's met with any,  he's probably been contacted by a lot because it looks like a vacant house, but I don't think he's contacted any of them. It was. So your first impression and your follow-up was that impactful that he's only been speaking to you about this for a year?

Eddie V: [00:07:57] Yeah, I went to his house. I just kept going to his house and knocking on the door because he lived, he lives like a block and a half away from this particular house. And he owns the rental across the street.  the neighbors knew who he was and told me where he lived. So I just went and knocked on his door.

Chad Corbett (Coach): [00:08:12] What else? service,  other than the convenience of a fast closing before the end of the year, when he procrastinated until the end of the year, other than that, what else did you have to do for them?

Eddie V: [00:08:22] We, there was a ton of like his brother lived there and there was a ton of stuff in the house.

So I called, I was like, Hey Ken, can you even tell what's going on in here? He was like, not really. So I was like, how about we just have a, the city does bulk item pickup. I was like, how can we do a bulk item pickup and haul all this big stuff that you don't, that just clouding what's going on out to the curb.

So I had a guy that works for me come over and haul out, old Michael has, his brother was like a tinkerer. He had a bunch of old microwaves and old stove and old refrigerator, a filing cabinet, a couch, an old TV, some old speakers and it just cleared out the house. So he was able to get a better view at what he wanted to eat.

And,  then he, I think that was just a big help for him. And. I think the service that I provided was just that I got the ball started. He's been, I think, grieving over his brother's loss for, three years. And the first time I went and saw him and he was like, I've got to get some stuff out of there.

Let's talk later. So then I went back a year. I went back multiple times, but I only got him a year later, nine months a year later. And. He was like, Oh, there's some stuff in there. I got to get it out. and I was like, so I didn't let that go. I was like, okay, how can I help you?

And then he put up another objection. I was like, all right, we can figure out an option. Do you want to, if you want to sell it on the market, but we need to go over there and take a look at it together and talk about it. And he really knew that I wasn't going to let him go by just blowing me off.

And so then we set up a time to meet. I wrote him an appointment card, like you get at the dentist and I mailed it to him and I said, Hey, we're going to meet, I look forward to our appointment at 1130 on this day. He was there. We met, we talked through it all. That's when we scheduled the bulk items thing, he gave me his phone number, so I didn't have to go to his house anymore.

Chad Corbett (Coach): [00:10:09] Cool. Here's what I hear, man. you bought a house with leadership and influence, not pressure.  You help them through the probate clicks and you ushered him through his, whatever emotional breakthrough that it took. Like you, you were persistent and knowing what was in his best interest and he gave you a price even lower than what you were willing to pay.

And I know I'm stating the obvious to you, but there's a lot of people listening that haven't done this yet. They haven't made six figures in a year, much less on a single deal. And I think what you've done is it's worth capturing. So thanks for elaborating on all that. And Eddie, I'm going to, I'm going to ask, how long do you think he would've let this go on if you'd not taken leadership a decade?

Eddie V: [00:10:51] yeah. I don't think  until he couldn't mow the lawn anymore. And the city got after him that much because the lawn was like the other thing I'm going to,

Bruce Hill (Coach): [00:11:00] the other thing I'm going to point out is, he named the price. Okay. And a lot of times we as investors and agents, people try to pin us down on things like price and get information from us on the phone before we've proven value and been able to meet with someone.

And, that's a mistake. So I think that you did a great job on getting him to naming the price, which was clearly inside of your budget. So that's a great job.

Eddie V: [00:11:26] Yeah. what I was going to do before he was going to throw it out, Chris Voss does give a range and I was going to give him a range and see if he could go in there.

And he, he just did that without me having to, but,  it, it worked out well. I'm pretty excited, that I got this again, so

Chad Corbett (Coach): [00:11:43] that's awesome, man. Thanks for sharing the story. You're welcome. Great story. Appreciate it. All right. we have four, four more in the queue. next up is phone number ending in two, four or five, zero.

You're up next I’m Closing A Probate Sale - But The Family Needs Help Outside of Real Estate! [00:11:55]

SLC Scott: [00:11:55] Hi how are you doing? Doing great. How about you? Great. This is Scott I'm in salt Lake city. I'm calling, I've got a couple of questions on the new probate mastery. Is there something that both I could go through as well as my assistant, while only paying for a once? Or do I need to pay for that twice to, in order to do that?

Chad Corbett (Coach): [00:12:11] It just depends on if you want her to be or the him or her to be certified as well. So the price is for the class and certification. Okay. Yeah, I think I would be the one that would be certified, but I want them involved in the content to learn as well, if that's okay. Okay. Yeah. you can share with your team.

SLC Scott: [00:12:28] The other question I had last question is I'm in the middle of a transaction. It was one of the leads that I got from you guys,  listed the house as a real estate agent sold the property. It's under contract in the settlement deadlines popping up. And I'm finding that these people have so many more problems than what I even knew, and they just don't have a clue how to navigate it.

They've got life insurance they haven't even pursued. They've got lawsuits that they need to file and go after other money. They've got so many things happening and I had a really good relationship of trust with them and it's just it's opening my eyes. what do I need to do to help them more?

But as a real estate agent, isn't you can only, I can only do so many things. And like question is, I feel like going and talking to the attorney, if at all possible. And I want to find out why an attorney wouldn't recommend they do certain things and where that attorney leaves off. How can we help people and serve people better?

Maybe you can give me a little insight as to what the attorney, a probate attorney specifically does.

Chad Corbett (Coach): [00:13:26] So you're a small business owner, right? Correct. You ever gotten in a slump, drop the ball. Couldn't keep up with all the inbound, everything that had to be done made a bad hire. You felt that she had to go right.

Everybody on this call has. And what most people fail to forget as attorneys are small business owners who were not trained in small business, they were trained in the legal practice. Law school is not designed to turn out good entrepreneurial attorneys. It's designed to turn out legal professionals. So understanding like B, just like with the person, the family is you need to be empathetic to that attorney's position and why they might not be providing the level of service that you or the family expect.

Now, I don't go in there with a negative judgmental mindset, go in there and say, how can I help you provide this higher level of service? Or can you push this off on the me and trust that I'm the right person to connect them with a registered investment advisors that will help them transition and, like trigger the transfer on best cause and receive the life insurance funds.

Okay. Get them to a litigation attorney who can follow the lawsuit that you referenced. If he's a probate attorney and he's already dropped on balls, you don't, he doesn't mean to be the litigation attorney. If this matter, you need it. You need a bulldog. So go get them that registered investment advisor, go get them a bulldog litigation attorney.

But I think you're absolutely right. You do need to go look at that attorney face to face and sit down and say, man, listen, I consider you a member of my team. I didn't know how much help these people needed. So I haven't called for this appointment, but I've learned some things lately. Like I'm going to help them close the real estate.

Then they need help with moving life insurance. then they need help with, with pursuing this litigation. So are you, I just wanted to make sure that I have your endorsement, that. That you're okay with me helping your clients connect with the right professionals that can get those jobs done for them as fast as possible.

And he's going to respect the hell out of that.

SLC Scott: [00:15:12] That's a great approach. I, my approach was going to be from a giving perspective. I want to give these people something and maybe find out how I can do that with him, knowing that he's the probate attorney and not having to step on his toes. So you're not, you're just helping him.

Okay. Okay. That sounds like a really good approach then I, and obviously that's the type of thing that would build a good relationship with that attorney and nobody else has Brene Brown. I'll bet you. Yeah. Yeah.

Chad Corbett (Coach): [00:15:36] And when he knows you're not trying to monetize that service, you get even more social credit.

Bruce Hill (Coach): [00:15:42] I think  that I hear when I hear that story is I hear a massive convergence story, for future conversations that you have with PRS is you get into a conversation and you say, do you mind if I, do you mind if I share a story with you? yeah, sure. Yeah. this is what I experienced with some other clients, Bob and Jane, true story.

They were working with such and such an attorney. And, we just weren't because of the attorney relationship and because they expected the attorney to handle everything, they ran into this and this problem that they didn't even know about. That's where I came in and helps them out.

And so by, and all of a sudden, by sharing the story of someone else, you get the person that you're talking to self identify as having some of those same potential problems. And it really builds massive credibility. So I'm going to encourage you to use this experience in your conversations from here on, and were you on the call yesterday?

SLC Scott: [00:16:35] I missed it. I was in a training, a class and I couldn't make it yesterday. No.

Chad Corbett (Coach): [00:16:40] Okay. So we talked about a completely different idea, but the idea was how to turn that into a turn those stories into content strategies. So how to use that story to create a one big piece of content and then little articles that kind of branch off of that to get your name out there.

And you can get years of mileage out of that story, if you document it. So you want written testimonials, you want video testimonials, you want to do a zoom interview with the attorney. You want to do a zoom interview with the litigation attorney. You're getting involved with the registered investment advisor.

Each of the family members, their kids, like any other kids that are over 18 years old and what the difference that equity and the life insurance and the asset equity like. Milk it for all it's worth like show that to the world. You're doing the work. You may as well take credit for it. And if you slow down and step out of your comfort zone and capture these things and then repurpose them as a marketing strategy, but very discreetly as valuable content that goes out into your community.

You'll put a flag in the sand that nobody will ever be able to take from you. And you will create a sellable asset, not some short-term revenue stream.

SLC Scott: [00:17:50] Cool. I like that. I like that a lot.

Jim Sullivan (Host/Coach): [00:17:52] All right work. That helps Scott. Anything else?

SLC Scott: [00:17:54] Yeah. Great job. Is that super helpful? I really appreciate it. I literally just walked out of their house before hopping on this call.

My next call is to the attorney and try to go and meet with them and get things going. So I appreciate it. Thank you guys.

Jim Sullivan (Host/Coach): [00:18:06] Thank you. reminds me of last week. I think we had, eight participants and six of them had great success stories. So these are my favorite calls. You guys tell me that, you know what you're doing and what we're teaching is working.

That's awesome. All right. next up is a hug. Thank you. Next up is so number ending in six, two, three, one. You're up next.

Marker [00:18:24]

Caller 1: [00:18:24] Hey, how are you guys, got a question for you when you switched to the new format and mastery, do we lose any of the archive mastery training? No, I'm going to put up a, I think the best class I ever taught was the October class.

Chad Corbett (Coach): [00:18:39] And I'm going to put that into a, kind of a memorialized last format where it'll remain as like the, unless I do a better job this month, we just had a really big crowd and we got into a lot more advanced topics in the Q and a was almost eight hours in that course.  Whether it's the course that I'm going to teach next week or that one I'll have that version available to you.

Forever all the recordings that you've gotten in the past will remain there on go to webinar server. So they'll you'll have access to those, but then there'll be that one version that's always available. So you can see what it used to be and how it got to where it is. Great.

and some of the new. Training 24 hours worth. That's a lot of training. Are you going to go into some of the subtleties of,  your sales mastery, how how I dig a lot more into psychology and really, even some neurology. But the bigger addition to it will be on how you structure your business, how to PR, how to structure assets, protect assets, build your own estate plans, contain liability.

Like I'm basically going to show you how I've built, what I've built and, minimize taxes, maximize value. And. Really protect everything. You've worked so hard for, because that's what I find myself. When people hit a certain level of success. That's where I feel like everyone has blind spots and then they come back to me and as we build our relationship and they scale this, I feel like I've left that out.

And from how to properly.  put firewalls in place. If you're doing brokerage and investing and private money lending and capital raising, and it, at a certain point, if you keep pushing it growing, you'll be doing all those things. And you'll just be one person. You don't have to be four different brands.

And then you choose which strategy and which entity, fits this person's situation best. So it's going to be some of the more advanced things that you wouldn't expect to get from just a probate course. Because as I've done this long enough, I realize like it's just something that nobody else, people don't seem to be learning that elsewhere.

So I'm going to give you advice and, ultimately it'll be you and your attorney or your CPA that chooses a structure for you, but I'm going to try to expose you to at a deeper level, to entity structure, asset protection,  and investment strategies that I use personally, and for the families that we serve.

and then. more psychology and neurology. and why I say more specifically why I say some of the things I do and how I say them. So that's some of the stuff that's being added in and best I can figure in my outlines. it's probably gonna be pushing 24 hours of total course content.

And it's probably should take you three to six months to actually implement if you hit it hard. And it would take three to six months to implement what I'm going to pack into the course, but it's all going to be one step built on top of another. So that doesn't matter if you pass the information part and you get your certification, then you can dig into the business structure and all the other stuff.

Real Estate CRMs: Podio, Salesforce, Custom - Which Is Best? [00:21:34]Caller 1: [00:21:34] Sounds great. I'm thank you for having our backs with that. Not a lot of people think of that night. I definitely am excited about that. That's for sure. As well as the, you're helping us with the psychology and the neurology and the bits and pieces and subtleties of sales mastery, which you really are a pro at my question is if you're.

If you're doing other things other than just the probate, and your CRM. Do you have any CRMs you recommend. Whether that's freedom, soft, real flow or REI Blackbook that, if someone wanted to have a bigger, more robust CRM and scale their business,  any suggestions,

Chad Corbett (Coach): [00:22:10] a really difficult question to I'll answer. I'll answer with a question. What is your level of tech savviness?

Caller 1: [00:22:15] Yeah, so throw out, the, the Podio, cause I that's two ways. That's too much that's I knew you have to be like a programmer almost. It seems. And if you think that's no, you don't. If you're really, and tech savvy,  it seems to me like you have to know a lot about different things or spend a lot of money just to hand it over to somebody to build that.

So yeah. My next question is what is your budget? It in my answer is just like anything in real estate, it's all a return on investment. if I'm going to spend five or $10,000 on marketing, but I'm going to get a giant ROI, we'll find the money to make that happen. Just as much as, a different street buying a single family home or a 300 unit complex.

If the numbers are there, one must find a way it's just a great deal.

Chad Corbett (Coach): [00:23:02] so there's a ton of there's obviously.  and there's a lot of consolidation happening in that space right now. Salesforce just announced their disposition or their acquisition and acquisition yesterday.  so there are literally dozens upon dozens that you can choose from.

It ultimately will come down to what are your business strategy? How fast will you outgrow?  a box solution.  Salesforce is super powerful, super expensive, and set up Is costly and takes time.  Podio is one of the simpler ones, not to disappoint you, but it is simpler. But the great thing about Podio is there are certain investors in certain realtors that actually sell everything they've done to customize it as a plugin for a few hundred bucks. And they probably spent, 20 to $50,000 to get it to that level. So there's Podio is probably the fastest because someone else has already done the work. You just need to find the version that best fits your strategy.

the most, one of the most powerful that's like the, that you could build on your own. That's simple and backed by really good support team. I really liked the tools that HubSpot is making.  if you're, stretching outside, if you've outgrown our CRM and you want to bring other strategies in HubSpot can be turned into a really cool marketing machine.

And it's very affordable at the beginning. And as you scale, you move up. The price scale, kind of like the MailChimp price model.  so I would encourage you to pick up the phone and talk to those guys. look for the people in your, in the other industries that you're working in or the other strategies you're using.

look for Podio plugins that I've already, someone else has already paid to build and perfect.  but as far as probate goes, all that said I've yet to see one that will handle the data we provide and manage your lists anywhere, close to what ours will without spending 25 to $30,000.  and Sierra interactive as the one that I've seen that took what we've done and built on it.

David Pannell is one of our subscribers and, very successful in this niche, but he's invested a considerable amount of money and time working with the, with their development team. So I wouldn't suggest it for almost anyone. he's just running at a much faster pace than most of us.

Caller 1: [00:25:09] Great. And the private coaching. I'm just new to this and I just signed up for the training next week. And I'm really excited about that, but I never, I knew it. I never knew about that free coaching call for 15 minutes. And w how do you get on that? And also one wanted to do the hour or four hours a month or whatever it is, what does that cost and how has that work?

Bruce Hill (Coach): [00:25:30] So first you want to tell them how to get started. So if you, if you're going to take the private coaching or the 15 minute free call, log into your portal.  when you click on the training dropdown, and then I believe that the link under training in the menu, so right in the menu training, and I believe the link says schedule a free coaching call and those are, 15 minute blocks.

And, to go into you more details on what you need out of kind of the private coaching, anywhere from an hour to four,  More or less,  essentially after that call you and I would probably just schedule or any of the other subscribers on this call that once that after the 15 minute call we'd schedule, another short call to just really dig into the needs of your business and, go over pricing and things there, because it's almost impossible to price that.

And so I really understand the needs of what someone, what someone truly needs. Sometimes it might just be a mastermind group with a couple of other people. Sometimes it might be a couple hours every other week just depends.

Where To Hire a Virtual Assistant for Real Estate [00:26:32] Caller 1: [00:26:32] All right. Cool. And do you guys presently recommend any VA services if you wanted to get some help,  just implementing all this stuff so that you're not totally, all on your own and overwhelmed, are you looking for full time?

full-time,  eventually, but probably don't have enough, unless you'd say to me a mic after you take this master, you're going to see you. You got more than enough than 40 hours, or you may say, 10 hours or 20 hours, I'm thinking I have a need for 10 to 20 hours. Right now,  okay.

That's perfect. I'll tell you this, if you're serious about what you learn in mastery, it'll take you 10 years to implement  at the highest level you can, all of the ideas that we talk about. So if you're committed to delegating, the one I would suggest is, my out desk and my friend Daniel Ramsey owns that.

we're not affiliated. It's just one of the companies that we like to support because we believe in what they're doing.  they pour their souls and other people,  they're Philippine based, but they have literally built schools and office buildings and created, an amazing culture around, remote work.

So you can schedule a free call. if you want ask for ask, if you could do it with Daniel Ramsey, there's a, we did a tips from the train or ask the expert series. If you go to the learning center on all the leads.com actually go to the search bar and just type in my Outdesk or Daniel Ramsey.

And it'll bring that up. But yeah, Daniel and I did an interview, I don't know, maybe a year ago where we talked about how that can work in your business and what their model is, but that's who I would suggest if you want the least. Growing pain.  because they came up in the real estate industry.

they know they are like, Daniel was a real estate investor. And like he knows the business we work in and he trains the people. So they know the business we work in. So that would be the path of least resistance. there's lots of other companies out there Riva,  another friend of mine, Amy Ramsdale.

owns a company called REVA R E V a and I think they're, they're Atlanta-based but they're going real estate investor, virtual assistance, and that's a good company backed by really good people so you can consider them. those are the two that just people that I personally know and trust that are there do-rus, not gurus.

So they've been in the trenches learned and then built those companies. Great. Do either of those, have VA's that are good with, the websites and the fit in, and whether it's pay-per-click or Facebook marketing ads or that's something I have to train them from scratch.  I think probably my Outdesk is going to be your best bet there.

they, they certainly do a lot more training and development of their employees. And what you'll find with my desk is you're not going to get you. Won't get assigned a VA, like you will an Uber driver. You're going to get, they will hand select and train and mentor a person based on your values and your business model.

Bruce Hill (Coach): [00:29:24] And that will be your full-time employee, or at least part-time employee. I think they start throughout. I think they start at 20 hours. Okay. Chad, I'll throw in. I've had five. my Outdesk VA's and, you also have, have input into who they assigned to you. So you get to interview them with my Outdesk before you actually hire them.

And then they go into a training program. So it's really good. And just in case any of them don't have. Do not have expertise in, let's say web development or social media or Google advertising, anything that you need just in case when you schedule that free call, I can go over a couple of the other options.

I would agree with Chad that my Outdesk is probably the best one that's out there.  so I'd lean toward them first, but if you can't find the specialty you're looking for, there are other offshore based VA programs.

Caller 1: [00:30:16] Awesome. And last question, Do you guys ever use the strategy where I hear some people are doing this where, with Facebook, advertising where you can get a list, whether it's the list from the probate, the probates from you guys or list of.

Probate attorneys or what have you, and somehow upload it to Facebook and went over those executors. All those probate attorneys are on Facebook. They're your, there's your ad popping in front of them. You know what you know, with, the property solutions, probate property solutions company, where we buy houses thing or whatever it is.

That's popping up there, especially if, you want to go that extra mile,

Chad Corbett (Coach): [00:30:57] I'll make your day. That's actually going to be part of the new mastery course. I'm going to build an, a digital marketing component where you'll understand how to take the lead you already have and reach them in a multimedia campaign.

So we've talked about it on these calls. If you use the search bar on the top, Of all the leads.com you can put in Facebook or custom audience, and you'll be able to hear two or three different calls where we've gone long form and explained how to do it. What I've found is very few people ever can get that implemented.

So that's going to be part of the marketing, how to modules, in the new version of mastery.

Caller 1: [00:31:32] That's great. And of course, in a perfect world with right trained VA's we already know a little bit about social media. You wouldn't, if someone were to not be able to themselves implement it, that's where you would say, Hey, here's some general stuff, but what I'm trying to do.

go do it or figure it out. Cause that's there, they can do that and they can make it happen. That's one of the reasons why, you know, I was bringing up the age cause I know that there's those strategies out there that I may not have the patience or I might have just too much add to get in front of the computer and just,  drive myself crazy and take the time to do it.

But I'd like to hire an outsource that's stuff. And yeah, I think that's great that you're, that you're going to it. You're going to teach that because I heard that's a pretty, a nice thing. And it's only mind you, if you're skip tracing the call or you're emailing them and they're not responding, but you really do want to know.

Be more effective and just throw one more thing into the mix to increase your you're. You're making that person recognize, Hey, maybe they might want to consider you do your service and get some more information.

Chad Corbett (Coach): [00:32:39] we talked about earlier, like the multimedia campaign and that's part of the marketing training that I feel like I've missed.

And it will include obviously the direct mail and phone calls that we always talk about that I think will always be important. But adding in. proper email marketing. how do you write proper subject lines? What is good copy versus bad copy. What's a standard to set for yourself and beat.

And then what you do on Facebook, on Google, on these different digital platforms. And how do you tie that all back together in the organic stuff that you're doing with attorneys and with nursing homes. And so it'll take them all of the marketing avenues and show you how it all ties together with what we were already teaching.

And most of us are already doing. But that's not going to happen. this coming up one that's somewhere down. Yeah. If I can drink enough coffee, I hope by January or sometime in January. It will be long.

Caller 1: [00:33:31] Very good. Thanks. Thanks so much. I appreciate it. God bless you guys.

Jim. You still there? Yeah, this is next up. I am here.

Navigating All The Leads' Probate Prospecting CRM. [00:33:37] Jim Sullivan (Host/Coach): [00:33:37] Next up is, nine two nine six.

Rich: [00:33:39] Yeah, this is Rich. Quick question. I'm new to ATL. I downloaded the CSV file and I was noticing from trying to distinguish between the deceased's name and the PR representative. I've got to go multiple fields and I've tried to use freeze frame, but, it freeze.

and, and I, either I'm not proficient, so whatever I've been going on YouTube, but they've got older models of Excel on there.

Chad Corbett (Coach): [00:34:02] Can you tell us what the purpose of doing it in a CSV versus a CRM? Why are you doing it that way? Oh, in other words,

Rich: [00:34:09] I just downloaded it because that's what I thought you was supposed to do.

it says now you want to download,

Chad Corbett (Coach): [00:34:13] when you log in, log into subscriber portal, you'll click on my probate leads and where you downloaded that it was showing up below that in the list view and, the CRM view. And you'll click on it, click on the PR name and then that will open the lead detail view.

So everything's right there in a easily usable format.

Rich: [00:34:32] Okay, so you can see the PRS name next to the deceased member's name. So you don't have to slide back and forth.

Chad Corbett (Coach): [00:34:38] Yes. And you can also customize your view. If you look, when you go into my probate leads, there's appeal button, a little square teal button.

If you click that, it'll allow you to hide or reveal additional columns and you can reorganize those to suit your needs. Okay.

Rich: [00:34:53] Thank you. I didn't know that. Thank you. All right. Excellent. Next up is phone number ending in eight, two one three. You're up next.

Handwritten Note Automation - WOW Your Real Estate Prospects [00:35:01] Fed: [00:35:01] Hey guys. How you doing?

Jim Sullivan (Host/Coach): [00:35:02] Good. Excellent, sir. How about you hall as well?

Fed: [00:35:05] Thank you. I have a question about attorneys then one that may actually, you guys may go back to my Outdesk, but I'm not sure. often when I cold call or lead generate whatever we wanna call it.  if I don't get a hold of a person, I usually leave them a voicemail.  but in addition to that, I try to, quote unquote, touch them,  in another way as well.

So I usually try to do a handwritten card,  so that then, I left him a voicemail plus handwritten card. Then I do the follow-up call that way. I'm constantly staying in front of them. What I did to become more efficient is. I hand wrote two versions of a card and had my digital guy put them in a vector form and fit it to a size where on an eight by 11 sheet, you can fit four cards.

So I put on nice paper stock, and then essentially yesterday I got a hundred. Version a hundred of each card,  printed for $30. So it saves a lot of times I'm not constantly handwriting unless it needs to be accustomed cart. however, I'm finding that when I do make my calls and then I want to send out the card by the time I'm done.

Doing the calls I'm so mentally tired and then just, drained with all the other stuff that we got going on, that when it comes time to actually have to prepare the envelope, have to put the address and all that stuff, I just don't really have the energy or desire to do it. Is that something that maybe my out desk could do as, or is that too little of a task?

I usually try to send out the ball every day.

Chad Corbett (Coach): [00:36:45] Wherever Brian Buffini might be in the world today. He has cold chills and he's not sure why.  if you haven't followed bluefin, you would, if you didn't get the joke, go look up Brian Buffini.  one of the best public speakers I've ever watched actually, but he's huge on the handwritten notes and the power of that.

so say so such a big thing and he built a career around it and a following. Yeah. So I commend you for what you're doing. It's a great idea. I want you to commit to stop doing it that way today. you've already done the work you've written the notes. you've got a system, somewhat systematized.

You're going to send an email to support@alltheleads.com. And you're going to say, guys, listen, I need to talk to someone about getting this into your system and uploading custom lists. Then when you're prospecting, you're going to use the shortcode function in the CRM. And when you, when one of those happen, you're going to put in the short code, send note card.

At the end of that prospecting session, or when you get all the way through that list, you're going to export that list, delete all of the ones that don't have that short code. And then you're going to upload that as a custom list. We're going to print the mom, got them, mail them, and you're never going to do this again.

Fed: [00:37:53] Oh, my God. It's life saver. All right, good. Thank you. I appreciate that a lot. A lot. A lot. Yeah. It may. It makes it much easier now. Cause I was just saying, all right, I have all these sheets of paper where I'm highlighting who it goes to, who it doesn't go to all that stuff, but then, but when it comes time to do it's just, it doesn't happen.

So then I'm like, why did I do all that for,  okay. You can do it in under a minute. The way I just told you. Yeah, I love it. I love it. I'm ops that starts two days. So thank you for that a hundred percent. the other question has to do with attorney, When, some of the leads that I'm calling the PR phone number under the PR happens to be the attorney's phone number.

And there's only that number at that point. Do you suggest still calling and perhaps going with the approach that you suggested to? I believe it was Scott where you're just asking the attorney for permission to give his or her client the right context to complete. the non legal aspects of the probate.

Cause I haven't been calling cause I just didn't know what approach that is. Usually it's usually a sign that person is a public administrator. So there either is no family to serve or the family as a strange than fighting. and the judge said, you guys take a sideline, we're going to appoint somebody else.

So that's usually the case. So the attorney, excuse me.  and in most cases, the attorney is the PR and that situation. And for them, it creates even more of a challenge because now they have all of the responsibility, not just 25% legal responsibility. So I will give you the same answer that I gave before you need to approach that person, small business owner to small business owner and yeah.

With empathy and understanding how much time it takes and how little money they make for doing that. Or even as they have to go build a team and, referral this out, like you already have the team built. They can literally just hand it to you. You're not asking for kickbacks. You're not trying to monetize every piece.

You just want to earn the real estate deal.  those are the, some of the most important attorney relationships because they are professionally, they're acting as professional fiduciaries in addition to their legal responsibility. And that comes up once a month, 10 times a month. you never know how many they're doing each month.

Oh yeah. Perfect. Awesome. Yeah. Okay. I just didn't know how to contact them, but now I'll put that into action today. Then it looks like I got some attorneys to call.

Awesome. Thank you, buddy. Two more in the queue. That should take us nicely up to the top of the hour.

Richard C: [00:40:18] Next up is phone number ending in five four, two eight. You're up next? Oh, this is Richard Curtis. I'm new.  I have one or two questions I sent Chad, I'd sent you a, I was on the call yesterday, but I sent a,  an email over to you, Chad, to see if I started your recorded mastery.

can I still participate in the one,  starting Monday. Yeah, absolutely. you'll be registered. you'll get an email confirmation whenever we get everybody registered manually. Okay. Second, thing. This has been a great call and I love all the, I can appreciate the idea that it's going to take me 10 years to get everything implemented.

Chad Corbett (Coach): [00:40:55] I'm going to go back and hit a stride of seven figures of income in one year, with what we're talking about. To really master it, you can take a decade. I don't want to intimidate people and make everyone think it's going to be 10 years to a paycheck. That's really not the case. No, I hadn't.

Richard C: [00:41:09] And I'm not saying that, but it's amazing. Some of the stuff you talk about, but I wanted to drill down a little bit more on that note card idea. I have listened to before me, but I've never been good at implementing. I salute that the previous caller I've never been good at implementing that.  but if I can, if there's a simple way to do that, can you walk us through again?

What we would have to do on the, my leads, a website to make that, or set that up for us this way right now is we include so several pieces of this longer call.

Chad Corbett (Coach): [00:41:41] if you look, there's a teal button that you can click, and that shows you all the available columns and my probate leads.

So you can customize your view. Yeah. If you click on that teal button and then click on short code or code, I think it might be shortened.  then that's going to put that in your list view. Then when you click into a lead detail view on the very first tab, there's an input for short code. So when you talk to somebody or don't talk to somebody and that, and they become somebody, you want to send a note card to just put in note card and the short code field, and then save.

And then when you go back out to the list view, you'll be able to click that short code column and it will sort either ascending or descending. And then you can export that list, the delete, all of the ones that don't have a short code, and then you can go to mailbox motivator. Order mailing campaign upload custom list.

And then you can, we can help you produce your postcard and then you upload that as your mailing piece. So you place a custom mail order versus an automated mail order, but it should take you less than a minute to do the export and place the order. Once you have that system in place.

And we have handwritten fonts of many different kinds and many different colors, we can make it look and feel any way you want.  just, I would say that for the very first one, let's get your mail piece designed and get it on file and then it will be a lot more automated and will take you very little time to do excellent.

No, that'll have the same kind of cost as sending out the letters. I'm assuming.  I'm not positive. It depends on what mail piece you're sending, but it should be less expensive because you're going to be sending a note card, which is, and it could even be a postcard, which is considerably less expensive.

But I would imagine you would probably send it in an invitation envelope, like the smaller note card envelopes. So the cost should be less than the 8x8 envelope. Okay. Thank you very much. All right. And I don't know. I don't know if Tim has a microphone, if you know that costs. I'm not sure if Tim can talk right now, If you send it out as a postcard, without putting in an envelope, it's obviously less expensive.  and we'll work with you to get anything done that you want to do. And I guess I'll also say this, that at any point, anything that you want to, we put out a lot of letters every month.

We put out letters all month long. not just the ones that we do, the normal standard probate letter, but people send out specific kinds of letters.

They want to go do we literally do thousands of mailings a month that aren't part of this, any kind of mailing that you're doing. even if you're doing mailing for the other parts of your business, we'll do anything that you need to go do. And you can upload custom lists.

And, we help you with skip trace and all the rest of the pieces that you need to work with. So just let us know what you want to do, and we'll be happy to work with you. And we've got people who are standing by all day long, working with our customers to get out what you,

Changing Locks On Behalf Of Clients: Proof Of Permission [00:44:22]Richard C: [00:44:22] Richard. Yeah, you're going to Richard. Go ahead. One other quick question from yesterday, in the call, the roll call, call yesterday, you had talked about, I think it was Chad that was talking about it, but he talked about a, an agreement,  that you would use between the PR that you could then turn around and use for your locksmith.

Do you have anything written up like that we could use as a format to I don't really have one. I used to have people just send me an email saying that I had their permission to access the property in case the police ever came. And Bruce and I have laughed about this before. I have literally been standing, drilling the lock out of a house when a police officer goes by and they didn't bother to stop, but I always thought, man, I want something on my phone in case instead of going to jail, I can say no.

Chad Corbett (Coach): [00:45:07] The seller told me I could do this, but I was shocked the first time it happened, it was like 10 degrees. And I'm out there freezing my butt off, drilling a lock, and he just drove by and waved that man. I'm like, what in the world? But what I suggested was I've been stopped. By the police. So this is very powerful.

Bruce Hill (Coach): [00:45:24] Chad, dodged a bullet. I didn't Dodge the bullet when I was drilling a lockout. So go ahead. Yeah, don't look online for Bruce Hill. We don't want you guys to see in the mugshots.

Anyway, I'm scheduled to talk to Bruce tomorrow. Maybe I'll have him email me something if he's got something. So whatever it is, it was his post-prison letter.

Um,

Chad Corbett (Coach): [00:45:46] but it doesn't have to be overly formal. It's really just for permission,  just for them to show their intent for you to actually do that.

And the other part of that suggestion yesterday was they said the contractor didn't want to do the work, because he wasn't sure he was going to get paid. So there would be two parts to that letter one is permission to access the property. Two is an intent. Pay for a certain lock set. I would actually use the skew number so that they you're specifically defining which lock set is to be used and what price will be paid upon completion of the work.

And also that a photo sent to a certain number or a certain email address will be what's required for payment. And if you, I would put check boxes in there for permission to put LA, I agree to put lockbox on agree to mail keys to this address.  you can make a customized form that fits your specific need, but the really the two points are to make the contractor comfortable that they're going to get paid and they know what the scope of work is.

And to protect your assets of, if you get caught drilling the lock yourself. Or if the contractor gets caught.

Jim Sullivan (Host/Coach): [00:46:52] All right. Thank you, Richard. Appreciate it. last up this week is phone number ending in seven, four to eight. You're up.

2021 Housing Market Projections. [00:46:59] Okay. You guys, I was just going to ask a more general question and, I'm not sure if you can beginning or not, but what your, thoughts are for the next three, six, 12 months,  market wise.

We better. Let somebody else answer that one. Okay. Let's just get this like that. Do you want a 24 hour answer or do you want a brief one? I'm just kidding. I'm just kidding. I agree. That's a better question. Oh gosh.  if I had a crystal ball, I would have sold all my property in 2007 and I didn't. I don't even know.

I don't want to even attempt to answer that. I do know that there's going to be opportunity to matter what happens. there always is. Does anybody else have a short answer to that or no?  I don't know. I don't know the short answer. But Bruce does offset. Yeah. The short answer. I'll go shorter than Chad would.

Bruce Hill (Coach): [00:47:42] when I see, the debate on what the market's going to do, all I see is everyone. Every everyone comment and says everywhere else, but it's not going to crash here. And that's all over the country from every city. It's not going to crash here. It's not going to crash here.  inevitably, we've got tons of shadow inventory and we don't know if there's going to be forgiveness and forbearances that are offered.

If there are not, the market certainly going to slow down. Are we, healthy enough to avoid foreclosures as a country? Probably. We're probably healthy enough to avoid a massive wave of foreclosures, but there are, Chad probably knows the numbers a little better than I do. There are huge numbers of people who are behind on their mortgages that are gonna need to sell before their equity goes away.

So there's going to be some pretty substantial opportunities to get deals on properties, even if it's not the foreclosure side. Yep. said in short, Chad, you want to take a short stab at it?

Chad Corbett (Coach): [00:48:39] We're in overtime. I will say, we talked about this a lot in shift happens back in March.

And I will say that I've been very surprised that the measures that have that we've been so willing to take so quickly from the federal reserve and treasury. So it did kick out my predictions 12 to 18 months. we were 6.6 million housing units short, according to the numbers coming into this, but we also had far more people coming into this that could qualify for a mortgage than we do.

Now. I think rental demand is going to go through the roof. I think rents are going to have to soften, even though the demand is going up. Cause the average American is currently paying 35% of their gross income on rent. And one in four are paying more than half of their gross income. So with the pressure, especially in class a multi-family, you're going to see massive competition.

If you're a landlord, you're going to have to step up, there, because you're going to, there's going to be some downward pressure on rents across the board.  From the political side and I don't really want to make this a political call, but we all know who John Janet Yellen is and who she was in the last crisis.

And my perception of why she's being appointed the treasury is because that is a workaround because the Democrats aren't controlling the Senate. And it seems to me, the chess board is being set up in such a way that we can almost do unlimited quantitative easing. And take federal measures from the treasury and from the fed, which could kick this can way further down the road.

So the correction that everybody's waiting for in March or April is very likely, not even might not even happen. If you look at the amount of debt the fed has put on their balance sheets since 2008, it's 30, I think $36.8 trillion has gone over there.  we have that, so we can't pay off and we're still doing it.

I wouldn't be surprised if you see the fed actually move defaulted, mortgage debt onto their balance sheet to avoid a worst housing crisis than we've already created. And if that's the case that will support prices, but at some point the hangover's going to be even worse. So it's hard to tell. I don't think we'll get we're in a deflationary we're in a stagflationary economy right now.

So I think not much is going to change in the short term and the longterm. You're going to see massive inflation and you want to own as many pieces of real estate as possible because the money we're printing we'll pay that off for you. And if not, you'll be left behind. So I think you've got some more time to make hay while the sun shines.

And I don't believe that these evaluations are real. I think our inventory levels are falsely low because of people's comfort level. And they don't want to move during a pandemic, but at some point, and it might be six months. It might be two years. At some point, you're going to see the inventory shift and flood the market.

So some of it's going to be distressed. Some of it are going to be equity sales. Some of it are just going to be people trying to get the hell out of cities and then the suburbs. We already see some of that, but it's a game of hurry up and wait right now. I think the policies that are, we're going to see in Q1 and Q2, are going to give us a lot more clarity on what we can expect.

But for right now, I would say, stay the course and make hay while the sun shines.

Jim Sullivan (Host/Coach): [00:51:38] Yup. Yup. Well said and brief. Thank you. We do have a few people in the queue, guys. I'm apologize. We can't get to everybody this week. If there's anything urgent you need us for just reach out directly right after the call. And I want to end this, like I always do.

I want to thank each of you for being here, particularly. Thank those who participated. I want to congratulate the ones that had. Some wins. We'll have to pick the best one and we'll let you know. And I want to challenge each of you. Take one thought, one thing, one idea that inspired you on this call. Go out and put it into practice.

And please come back next Thursday and share your results with the group. Stay healthy, stay productive. Have a great week. And we'll talk to you. Same time. Next Thursday. Take care.

 

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Preview for Probate Mastermind Podcast: Role Play Episode 61

Probate Real Estate Scripts | Agents, Investors, and Wholesalers Role Play LIVE | Ep. 61

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Real Estate Scripts Role Play Training #61 

Recorded Live on December 2nd, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Role Play Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

 

 

Thanks for tuning in, and don’t forget to subscribe  above for new episodes and more!

 

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Get Certified in Probate Real Estate

 

Call Re-cap:

 

Preview for episode segment: How to close on the first cold call

How To Close On The First Contact (3:07)

Kathy is having trouble closing calls out cold calls with an appointment set on the first go around.  She role plays with Chad.

Notable Quotes:

  • “You have maybe, maybe a 10 to 22nd window to create so much curiosity. (7:49)”
  • “You stirred up fear about securing the asset, changing the lock. But you didn't directly offer a solution, stirred up fear about the insurance and you kept him engaged, but you didn't directly offer a solution. Had you done that…. You would have had a reason to be there this afternoon (12:31)
  • “I would encourage you to make a list, to two columns. One, what problems do they have? Two: What solution can not provide...That exercise will it'll force you to really think about. Empathetically all of the problems that you could uncover in this conversation. And it will also force you to know, like specifically what your action item is when somebody has that problem.(13:42)
  • “‘And it's an assumptive close. I'm not asking, I'm sorry. You need to do this. Your, your attorney did not address this with you, but I am’....I'm assuming that I'm going to that house in the next 24 hours. (16:43)"

 

 

No More Follow-Ups: Get Your Prospects to Call YOU (20:30)

Federico is evolving his prospecting skills and breaking barriers with probate leads who say they don’t need anything right now.  Federico and the coaches mastermind how to make sure a lead doesn’t forget you and isn’t too embarrassed to admit they need you when they realize you were right. 

Notable Quotes:

  • “We send you a copy of your own letters so you actually know when they arrive in your market… We find that it usually the letter warms up your phone call because it's very different.  And they're like, ‘Oh yeah, I remember your letter. It was, it was the only one that didn't say we buy houses or, you know, we're the best damn realtor in the world!’ - it stands out. (24:41)“ 
  • “Paint that picture, that ‘there's a good chance you're you got a lot to learn here and there's a good chance you're going to need help and I'll be here waiting when you're, when you need it.’ ….Plant that seed and get permission to follow up,  and truly nine and a 10 of them will find something that they would rather you deal with and have them deal with themselves. (28:07)”
  • “A lot of folks, they do underestimate what it's going to take and they do procrastinate for the first month or two or three. And then the pressure sets in on them. And the embarrassment sets in. And a lot of times they won't call people back who they've shut down because they feel embarrassed to do that….So just create a safe space for you to call him or him to call you and say, listen, you don't ever have to be embarrassed. I get it. I hope that you can do this on your own and it's assemble your thinking. But I, I, I've seen a lot of families underestimate it and we're always, we've always got your back. (28:57)”
  • “The next call that I had was a lady who told me that her attorney dropped them.
  • She's the PR and she said, ‘the attorney just disappeared and won't take the case.  there. So I'm now handling everything by myself.’ (30:11)”
  • “We're painting the picture. We're painting the picture of a vertically integrated solution - One phone call, everything dealt with.(31:59)”

 

Preview for episode segment: Prospecting probate leads for virtual wholesaling and investingProspecting Tips For Virtual Wholesalers/Investors (34:31)

Mike works multiple markets virtually and wants to know: “How do you suggest we distinguish ourselves considering that it's somewhat difficult to get to the property in person?” Mike sets up a role play scenario where the lead is hesitant to work with an investor.

Notable Quote:

  • “But what I was doing was, was staying away from a very raw subject for them. They, the, you were, you know, you were showing me that you're perceiving me as just another guy that's trying to take advantage of you. So in that scenario, I'm going to stay the hell away from the real estate conversation. All I need to know, and all I care about is there is real estate. Now I know statistically there's about a 90% chance you're going to sell that real estate. So now my only focus is how do I get that? (40:42)“

 

Preview for real estate podcast segment: USP, sales propositions, and why altruism is the best differentiatorAltruism Is the Best Differentiator In A Selfish Industry (41:09)

Mike #2 and Chad hone in on the best USP you can have in real estate.

Notable Quotes:

  • “So I would, I would explain myself as a social, social entrepreneur. So we have multiple businesses. (47:38)”
  • “Altruism is the best differentiator in a selfish industry, and that summarizes everything we talk about here. (53:44)”
  • “That's the proof that they need, that this is a separate, this is a different, unique individual. (55:13)”
  • “Chad, you just built my whole business in this five minute conversation (1:03:30)”

 

Related Resources For Probate Cold Calling Scripts:

 

Looking to hear prospecting tips in action? Check out our live role play series.

 

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Episode Transcript

Cold Call Training for Probate Real Estate - Role Play #61

 

A.I. Narration: Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group " All The Leads Mastermind"   to find role play partners and more.  For previous episodes, visit AllTheLeads.com/podcast

 

 

[00:00:34]Jim Sullivan (Host): Welcome amazing investors and agents nationwide today is Wednesday, December 2nd, 2020. And this is role-play podcast number 61. And I just want to give you all a quick shout out and a reminder. Bruce, Chad and I are on all these calls. If you guys ever need any advanced help, Chad offers a weekly, mastery call, which is credible amount of content for a very low price.

[00:01:03]I think we're up to about 16 or 17 hours most months. And Bruce also offers, Bruce is a very experienced coach, not only in probate, but in really all aspects of, of real estate, both as an investor and a realtor. So. Feel free to take advantage of that. Just reach out to us, support@alltheleads.com or you can contact either one of them directly on our website and, take advantage of everything we have to offer.

[00:01:28] Also, if you're a subscriber. You are entitled to a free coaching call from Bruce. So make sure you reach out for that also. So I just thought I would start with that commercial and, we only have two people in the queue guys. don't be bashful it, star six and hit one. Bruce, Chad, anything you want to say before we get started?

[00:01:45]Bruce Hill (Coach): No, I'm good. I'm ready to get going.

[00:01:47] Jim Sullivan (Host): Chad, anything you want to add?

[00:01:48] Chad Corbett (Coach): So mastery has been scheduled. I wasn't able to get the November class. So for anyone who's waiting on me, I'm sorry, but, probably mastery the last live class that will be taught, mastery is actually going to.

[00:02:00]It's getting turned into a masterclass finally.  So this is the last chance to take the course for $250. it'll be taught Monday, Tuesday, Wednesday, the seventh, eighth, ninth, I believe from 3:00 PM Eastern until we're finished. And as Jim said, they seem to be getting longer and longer. So we there's about seven.

[00:02:17] Hours of actual instruction and usually about nine hours of kind of freestyle coaching and Q and a. So,  and that comes with the national certification. So if you're interested in becoming a CPE and you sign up for this class, whenever we do have the new full masterclass version, you'll actually have access to that member website, because you're an alumni.

[00:02:36] So it's, some things are changing is to provide a higher level of service and education to you guys going into the new year. So this will be the last traditional mastery, and then we'll move toward the new platform.

[00:02:48] Jim Sullivan (Host): And just to warn you all, when Chad said, till we're finished, Chad only sleeps three hours a night.

[00:02:53] So you guys be ready. The good news is it's recorded at, you could always relisten to it over and over again. All right, well, let's go to our first caller this week. His phone number ending in three zero four zero. You're up first.

[00:03:07]

 

How To Close On The First Contact

 

Role Play 1: Hi, good afternoon.  I, just to let you know, I just recently looked at the video regarding, talking to an attorney and I happened to run into a, a lady who her daughter was a probate attorney.

[00:03:20] So, I ended up making an appointment with her and we had a discussion. So I did get one attorney to work with me. It looks good. So thank you for the video. Okay. My question is, is that I send letters out to my, my clients, the first letter, and now I try to get ahold of them. And you've told this for me before.

[00:03:39] So most of the time they don't pick up the phone.  My question is when they do pick up the phone and I kind of, you know, give them my spiel. I think I I'm lacking in trying to close because it is the first contact. And I feel that maybe I shouldn't be closing at that time, I guess, in the back of my mind, because they don't have that letter testamentary.

[00:03:59] So can you give me some guidance on how are you in Texas? And is there a backlog? Is there a backlog in your court system? Is that why they're they usually don't have the letters because normally it's very rare and be pre COVID, especially, but it's very rare that we make contact with them and they're not confirmed.

[00:04:17] They don't have the authority and in most cases. So I just, I want to make sure that your assumption is based on reality. Like is, are you seeing that, that they actually don't have it or is that an assumption? I know, I really don't see it as they're having it the first month. What I'm seeing is that they may have next month, but there was a big deck logs this summer.

[00:04:37] Cause we were waiting four months before they got it. Let her test the mentor. Yeah. So that's kind of changed changes recently in September. And if it's getting faster and faster, okay. So I would still challenge you to just, you know, find a way like don't, don't be hesitant to call because you don't have a reason to go over there and build a relationship with these people.

[00:04:58] I don't want you to have that mindset because if your mindset is I'm going to find a way to help these people with whatever I can right now, and maybe that's property preservation. Maybe that's property maintenance, maybe that's staging and sorting through the, the personal property to arrange for a sale.

[00:05:14] There's a lot of things that you can do proactively to really shorten that cycle.  so that's the, that's the mindset I want you to have when you, when you pick up the phone is I will find a way. And, reasons to meet them face to face. And then you'll be, you'll you'll know when the close, but it sounded like you wanted to kind of go through your, as you call it your spiel.

[00:05:33]so if you want to role play that, would you rather do it with me, Bruce or Jim? Well, let me keep my paperwork. It doesn't make any difference who I do it with. So. Well, you better, don't bruise if you're using a script. Cause I'll get my ruler out.

[00:05:45]I guess I haven't written down. So I have many, many pages of what I want to say. I keep changing it all the time. So, okay. If you're ready, I'll go ahead and. Ready and, and we'll, I'll, I'll give you a little bit of back and forth. I won't be too hard on you, but I'll give you a little bit of back and forth just to give you something to handle.

[00:06:04]so go ahead, go ahead and start. You start with a ring ring. I say, hi, my name is Kathy. And the reason I'm calling you is because I've been sending you letters regarding the probate case that you filed. Recently. You may remember receiving them. You may not. Well, let me explain what I'm calling about. I am a certified probate real estate specialist, and I have received some additional training in probate procedures and knows how a court confirmation process probate sale works.

[00:06:30] having helped many executives like yourself, understand that managing the details I'm going to state for a family member or friend who passed, passed on can be a challenging responsibility. I will be be with you every seventh way, helping you with the sale of your loved ones property, which means I will help you select the best providers they can help you get the personal property shortage, handyman tests, the state liquidators, et cetera, all the way to closing the property.

[00:06:57] so tell me, have you had a chance to go through the property yet? And then they'll answer and we'll end here. They hung up 90 seconds ago. Second paragraph. Yes. So here's what I want you to do. And I want to hear this on like, hold it up to the microphone, crumble that up and throw it in the floor. Oh, really?

[00:07:13]I'm on a carpet slower. You won't hear it. Okay. As long as, as long as it's out of your reach, if you, if you're face to face, I don't believe that you think you would never do that face to face what'd you know? Right. So this is, this is about being you, you know, all the points you like as far as a written statement, it was excellent, but it's not going to serve you on the phone.

[00:07:35]So now call Bruce and let those points come out in an organic conversation. The one thing that you, you shut him out for 90 seconds or more, and that's the opposite of engagement you have. I have to get to engagement quickly. You have maybe, maybe a 10 to 22nd window to create so much curiosity.

[00:07:54] They can't wait to hear what you have to say next. So take a deep breath. Think about what your most pertinent point is and the, the, a good question. You can ask him within the first 10 seconds and call him again. And, and, and, and before you do that, I want you to, give me a summary. If I asked you where we're meeting, just in the grocery store.

[00:08:14] And I say, what do you do with regard to probate? Give me, give me like a 10 word summary of what you do.

[00:08:20]Okay. Well, I help people going through probate to be get organized,  with things that need to be done. There are certain steps that you must spell according to the courts. And I know those steps. And the biggest problem is the personal property getting sorted through. So are you looking for someone that is working in probate?

[00:08:39] maybe, maybe I don't. I don't know why. Well, no, don't say no, I don't talk. I don't know why. I don't know what, I don't know what I don't know. So we just started the process recently.

[00:08:50]Okay. well, tell me, what are some of the issues you may be made me looking at? Oh, well, we've got, we've, like I said, we just started and we've got to get over and,  get the, get the, windows. One of the windows is rotten and just kinda start taking, cleaning up the property. But honestly, honestly, most of it's just doing this bank account stuff.

[00:09:10]Oh, okay. Well, there aren't, there are some steps that you can do now. you may not be aware of it. The biggest thing is,  you need to, first of all, change the locks and the property.  you have no idea how many homes had been broken into, or they have found squatters in the home.  so you do want to avoid that.

[00:09:27]And the other thing you can do is that you need to contact your homeowners insurance,  defined out if they are going to cover a vacant home, because most of them do not cover vacant homes. Okay. And heaven forbid that something does happen and, and then you can't get coverage. Now, if you don't have an outlet for that, I do have a resource that someone that I could refer you to that does can handle a vacant home.

[00:09:51]Is that something you may be looking into?  maybe, but I think our insurance probably has, has vacant. I, I think we're covered. Yeah. But I, if I were you, I would just to make the call anyway. I mean, you don't want something to happen at home and then not be covered. Right.  yeah. Yeah. Right. Definitely want to be covered.

[00:10:09]Okay. And if you need any help, let me know.  the, the other thing that you could be doing right now is that you need to go in and just see what personal property there is. Okay. Just, just you as executor. You also want to find out, Are there any valuables in the home that maybe need to be appraised and set those aside?

[00:10:28] you need to go in and of course, you know, find the paperwork, the will,  also, debts that the decedent had,  insurance policy. Yeah. Our attorney, our attorney told us to get all that. Are you, are you familiar? No, I'm not, no, I'm not, but I do. I do everything. We're just, non-legal the attorney does all the legal stuff.

[00:10:49] I do all the tests, which is a pretty long list of, of non-legal items. And that's basically getting the house cleaned out, get the, the items distributed to the beneficiaries and closing. Hmm. How much do you charge for that? Well, bottom online is. Up front, my services are, are, are free. And, I would think at the end,  you do have a rental property that you may be selling it and that's the way I get paid.

[00:11:14]So is that something that maybe you're looking at to sell? we haven't decided yet. it's pretty, pretty early. I got to talk to my brother and sister about that before we decide. Right at MOC and secretaries do have to do that. So.

[00:11:26]Okay. Well, what I could do is, you know, I can come over and, and we can look at the property and maybe give you some guidelines as to what steps to take in order to get probate. Rolling. I do have some time on Wednesday. At, let's say five o'clock, and we could meet at the property. Would that be good?

[00:11:42]This week is kinda bad. I don't open up again for a couple extra a couple of weeks. Oh, okay.  all right. you want me in three weeks on a Thursday?  yeah, that should, that should work. So it's the 17th. That would be great. Five o'clock at the home. What are we meeting for?  so I'm going tomorrow.

[00:11:58] I'll look at the property. I'm going to see kind of a review, what it is in the home. And I'm going to sit down with you and work out a plan of what things you need to do. Okay. All right. That that's helpful. Okay. Thank you very much and I'll see you in three weeks. Okay. All right. Thank you. All right.

[00:12:13] Thank you. Goodbye. So I was very critical of your script. I want to say that it was natural and you, you, you have good tone, but you missed several opportunities, several slow pitches, and you actually created the setup. You created the setup for most of them, but you didn't close the loop on it. Okay. You stirred up fear about securing the asset, changing the lock.

[00:12:36] But you didn't directly offer a solution, stirred up fear about the insurance and you kept him engaged, but you didn't directly offer a solution. You were wishing away and left them. And, you left them wide open procrastinate, and have full exposure on the most valuable asset. And you. State how so I would love, I want you to go back and listen to your recording and watch how you set up, and then you didn't close on your own setups and they're just little tactics that you're using, but had you done that he would not have deferred the appointment three weeks because you would have a clear reason to reconnect with him in the next one hour to make sure that the vacant insurance policy was in effect, you would have had a reason to be there this afternoon with the contractor to change the locks and post a no trespassing sign.

[00:13:20]And at that point, you can look through the personal properties there. So just listen to your conversation. And all of a sudden you had so many reasons to get to that face-to-face appointment today or tomorrow. And your, but your, your, your language is good. Your tone is good. It's obvious that you care about them.

[00:13:36] I don't think you're 100% clear on all the things you can do to help. So think about like, I would encourage you to make a list, to two columns. One, what problems do they have? Two: What solution can not provide. And one problem is they, you know, the house is exposed to two squatters or, or vandalism one another is the house is not, does not have the proper insurance.

[00:14:00] You know, the yard is not, it needs mowed, but it's not being mowed or anything like that. The house needs winterize is a good one right now. And just that will, that exercise will it'll force you to really think about. Empathetically all of the problems that you could uncover in this conversation. And it will also force you to know, like specifically what your action item is when somebody has that problem.

[00:14:23]And I don't think you're a hundred percent clear on, on your action item on exactly what you deliver. The, for example, the insurance, instead of saying, well, you know, call your insurance guy. And if he can't do it, just let me know. They're they're unlikely to ever call back. You can say something like, well, listen, you can talk to your insurance guy at the same time.

[00:14:41] If it's okay with you, I'd like to pull the tax card and send it to the person. I know that underwrites vacant insurance, and they should be calling you within the next 60 minutes to give you a quote, to make sure that the assets covered. Would that be okay now you created. You gave them value, but more importantly, you created a solid reason for them to answer your next phone call.

[00:15:01] And that's a little bit, but if you can't, if you can't close on an appointment, you have a reason to re-engage with them. So just, I would encourage you to do that exercise. What all problems could they have, what specific solutions and action do I take when I uncovered this particular problem? And I think that will really get you clear on how you can close some of your own setups that you're missing right now.

[00:15:23]Okay. I think that's my problem. I don't know what to say to close, but I liked what you said about, you know, I ha I know someone have I call them and pass on your information. That's great. What do I say about squatters? Cause you said that. Yeah. So you, you stirred up the fear and you, you, you got Bruce thinking about it.

[00:15:41] Holy crap. What if she's right, but you didn't have for a solution you just moved on and you could have said, well, you know, listen, that's a real concern. And Bruce affirmed, he's like, yeah, I've heard of that. I think, I think he affirmed that. And you can say, well, listen, what we, what we do to protect every family.

[00:15:57] We can, at a very minimum, we try to get over there and post them no trespassing sign and the state statute for no trespassing underneath of it, just for safe measure.  also if you would like we can change the locks and make sure family members get, get keys in the mail. So is that something, would you, do you want to just do the posting or would you like us to do the posting and change the locks this afternoon?

[00:16:20]And it's an assumptive close. I'm not asking, I'm sorry. You need to do this. Your, your attorney did not address this with you, but I am, and I'm acting in your best interest and your potential fiduciary. This is what I need to do to help you to protect these yeah. Asset. So I'm assuming there's no, no is not a possible answer for me.

[00:16:38]Now I might get an email and I can deal with that. But from a mindset standpoint, I I'm assuming that I'm going to that house in the next 24 hours.

[00:16:46]Okay. Why do you know about changing the locks? Because I had this issue before that, the companies that I called, they don't want a realtor to call. They want the person. That's in charge to call and then they do, they know there's going to be a seated with, to this. You should at least $200. Well, I would first find a different company, find a class C contractor.

[00:17:08]And go cut a deal with him and say, listen, I'd like to have a package where you, Ricky houses for me. can you do this for $75? And I'll use you exclusively and use these lock sets from, from home Depot or Lowe's this item, here's the skew number. And then write up a simple document just that you can throw into DocuSign.

[00:17:29]And when you have this conversation with the seller, just say, listen, I'm going to send you a DocuSign. Just in case the police come and we're there, you know, changing locks and I like to have something signed and that document is going to say for a fee of $75 in the next 48 hours, I give you permission to access the property, drill the locks, if necessary, replace those and mail the keys to this address.

[00:17:51] Or check a box and you can put a lock box on the, on the property with the key, all keys inside the lock box, send them a DocuSign. It takes 20 seconds. That way when you call the contractor, you say here here's, here's the, here's basically your order. Here's the property address. Here's what you do with the lockbox or here's where you mail the keys.

[00:18:11] Please let me know when it's done. Send photos and. But like little simple things like that, where you, you take immediate action and solve the problem on the spot, make a massive difference in how people perceive you. Yeah. And I just, I had a comment, huge improvement from basically reading them, you know, your letter to having a conversation.

[00:18:32] I heard one thing and I'm probably the only one on the call that heard this, but I would, I would lose the phrase. Non-legal. It kind of sounded like to be like, it kinda sounded like somebody could perceive that as sort of sounded like you were saying everything I do is illegal. It's kind of like the attorney does everything legal and I take care of all the illegal stuff.

[00:18:53] And that's really picky. I know that. I know that's not what you said, but, but I would say something like the attorney takes care of all the legal aspects and I can pretty much help you with anything else. You know, I can help you with anything that that is, surrounding real estate. Right? Perfect. Okay.

[00:19:10]Other than that, though, your language is great. Yeah. Very good. So here's, here's, here's what I want going all the way back to the beginning and your, in your introduction and your greeting, as Chad mentioned, you, you want that greeting to be like 20 seconds or less, and I'd kind of pushed you at the start of our second, our second call.

[00:19:29] I'd pushed you to summarize what you do and about. 10 words or less. So something like, Hey, it's this is Bruce. And I'm calling because I help families go through the probate process. I do that in this way, this way and this way. So you, you lay out two or three categories. Of things that you do instead of going through your list of a thousand things, which you did not do some people do you lump them into categories, real estate, repairs, maintenance, personal property.

[00:19:57]And, and then, and then you open it up. what. what's your process been like so far and that way you're summarizing it. You're saying, and seven words. I help families go through probate. I do that by this, this, and this, and then turn the conversation over to them. Okay. All right. I, I will try again.

[00:20:16]Okay. All right. Awesome. Kind of the old elevator pitch you're getting, you're getting on the ground floor of an elevator and the other guys getting off on the second floor. What can you tell him before he gets off? Alright. Great job. Thank you for volunteering.  we have very good. We have two more in the queue.

 

No More Follow-Ups: Get Your Prospects to Call YOU

[00:20:30] Role Play 2: Next up is a frequent flyer ending in eight, two one three. You're up next. Hello? Hello. How's everyone doing? Doing great, buddy. How about you? Excellent. Thank you. so I have a question about the leads,  and then a question about, scripting or role-play. so I don't know why, but my, so the, my November leads very large number of them.

[00:20:54]the numbers are often just disconnected.  for, for various ones, sometimes I can go, for example, let's say there's 90 leads and I could go 10 leads in a row. And the number doesn't work. I don't know if maybe it's either a glitch or maybe people disconnected their number. I have, or maybe it's a landline.

[00:21:14] I don't know. I want it to get your 2 cents on that.  well the numbers are you saying on 10 leads? Like. All of the numbers for each of those 10 or just the first number for the 10.  so for, for the ones that it happened Sunday, that specifically Austin only has one number associated to it. And then, that, so that one's disconnected.

[00:21:34] So then I'll move to the next lead and then the same thing happens. And then so on for a good amount, sometimes it's four in a row. Then I get, one or two that are good. And then I get five or six more in a road better. Disconnected. So I don't know if maybe it's a glitch,  just trying to,  the only month that that's ever happened to you.

[00:21:52]I think this is the only month that I was as consistent. So maybe that's the only month that I actually noticed.  but yes, to answer your question. Yes. Okay. And have you noted them in the database? Like have you put up, have you used a short tag short or anything to note? Which ones were bad? Yeah, I usually put it in, I always save notes after, when I do my calls.

[00:22:13] I always put a note about what happened, which numbers are disconnected, which aren't. And if I speak to whoever I spoke to what was said and done that way, know,  what to say when I follow up. Could you export the list and just add a column beside of add a column beside of the phone numbers and put in like a sure, you know, indicate which ones you hit that problem with.

[00:22:34]And we can have our data team take a look at it. It's, it's unusual that that would happen.  if you know which ones they are that will really help us dig into it and understand what's happening and fix it. If it's, if it's not just an outlier month. Okay. Yeah, absolutely. I'll definitely do that. okay. I'll do that.  thank you. regarding new leads, right? So I saw that the new leads arrived. I think it was yesterday or the day before,  regarding that and timing of when to call,  D when we received the leads, is that also the day give or take that the PR received the letter? Or should we maybe wait, maybe a few days after we received the lead in our portal before making the call so that we can make sure that the letter was actually received.

[00:23:22] Does that make sense? It does. And the answer is different for everybody. I mean, if you want to make sure your call comes in after the letter, you can assume that the day you're leaving the day your leads hit your, my, my probate.  if you're on auto, if you're on autopilot, that will also trigger the first letter, the first round of your, your marketing sequence.

[00:23:40] So you've got three to three to five days on which day that happens on. If it happens on a Friday, it's obviously going to be longer. Or it could be longer.  but you know, you, you've got three business days. You're pretty safe if you're on autopilot. And, but we, we actually sent, we send you a copy of your own letters.

[00:23:57] So you actually know when they arrive in your market. So that's just the fail safe, like, you know, for sure that everyone else must have gotten them that day because you did too.  got it. I think. Postal services, you know, they're, they're doing all they can to keep up right now. I literally have people showing up in civilian vehicles, delivering mail now,  a whole lot, there were a little overwhelmed with e-commerce I think, but FedEx not using you halls here.

[00:24:21]But so it could be a little longer, but the safest bet is to just, when you get a copy of your own letter, you know, that it's, that everyone has gotten it and you can make phone calls. Now that said, a lot of folks hit the phones before the letters even dropped. And they, if they're aggressively, you know, making calls and, and getting out there before we find that it usually the letter warms up your phone call because it's very different.  And they're like, Oh yeah, I remember your letter. It was, it was the only one that didn't say we buy houses or, you know, we're the best damn realtor in the world it asked me know, stands out. So it can warm your phone call, but you're, you're getting pretty strong on the phones man.

[00:24:59] Like we had the fed show last month.  I would encourage you to try calling before the letter showed up and just see if you don't get resistance. If you're breaking through it doesn't matter. Go ahead and call earlier. Fair, valid points. I appreciate that. okay, so now onto scripting, right?

[00:25:17] So, two things that I encountered, in the last couple of days with calls are one of them was. So when I speak with the person and I ask if they recall receiving my letter and all that stuff and just to kind of warm them up and they're always very nice. One of the things that, I had a caller tell me yesterday is okay, sorry.

[00:25:39] When I do the introduction, I said, do you recall receiving my letter? They say, yes, what it's about? Then I tell them briefly for five seconds. What I, what it is that I do. And then I just tell them, I see that you're working with so-and-so AKD attorney, right. Just to make them feel comfortable, you know?

[00:25:56] Cause I let them know I got your number from the probate court. And all that stuff. And I see that you're working with, you know, mr. Corbett,  it's very good that you have an attorney, all that stuff, just so that they kind of see, I'm not just someone calling, they see they're really suspicious. So the gentlemen responded to me, said, all right, per he said I'm handling everything else myself.

[00:26:18] So I don't need any of your services. I wasn't sure where to go with that aside from just, you know, is it okay if I checked back in with you in about a week or so? just to see if you're still, still handling everything. Okay. But that's an, okay. Maybe that wasn't the right approach. A better one is have him identified like, cause he doesn't know what he doesn't know.

[00:26:40] And most people underestimate just how challenging this is. And there's just, there's so many little moving pieces and responsibilities they have to do. It's easy for folks to get overwhelmed. So in the beginning they underestimate what needs to be done and they're like, ah, hell, this is no big deal. I just have to open a bank account, pay the bills, sell everything who can't do that, but they're not accounting for all of the inefficiencies in the process and all the parties involved.

[00:27:07] And there's a reason attorneys. This is such a big business for attorneys because they've been the ones that quarterback this for years and they don't eat. They don't do the best job they could either. That's what leaves a massive opportunity for us to step in there. Right. So knowing you, you knowing that him not knowing don't challenge him and say, you're ignorant, you don't know what you're talking about.

[00:27:27] You know, you do need my help. You can say something like, Hey, listen, I understand. I mean, I would say probably nine out of the 10 families that we ended up helping say the same thing in the beginning. And you don't have to be embarrassed if, if you find yourself overwhelmed, just pick up the phone and call we'll be here.

[00:27:43]And otherwise I'll check in with you every couple of weeks just to make sure would that be okay? And like help him, help him understand, set an almost set, an expectation that you, your ego doesn't have to keep you from calling me back. If you do find that you're overwhelmed, you don't have to be embarrassed.

[00:27:59] I see it happen literally every week I see this happen and we stepped right in and we take over and our, you know, and do what we need to do. But. Paint that picture, that there's a good chance. You're you got a lot to learn here and there's a good chance you're going to need help and I'll be here waiting when you're, when you need it.

[00:28:15] so you, you can put your own language to that and get your version. But I would, I would, you know, assertively and assumptively, you know, assume that he's going to need help in the future. And plant that plant that plant that seed and get permission to follow up,  and truly nine and a 10 of them will find something that they would rather you deal with and have them deal with themselves.

[00:28:37] But regardless of how small, those are any reason to have a followup call, any reason for them to answer a follow-up call is a great. As a great reason, right? So I don't care if you need to, rehome a pet, you know, get a cat adopted. That's a great reason to show up in person and, and be, and create a real relationship.

[00:28:56]So a lot of folks like they, they do underestimate what it's going to take and they do procrastinate for the first month or two or three. And then the pressure sets in on them. And the embarrassment sets in. And a lot of times they won't call people back who they've shut down because they feel embarrassed to do that.

[00:29:14]So just create a safe space for you to call him or him to call you and say, listen, you don't ever have to be embarrassed. I get it. I hope that you can do this on your own and it's assemble your thinking. But I, I, I've seen a lot of families underestimate it and we're always, we've always got your back.

[00:29:30]Yeah. After I appreciate that. After, after I, we hung up, I actually called him back a few moments later, just to say, Hey, this is often overlooked and actually, accidentally forgotten by the attorney. I understand you have everything covered. I just want to make sure, that if there is a property in the estate that you go ahead and call your insurance specialists too.

[00:29:53] Make sure that there's a vacant home insurance policy. So I just told them that just to kind of, again, not be threatened, not feel threatening or like I'm telling them what to do, but just to kind of at least show him that there is,  there is care over there.  so that's that. And then to piggyback on something you were saying,  the next call that I had was a lady who told me that her attorney dropped them.

[00:30:17]She's the PR and she said, the attorney just disappeared and won't take the case.  there. So I'm now handling everything by myself. And I said, well, I, you know, she asked me if I was an attorney. I said, look, I, I personally am not, we mainly help with everything, all the li everything, all the aspects of the probate that are not.

[00:30:37] Legal that's what an attorney can do. We do work with several attorneys, so I'd be more than happy to guide you in the right direction. whether it be attorney or any type of service, such as clean-out repair, if there's any real estate she did tell me there's no real estate.  But then she asked me how much, what are the fees for the attorneys and the people that work with you?

[00:30:59] I had no idea what to answer. So I just told her I'm not sure, but I'd be more than happy to put you in touch. At least give you some, some references. Is that a common question? The what is their fee eventually? No, not at first. Yeah. Eventually I usually, this is the fee.  and just so you know, that depends on the complexity of the estate and the value of the estate.

[00:31:21] But on average, it's four to 7% of the gross value is where most legal fee the administration costs come in. So it's a significant number. Okay. I would, I would, I want to challenge you to have a better response to that question when she says, you know, are you an attorney or do you have one, instead of you had a kind of a wordy answer and you can get gain more credibility by saying, Oh no, I'm way smarter than that.

[00:31:47] I've got one on my team. Oh, I love when you're short, you shorten it down. You're still covering the base, but you're not, it's way less wordy and they get the point. Holy crap. This guy has everybody on the team. So again, we're painting the picture. We're painting the picture of a vertically integrated solution.

[00:32:04] One phone call. Everything dealt with. So you want me to keep that image, keep that image up because it will keep you keep them engaged with you. And if they need a painter, they're going to call you if they need to, rehome a cat, they're going to call you. It's whatever could be paint. The picture that there's this giant office building somewhere in Texas and you and your whole team are in it.

[00:32:24]And people would actually ask me that. And they're like, my God, you must take up a whole building. Where's your officers. And they really thought that all this was in one building.  but be a little more confident about the attorney side of it, because you believe the attorney is the attorney is one of your team members, right.

[00:32:40] The spokes in the Wheeler. So, yep. Nope. I'm not an attorney. I'm way more smart. I'm way smarter than that. but I am smart enough to have one on my team. Actually, we have several and as far as cost, the cost is gonna, the cost is different for every family. It depends on the assets you have and the level of involvement.

[00:32:58]But I will say this. You dodged the bullet by finding one of the wrong attorneys, we have been very carefully selected the best attorneys in town that have a standard of service that matches ours. So I'm going to have a guy named Doug Jones, call you in the next 60 minutes and make sure you're taken care of because the attorney that bailed on you probably didn't tell you this, but you, you are solely act that you're acting as a sole fiduciary.

[00:33:21] Sorry. I'm going to state if the house burns down, if somebody breaks in and if anything happens, guess who's liability. That is. If someone else from the family disagrees with anything that happens, guess who they're going to Sue. That's right. Oh, wow. So we need to get, we need to retain counsel for you today.

[00:33:37] It's not necessary, but I would certainly recommend that even though there's no real estate, that's something that I can do to help you right now and just know that you're protected and you know, you still have a fiduciary responsibility to the estate, but that attorney is going to absorb the legal liability and make sure that no mistakes are made.

[00:33:54] And if they are. There'll be there to help you through those. So it would it be okay if I have Doug, give you, give you a call here in the next hour. Okay, perfect. Okay. And again, just like we said, with the last caller, like be a little more assertive and hand them the solution on a silver platter, take away the procrastination.

[00:34:11]I thought it was kind of a funny, I thought of an alternative, funny comment. Are you an attorney? Do I sound like an attorney? Geez. I'm not sure if that's a compliment or an insult,

[00:34:19]you'll find out how they you'll find out how they feel about attorneys. For sure.

[00:34:23]Have fun with it. We'll just, yeah. Appreciate it. Thank you guys so much. Really. Thank you, sir. We got three more in the queue.

[00:34:31]

 

Prospecting Tips For Virtual Wholesalers/InvestorsNext up is phone number ending in nine eight, eight nine. Hey, what's going on guys? What's up.  not much, I, this is actually my first call. I've gotten myself and my team here.  so quick question, you know, we're, we're like 99% virtual.

[00:34:44]So I wanted to ask how can you, how do you suggest we distinguish ourselves considering that it's somewhat difficult to get to the property in person? How can we distinguish ourselves and set ourselves apart and kind of build that rapport on, on the initial call? As opposed to, you know, briefly telling them what we do and how we do it and getting out there to set an appointment.

[00:35:02]Joel, you mean you're out of town or just working remotely?  we, we operate in a couple of different markets, even in our own backyard. We rarely go out to a house until you get a contract first, even when it's a probate lead. So just trying to find a ways to be a little more efficient, over the phone, as opposed to getting out there in person for every, every deal.

[00:35:20]Sure the answer is who, who can do it for you because that getting there in person that makes a big, big difference. And that is what differentiates you, especially from other virtual wholesalers. So who can that be? A contractor makes a really good partner. Like if you start with a, like, someone who's young in their business, like a class C contractor can be a very good resource to take videos.

[00:35:42] Photos give you a, you know, quotes, put lockboxes on chain, you know, change locks.  so that, that could be your ground guy in each of your markets. realtors are also very good. if you don't, if you, you probably already have realtors, they eventually make commissions. So a lot of times you don't have to pay them on a per house basis or a per appointment basis, but you could,  you know, I mean, some realtors, frankly, aren't very good at what they do.

[00:36:05] They'll show houses for 20 bucks, and this is not that much different. You, you can look for a showing agent.  and then, you know, obviously in the first couple you want to. Build a strong relationship over the phone and just say, Hey, I've got an assistant that can combine do this for you today. But eventually that if that's the right who, then you'll be able to train them to actually do the appointments on their own, and you could send an acquisition manager, you might turn that person into your acquisition manager.

[00:36:30]Another person that I like to use is a local, concierge who, they normally sell their, sell their services in blocks of time. you could buy a block of time and then send them to look at the house and have them kind of go through and, and package your proposal of the extra services that either they, as, as an independent contractor, you might want to help them.

[00:36:54] The person with, to earn their business. Gotcha. Gotcha. Gotcha. Okay. Well, I mean, that's a great tip. What do you feel like you've had to difficulty with on the onset of the call? Right. Like building that rapport, building that, that curiosity, I guess you'd call it like the first 10, 20 seconds of the call.

[00:37:10] especially if I, if they just initiated the probate process, as opposed to it being, you know, few weeks, few months in. Could we maybe role play, maybe, you know, the investor, whatever it may be and whatnot on the seller potential seller. I just want to put together a better pitch for my team. If that makes sense, Bruce, you want to, do you want me to take it?

[00:37:25]Go ahead and take it. I'm having a really, really hard time hearing it. Yeah. Could you get, I think you're on speakerphone. you're going to role, could you just get closer to the mic please? Yes, sir. I'm right here. Okay. Okay. So I'm outbounding. You're the prospect? Yup. Okay. And what was your name? Mike?

[00:37:40] Okay, ring. Ring.

[00:37:42]Hi, I'm trying to reach Mike Smith.

[00:37:43]Hey, Mike, my name's Chad Corbett. I, I've sent you a letter a couple of days ago, but I had a few minutes of my office. I thought I'd follow up.  we, we have a team here in Roanoke. It helped families going through probate. And as part of that, we go to the courthouse and meet with the clerk every 30 days or so.

[00:37:58] And we try to reach out to each of the families just to see if there's any way we can help. I've. what's what's been something you guys could use help with. Have you found anything that would be challenging yet or is it pretty, pretty straightforward? Oh, it's been pretty simple for us, but we're, we're thinking about maybe selling her house.

[00:38:12]Okay. And it, it looks like, I think you guys are working with John DOE attorney down on fifth Avenue.

[00:38:17]Okay. Well, that's really good. And you feel like he's done everything that you expected him to, or are you still have some blind spots? Wow. So far so good. Okay.  one of the things I actually don't know, John though, we haven't met yet. so I'm not real familiar with his process. And from one of the things we try to do make, we see most attorneys overlook is asset protection.

[00:38:37] you said that there's a house in the estate that usually represents about 80% of the day. Oh, you have a state, the entire state for most families. So the first thing we try to look at it is that protected. So did, did the attorney help you set up, is, is the property vacant? Yeah, but the property is vacant and you want to go home buying company because I'm getting a lot of letters and postcards and calls and you know, these, these vultures just won't leave me alone.

[00:39:00]Yeah. So we, we have real estate services because that's a big part of, of the estate process for most families. And most families do want to sell the assets. But what I want to focus on first is making sure those are protected because if the attorney hasn't told you, you do have some legal liability and a fiduciary responsibility to.

[00:39:18] To preserve both real and personal property. So if, if the, if you didn't transition the insurance policy to a vacant house policy, you haven't, you haven't uninsured asset. If you haven't properly posted the home and somebody gains access, you can't evict them. And they're stuck in there for months at this point.

[00:39:35]So if it's okay with you, we have a process that we like to work through one step at a time to make sure you're protected. And we. Kind of pick up the pieces and do what the attorneys don't usually.  so what would you like to get that and make sure the home's protected.

[00:39:49]Mike, are you there? Yeah,

[00:39:50]I I'll I'll break for a second. I didn't hear your response. There was a microphone noise if you responded. I think we lost him. You still there, Mike? All right. I'm going to move on to the next person. I guess, Chad, well, Mike, definitely. Well, I'll, I'll, I'll finish. I'll just show where I was going. So, because he showed me apprehension to investors and he told me he's a virtual wholesaler.

[00:40:11] I was easing my way in, by the way. By group or like vastly differentiating myself. And I was deferring the quote, the answer until I could get there face to face and prove to him that I was ethical and acting in his best interest. And then seal out the level of motivation. If they're super, super motivated, it's it.

[00:40:29] Then, then I'll make him an offer right there on the screen. But, and there's a contract in my truck at all times. If they're not that motivated, then I'm going to walk it back a little and I'm going to hand it to my brokerage partner if I don't have that in house. But what I was doing was, was staying away from a very raw subject for them.

[00:40:47]They, the, you were, you know, you were showing me that you're perceiving me as just another guy that's trying to take advantage of you. So in that scenario, I'm going to stay the hell away from the real estate conversation. All I need to know, and all I care about is there is real estate. Now I know statistically there's about a 90% chance you're going to sell that real estate.

[00:41:07] So now my only focus is how do I get that? Face to face to let him know that I'm different than all the other people he's, he's, he's judging me against. So that's where I was going with it. I would show up to change locks. I would show up to, you know, I would get my insurance guy to put up to bond a vacant policy on it and follow up to make sure that that was done.

[00:41:26]I would get over there for any reason I could. That's where I was headed with it. Perfect. And the next one in the queue appears to be Michael also six two, three, one. Is that the same Michael or a different one? Completely different.

[00:41:36] Altruism Is the Best Differentiator In A Selfish IndustryOkay. Well, Michael, number two. What can we do for you, sir? So, I would like to step that I do have some questions, but I wanted to step then the other Michael's role.

[00:41:45] I want to kind of put back into that situation because this is pretty interesting, what you're saying as I was listening to you. I was thinking that, Hey, if this was me, I probably say a few things and I'd like to see how you would. You, you would respond if that's okay. You want to play the prospect?

[00:42:02]Well, I don't necessarily do. I just want to kind of throw you out here's here's what I'm hearing and how would you go about this? So, first thing is I would have been saying, Hey, you know, you're, you're, here's what I got. I didn't hear enough of the, Hey, you know, we can help with, you know, if you need a funeral home, we can help with, you know, you need a dumpster.

[00:42:18] You, we can help. I, I would have wanted a year. A lot more what's in it for them rather than, you know, cause you'll get some people like, you know, you're asking me too many questions and your time is up. You're done. I would have liked to have seen you say enough of let's go. No, let's, let's start at the beginning.

[00:42:34]So I, I don't always accel at explaining everything that I'm doing, but I was reading his energy and his perception of the other people he'd spoken to. So I was slow walking it. So I'm not going to barf all of my services on over him. When, when we're, when he staying engaged in the conversation. And he allowed me to defer the answer that he was looking for and that his engagement, like he stayed with me.

[00:42:56]So I'm happy to, well, let's just start a fresh one or are you, do you want to come at this from an investor, a brokerage or both?  geez. I don't know. And I think, I think another big part of it is, you know, modeling, I'm in New Jersey, so everything's a million miles a minute as opposed to somewhere else.

[00:43:12] Right. So there's no slow walk in anything, New Jersey. You're like, you got two seconds. Otherwise that person hanging up, I've worked with a lot of folks in Jersey. It's understanding human. You want to be right. Or you want to learn. I know you speak. You're a teacher. See you're from Jersey and I just stopped you in your tracks.

[00:43:29]There's things that we do, understanding human behavior and how the brain works. There's things that you can do to influence people's behavior. And when you hear me use my West Virginia farm voice and I slow people down, it's intentional. Most of the time. So I've worked with a lot of folks from Jersey and New York and different places.

[00:43:47]So I'll challenge, I'm challenging you to kind of shift your mindset a little and say, maybe I can influence people. Maybe I can make them go through the maze the way that, that gets me a consistent result. And don't let the tail wag the dog. So let's, let's jump into it and we'll, we'll see. Sure. Go ahead.

[00:44:06]Ring, ring. Hello. I am trying to reach Mike Smith. I guess you got him. Sorry, your mic, your mic, your mic, but your microphone was a little muffled. This is Mike Smith. Yes. Hey, how are you? How can I help you? I'm good, Mike, thanks for asking. Hey, my name's Chad Corbett. You might, my mate, my name might sound familiar.

[00:44:23] I'd sent you a letter last week, but I had a couple of minutes, before an appointment. So I just thought I'd call and follow up. I'm calling cause we've got a team right here in Jersey that helps families going through probate. And as part of that, we meet with the clerk once a month and she lets us know who we should be reaching out to.

[00:44:37]And I noticed you, you guys are, are one of those families. I see you're working with attorney John DOE and I just wanted to call and see if there's let you know we're here in the community and see if there's anything we might be able to help you with. Yeah. Hey, thanks. We got a whole bunch of letters. It quite honestly, my, my, my wife, you know, we, we threw a ball in the garbage the other day and, I was kind of just letting the attorney handle everything.

[00:44:57] And, we got a realtor coming over in a couple of days and, you know, it's a little overwhelming for us. Yeah, I understand completely. That's kind of why we do what we do. It's is this the first time you've ever been an administrator? Yeah. Do you hope it's the last, what do you think. I think based on everyone we've worked with, I've never met anyone who ever wanted to do it again.

[00:45:14] And that's,  what, however, I might be able to help you. One of the things that we do for every family is make sure they have a proper plan in place after this. So you never have to go through this again.  do you guys have a living trust established? Yeah, but honestly, that's, that's a question I would, I would, I would, I would be speaking with my attorney about, you know, what, you know, are you an attorney?

[00:45:32] Cause we already, I mentioned I already have one w I'm way smarter than that. I would never go to law school. we have attorneys on our team, but we also work. With most of the attorneys in the County,  John DOE we've actually done a couple of transactions together,  be happy. I mean, I'm sure he wouldn't be happy to share his opinion of who we are and how we, how we help families.

[00:45:50] But, you know, we, we kind of pick up where they leave off. We, we consider them one of our team members. We help with, you know, the people in the property and the, the, you know, planning and prevention side of, of probate. So the attorney is going to tell you, you gotta do ABCD. FGX all those things that are in that mental list of yours.

[00:46:08]They tell you to go do it, but there's really no support until we built this team. There wasn't really any support in the community to help deliver on that, all those things. So ideally, I mean, what our focus is is. To minimize the stress and maximize the equity for every family we can every month. and that's why we reach out.

[00:46:26] Sometimes people are offended. Sometimes people take a sigh of relief and hand us everything, and we just do it for them, but it really starts with us understanding your situation, your limitations. Like a lot of folks are COVID sensitive and don't want to come out right now. And we have solutions in place for that too.

[00:46:42] We can deal with everything or we can. I can help you with a few little things and, and just, you know, you just know that we always have your back. So,  one of the biggest challenges we see most people struggle with on the front end is what the heck do you do with the real estate? How do you, especially coming into wintertime, if you don't, if there's no money in the estate to pay the heating bills, how do you get that winter as how do you secure it?

[00:47:04]So is there any real estate in the estate and you guys, do you guys have a plan for it so far? Yeah, but yeah, forgive me. I, I, I told you I got a realtor come and soon I told you I got an attorney. What, what, what, what, what can you do for me? And what's going to cost, let me just get down to it. Like what's, what's, what's this all about?

[00:47:20]I don't know.  I mean, if, if, if you're okay with me asking a few more questions and I can understand your situation and whatnot attorney, are you a realtor or are you a, are you an investor? What, w w what are you, what type? I don't understand. I didn't read your letter. I'm sorry. I told you my wife through everything.

[00:47:35]You got the better version. You got me on the phone. So I would, I would explain myself as a social, social entrepreneur. So we have multiple businesses. I can get paid as a realtor. I can get paid as an investor. I can paint houses. I can pressure wash it. It really just it's. I don't usually do those things, but it starts with we, we are a clearing house, so we have a single vertically integrated solution where you can make one phone call and all of those pieces that you're having trouble managing.

[00:48:02] Can be in one single relationship. So I have a real estate license. I buy houses, I write loans. I work with social workers. I work with nursing homes. I work with senior moving companies. So you can kind of think of us as a concierge, but that picks up where the attorney leaves off and takes away that stressful feeling that I hear in your voice.

[00:48:21]But if, if we don't slow down and not, I can't understand your situation. I can't, I mean, I don't just have a menu of things to hand you and say, pick, pick one.  We usually try to meet with the families and understand it because this is important and it's stressful and you need to know that you can trust me.

[00:48:37] So I would prefer call me old fashioned, but I would prefer to look you in the eye and let you know that I'm real. And I'm not going to Rob you or take advantage of you. And I'll never ask you for a dime unless I've done exactly what I promised. Super. So can I end the role-play and then kind of give you some, some, some, some, some questions in response to that.

[00:48:54] And then eventually go to my question that I was gonna ask, is that okay? That was great. And I want to, is that all right with you? Yeah, that's good. All right. So, I love that phrase, social, social entrepreneur, you know, that was what I was looking. Cause like, if I was putting myself in that person's shoes, they're like, they're feeling tenseness in their chest and they're like stressed out.

[00:49:14] And soon as you said that my chest opened up, I felt warm. You know, it's like, Hey, you know what? I respect it. This guy wants to make money. And I respect that. He's kind of. Thank you. This is I'm marrying the two. I'm doing these services. When, when you also said that question about, Hey, You know, you know, you want this something about the last time you want to be an administrator.

[00:49:35] I was a very Gregg great Brown, like icebreaking phrase. So I'm like taking notes and I think those are the golden nuggets. So I want to thank you for them. the other thing is, you know, from where I'm at and with the kind of speed things go, When you said you were about like, look, I don't want to necessarily, you know, give you this, I forget the word you used.

[00:49:57] I couldn't write a shopping list or a laundry list or whatever it was about all the things you do. I'm going to say that was where that was. That was brilliant. I, I would, what I was kind of trying to get at is like, I, at least people I talked to that's where you lead, just like, listen, this is why you.

[00:50:13]This is why I'm calling. Cause I can, I'm a social entrepreneur. I can offer you all these things. I'd like to meet you in person and, and then go on to that speech. But I kind of like you immediately said, wow, you do all these things. As opposed to I'm into the conversation five minutes. I still don't know what you do.

[00:50:31] And I'm still, I've, I've gotten, you know, 20 letters from investors. I buy cash and I just, you know, I don't, and, and, and people call me skip trace to me. And I'm like, you know,  I may be in an emotional state of anger or pissed off. Yeah. So I think that you coming out at people, I'm saying. You don't need to get pissed off at me.

[00:50:53] Cause I'm a social entrepreneur. I do all these things and some of them I'm just referring. I don't make no money. I'm just, I'm here to provide you a service in and then say, and you're, here's, what's in it for you. If you can do me something I'd love to meet you in person, go over there and then, you know, go into more stuff.

[00:51:06] But, now here's something I'd like to ask you. Oh, right. Any, any comments with what I said right or wrong? No, it's great feedback. And I'm glad you guys know you from all that one. I want to tell you a story,  that from not nothing, it might, it might not be in your backyard, but from a very, very fast paced environment, we had a kid who was 26 years old, still licensed for 16 days, and he says, I want to be an agent in Midtown Manhattan.

[00:51:32]So it's working for the sun, right? So he signed up for this program. All he did was the minimum that we teach the methodology that we're talking about here today, between July and December is first six months in the business. He did $750,000 in the listing commission. Only in Midtown Manhattan. He learned.

[00:51:51]To engage with them. He learned to slow them down. He learned to focus on people in situation, and he kicked every new agents ass in that market. And that's one of the most fiercely competitive, old blood markets there is in the country and it's fast, fast, fast paced. So that's like, I have lots of proof that this works even in really high, strong, fast paced, aggressive environment.

[00:52:13]And I just ask that you trust the methodology because it's been tested in every single County in the country. Well, that's fantastic. I totally trust it. That's a phenomenal testimonial. I was just. Yes. I decided I wasn't associate broker in Manhattan many years ago. All I did was rentals and yeah, it's not a, the fast paced, but it's cutthroat and not amongst your competitors, even amongst your own people.

[00:52:37] My boss would steal my commissions and steal my clients. So it's like the New York baby. I actually literally had a fist fight with the manager office manager. Had her pull us apart. Yeah. One of those. Hey, do you ever find something? Oh, yeah. You mean, Dave, didn't tell you if I heard you were for competent day and he said, no problem.

[00:52:53] I filled out everything and gave him the commission. And I find this out, like a week later, I was like, this is bad people really don't care. And that's, that's fantastic. And yeah, like what you're providing with this is so unique because everyone's coming from it. I, you know, what's in it for them when you, and that's kind of why I was saying.

[00:53:11]If you, now, now mind you I'll I'll I trust you and I'll, I'll, I'm gonna learn the right way and do it how you say, but I wanted to say that it's so relieving to hear somebody say, Hey, this I'm, I'm providing you a service. Not, not your service to me, give me your money, but I'm providing you a, a smorgasbord of services to help you in your time and your family time.

[00:53:33] Anita. I love it. so, now I've got a question for you regarding kind of, I want you to, I want you to write, write something down to summarize this whole point and how you feel right now. Yeah.

 

Altruism is the best differentiator in a selfish industry.

[00:53:49]and that summarizes everything we talk about here. Like being optimistic and actually caring, having empathy and compassion will make sure that you never have competition because so few people have that quality in business. I can't agree with you more. And I, and I lived that I flipped houses and I, I try to set myself apart from being the only guy with as many video testimonials from the, from the sellers I serve, than anybody.

[00:54:15] And that's kind of, and to where they're saying things, I, I couldn't have scripted it better when they say I treat them like family when there's like a, in addition to the, you know, th th th the, yeah, the great, you know, closers. Oh, I had to do a show up and get my check. He did everything for me, you know?

[00:54:31]so yeah, so that's kind of what tracked to me. To you because that's how I am. Right. And I want to do that, but on a bigger scale and a bigger level focused within the probate needs.  and so my question to you is when you were kind of, kind of, wishing that you can get in front of them, if you are already someone who's got very.

[00:54:53]Touching moving and inspire video testimonials and can prove that that you're separate from other people. Would you lead or ever mentioned that? Would you mention go to my website or go to my YouTube channel? Or would you be like doing everything you can to not have them go get distracted, even if.

[00:55:13] That's the proof that they need, that this is a separate, this is a different, unique individual. No, I would encourage you so very few people take full advantage of that. And the fact that you've done it is puts you way ahead of most people already. So you'd definitely want to leverage that if I were you, I would build a page on your website where you, you compile all of that.

[00:55:34]And then go buy a very simple domain and redirect it to that page and make sure it's something that a 75 year old lady that has poor eyesight can type that on her phone, her phone, when she's reading the PS line of your letter, because it's going to say PS, I know some of this might sound too good to be true.

[00:55:52]Lots of folks have, have, we've helped lots of folks in this community already, right? Ask them what they think of us go to, you know, probate, testimonial.com and make it very simple and have them land on that page. And it just gives you social proof. Like it shows that you're, you're, you're, you're not full of it.

[00:56:13] You actually have that proof. And so I would highlight it. I definitely wouldn't hide from it. I would put it out front. And, and make it easy for them to access because what I find, even with that, that strong of a PS line, like the PS line, I typically use PS. If you're not ready to talk to somebody just yet go to probate .com to check out, you know, all the ways we can help.

[00:56:36]And what you find is on the day, your mail hits between usually between like one and three o'clock you'll get. 60% of your list will be on the website that day. And you can tell by Google analytics or WordPress Jetpack. So that PS line is powerful and the letter is very different anyways. Like it's not a typical, we biologist letter.

[00:56:56]And based on this conversation, I would encourage you there, there is a letter and in the, in our, in the mailbox motivator portal,  called I think it's called the social enterprise letter. And it's a two-sided letter and the whole front is very people focused and the whole back is very real estate and very service and real estate focused.

[00:57:16] But I think you're going to identify with that letter. And if I were you, I would work your testimonials into that letter in a PS line.  but definitely don't hide from it, put it out front and be proud of it. I think that's, that's great. I appreciate it. The, the, the, one of the questions I had was, I know a lot of people get the phone numbers and then they physically call.

[00:57:36]Did you, did you ever. Do you have any problems with ringless voicemail? I had really good luck with it, but it's, it's becoming, there are a lot of attorneys out there looking for class action suits. So to me, it's, it's more liability than it's worth now.  but I did have very too busy though, to be honest with you.

[00:57:55] They're like good. There's so in my neck of the woods here, swamped. Overwhelming. Yeah. I don't think it well, just under, I would say it's very effective, but make sure you understand your risk and you understand like read the TCPA, the telephone consumer protection act, read it. And you'll, you'll see that every RVM is in direct violation of TCPA, unless you have explicit written consent in the last 90 days or an existing business relationship.

[00:58:22]How do they know if you can get. Well, they, I mean, if, if, if they, if one person can show that phone call and it, and if, if they can, if, if it was a recorded message, like if they answer and, and hear that, hear it, and you weren't on the other end of the line, they forward that to an attorney. The attorney sends you a letter and says, we filed a suit.

[00:58:42] We intend to make this a class. So we're going to subpoena your call records for the last 10 years. And then you understand, if I get, if I get into a deaf deposition on this, he's going to slaughter me. So they shake you down for a settlement. The whole thing usually only lasts a week or so they're not looking to take you to court.

[00:58:59] Litigation sucks. Even for attorneys. What they're looking to do is shake you down for a quick settlement. Right? Right. Okay. And if you were to. Dare to move forward with that. What, what would you use for that? Would it be, like what, what I think with some of the ones that you've had success with? So I preferred to use voice logic, but they actually had an attorney get through their hold harmless.

[00:59:26] So instead of doing ringless voicemail there, now they created a new product called voicemail courier. And if you go to voice logic.com forward slash all the leads or forward slash ATL, I think either one will work. You'll be able to see the products that they offer at the special pricing they offer for our subscribers.

[00:59:44] And I think it's 85 cents. It's more expensive than ringless voicemail. And, you know, before you get caught or you find yourself in a lawsuit,  but it's, it is 100% compliant they're using Toronto based callers with really no accents. And they're placing a live call and 20% of the time people pick up and they say, Hey, I've got a message from Mike.

[01:00:04]he'd like me to play it. Can you, can you stay on the line? And shockingly 93% of the time they stay on until the end of the message, the live answers stay. And then they, the others dropped just like ringless voicemail, but it was, it was, they can prove through records if they get audited,  they can prove that a live person made that call and left that voicemail.

[01:00:23] Well, that's beautiful. Very, you know, those who want to avoid the legal trouble, it sounds like it's a no brainer. Yeah. That's a great, another great service you're providing. And I deeply appreciate if you think of everything, it seems like the, the, the, so you have a script as to what, to what that recording would say.

[01:00:41] it's it's I mean, I try to keep them as brief as possible.  I've made the mistake. I'm probably tested and tracked two dozen different voicemails. The one that, that always had the best callback rate for me was, Hey, this is Chad. I sent you a letter last week. Just wanted to make sure you got that. And you understood why we sent it.

[01:00:59]give me a shout when you have a chance five, five, five one two, three, four. And knowing my situation, leave that URL. With the videos or whatever that, that like probate, you know, the pro probate testimonial .com. If you, if you were me tested and, and I would build that into, if I were going to leave it on a voicemail, I would build that into a more robust page.

[01:01:20] and it would almost be like a long sales letter type format,  with a bold headline that really differentiated me. Some copy, introducing my service, then the testimonials, then more copy about the services we provide in a call to action. So I would say something like, Hey, this is Chad. I met with the County clerk last week to find out what families are going through.

[01:01:41] Probate. I found out your family was one of them.  I know this is going to sound too good to be true. So I'm just going to make it really simple. If you go to probate services.com, you'll see what we do. And,  you know, when you're ready, give us a call and just want to let you know we're here in the community.

[01:01:54]So the call to action. Like I'm not even going to leave a phone number and that's how I would test that. And then I would, I would look at Google analytics and see how many page entries you had, what your drop rate was.  and then test different calls to action. The call to action could be call us today, fill out this form,  download, you know, Download our free probate checklist.

[01:02:14] you could test, test different calls to action that you could use your voicemail to, to get traffic to your website. Now, here is where this gets interesting. If you let that work, you can spend on the website, you sit down with an attorney and design a probate checklist, make it into a PDF, but the attorney's information on the bottom, you provide value to them because you get them around them, an anti solicitation loophole.

[01:02:36]So they are happy to provide that for you. So you have a, literally a local checklist from an attorney in your County on the website. You have a call to action, just, you know, download, download the Bergen County, New Jersey probate checklist written by local attorney, John DOE drop your email here or drop your cell phone, like do email cell phone.

[01:02:57]Once you get that, the terms and conditions in that form submission we'll have the language that says you are opting in to be. Contacted by ringless voicemail, text message, you know, live call, whatever, make it an all-inclusive opt-in then. So you're, you're leaving that vague message. You're getting them to the website.

[01:03:17] You're giving them something of value. And now you have a legal opt-in, so you can send ringless voicemail, you can text, blast them. You can do whatever the hell you want because you have the consent within the last 90 days.

[01:03:30]Chad, you just built my whole business in this five minute conversation we aim to please. You do, please. God bless you. Pretty Sure It was way more than five minutes, but it was a great way to end our call. If you have more, you want to talk about work cause we're way over today on time, we, we try to respect everybody's time, but come back tomorrow.

[01:03:46] Jim Sullivan (Host): Our mastermind call is one o'clock tomorrow. We can continue the conversation. And as always, if you need us between calls, just reach out to us directly. Okay. Fair enough.

[01:03:55]Thank you. Hey guys. Great call. Great turnout. Incredibly good content. I want to thank each of you for being here. I want to thank y'all for that actively participated. I want to challenge each of you. Take one thing you heard on today's call that inspired you go out and put it into action and come back any Thursday at one o'clock Eastern and discuss the results.

[01:04:16] We will talk to you tomorrow afternoon. Make it a great day. Stay healthy, stay productive. And we'll talk to you soon, guys. Take care.

 

 

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Probate Mastermind Real Estate Podcast: Episode 305

Listing, Wholesaling, and Investing With Probate Real Estate | Rookies and Veterans Share Their Success Stories #305

Probate Mastermind Episode #305 | Recorded Live on November 19th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to:

  • Split net profits with vendors while maximizing equity for sellers;
  • Leverage insurance policies to help fund repairs, cleanouts, and fumigations;
  • Liquidate estate items creatively
  • Win the attention of busy real estaet attorneys
  • Navigate short sales with fire-damaged property.  

***Most importantly, we’re kicking off the holiday season with some incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Certified in Probate Real Estate

Get Probate Leads

 

Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment Jim Wins Listing Referrals From Probate Attorneys

Jim Wins Listing Referrals From Probate Attorneys (00:57)

Jim Forsythe shares updates on his attorney prospecting efforts.  He has met with several attorneys and not only are they ready to work with him in the probate space, but they are already sending him referrals for non-probate properties.  They will also be working together to create videos to use as marketing content.

Real Estate Advice: MLS Compliance and Selling “Off-Market”

MLS Compliance and Selling “Off-Market” (3:51)

Christian shares two success stories! Woo-hoo!! Christian has a seller that is willing to list, but is also open to selling off-market to a private investor and avoiding the showings, phone calls, etc… What’s the best way to approach this? Chad and Bruce discuss.

See More: Listing Flat-Rate with MLS Opt-Out for Cash Offers

Real Estate Tips: Splitting Net Profits With A Vendor

Splitting Net Profits With A Vendor (7:36)

Christian is working on another sale where the investor wants to renovate the property and split the profits.The seller is the only heir.  There is a mortgage on the property.  How should Christian proceed to make sure everyone gets their fair share? Chad discusses using a land trust as a vehicle here.

Real Estate Deal Analysis: Probate Short Sale With A Fire-Damaged Property

Probate Short Sale With A Fire-Damaged Property (11:38)

Chelle is working with a seller who has a fire-damaged property in probate.  The mortgage is upside down and Chelle is trying to help the seller keep it from going into foreclosure. Chad, Jim, and Chelle discuss the deal and the importance of vacant property insurance. 

See More: Chad and Jim’s homeowner’s insurance trick for easing into the real estate conversation, or catching a lead who is about to hang up on you: Recommendations for home owner’s insurance companies

All The Leads Reviews: Rebel Goes On Five Listing Appointments

Rebel Goes On Five Listing Appointments (17:29)

Rebel and her team has gone on 5 listing appointments in the last two weeks.  One turned into a double listing. Another came from a letter she sent out her very first month working probate, and she got in her foot in the door by helping the personal representative with artwork they inherited. Rebel is looking at 6 listings! GO REBEL!!!

Real Estate Tips: Fumigation and Repairs For Death Odor Removal

Fumigation and Repairs For Death Odor Removal. (19:18 and 31:43)

Rebel is helping a family prepare a property for sale, but the house has a lingering death odor.  They’ve tried ripping up tile and replacing walls, but the smell still seems to be there. Jim and Rebel both note that you should help your seller see what their insurance covers, as many homeowner’s policies cover fumigation for situations like this.

Selling Artwork From An Estate

Selling Artwork From An Estate (21:12 and 25:45)

Rebel is helping a family sell artwork that was inherited through the estate of the decedent.  Chad shares his recommendations on where to sell specialty items as well as for companies that can help liquidate estate items quickly.

Attorneys Won’t Return My Call - How Can I Win Referral Relationships?

 

Attorneys Won’t Return My Call - How Can I Win Referral Relationships? (22:27)

Rebel is in a busy market and attorneys are not returning her calls.  Bruce shares what works for him in a busy market where Attorneys need to stumble into the value you provide for them to bite.

All The Leads Reviews: 3 Probate Listings Turned Into 5 Deals!

3 Probate Listings Turned Into 5 Deals! (26:52)

Jack shares a success story.  He has 3 probate listings turn into 5 total deals! Awesome!

Probate Credibility Websites and Why They’re Worth It

Probate Credibility Websites and Why They’re Worth It (27:33 and 46:24)

Jack is interested in setting up a separate probate website before he starts making his prospecting calls.  Chad describes the value in having a probate credibility website for social proof.  Chad shares how he incorporates his website into his letters as a final call to action.

All The Leads Reviews: $28k From My First Probate Dea

$28k From My First Probate Deal (33:51)

JoEllen got her first listing in August from her first round of letters.  She’s about to get a $28,000 commission check! Wooho!!!!!! JoEllen describes how she went from lead to listing to closing! With about 25k investment, JoEllen and her team took the property from $450k as-is to $710k at closing!  She has five more deals in the pipeline right now. JoEllen shares how she was able to put a team of vendors together really fast - Don’t let the fear of not having the team prevent you from getting started!

JoEllen and Chad discuss the intrinsic benefits that come with helping families through probate.

See More: Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Capital On The Line.

LinkedIn For B2B Networking in Real Estate

LinkedIn For B2B Networking (40:38)

Ryan and Bruce discuss B2B marketing through LinkedIn and how it’s a fairly low-effort way to start a conversation with probate and estate planning attorneys in your market.


Chad and Ryan discuss how to leverage vacant insurance policies and find a lender that’s savvy.

 

Federico Shares Additional Insight on Vendor Networking, Websites

Federico Shares Additional Insight on Vendor Networking, Websites (44:54)

Federico shares additional insight on building a vendor team and earning referrals from these vendor partners. 
Jim Forsythe, Fed, and Chad also expand on website strategy from the conversation earlier in the call.

See More: 20-Minute Mastermind with Federico and the ATL Coaches

How to Get Started With Probate Leads: Certification Course

How to Get Started With Probate Leads (50:26)

Lynette is looking to jump into probate leads without running into analysis paralysis! She is pulling her own leads currently.  Chad describes why Probate Mastery is the perfect way to learn everything you need to know to succeed in the probate niche and perform at a high level.

 

Ways To Catch This Episode of Probate Mastermind:

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Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #305

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

[00:00:33]Jim Sullivan (Host/Coach): Welcome resilient and thriving agents from across the country. Today is Thursday, November 19th, 2020. And this is mastermind podcast, number 305. And I think I said welcome agents. And that goes for you investors too.  We do have four in the queue. We got plenty of room for more. I know, Tim and Bruce are on chad.

[00:00:57] Jim Wins B2B Relationships with Probate Attorneys

Are you on the call? Okay, good. I didn't see your name turn up. So the whole crew is here and let's go to the first person in the queue. I never heard of this guy before Jim Forsythe. You're up first.

[00:01:08] Jim Forsythe: Never heard of him. Huh?

[00:01:09] Jim Sullivan (Host/Coach): I never heard of you. What can we do for you, sir?

[00:01:11] Jim Forsythe: Oh, that's nice. Yeah. I've been talking so with Chad and Bruce, and just wanted to give you a success story.

[00:01:19] This has been going on for the last couple of weeks.  great. Thank you. Yeah, we've been speaking with, meeting with probate attorneys,  the last three week we've met with three different, attorneys and I met,  Not Bruce Hill, Bruce Miller, who works with me. He and I met with, another attorney yesterday.

[00:01:37]And, that is  the other meeting with two additional attorneys that the firm he's now with, because they know about. And their response has been great.  one of the attorneys we've gotten,  two contracts on his personal properties. Oh, I've got a third one that I'm probably going to list. And then we've got two other probate listings.

[00:01:55] They'll probably be coming up. And, each of these,  attorneys are very interested in making videos with us,  which we can post on our individual websites and then used in our,  email drip campaigns to,  our probate leads that we send out on a regular basis. So

[00:02:13] Chad Corbett (Coach): A lot can change in two weeks on Jim

[00:02:15] Jim Forsythe: Absolutely. It's got to hang in there right row.

[00:02:18] Chad Corbett (Coach): Yeah, that's really good. So you actually ended up listing non-probate properties for the attorney.

[00:02:24] Jim Forsythe: As it turns out, we're not probably gonna list them other than just sticking them into MLS,  to satisfy getting credit and then going straight to pending on two of them, we've got two offers working.

[00:02:36]And then we've got a third one that we will live probably in another week or so, which is parcel property. And then we're working on two additional listings for probate,

[00:02:46] Chad Corbett (Coach): Everybody listening. Like you hear us talk about how easy this can be, like getting your attorneys in your referral network. But that alone, that is a Testament to how big this is and how much they trust somebody who's willing to serve their small businesses at that level.

[00:03:01] They trust them with their personal business. So if you like, that's a real good indication there. They're going to trust you as a referral agent, if they trust you to be their fiduciary.

[00:03:10] Jim Forsythe: Absolutely.

[00:03:11] Chad Corbett (Coach): That's incredible. Jim, thank you for sharing.

[00:03:13]Jim Sullivan (Host/Coach): Jim. I was just going to ask and you're doing all this. Did you recover from COVID already or did you not have it? No my mother had it and I  it up. Okay. good. I did test, but I've, was always asymptomatic, but my mother's 92 and she had it and is doing great, like fresh.

[00:03:31] Bruce Hill (Coach): I want those genes.

[00:03:32]Jim Forsythe: Yeah,  I think to that, I've got them. Thank you.

[00:03:35]But, appreciate everybody and just wanted to put that,  tell everybody to get up there and talk to those attorneys. Great job. Thanks. Okay.

[00:03:42] Jim Sullivan (Host/Coach): You too, sir. Appreciate you sharing. We got three more in the queue. Next up is phone number ending in zero three, zero nine. You're up next?

[00:03:51] Christian Shares Two Success Stories

Christian: Hey guys. Christian here.

[00:03:52]Jim Sullivan (Host/Coach): Hey Christian. How you doing, sir?

[00:03:54] Christian: So just tell me to share on two success stories. So I think they're both listings. One of them are under contract. The other ones were just fine. Waiting to see, when are we going to list it? And this is the, question I have for you guys. How do you guys handle a situation where the client wants to list it?

[00:04:09] But she also wants to consider key investors where it will be like an off market deal, say.

[00:04:14] Chad Corbett (Coach): So Jim just gave you an indication of what he's going to do. He's in that exact scenario. And because of the recent changes that NAR made,  you can list it on MLS for compliance and then quickly run it through, your buyer's list and, just leave them as an unrepresented party.

[00:04:32] So there's no dual agency liability there.  but depending on what your broker's opinion is of the recent changes and what your MLS rules are,  it used to be as simple as having the seller side MLS opt-out, so to have a discreet sale. And that was honestly a lot of the time they wanted that because they were under a bunch of stress.

[00:04:51]They didn't want people coming through. They went there, if we can sell it quickly and quietly, we would prefer that. And NAR took that away from, people who were being divorced or selling probate properties. I don't think they took that in. It doesn't seem like they took that into consideration was to sell the wishes, but sit down with your broker and discuss that and see what they think is best.

[00:05:12]you probably havem what's your, do you know what your MLS role is? How long you have to upload?

[00:05:17] Christian: So we have to upload it within 48 hours once it's signed, but there is an option out there where. If the one specified specific day that they understand that's what the day they'll be listed. I know that our MLS in Chicago, we have, what's called private listings and we can definitely do that too, where it would just become a private listing.

[00:05:35]I don't know what the new regular, but I've seen that. And I've seen properties in there. I don't know. I use it a lot, but right now with this show inventory in different markets, it's been one of the things that I been looking into is just to see what's out there.

[00:05:47] Chad Corbett (Coach): Yeah, it sounds like private listing is probably just an IDX opt out.

[00:05:51]So it's actually in its in MLS, but it's not going to show up on every website in the world. so that sounds like you've got the best situation possible. I would, upload it as a private listing, send it out to your buyers list and, just. Just I w when I always did that, I don't believe in dual representation.

[00:06:09] So I would always just, I would take both sides of the commission, but I only represented the seller. And when the buyer, when I sent the offer to the buyer, it was just with an unrepresented party.

[00:06:18] Christian: Gotcha. That makes sense.

[00:06:20]Bruce Hill (Coach):  So Christian, I'm gonna throw in, I've I studied the NAR rules a lot, private listing.

[00:06:25] I'll take a little bit of a different angle from Chad. I'm guessing though. So I'm not sure which one of us is right. Private listing in my, in most areas basically says that it's an office. exclusive, you cannot advertise that you can send it to anyone who's already a lead or already, someone that you already know, but you can't have a sign in the yard.

[00:06:47] You can't push it out on any website, Facebook, anything like that. It has to be to people that you already are connected with. And in that case, as long as you have your list of. Of, not inspectors. Gosh. what am I looking for? Somebody helped me out. If you have your list of investors or investors, your buyers, then, why'd you guys ask me to come on this call?

[00:07:07] I don't know.  if you have, you can take, take this property to all of them without advertising it and just have private conversation present multiple offers to the seller. She doesn't like him. Then go ahead and put it on the MLS. Just let her know. Hey, let's sign a listing agreement.

[00:07:24] I'm going to hold it out of the MLS. I'm not going to advertise it, but I'm going to take it to my list. And if we don't like their offers, We'll go ahead and activate the listing at that point, and that should satisfy her on both fronts.

[00:07:36] Splitting Net Profits With A Vendor

Christian: Gotcha. Okay. That makes sense. And then, how would you handle partnership when there is, there is a mortgage on the property, but she wants to like get creative and pending.

[00:07:46] They'll have an investor come in here and renovate the property and kind of split the profits. what would be the best case scenario? I understand every jurisdiction has different laws. I'm just trying to get creative to see, what would be the best possible outcome

[00:07:59] Chad Corbett (Coach): How many heirs are there just one? Perfect. So you should let your local attorney decide what the vehicle is, but.  The broad points of the deal, you need to establish a basis value for the asset. So the, as is whereas, Oh, you right now, and that becomes their equity position. That's the basis value that will be used in the final accounting.

[00:08:19]You are in the home of the land trust, like they were created in Illinois in Chicago. So I'm assuming a land trust is probably the best vehicle, but you can also use a.  like a series LLC, you can use venture agreement, limited partnership. Your attorney can decide what's best for all parties, but whatever that agreement is, make sure it's.

[00:08:38] protects your right to sell the asset, but you don't do a hundred thousand dollars rehab and then uncle Larry moves in,  and then make sure that it clearly defines that it's a 50, 50 split of the net profit. The dad of the bow and the net would be the basis would be there part the construction as a credit credited back to you.

[00:08:57] And then once that commission goes to you and what's left over that bottom line is what split 50 50. But when you were entity in the estate and we've been able to do these really successfully on like rural properties, we partnered with farmer people who inherit farmland that don't intend to farm it.

[00:09:13]Turn them into subdivisions and put millions of dollars in the family's bank account. You can do it with homes like in San Francisco is a commonplace or this is really useful. Yeah. You just go in and tear the house down and sell it for three other shovel-ready project three times what it was worth as it is.

[00:09:29] Whereas, so you can add immense amounts of value for the family and for your business. I would just say that, preferably the two of you should meet with an attorney in person and get all your questions answered and let them tell you how to structure it.

[00:09:41] Christian: That makes sense. And you mean, if there's a mortgage on the property, it's still doable.

[00:09:45]Chad Corbett (Coach): So that's, I like a trust for that reason. is it a reverse mortgage or is it more of a conventional, regular mortgage? Yeah. So your, that mortgage is going to have a, A clause that will be a due on sale clause. What I'm looking for. And if you roll an asset into the land, trust it looks like an estate planning move.

[00:10:05] And as long as the payments are being made, it's highly unlikely. They would ever call that note. It would be foolish for them to. Because then, if the payments are being made and the note is in the name of a decedent,  they, their only recourse is to take the house back and they're just going to spend a whole bunch of money.

[00:10:21]you'll have it, you'll have it. So before they can foreclose on you anyways. So it's extremely unlikely that would happen. But the land trust will, it will mitigate that risk. So if they do pull title, for some reason, they will actually see it's been transferred to a trust and they'll likely see that there's a decedent too.

[00:10:38]So I don't think you have anything to worry about. And, for that reason, I think the land trust probably is the best vehicle for you.

[00:10:45] Christian: Gotcha. Okay. Good to know. Yeah. I'm waiting to talk to an attorney to see what our options are, but I'm just trying to get creative here at work. She doesn't have money, but she has a property.

[00:10:54] I think she can make some money if somebody, the sex party was there and she's definitely will consider it.

[00:10:59] Chad Corbett (Coach): Yeah, it's awesome that we had one of our, one of our subscribers helped a 93 year old lady in Palm desert hada condo. They put 27,000 into it and it raised the value by, what was it like 187.

[00:11:13] it was just a, really a really light cosmetic rehab. It was life-changing money for a lady who was 93 and almost out of money.  so you can make a big difference. Cool. And who doesn't like free houses,

[00:11:25] Christian: I have for today. Thanks a lot.

[00:11:27] Jim Sullivan (Host/Coach): All right. Perfect. So far we're having a testimonial Thursday. I like that. Everybody's got a success story so far. Next up is phone number ending in nine six zero two you're up next.

Probate Short Sale With A Fire-Damaged Property (11:38)

[00:11:38]Chelle: Hi, this is Chelle calling from LA and I am working on a,  fire damaged probate short sale.

[00:11:46]And I think it was, Chad who mentioned, or one of you guys mentioned that,  one of your wives, is a short sale negotiator.

[00:11:55] Jim Sullivan (Host/Coach): Yep. That would be me. She's only done about 2000 of them. We started back with the last crash happened and she's still doing them, so yeah. She'll be glad to handle it for you.

[00:12:04]Chelle: Yeah. Would yes please.

[00:12:06] All right. It is Pam the same last name as mine, Pam Sullivan, and it's (954) 584-0000

[00:12:18] okay. That's nine five four five eight four zero zero zero.

[00:12:22] Jim Sullivan (Host/Coach): And if you can reach her also, Pam@shortmyproperty.com.

[00:12:27]Chelle: Okay. I'm going to, give her a call. Thank you.

[00:12:30] Jim Sullivan (Host/Coach): Sure  She'll walk you through the whole, the process good for you for not overlooking the opportunity. A lot of people just assume like there's no equity in it.

[00:12:38] Why would the family want to get involved? And,  she has done dozens of them with reverse mortgages and with very little equity. Sometimes the family just wants to do the right thing. They don't want the property to be foreclosed and they want to see a nice family move in there. Is that, is it isn't a upside down with the fire damage or they're still equity?

[00:12:57] Chelle: Oh, it's yeah, it's upside down with the fire damage and, we've been going round and round with the bank. unfortunately I had, another property, That was a short sale probate, and it ended up going back to the bank. I don't want to miss out on this one.

[00:13:17]Jim Sullivan (Host/Coach): Yeah. So there's one real quick question, Chad.

[00:13:20] And it might be the same one you're going to ask is the seller cooperative. The seller wants to help you. Get the deal, right? Cause it's a minimal amount of work for the seller. It's basically, authorization and you don't have to provide financials or anything because obviously the owner's deceased.

[00:13:35]And then Chad, you had a question too.

[00:13:37] Chad Corbett (Coach): It's rare that a lender will accept a first position without requiring insurance. And I'm curious of the insurance claim was denied or if it's still in question.

[00:13:48] Chelle: What happened is it was a HELOC and the home owner died and supposedly there's no insurance and the bank is saying they just want to foreclose on it.

[00:14:01]I can't imagine. I would think that they would have took out insurance from their end, but, it, it looks like it would be a good project. But, we're just having a hard time in terms of negotiating with that.

[00:14:13] Chad Corbett (Coach): Sure. Gotcha. So I want, I do want to make a comment out of this for anyone who has not heard us let's talk about vacant property insurance. This is a likely scenario for literally millions of people every year. Because a family member passes away, they leave the heat on the house is sitting there was a typical homeowner's insurance policy. If it burns down and they can prove it's been vacant for more than 30 days, this scenario is likely.

[00:14:40]So this is a good story to remember for everybody listening. When someone says we've got it handled as the most common objection, you ever hear stories are super powerful. And you can step up and say, listen, there's a lady in my mastermind group that is helping a family that unfortunately didn't have a, their asset protected.

[00:15:00]So let me just make sure that you're protected and you can use that story to show them the reality of this because, fortunately it doesn't happen that often, but a lot of people have a lot more exposure than they know. So anyways, thank you for sharing that story.

[00:15:16] Chelle: Yeah. And just one, all the things that the short sale, it was approved, however, inbetween submitting it and getting their approval, that's when the fire happened in two of the cases that I've been involved with, so it just turns it into a mess.

[00:15:32]Yeah. Yeah.

[00:15:33] Jim Sullivan (Host/Coach): I know she's dealt with them. Fire, flood tornado, every possible situation. I'll tell you a real quick story, just because you've mentioned it in this first time I've ever heard this happening. If you get her involved to this for you, make sure if you can, that the seller kind of gets out of the way, or if the seller insists that they hire an attorney, make sure it's one that knows what they're doing.

[00:15:53]She worked on a short sale. probate for about seven months, it was ready to close. The seller had gone and hired an attorney just to, cause they were concerned, they were going to come back after him and this attorney without telling anybody he sent the deeds off to everybody and deeded the property back to the lender two days before it was ready to close.

[00:16:14]So many attorneys do not know what they're doing now. She's trying to jump in there and get it all reversed. So Yeah, she'll she will, just introduce her to the seller and let the nice thing too is there's absolutely no liability. If the person on the mortgage is deceased, so the seller really has nothing to lose, but, yeah.

[00:16:32]get her on the same page with everybody and get working on it now. and, know, are you more, are you interested in buying this or listing it? Okay.

[00:16:39] Chelle: Yeah, I was, gonna partner with, the realtor, the listing agent. Who's a friend of mine. So we've been talking about, I'm going in, buying it with my LLC.

[00:16:50]We already have the numbers on renovating the project and everything. Even the seller, the daughter, she is willing just to sign off on the property. She's tired. She wants out that we just, we're going back and forth with the bank.

[00:17:05] Jim Sullivan (Host/Coach): Yeah, that's perfect. You're doing everything right. And you get those repairs documented you send them off to the lender.  It could, it'll certainly be a listing and it very well could be a good investment deal for you. They, fire damage is, when the lender sees that they likely will be a lot more flexible on the price. So give her a call. She'll take good care of you. I appreciate you bringing it up.

[00:17:24]Chelle: Okay. Thank you.

[00:17:25] Jim Sullivan (Host/Coach): All right. Here's somebody else. I never heard of Rebel Taylor. You're up next!

Rebel Goes On Five Listing Appointments

[00:17:29]Rebel. Are you there? I was just kidding. If we never heard I'm hearing it as well.

[00:17:33] Rebel Taylor: I'm doing good. I wanted to, call and tell you guys a little bit about what we've been doing and appreciate your business. Actually, you do help us all a lot, but, I wanted to share with you, we went on one, two, three, four, five listing appointments in the last two weeks.

[00:17:49]And, went on, another one, actually two weeks ago, I called to get one and, the father had died in the home and turned into 2 Because she turned out that she was a PR for another probate. So I was able to go to that house and, get a CMA as well. I'm writing a contract as we are talking on a probate deal that, the buzz, one of the appointments I went on last week.

[00:18:13]And, so we are selling his son property.  we went on another appointment, got to date with, what day is this? Thursday? Two days ago. And, this was from a letter when I first started with you guys and I sent out the letter. And this gentleman called me, like in that timber, maybe August, September, that, he wanted to sell his house, but he had paintings inside.

[00:18:38]So as you guys say, we do everything from clean out to clothes and that same including selling artwork. So we've called around and I've learned a little bit about art now. it's not worth what a lot of people think unless it's some really popular art.  so I we've just been really doing good. Also the list you have gotten me, yelled at a couple of times, I called the number and the guy would be like, that's my ex wife.

[00:19:02] And I divorced her 30 years ago and I haven't heard that name. And it's Oh my God, I'm sorry.

[00:19:08]But I just wanted to thank you guys and everything I wish you do.

[00:19:11] Chad Corbett (Coach): So Rebel, thank you for sharing that you said you had five total appointments are where you get six listings off of that.

[00:19:18] Fumigation and Repairs For Death Odor Removal.

Rebel Taylor: Oh, hell yeah. I'm glad too, because all I'm good with the two that I did for the loony on the Lake, he turned to be stubborn.

[00:19:26]You know what I mean? Because she's one of those people that have went in and remodeled houses and sold them herself. So she's really on that, but she's got so much on her plate and I'm I keep, I stay in touch with her and ask if she even needs any help. They're having a problem with that home because her father had died in it.

[00:19:42] And apparently nobody noticed him for a week. And he's one of those people that didn't have the air on in Florida.  Yeah, that's it. Yeah. In the middle of summertime, they have went through three companies trying to get the smell out. And  they're having a real bad problem with it. They pulled up the tiles pulled off the wall,  the, drywall and everything.

[00:20:03]they're not sure how they're going to get rid of this smell.

[00:20:06] Jim Sullivan (Host/Coach): Hey rebel. we, I can tell you from personal experience, we had someone who was a few weeks late on their rent and they had been on the couch, passed away for weeks. And I will tell you that we had state farm. they paid for not only fumigation, but new air conditioning, ducts, everything there.

[00:20:23]You really look into their insurance. You'd be surprised. There's a. There's a health issue there when somebody passes away and remains in the property for a while, you'd be surprised what the insurance may pay for. I don't know if she tried to put another

[00:20:35] Rebel Taylor: Under the third company they're paying for.

[00:20:37]This is insurance. Yeah. She's dealing with the insurance and this is the third one they're paying for. When I walked into the house, it threw me back to another house that we were, that we had listed. And then there was this smell that we just never knew what it was. We changed it. We did the paint, the carpet, replaced the appliances and everything in this.

[00:20:56] No just was there. And I never knew what it was until I walked into this other house. And it just, you know how you get Deja Vu with a smell. That was it. Yep.  but, yeah, no, it mentioned out of six list. Yes, sir. she's the only two that I feel like I might not get,

[00:21:12] Selling Artwork From An Estate

but the other ones have already confirmed the one with the artwork.

[00:21:15] We went and met them. We are actually going to help them a little bit when they come back because they're going to have to do a sale. And we told them we would be right there for them. And so we are, and then we're going to list it right after that.  I'm glad you brought the artwork back up. I forgot. I forgot to mention something.

[00:21:31] Chad Corbett (Coach): So if you haven't already dealt with the artwork and for anyone else who finds themselves in this situation, there's a national,  estate sale company. that's like an e-commerce estate sale company and it's called everything but the house it's ebth.com and they will actually make you an offer virtually.

[00:21:48]And purchase that into their inventory and then they'll sell it online at my market price. So if you ever need to find,  if you want more exposure, to a national marketplace, you can get a quick offer, just reach out to everything, but the house.

[00:22:03] Rebel Taylor: Okay.  actually mentioned that to him because that's a lot of the things we're going to, of course, they have, they had everything appraised and they are at least realistic.

[00:22:11] They know they're not going to get what it's appraised at. And, and then it turned out a lot of the pieces was because all of the family members were like artists and even the person that designed their house was an uncle.  and he did a good job. In the design I liked it. but I will let them know about that.

[00:22:27] Attorneys Won’t Return My Call - How Can I Win Referral Relationships?

That actually helped. Oh yeah. And another thing, for you. It's almost a joke with me and my partner that I have called lawyers. Cause we're trying to meet lawyers like you say, and in this pandemic, you can't really go to the office and try to meet him. It's not fair. And so we call around and they're there.

[00:22:43]They don't call back. And I actually, the lawyer I met today because of this contract I'm writing up right now, my client's lawyer.  We had a great conversation and I think it might've found the lawyer that I would be referring people to as well as him. And I noticed his name on a lot of the probates that I go through when I'm calling each one.

[00:23:03] And you look at the lawyer, you look at everything about it. And so he deals in a lot of, probate. So I feel it will be beneficial. He wants to meet. So we're going to set up an appointment. Now. He just wanted to say, it's amazing. I live over here in, around Tampa, Florida. And calling these lawyers and they don't call back are lawyers, just that busy that, what am I doing wrong there?

[00:23:22] Or am I doing something wrong? Am I don't know if I'm saying something wrong, but,

[00:23:26] Bruce Hill (Coach): I talk to a lot of attorneys in my market and one of the things that I always ask after I have a good conversation is if I'm the only person that reaches out to them, And to the attorney, they all say, no.  you're not the only person we probably get hit four or five times a day.

[00:23:42]And most of the agents or investors, but mostly agents that are reaching out to them are just saying, Hey, we wondered if you had any, any, anybody that you needed to refer to us and. So that what they hear when you reach out by phone is they think that you're just like that. So I've found that the best ways to reach out to attorneys are either through introduction, attorney to attorney introductions.

[00:24:07]Or,  personally I know not everyone has a good LinkedIn profile, but LinkedIn has been a very powerful friend of mine and, and connecting with attorneys and, using the connections, just firing over a message. And a lot of times, if you're going to send an email or a LinkedIn message, it's best to ask questions that are, very much, the attorney sees some business coming out of it.

[00:24:29] So it would be a question like.  Hey, do you charge

[00:24:32] Rebel Taylor: Real quick? I leave the message. I'm never, you never get the lawyer. You get the go between, but I always leave them with that. I need to refer my client to someone. So I would like to talk to you.  Right there, I'm telling them, look, I'm going to give you business.

[00:24:48] I'm not just a Joe blow calling in.  So that's, I that's what I'm not understanding. I don't know. The lawyer today said, he goes, they're too busy counting their money. He goes, I'll take it. I want it. All right. There we go. So I might've found one today, but I have been trying, but I was just amazed at and understand what you're saying that I wasn't, I have a lawyer friend, but she doesn't do probate and things, and that's what she said.

[00:25:09] People call all day long trying to get free advice, basically. And, it upsets her as well. So I do understand what you're saying. that if you get a lot of us, there's a lot of us out there. A lot of new people, a lot of people like you guys telling us, Hey, meet all the lawyers, but.

[00:25:23] Bruce Hill (Coach): Ask your non probate friend who they know that they could introduce you to introductions go so far in this business, especially with attorneys, if they can introduce you that it's already, they're introducing you to, it's going to we'll pick the phone up.

[00:25:38] Rebel Taylor: Okay. Yeah, I haven't done that. I'll have to say, I guess I never really thought about, I don't know, a number, ask somebody for something. I guess I do that.

[00:25:45]yeah, that's a good idea. Good idea. Great idea. But,  yeah, but, the artwork I'll check out that. And, like I said, I am writing a contract today. I already know I'll be writing a contract next month for the other people, for the artwork. We'll be helping them sell that artwork.  they said the guy across the street is interested.

[00:26:02] So hopefully I'm going to get the buy side as well.

[00:26:05] Jim Sullivan (Host/Coach): Awesome. It sounds like you've got people that know what they're doing on the artwork. I can tell you from personal experience, if, Art that you bought on a cruise ship or one of those art parties it's worth whatever the frame is worth.

[00:26:15]Chad Corbett (Coach): Fortunately. Yeah, I was going to suggest if you get in a pinch, just throw a, an estate sale with champagne. It works on cruise ships, what we're going to do as an estate sale, but, get them all drunk and run them through a central area where they have to. In order to get to everything else. And that is use the cruise ship model.

[00:26:33] It apparently works.

[00:26:34] Rebel Taylor: Okay. I like it. I like it. I've never even heard of that, but, okay.  So let's talk first. Let's admire, the arts set it up properly. Guys, thank you very much.

[00:26:43] Jim Sullivan (Host/Coach): We got a full queue now. So next up is phone number ending in two, four, five, zero. You're up there.

[00:26:50] Jack: Hello, gentlemen, how are you?

[00:26:51]Jim Sullivan (Host/Coach): Excellent. How are you sir?

[00:26:52] 3 Probate Listings Turned Into 5 Deals!

Jack: Great. I, first of all, I wanted to share a success story, a few of them actually in it. I've been doing this for about three and a half months now. And last month, I got three listings from my probate efforts, from the, from all the leads and in the last week and a half sold all three homes as a listings.

[00:27:11]And then on one of those, I was able to bring a cash buyer to the table as well. So I got both sides of the transaction. And then I also got a really great lead from one of those listings whose neighbor is losing their house. Due to foreclosure where it works out to be a perfect wholesale deal. So in essence, from those three deals, I got two other transactions from it, which is really cool.

 

[00:27:33]Probate Credibility Websites and Why They're Worth It

[00:27:33]So I'm excited about it.  congratulations my question.  thank you. my question for you pertains to building, probably a website and how important is that? I still like with the letters that I have going out. And with the phone calls that I'm making. I think that might be the next step of what I do.

[00:27:49] And maybe you guys could shed some light on how beneficial that is, what approach to take and all that fun stuff.

[00:27:55] Chad Corbett (Coach): Oh, it's huge from a social proof standpoint. Very few people have a probate website at all. And the ones who do that's usually something they have page, they threw together on their own. So that the intent of our sites is not to index or like how have you dominate Google or be this amazing lead capture site it's there for when people want to do due diligence on you.

[00:28:17] Because it sounds too good to be true. And they're very effective for that. I've found like in my market, active using Jetpack analytics and Google analytics, at least 50% of the mail deliveries would result in web traffic the day that the letters dropped. So if I sent a hundred letters, I'll have no less than 50 web hits around the same time.

[00:28:38] You could literally tell where the mailman yeah. And so that really convinced me. And most of I give most of the co com list may come by this thing right now, calls I've gotten, I started telling them about my service. Now, listen, we know we've already read everything, so they'll start on your probate website and they end up finding your LinkedIn your true, truly a Zillow realtor.com.

[00:29:01]It's they knew everything about me. They knew they wanted to do business with me and I'd never spoken to them. And that was, that's a common occurrence. So I think the sites are for what little bit of money you will pay relative to all other marketing and real estate, like they're worth the wait and go.

[00:29:16] Jack: How much prominence would you place? Like you're sending a personal letter to these people. Where would you, like, how prominent would you make that website known? Is it something that you put big in front and center or how would you approach that

[00:29:27] Chad Corbett (Coach): Even better? And this is a way that I originally tested the PS line too, but I always only mentioned in the PS.

[00:29:35] So below my closing, some severely Chad,  PS, if you're not ready to talk to someone just yet, please go here and learn a little bit more about what we do. Sometimes it sounds too good to be true to some folks, but we're happy to answer any questions you have. And like it's tra that's for that reason, you're going to be using it in the mail and a DSY line.

[00:29:55] Keep your domain really simple.  okay. Pro probate Island con or whatever it is, but try to just keep in mind that your average prospect is going to be, probably between the age of 50 and 70. And they're probably the traffic will probably be coming on a little device. I was really surprised.

[00:30:14]Most of the traffic that came was direct. And it came from mobile devices, which meant they were literally standing at the counter opening mail and stopped what they were doing and came to the website.

[00:30:25]Jim Sullivan (Host/Coach): And I'm not sure if you're aware that we can do that website for you at a really.

[00:30:30] Jack: Absolutely. Yeah. Yeah.  that was my next thing. So I need to do the probate mastery and I need to sign up for that. I'd like to do another coaching call and then obviously I need to get a website going well, I might just have somebody reach out after this call for all three.

[00:30:45] Jim Sullivan (Host/Coach): I have your phone number. What's your last name? Feel? S P E L E. Okay. Just make sure I get the right person. And the two, four, five zero is the number we have on file for you. That is correct? Yep. Okay. We'll have somebody reach out for all of those after the call Jack and get you started with the mastery and we'll have somebody reach out on the, on the website.

[00:31:03] Bruce. You want to tell them how to schedule the coaching call or you want to go ahead?

[00:31:07] Bruce Hill (Coach): I'll send you an email with the link, but that in the future, if you log into the portal and click the button that opens a drop down, that you can go down and click schedule a three monthly coaching call.

[00:31:18]Jack: Perfect. Perfect. I will do that. I really appreciate everything you guys do, you guys add a lot of value and you guys help in a way that it doesn't happen very often in this world. So I really appreciate the help that you guys offer every single week. It's really awesome.

[00:31:31] Jim Sullivan (Host/Coach): Wow. Thank you so much.

[00:31:33]Yeah, we're having . No pressure, but so far everybody who has contributed it, that's a success story. So next up what's your success story for six 63. You're up next?

[00:31:43] MarkerCaller 1: Sorry, none today. but I do have a question about that. I'm sorry. Okay, go ahead. What can we do for you? Rebel, was talking about the smell in the house.

[00:31:52] And, some, I think somebody, maybe Chad mentioned an insurance company paying for the odor or the fumigation. Yeah, I did not. I didn't understand what w okay, cool. Why who, what insurance policy and how would that be covered? I've never even contemplated that.

[00:32:10] Jim Sullivan (Host/Coach): And again, I'm assuming every policy is written differently, but we had state farm.

[00:32:14]We just had, we just had the Oh, liability and owner's policy because, that the condo didn't cover and, they actually replaced all the appliances, carpeting and air conditioning, vents and air conditioning. I believe they can. They replaced the compressor also, which really surprised us.

[00:32:34]And in my, and I'm not an insurance expert, call whoever. Whoever you deal with, but apparently there is a biological hazard to do a body somewhere for a period of time. And so they have to do that to,  remove the liability of a future, somebody getting sick or having a problem because of it.

[00:32:51]Caller 1: Okay. Okay. So just ask about biological hazard coverage within. Whatever policy and to Chad's point. Okay. So to Chad's point here, while you all, recommend, the vacant policy, so this wouldn't be the vacant policy. It would be the policy that was enforced,  when whoever was in it died. okay.

[00:33:09]Jim Sullivan (Host/Coach): that's, and I don't know if it's included in other policies. This was a landlord policy that we had that covered a liability for our tenants liability and anything that the HOA didn't cover.

[00:33:20] Caller 1: Okay. I'll okay. Thank you. And I don't know whether or not that would extend to vacant policy insurance, but it sure.

[00:33:26] Jim Sullivan (Host/Coach): Be worth checking into you don't know offhand. Do you Chad?

[00:33:29]Chad Corbett (Coach): No, I think, a vacant policy is a high risk policy. That's why it carries a higher premium. My understanding of it is it covers just about anything, including, break, breaking and entering vandalism. Mike. So I would imagine it would be covered under this.

[00:33:44] Caller 1: Thank you.

[00:33:44] Jim Sullivan (Host/Coach): All right. You're very welcome.

[00:33:46]Next up is phone number ending in three six, two one. You're up next.

 

[00:33:51]$28k From My First Probate Deal

[00:33:51] JoEllen: Hi. I am JoEllen. I'm calling from California, the Bay area, and I just want to just give an amazing testimony of how awesome this program is and you guys are, and your support.

[00:34:03] I started with you guys. I think I took the class in may subscribed in August, got my first listing in August with my first letters.  and basically you're going to make about $28,000 in commission on this one property. So it's pretty neat. And, I got thrown in it, two of us and being in estate cell.

[00:34:23] So it was a contractor's home.  so I ended up, I brought in the liquidator. I brought in the painter, the general contractor as a landscaper, who else? The stager I brought in the whole team. And we're almost finished with the remodel. We could have listed for, I think it was 450. As is got them to invest about 25,000.

[00:34:43] And we're looking at closing just probably around 710. Wow. So how many years worth of leads did you stay for at least,  Exactly. And I'm saying if I only got this one deal, which I'm not, I have five in the pipeline right now.  I would be set for years, but I, it's just a passion.

[00:35:01]just like you guys said, just, you can pull a team together really fast. And I did, I pulled the team together really fast. I was already doing my research, like Chad said, like interviewing, state vendors and contractors and painters,  and going after my referral network.  I came from finance early on before the meltdown.

[00:35:19] Then I went into senior care. So I have the independent living facilities, the skilled nursing facility. I was a business development for home care. So this literally is my niche and I am just, this is going to be the rest of my life. Oh, fun. I love it.

[00:35:36]Chad Corbett (Coach):  I love this story. So tell me how good does it feel to know that you put $200,000 and equity into that family inheritance?

[00:35:44] JoEllen: Oh my gosh, it feels so good. And it smells even better because it was their son who was the contractor who was 57 years old. He was in a motorcycle accident up in Chico, California, and they didn't find him for three days. He was missing. And the gentleman who called me the PR he's 86 years old, the father who's a senior who's seniors are my passions.

[00:36:06] So to go there, knowing that I was put in front of them, by God to help this family. And to put a little bit of money in their pocket and pay off whatever, needs to be paid off. Those still good. And, the mom recently went through chemo and fell. It was just with her, guiding her and keep being her emotional support.

[00:36:25]People tried to come in and take my listing, but they said, no, they want to buy the truck. And a realtor wanted to sell the house, give her commission for the truck and just all kinds of stuff. But they stayed connected to me because they said I did what I said all this whole time and I had a plan for them and yeah.

[00:36:42] And it feels so good.

[00:36:43] Chad Corbett (Coach): Gosh, first off to you like  your mindset and your standard of service, it's going to take you so far. You'll probably retire from just doing this one thing and I'm so proud of you for everyone else. Listening, pay attention to what she said. If you're new here and you're not a subscriber, if you are trying this your own way and it's not working, if you trust us methodology.

[00:37:06] You'll get this kind of result. And she had competition come in without signed paperwork and they could have easily taken it from her. they thought they could easily take it from her, but when you're doing it at this level, you have no competition. Like you, you create your own damn market space when you provide this level of value.

[00:37:23]JoEllen: I did exactly what they asked. I brought in the team, like my letter said, I gave them options. Some they chose some, they didn't, but they just said that I've done so much for them last week. And I bought the whole team pizza. I bought champagne for the mom who just finished the radiation,  and just being empathetic and listening, crying with them.

[00:37:44]walking around the home, picking up things that Mike, the owner, he was really, tools all over. tools everywhere and,  two ice chests that I actually got from them because I wanted them. And now I'm like, Oh, thanks, Mike. I'm going to take good care of your family. And I just walk around the property and we just talk about what he did and just listen to them and share with them, that you care.

[00:38:06]About their family member that they just lost. So I'm in the right place. I love it. This is my purpose to go through this. And I'm so glad that a friend of mine shared you guys with me because I'm just forever grateful for you guys. Good for you. Yeah. I love your state. for everybody that's listening, you know that if you're going to emulate anything first, their techniques and skills that you can develop that, state of, passion and empathy is probably the most important thing that you can add for, excuse me,  it's hard to fake.

[00:38:37] It's hard to fake it if you don't care and that. And it's hard. You're going to, I have another, I have five more in my pipeline because we're waiting for court dates, but I've already been to the property and the family and just stay in touch with them. it's the sad stories of, brothers that passed away.

[00:38:52] Now, the kids are in the house and the ex-wife's trying to kick them out. And it's. This is some real raw stuff going through these, this isn't just your traditional real estate. You're going to, I already know you get in the thick of this stuff, and you're going to hear things that you probably know don't want to hear, but you cannot judge.

[00:39:08] We just have to be they're compassionate and, give them the best advice that you can.

[00:39:13] Chad Corbett (Coach): Something that's I was going to say to you, I'm really glad, cause it's, you have an amazing story on this one, but it's rare that you'll actually get that involved and bring that many vendors to the table.

[00:39:24] It's a really good first, a really good deal to have early on because you're going to have many more, the majority of these will be more straightforward. But it's awesome. It's awesome that you got that resolved from being able to do the difficult ones early.

[00:39:37] JoEllen: Yeah, that was so cool. And like I said, I could do it.

[00:39:39] I'm really doing it. I can't really, my first one, I got hit with everything. Just like Chad said, build your team, do it go in as the expert. And now, I know so much about probate PR the timeframes, all the disclosures and who's exempt. I've literally, I'm mastering this. Thank you.

[00:39:56]Jim Sullivan (Host/Coach): Wow. Thank you. And we can't tell you how much we appreciate it. great.

[00:39:59] JoEllen: Oh, and one more thing. I was able to quit my full time job and go full force with this as well.

[00:40:04]Jim we're going

Chad Corbett (Coach):  to have to form a committee to choose the winner of the week!

[00:40:07] Oh yeah.  you guys can make it itself. Honestly, every story is better and we got three more people left. So don't

[00:40:14] JoEllen: And remember! Call, and don't judge your leads. Just don't even look into it. You just pick up the phone and you have value.

[00:40:20] They either like you or they don't, they need what you want or not right now, but just call

[00:40:25] Preach!

[00:40:26]Jim Sullivan (Host/Coach): Thank you, JoEllen. That's great. We really appreciate you. I can't tell you how much we do. All right.

[00:40:30] Well,

[00:40:30] we've got the the cue.

[00:40:32] No pressure, for you. Three remaining people. Next up is six three eight, eight. You're up next.

 

[00:40:38] LinkedIn For B2B Networking

Ryan: Hi, this is Ryan from Scottsdale Arizona. Yes, sir. I am a new subscriber.

[00:40:43] I don't have a success story yet, but I'm eager to, be able to share In that, looking forward to it. I had a question.  one of you, I forget if it was Chad or who was talking about reaching out to probate attorneys using LinkedIn. And I wanted to hear more about that.  How do you approach them and you do it through a LinkedIn message.

[00:41:05]Or how did you do it?

[00:41:07] Bruce Hill (Coach): It would be a, it would be a LinkedIn message. And the first thing to understand is we don't know exactly where attorneys live in their communication. Some people are more quick to pick the phone up. Some look at emails, some looked at LinkedIn. LinkedIn is a way to get in front of some of the ones that loved to be on LinkedIn consume content there.

[00:41:28] generally speaking, if I'm going to send a LinkedIn message out, it's gonna come from a place of, I'm curious first and I'm never going to just drop all my secrets and tell exactly how I do things in the first message. It's gotta be  generic and say, hi, mr. Mrs. Attorney SG, that you are, you're in the estate and probate space.

[00:41:50] I have a service that might be a benefit to you and your clients.  I don't know if it's for you. But, I'd like to talk for five minutes and see if there's a mutual benefit to our businesses. And more importantly to our clients. Okay. That will normally get a curiosity response. And typically you get a response, like what do you do for PR?

[00:42:12]I've gotten that response a couple of times. What exactly do you do for PR? And at that point,  I've personally found that, especially with attorneys that it's best to cut straight to the point and go ahead and tell them,  what you get out of it. So if you're in a real estate agent and you say, ultimately, I'd obviously like to be able to list the properties, but I know everyone says that.

[00:42:33] So I'd like to earn your and their business by offering to do anything from clean out to gutter, clean to handling an estate sale.  And then turn a question back on them. So my question back to the attorney is generally.  when you take on a client or if I refer you a client, do you charge upfront or do you charge at the end of the transaction that will at least to get a response back to your turning the conversation back to them and then just closed for a cost.

[00:43:01]Ryan: Okay.

[00:43:02]That was helpful. Yes. Yes.

[00:43:04] Bruce Hill (Coach): There really isn't more, you can copy and paste that message and swap the names out a dozen times that I bet you're going to get a response or two. It's not a hundred percent, but  it's fairly low effort because what you're doing is just trying to create curiosity and get them to engage back with you.

[00:43:20]And then you can go ahead and close for a conversation.

[00:43:23] Ryan: Okay. Okay. All right. Now do, do probate attorneys typically offer advice to the PRS regarding the need for vacant property to have vacant property insurance and that kind of thing?

[00:43:36]Chad Corbett (Coach): No, that's why we find that as such a good objection now, or it it's an abrupt stop them in their tracks way to get them to engage with you.  So far I've not met any attorney, anyone I've never even heard of a story of anyone who's asked that question and said, oh no our attorney took care of that.

[00:43:52]It's something that's, I think I went 12 or 13 houses before I learned it from an insurance agent/broker.  so a lot of people aren't familiar with it. They think that, that the standard homeowner policy is all they need and unless something happens, they won't ever find out. So  it's unlikely that you'll have attorneys in your market that understand real estate at that level and asset protection.

[00:44:13]So that kind of gives you an X factor. It gives something, just the tool to really stop them in their tracks and get them engaged with you. So you can, with confidence, I would say with 99% confidence, you can assume that the attorney has not asked them about as it were handled it for them.

[00:44:28]Ryan: Okay. Okay. Very good to know. I've learned a lot of very valuable stuff today. Thank you so much.

[00:44:33]Thank you,

[00:44:34]Jim Sullivan (Host/Coach): Jim. You there. we have two more in the queue. We're probably going to go just a few minutes over. you guys both are okay to go over today.  probably going to have to be off by, by about five minutes after. Okay, cool. I'm good until 15 after. Okay, perfect. Next up is phone number ending at eight two one three.

[00:44:53] You're up next.

 

Federico Shares Additional Insight on Vendor Networking, Websites

[00:44:54] Fed: Hey guys. It's Fed. How's everyone doing? How you doing great. I'm great. Thank you. I wanted to, piggyback on what Bruce was saying to the previous caller.  Aside from the LinkedIn, then what you guys have also been talking about, which can help a lot with an attorney is that once you sit down with them, so this would maybe be step two.

[00:45:15]Is to, ask them for that checklist that you guys often talk about where, you tell the attorney, Hey, can we sit down and formulate a checklist so that I can send it to, my clients or just people who are going through probate so that they know what they're doing since the attorneys, from my understanding cannot solicit new business.

[00:45:36]That's also an extra way as a part two or as a sidestep to the contacting the attorney.  obviously correct me if I'm wrong.  In addition to that, also for that person and for the San Francisco caller, the one who had that great story, is that when we build a team, the vendors can also create relationships for us, actually speaking of the vacant home insurance policy, when I was building my team and found an insurance specialist for that. She actually put me in touch with her husband and some other people who happen to be very big, commercial brokers and investors who are now helping me with some other transactions. So it just, by just expanding and reaching out,  we can build a lot of things.

[00:46:22]So that's just what I wanted to piggyback.

[00:46:24] My question. Is regarding the website. So do, since I'm building my own website right now in general for my real estate business, do you, is it okay for me to just have a probate tab or do you suggest just having a completely separate probate website?

[00:46:43] Chad Corbett (Coach): That's how I started.

[00:46:45] I built a page on my WordPress site, bought a domain, a different domain, and I just created a redirect. So when someone would go to that, they would land on the probate page on my WordPress site.  Got really the big, the biggest reason is because we weren't providing websites, way back then.

[00:47:01]I think that having a robust, full version site like we offer is going to get you a different result. And what you can do is, you're building a core website, right? Like a more generic real estate website.

[00:47:14]Fed:  Yeah. Just something so that, as you were saying, if people look you up, at least there's some form of credibility, even though, I think, aside from probate, I don't think people look you up as much as for probate.

[00:47:26]And my keyword opinion. I'm not sure

[00:47:29] Chad Corbett (Coach): a lot of folks, we can tie the two sites so we can interface, match the colors. Like they want it. Most people don't even realize. They're landing on a different website. So if you want to make that your general real estate website, and it could still have a probate page, but then in the menu you could, in the main man you put, I'm going through probate and then when they click that it redirects to your, your probate specific website.

[00:47:53]And then like in the header and the menu of that one, you can have something like find out what your house is worth and that lands on the seller page of your general website. And that's my life's passable combination for sure.

[00:48:04] Fed: Okay. Sounds good. So in that case, I'll contact you guys for the probate one a for sure.

[00:48:09]Jim Sullivan (Host/Coach): All right. Thank you so much. I really appreciate it. Thank you. Next up is Jim Forsythe, you're back. And we have one more in the queue, sir. Go ahead.

[00:48:17] Jim Forsythe: Okay. I quickly, I agree with the last tar,  been a lot of information is a fantastic call.  Chad was talking about the, Me websites and how he used the term jet pack analytics and Google analytics.

[00:48:33]If, if he could send me some information on how to,  get that going.  I have, of course your website I've had yet, but I'm not getting in response to it.  like you would like, and then, for the last caller,  asked me about tab on his website. He's building by, exp website is basically a probate website.

[00:48:53]I have just taken an added all kinds of things to it and changing it,  on regular basis.  if they like. Yeah, go see my website, look up, Jim and Jimforsythe.com and you'll see what I've got on probate. But my biggest thing is how I get information on the,  analytics and how to get that going for me on your exp site,  on the yet, but also on, my probate.

[00:49:16]Website you, we can help you on our end. So Jetpack is built into it's a component of WordPress and they have a very simple web analytics called site stats. So you just need to toggle that on your version of WordPress.  Google analytics is obviously more robust and that needs to be inserted, between the head tags on your site.

[00:49:37]So we can handle that for you on your, all the lead site for your exp site. You probably that you're, do you know what it's, what the CMS, what it's built on? Is it WordPress or something else?  wha how you really getting over my head, Chad? I don't know, regardless of what it is, you can plug the Google analytics code and to your exp site.

[00:49:56] Chad Corbett (Coach): it's WordPress. You could also use Jetpack the reasons I like jet packs for, for people who aren't web designers. Yeah. It's just really simple and concise. Yeah. Or Google analytics is easy to get overwhelmed and lost inside of. Okay. if you could send me some information and you have 30 seconds to do that,  that would help would be greatly.

[00:50:15]Jim Sullivan (Host/Coach): Okay. All right. Fantastic guys. All right guys. What a great call today. Last up his phone number ending in nine, two seven eight year up last.

[00:50:26]How To Get Started With Probate Leads

Lynette: Hi, I'm my name is Lynette and, I'm brand spanking new.  and I just want to just articulate an appreciation for the level of sharing for everyone on the call. And, I guess w where I'm at is, I'm an agent and, want to be an investor,  et cetera. I'm taking actions, but I'm throwing noodles at a wall.

[00:50:45] And I want to know if you could give me just some really brief, quick guidelines on where to start with you guys, because  I'm at a point where I'm willing to do some things that I want to operate.  I want to fable business around this and operating at a high level without. Going into the analysis paralysis.

[00:51:06]something needs to move while I'm working on it. And do you have any guidelines for this lynette?

[00:51:11] Jim Sullivan (Host/Coach): Are you a subscriber or not?  I'm not even sure what that is. What do you, are you getting our leads every month? Do you have our CRM? No. Have you talked to one of our salespeople or no? No. Okay, that would be a good place to start if it's okay.

[00:51:24] When the call is over, I'll have someone reach out to you and then,  we can certainly also do a free coaching call with you to give you an idea, whether you use our services or not the best way to get started. we do have a module. Yeah. When you get started with this called fast-track videos, it's three 20, 25 minute videos that will take you through the entire program, start to finish, and then Tom will do an orientation call with you. We have a complete system for getting you up to speed.  Chad, I know we're running over time, but let's just say, if you're not ready to do that, what is there one piece of advice you'd give her to a good way to get started.

[00:51:59]You got to have the lead, which are you getting? Are you getting the leads now? Lynette or not? I do have leads. Okay. All right. So you have leads or you're trying to do it on your own right now, correct? Yes. Yes. Okay.

[00:52:10] Chad Corbett (Coach): The probate mastery is designed for someone who, if you're getting your own leads is still just as useful, what you'll find as part of that.

[00:52:18] You'll by taking that, you'll be able to see why all the leads make sense. Because we have economy of scale on our side, it's difficult to do the data, the skip tracing the list management and the males will Selma. It's very difficult to pull that off, for less money than you actually pay for a subscription.

[00:52:35]So all that said, I would say, mastery is your do this in this order. And it's, 16 hours of content that a lot, like a lot of the things we've talked about on everything we've talked about on this call is rolled into that. So even the more advanced things like partnering with the homeowners to joint venture and build equity for them, we get into the more advanced stuff there.

[00:52:56] So I think that sounds like a good first step for you.  I would just challenge you to, use that to generate revenue lead with revenue. And then delegate the rest of it off because this, the entire, all the leads system is designed to remove choke points and you have focus you on dollar productive activity only.

[00:53:13]So that would be my challenge is once you've done that and you're, you're up to speed. You won't find better marketing automation and this space anywhere. So take yourself out of it and go get to know attorneys instead of stuffing envelopes.

[00:53:26] Lynette: Got it. So you right after the call to go over the whole program with you on Monday, that sounds great.

[00:53:31] Is anyone willing to share the gal in San Francisco's name? The what, whoever was speaking from San Francisco that, did I think her first deal inside of a week or something? I can't remember,  where she had to clean out the painters, the whole thing. What was her name?  we had so many today. I'm not sure that was four or five.

[00:53:48] That was the one she added like a quarter million dollars in equity by helping them. Yeah. Yeah. Yeah.

[00:53:53] Chad Corbett (Coach): I didn't catch your name, Jim, did you? No, I got a phone number to didn't meant mention her name, but, what you can do is go to all  the leads mastermind. Join that group. and just reach out and, I'll try and track her down and ask her that's okay.

[00:54:06]Lynette: I can send you social media, my way to find her. That's great. So she knows, sorry. I'll figure out who it is and I'll see if she's willing to reach out to you if it's okay. I'll give her your phone number. Okay. Sounds great.

[00:54:16] Jim Sullivan (Host/Coach): All right, guys. Thank you.  I'll tell you what guys Chad said, you made it difficult for us today.

[00:54:20] I don't know how in the world we decide between the. Six success stories we had today. This was truly one of our best calls. And I feel like it's trying to just say how much we appreciate you guys, but please no that we sincerely do. And we are just to see the successes that you guys are having.

[00:54:37]And I wanted to end this call, like I always do. I want to challenge each of you. There were so many good ideas and good stories today. Just take one thing that inspired you on this call. The loud and put it into practice and please come back next Thursday. Like all these people did and share your results with the group.

[00:54:55]Make it a great week. Guys, stay healthy, stay productive, and we will talk to you. Same time. Next Thursday.

 

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Preview for Probate Mastermind Real Estate Podcast episode 304: NEVER Ask For A Signed Agreement Again: Presumptive Closes, Paperwork M

NEVER Ask For A Signed Agreement Again: Presumptive Closes, Paperwork Must-Haves, and Plan B Options For Appointments. Probate Mastermind Podcast Episode 304

Probate Mastermind Episode #304 | Recorded Live on November 12th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to: use presumptive closes to win appointments; motivate old leads to sell in Q4; be prepared with the right paperwork at every appointment; leverage flat-rate listings with MLS opt-out; find quality contractors and agent partners; motivate old leads to sell in Q4; and more!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast episode segment:  Never Ask For The Listing - How To Use Presumptive Closes

Never Ask For The Listing - How To Use Presumptive Closes (00:55)

Caller is signing a listing agreement today, but the seller was hesitant.  What are some tips for getting a seller to commit right away? The seller mentioned wanting to see what another investor would offer before signing.  Chad and Bruce answer. Caller describes how he turned this lead into a listing at (9:57), after really starting to focus on his probate leads just a couple weeks ago.

Real Estate Tips: Listing Flat-Rate with MLS Opt-Out for Cash Offers

Listing Flat-Rate with MLS Opt-Out for Cash Offers (6:31)

If a seller mentions they have an investor who might be interested in making them a cash offer, and you don’t want to make an offer on the property yourself, what should your next move be? Chad describes a common strategy he uses to generate a frenzy of cash offer: Flat-rate listing with MLS opt-out.

Real Estate Advice: How To Respond to Awkward/Rude Objections

Responding to Awkward/Rude Objections (8:17)

Caller asks for advice on handling awkward/rude objections.  Chad and Jim advise and give a few examples of language to use.

Real Estate Advice: How to Close Prospecting Calls With An Appointment Set

How to Close Prospecting Calls With An Appointment Set (10:49)

Danny and Chad mastermind how to win commitment to an appointment/follow-up contact when a prospect is hesitant.

Real Estate Tips: How To Find Quality Contractor Partners

How To Find Quality Contractor Partners (15:58)

Johnathan is interested in finding quality contractors to work with in his real estate business.  What are some ways to do this during coronavirus and social distancing? Chad and Johnathan discuss.

See More: Rising Lumber Costs and What That Means For You, Your Sellers, and Your Vendor Partners.

Real Estate Marketing Ideas: Branding Beyond the Real Estate Logo

Branding Beyond The Real Estate Logo (17:49)

Johnathan is building out his “Dallas Life Transitions” brand.  Does featuring his real estate logo help or hurt his marketing efforts? Chad discusses.

Real Estate Checklist: Staying On Top of Your Prospecting Schedule

Staying On Top of Your Prospecting Schedule (20:54)

Johnathan and Chad discuss how to use the probate leads CRM to organize follow-ups and prospect efficiently.


See More: Detailed breakdown and CRM walkthrough in Probate Mastermind Episode 301

 

Investor Tip: How to Pitch Your Agent-Partner to Prospects. (23:11)

Sam is working with a family that already had an agent in mind.  One of the family members seems interested in meeting Sam’s agent partner as well.  How can Sam navigate this? Chad breaks down how to make sure, as an investor or wholesaler, you have an agent-partner YOU are confident in.  Next, Chad describes the process and language for setting an appointment and establishing your agent partner as a step above the competition.

Earnest Money Deposit and Buyers Backing Out

Earnest Money Deposit and Buyers Backing Out (26:41)

Joyce is representing a personal representative.  A buyer made an offer during the probate process but wants to back out. Can they do that? Chad gives a simple answer.

Real Estate Tips: Why Winter/Q4 Is A Great Time To Prospect Old Leads

Why Winter/Q4 Is A Great Time To Prospect Old Leads (27:43)

Joyce is getting the same objections from her old leads - Corona, corona, corona. What can Joyce do to build motivation and get personal representatives to stop putting off their real estate needs indefinitely? Chad advises.

Later in the call, at 49:42, Jim and Chad discuss the cash conversion cycle and how real estate deals can close before probate is finished.


See More: Ask The Expert – Everything You Need To Know About Working With A Probate Attorney to Grow Your Real Estate Business, With John Erik Fraker, JD

Buying Probate Properties for 50 Cents on the Dollar

Buying Probate Properties for 50 Cents on the Dollar (30:59)

Woo-Hoo Eddie!!! Congrats on the baby and all the deals you put together during such a big life event!!  Eddie shares deals he’s closing through wholesale, investment, and brokerage strategies.  Then he shares a current deal he’s working on with a personal representative who inherited his brother’s house.  Eddie has the keys to the property but the personal representative won’t sign a contract.  What’s the next move?

Creative Financing: Multiple Heirs and Distressed Property

Creative Financing: Multiple Heirs and Distressed Property (36:52)

Eddie is working with a probate lead involving 8 heirs.  One heir has possession of the property and already has a for sale sign posted, even though the other siblings haven’t agreed to sell or signed releases.  The sibling living at the property is also asking for an unrealistic price.  What’s the next move? Chad probes for more details and suggests creative financing options. Best idea here would be owner-financing and getting the siblings to roll the property into a land trust.

 

Real Estate Listing Appointments: What Paperwork Should You Bring To A Listing Appointment?

What Paperwork Should You Bring To A Listing Appointment? (41:27)

Whether the path forward is listing or selling to an investor, what paperwork should you always be prepared with? Chad discusses listing agreements, letters of intent, purchase agreements, and other information to come prepared with.  He also shares a few strategies for putting deals together on the spot and reading the seller’s body language to determine which way to steer the ship. Chad also describes how real estate agents can make money wholesaling deals with proper disclosure.  Bruce suggests writing reverse offers to buyers when a buyer seems to be on the fence.

 

Real Estate vs. Probate Timeline: How Long Does It Take To Get Paid?

Real Estate vs. Probate Timeline: How Long Does It Take To Get Paid? (49:36)

A listener follows up on something mentioned earlier in the call, that it can take 18 months to close probate cases in some cases.  Chad and Jim offer clarification on cash conversion cycles here: The timelines for property sale and probate court are two different timelines.  Chad discusses some factors that can impact both.

 

How To Find An Investor-Friendly Realtor and Get Paid For Finding Listing Opportunities

How To Find An Investor-Friendly Realtor and Get Paid For Finding Listing Opportunities (52:07)

Ron is an investor and is looking to build a relationship with a realtor to help with deals outside of his driving range. His strategy includes long-term buy and hold, wholesale, fix and flip and creative financing. Chad shares his advice to make sure the agent understands those things and how to establish an amicable relationship from there.

Chad and Ron then discuss how to get paid legally for split work.

 

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Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #303

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

[00:00:33]Jim Sullivan (Host/Coach): Welcome to all of our astounding agents and investors from across the country. Today is Thursday, November 12th, 2020. And this is mastermind call number 304. We have a full queue, so let's get right to the first caller this week. And first up is phone number ending in zero three zero nine.

Never Ask For The Listing - How To Use Presumptive Closes.

[00:00:55] Caller 1: Hey guys how you doing?

[00:00:56]Jim Sullivan (Host/Coach): Great. How about you?

[00:00:57] Caller 1: Good. Good. So I got a two part question, one more is actually a success story. I was able to reach out to a client over at that property and we're actually signing a agreement today. So I'm excited about that.

[00:01:09] Jim Sullivan (Host/Coach): Awesome!

[00:01:09] Caller 1: What I was going to say next, it took me about a week before she actually signed and I wanted to see, what's the best way to approach something where I know I'm providing value and I know I'm giving them everything that they want, but there hesitant to sign. So I'm just trying to figure out what's the best way to do it?

[00:01:25] Chad Corbett (Coach): Why do you think they're hesitant?

[00:01:26]Caller 1:  Because if they said Oh, we know we'll find out more on Friday, whether we're going to list over, we're going to, go with an investor and we'll agree.

[00:01:34] Chad Corbett (Coach): We'll make a decision then. And w why was Friday relevant?

[00:01:37] Caller 1: I honestly don't know.

[00:01:38] Chad Corbett (Coach): Yeah. my response to that would have been well, what if I could give you both? if we go ahead and list it today, we'll give you exposure to retail buyers that where you'll get probably a 20 to 40% premium.

[00:01:48]And if nobody comes through your investor can always make an offer. And if you would like me to exclude my commission on that particular buyer that you have in mind, I'm happy to do that. I'll write it in right here. Okay. And then you turn the paper and hand them the blue pen.

[00:02:01] Caller 1: Okay.

[00:02:02] Chad Corbett (Coach): So don't ever ask them, don't ever ask for a listing.

[00:02:06] Never you should like presumptively close them all the way through, in a series of small closes, figuring out what their objections are solve for the objection. And then just turn the paper around and hand them the pen and they sign every time.

[00:02:18] Caller 2: Oh, okay. That's cool. I didn't think about that.

[00:02:21] Bruce Hill (Coach): I want to throw in on, what Chad did before he gave you an answer.

[00:02:25] He asked you a couple of questions and ultimately when you get somebody that seems to be hesitant, you need to dig a little bit more and listen, if you don't know the questions to ask, Chad just came up with two questions really quickly. If you don't know those, you can simply insert "tell me more" into the conversation. Hey, we want to wait a little bit. Okay. Tell me a little bit more about that and then be quiet. Don't if they're quiet for a second, it's going to feel like an attorney to you. If not, just be quiet until they, they tell you their motivation for waiting and then you could even follow it up with.

[00:03:02]Okay,  what would the potential benefit to that be? What's the benefit. And tell me more. Those are two really good. one's a statement. One's a command. One's a question, but you're gonna, you're gonna understand it. So a lot of their motivations, and a lot of times they're going to talk themselves out of the waiting.

[00:03:18]They're only stalling because they have a fear of buying something. They're just getting a little bit of buyer's remorse and they're throwing a stall out there just out of habit and they can still overcome it themselves. If you ask the right questions.

[00:03:30] Chad Corbett (Coach): And that's, I could do a better job explaining myself too.

[00:03:33] Thanks, Bruce. What I'm doing in the background is I'm asking myself, what's the emotion driving the behavior? And the behavior is apprehension, right? that's what we're there they're doing. But why is that? If I haven't heard a legitimate reason and they say, Hey, you're the guy for us. We really like what we've heard.

[00:03:51]Let me think about it. You've given me a lot to think about. Then my mind immediately, I'm going okay. What is the fear? It's almost 99% of the time. It's a fear whether it's rational or not, no matter how small it is, it's creating a block in their behavior. So I'm like, what is the figure that is driving this behavior?

[00:04:09] And how can I remove that fear? And a lot of times people just, they know what they need to do, but you've gotten them out of their comfort zone and all they want to do their amygdala is like retreat. Get back into your comfort zone. Even when it's not in their best interest and you'll get a feel for this.

[00:04:23]and that's why I apply pressure the way I do. If somebody, if this were a grieving widow and I felt like she just wasn't ready, my approach is 100% different. But when someone says, Chad, we love what you're doing. We're ready to do business with you. Why don't we just wait a week to see if we can sell it for less?

[00:04:40] That's an that's irrational. So their fear is not representing their best interest in my opinion, as their potential fiduciary. So that's when I grabbed him by the hand and pulled her ass out of the probate quicksand before they ended up costing themselves a bunch of money. And I can feel good about that.

[00:04:55]But that's, what's going on behind the scenes with me, as I'm trying to identify the emotion, driving the behavior. If there's not a good explainable reason, then I'll put pressure on and make them and have them do what's in their best interest. Gotcha.

[00:05:07] Caller 1: That's exactly what happened. She's like, I'm looking for an investor, but at the same time, I want to make more money.

[00:05:12]So just I want to wait till Friday, since I'm meeting with an investor then, and see what they propose to me.

[00:05:16]Chad Corbett (Coach): So you can use Bruce's tactic there and be like, Oh, that's interesting. So tell me why you're you think selling was investors in your best interest? And then you're going to get all of her beliefs.

[00:05:26]So you'll get the belief that selling with a realtor is hard. You'll get the belief that cleaning out a house is more than she can handle. You'll get the belief that it's going to take 60 days. You'll get the belief that she's going to pay more in commissions and end up making less money. And what does that become?

[00:05:40]That becomes your language roadmap for the rest of the conversation. You just literally she'll set up the flags and you just go pluck them out and then hand her the blue pin, but asking, say, listen, that's a lot of folks say that I'm really interested to understand why, because we have a fiduciary responsibility and we, we are.

[00:05:56] Bound by a code of ethics and investors aren't. So as far as where I said, it looks like I'm offering you protection, consumer protection to get you the most amount of equity out of the asset. And it looks to me like you're not interested in that helped me understand. And I'm bringing that fear to the surface right now.

[00:06:13]I'm an investor too. but if I believe that it's in their best interest to sell on the retail market or as is, I'm going to use that language. If I think that it really, they really do need an investor offer, then I'm going to be the one with the blue pen. I'll sign the offer and then slide it over to them.

[00:06:28]Caller 1: Okay.

Listing Flat-Rate with MLS Opt-Out for Cash Offers

[00:06:29] Bruce Hill (Coach): Another thing that you could do is act a little bit confused. It takes a level of confidence, and I don't want to say practice this, but

[00:06:35] Chad Corbett (Coach): -you're really good at it, Bruce.

[00:06:37] Bruce Hill (Coach): You do want to practice and you're acting confused. I'm great at it. You do want to practice  acting confused and say, okay and an investor might be a solution for you why? Why don't I just bring you some investors and. It needs to have, an air of authenticity to it. because if they feel like it's just a trap, it'll play against you. But if you just get a puzzle book on your face and go, huh, okay, I get it.

[00:07:03]why don't I just bring you a handful of investors now you better have the investors if you're going to do that.T hat will normally get them to go well. Yeah. why not? Okay. And then you can turn it around and get the listing side.

[00:07:15] Caller 1: Okay. Cool.

[00:07:16] Chad Corbett (Coach): That's I used to use that tactic too. I hadn't, NAR has muddied the water for us there, a lot of sellers were, they were hell bent to go sell to an investor.

[00:07:25] And if it's a house that I didn't want, I would list it on a flat rate. So I would get, higher than six or 8%, if it was a cheap house, an inexpensive house. I would list it flat rate with an MLS opt-out and then I would just send it out to my list of 138 cash buyers that had real relationships with them.  We would have a frenzy in five minutes and they were always shocked and I'm like, so you create price competition among qualified investors who have been pre-vetted by you. You're technically representing the seller, but you get the double ended and you just, the first page of your offer for the investor is an unrepresented party had done them.

[00:08:00]So I actually did that quite often with if I didn't want the house myself, it's essentially, it's the net result of wholesaling, but it's not considered in that listing. And it's perfectly legal, but NAR has tried to put an end to any MLS opt-outs okay.

Responding to Awkward/Rude Objections

Caller 1: Cool. And then, what are you doing in a situation when you do a USP and the response I receive was like, Oh, probate, that's going. And I just got stuck there. Obviously I'm, I'm just starting out, but I'm trying to get used to it, and I have a little bit of a fear, typically, that's an objection that I never heard before say, thank you.

[00:08:33] Chad Corbett (Coach): Good probate. Is, did you say probate is done

[00:08:35] Caller 1: The objection I received was like, probate is going. after I did my USP. Yeah. Which is odd. I didn't understand what he meant by that.

[00:08:43] Chad Corbett (Coach): What can serve you? Like he gave you an awkward response. So answer him with an awkward response. So probate is going... well or not?

[00:08:51]And then it'd be absolutely silence. If they're being like that with you, just turn it back around probate's going, just give them an awkward pause and say, well or not? And then don't speak because you want to use that silence as your leverage, and it's extremely uncomfortable for people.

[00:09:07] So they've established a pattern that they found the run people off quickly, and just a few words, and you can short circuit that and get to get, to have a real conversation with the person you can use. You can use humor, you can use just and that situation, that's an awkward response.

[00:09:23] So that's what I responded with. But get them out of that loop and then have a good question on deck. Is it going well or not? and then they'll respond and say, the reason I ask is because we actually make a phone call to every single family, every single month and Roanoke County. And I would say at least 85% of the people that say it's going well, ended up calling us back when they're in the, when there's, the stress is up to their ears.

[00:09:45]And then we asked to go do six months of work and a month. is it going that well for you?

[00:09:50]Jim Sullivan (Host/Coach): Yeah, I thought of another one you could say, where did it go? If you want to use a little bit of humor, are you able to find it?

[00:09:55]Hey please come back next week and share, when you get that listing you'll be up for winner of the week.

[00:10:00] Caller 1: So I'm going to meet with them.

[00:10:01] Chad Corbett (Coach): Did you get that listing that you're signing today? Was it inbound or outbound?

[00:10:05] Caller 1: Outbound

[00:10:06] Chad Corbett (Coach): On the phone? Like you own all your followups?

[00:10:08] Caller 1: Yup.

[00:10:09]Chad Corbett (Coach): The first time you talked to them or.

[00:10:10] Caller 1: Yeah. First time I talked to her and met with her at the property, give them my listing presentation. And they said give me until Friday.

[00:10:15] And it's just happened the beginning of this week. And then before you know it, she tells me, good job, thank you for their hard work. you worked so hard for me, I'm ready to assign and just bring them, listen to agreement when we meet. And how long have you been at? Great. Awesome. Repeat that again.

[00:10:27]How long have you been doing this? Honestly since September, but not hardcore to like maybe a couple of weeks ago.

[00:10:32] Chad Corbett (Coach): So you started trying two weeks ago and you already got your first listing on the first phone call.

[00:10:37]Applaud from the crowd!

[00:10:38] Jim Sullivan (Host/Coach): Good job, buddy. We got a very full queue this week, but thank you for leading it off. Appreciate it. Next up is phone number and again one eight five, five. You're up next.

How to Close Prospecting Calls With An Appointment Set

[00:10:47] Danny: Hey guys.

[00:10:48] Jim Sullivan (Host/Coach): Hey, Danny. What's up.

[00:10:49] Danny: So I just want to do a quick follow-up. I know Chad wasn't in the call last week and then you guys gave me some really good insights.

[00:10:54] I want to get some insights from Chad as well. I'm going to, it's the same question. I wrote down everything as well. Chad, if you can give me some insights as well. My question was, what advice would you give me for making sure I definitely get that appointment set up on the call. I'm running into, I know it's a me thing, but I'm calling them.

[00:11:11] Everything's going well, competition going. Great. tell me about the house. Everything I need to know, but making sure I get that appointment set, or at least a follow-up call.

[00:11:19] Chad Corbett (Coach): Tell me where you're losing it. What's the objection where you're not getting the appointment?

[00:11:23]Danny: I believe it's just more so on my side. I'm calling everything going well, I'm getting on.

[00:11:29] Chad Corbett (Coach): All right. let me ask, I'll ask a better question. how are you going in for the appointment? Give me your, tell me what that language is.

[00:11:36] Oh man, I don't. And that's another thing I don't even know if, at the time, like I really was trying to go in for, I was more so tunnel vision on can I get the right questions to ask to know about the property or where everything else I didn't get to know about?

[00:11:51]And by the time, like the end of the conversation came around and it was good. I didn't want to like force upon Hey, I'll call you back at this time or Hey, can I, can we go see the house?

[00:12:01] Danny: Okay. I think that's more,

[00:12:02] Chad Corbett (Coach): So this is something I struggled with early on. I used to ask myself the same question.

[00:12:07]The reason, have you been through mastery?

[00:12:10] Danny: Yeah. Yeah.

[00:12:10] Chad Corbett (Coach): Okay. So you remember the order in mastery, so it's, your USP and then you identify, is there a real estate? Is there an intent to sell? Who are the decision makers? What is the relationship dynamic? And then go for the appointment.

[00:12:23] Before we talk about real estate, we go for the appointment. We identify real estate and then we quickly step away from it. So they don't feel like that's the only purpose of our call. And then we focus on building a rapport by talking more about people and situation, and we set the appointment. It's usually tentative.

[00:12:39]And then you get, you give them a hundred percent of permission to cancel and they never do, because you will reinforce that with so much value after you go, Oh, Hey, real quick, before you go, can I ask you a few questions about the property so I can do my homework and then it becomes a more casual, light, easy conversation.

[00:12:55]And then, and you gather all the other information. So what you're doing is you're accomplishing, I try to accomplish that 10% and then pick after I have the appointment and get the other 90% of the information you're on the flip side of that. And that's how I used to do it. And that's what I tell you in mastery, like everything on that probate seller interview sheet, and during day three, like when we go through the conversation, like literally line by line, I've moved each of these pieces around and put them in the right progressive order where I had the highest close ratio.

[00:13:23]So I would suggest that you focus more on people in situation and get the appointment, even if it's a tentative appointment and then say oh real quick. Can I ask you a few questions about the property? And this is where you get to really show off your value and learn a lot about the property and the finances and all those things.

[00:13:39]So I think that's going to help you. The other thing that will help you is remind yourself every time you pick up the phone, why are you picking up the phone? what's your personal outcome? I'm asking you, what is your personal outcome every time you pick up the phone?

[00:13:52]Danny: Oh, you're you're asking me.

[00:13:53] Okay. for me, it's, reach out to them. If they are in need of any help, and if I can,

[00:13:58] Chad Corbett (Coach): How much money do you make reaching out to people?

[00:14:00] Danny: None.

[00:14:01] So let's get to, what is the prime objective of the call? It's to get face-to-face with this person for any reason, because once they meet you face to face, you close, right?

[00:14:10]Chad Corbett (Coach): How many have left 10 face to face appointments you have? How many did you fail at?

[00:14:14]Danny: For me, I haven't made a face-to-face myself yet. I've gone in with, I work with  in this, in this, gotcha. Yeah.

[00:14:23] Chad Corbett (Coach): So you're teeing Shaiah up with appointments.

[00:14:25]So of the last 10, how many failed like that? You got the face-to-face appointment.

[00:14:29] Danny: I've gone well, personally, I wouldn't say I've gone to 10 so far myself, but I've gone to four. And from my knowledge and everything, I was having none of them, I told her we always make a up with if we can, view the house, but we've gone and met them.

[00:14:43]So I, man, I wouldn't even say any of them.

[00:14:46] Chad Corbett (Coach): Fair enough. You get my point. What I want you to like during this entire conversation, even after you've gotten the appointment, why do these people need to see me in person? Because when you get there in person, your chance of getting in deeper rapport and closing goes up exponentially.

[00:15:01]Every time you make a prospecting call, deep breath. How do I get face to face? Sometimes it's to put a no trespassing sign on the window. Sometimes it's to get a dog and take it to the SPCA. So it's cared for sometimes it's, to change out the locks on the house to winterize the house, whatever, however, small that reason might be.

[00:15:20]If you can get a decision maker to meet with you, it changes the whole dynamic of this and you no longer have competition. So I want you to focus on that as the primary objective of your next prospecting call being, how do I get face to face then you don't have to be thinking about 10 different ways to set an appointment because you're going to come up with it.

[00:15:37] And it's going to be different every time. You'll know how to close the appointment, because you'll know that the clear reason and the clear outcome of the meeting you in person, and that will drive your language. So you don't need a script. You just need a purpose and your purpose as a face to face appointment this time, actually.

[00:15:53]Danny: All right. Yeah. Thank you me. I was writing all that down as well, and that was good advice. Thank you.

How To Find Quality Contractor Partners

[00:15:58]Johnathan: Hello everybody. This is Johnathan from Dallas, Texas. How's everyone doing today?

[00:16:01] Chad Corbett (Coach): Hey Johnny, Johnathan. Welcome.

[00:16:03] Johnathan: Thank you. Thank you. Thank you. Okay, so I'm going to go right into the questions. Okay. So first when I'm talking about quality contractors, so in mastery, Chad, one of the things, one of the ways you said to meet a quality contractor was, you would be out either at Lowe's or home Depot in the morning.

[00:16:20] Coffee donuts or something of that nature and meeting the people, it looks for the big trucks, people who actually are making money and doing well real business. So in this environment where we are with COVID, how would you change that tactic? in order to meet some quality, contractors, or would you still do the same thing?

[00:16:36]Chad Corbett (Coach): I did the same thing. they have to get out and work and they're, they're doing what they do. So there's a lumber shortage now. So like when I go to buy lumber, I have to go to three or four stores. So you're actually more likely to meet them now than ever, because now they're going to three and four different Home Depots.

[00:16:52] So if you spend three hours under the port, the Portico on the pro side of the home Depot, you'll meet more contractors now than you would have a six months ago. they're having to run all over town for materials.

[00:17:02]Johnathan:  Gotcha. Good deal. All right.

[00:17:04]Chad Corbett (Coach): Another thing you can do something.  And I don't know if I mentioned this in mastery, go to custom cabinet shops, custom kitchen and bath stores. Those are people who are selling to a higher end clientele and, get to know, just let them know, say, Hey, listen, I'm looking for a guy that's, that has some availability right now. I've got jobs lined up.

[00:17:22] Can you please give him my card and just stop into those places were more successful and more organized contracto, the people they have relationships with. So if you've got lumber wholesalers, if you have kitchen and bath stores, granite places, and just say, who do , who do you do a lot of business with that you trust that has some time in their schedule? Can you please make sure they get one of my cards? And it gives you some scale there. Cause you can have people out recruiting for you.

Branding Beyond The Real Estate Logo

[00:17:49] Johnathan: Got you. And if I could differentiate those people from people who are just wanting to do punch work, real quick, all my letters. Okay. I know this is a plus or minus. I need your everyone's opinion on this one. I have on the top of my letters, another hand, I have Dallas Life Transitions, which is, which is my LLC. And then in the middle, I have my real estate logo, which is actually my logo, which is my main, the little fancy way that has real estate under there. Is having my real estate logo, a plus or minus on there?

[00:18:16]I have Dallas life transition. One side. This is in my logo is in the middle.

[00:18:20] Chad Corbett (Coach): You need to test it and find out, all right, so I'll take it off. The only real way to know is to remove it. My inclination is to tell you to take off your real estate logo because you wouldn't be, you wouldn't be building and supporting a brand called Dallas Life Transitions.

[00:18:34] If all you cared about was real estate listings, am I right?

[00:18:37] Johnathan: Gotcha.

[00:18:38] Chad Corbett (Coach): So you're conveying two different things. You're saying here's a broad scope of service that I do to provide service value to my community. But Hey, look, I'm a realtor got me real estate. So take that off. And in the beginning of the conversation, think of it as a funnel, right?

[00:18:53]So in the beginning you have a broad scope of service. And as you learn about the people in this situation, you start to tighten the focus of the conversation at the bottom of the funnel is realist. Because that's what you can directly monetize, but there may be 12 things that are bigger problems in their head and their perception is their reality.

[00:19:11]So if the dog that needs to be taken to the SPCA, because nobody, people are getting tired of going and feeding it every day. If that's the biggest problem in their mind, You need to have a solution for it. So if that was life transitions as a brand that can capture all of that, you, your name as a real estate agent or broker doesn't.

[00:19:29]So they may perceive that as well know, I'll call this guy whenever it's time to sell the house and someone else will get it before then. So that's why I like. That's the, that a brand is you're painting the picture of a vertically integrated solution, like a social enterprise in the community and to dual brand something is just diluting, both brands.

[00:19:48]Johnathan: Gotcha. All right. Good deal.

[00:19:49] Bruce Hill (Coach): One more real quick. real quick before you throw that, Chad almost convinced me cause I was going to take the opposite approach. And and now, now I'm wishy watchy on the opposite approach, but I've

[00:20:00] Chad Corbett (Coach): are you acting confused again?

[00:20:02] Bruce Hill (Coach): I'm actually confused. Yep.

[00:20:04] So I've run two separate companies with, generic brands, not Dallas life transitions, but just generic company names. And both times in my business, both times that I went away for my personal name and two, a company name, I lost conversion. What I realized is most of the time people do business with a person and they're less likely to do business with a company.

[00:20:29] If that company isn't brand. And I, so they do business with you as a person.

[00:20:34] Chad Corbett (Coach): One thing I would say to that is it's an obvious personal letter with his name at the bottom. So he, they're not getting a letter from DLT, saying respectfully DLT, corporate headquarters.

[00:20:45]They're getting it from DL, from the person. I agree with what Bruce is saying, but considering how personal our letters already are, I think that you get around that.

 

Staying On Top of Your Prospecting Schedule

[00:20:54] Johnathan: Okay. One more time. I have one more, one more real quick. I'll all right. It's about follow-up is about followup and everything.

[00:21:00] It's about system. I'm finding it. A lot of my leads are falling through to falling through the cracks because either I'm not calling them back or what day to call them back. And, I don't know if I, should I try paper. I put writing each lead that I needed to call back on the paper, put it in the system, like it folder system, but it becomes junkie.

[00:21:17]What have you guys done in the past in order to make sure that the call that you're going to make the follow-up calls, that you're going to make pop right up so you can, so it's not such a headache to search through and find, okay, I need to call this person back. Or is it today or tomorrow?

[00:21:32] Does that kind of make sense? So this is a system question.

[00:21:35] Chad Corbett (Coach): You just need to start using it. So when you're making a call, are you prospecting from the, my probate leads, the CRM we give you? Yep. Yes. So you have four tabs at the bottom. Tab number three is the option status tab. So that's where you rate the lead.

[00:21:49]You can opt them out of phone calls, emails, whatever follow-up. Excuse me, it tracks the result of your phone call and on, I think on the second tab, you actually schedule your follow-up date. And then on the list view, you sort by followup date, the other thing you can do to more, to customize it and make it more personal to you is on the first tab you can use the shortcode function.

[00:22:08]So if you can say, let's say you're sending a premium mail piece, so you could say. PMP follow-up and that would mean for you, that would mean premium mailpiece follow-up. That would be a shortcode. And now you can sort your list or filter your list by that short code. you know what our goals are, which ones need to get the PMP or which ones has already happened.

[00:22:28]Everything you need to stay organized and save money already built in. It's really simple by design, but every, I think everything you're looking for is there. And we talked about this in pretty great detail. I think it was two mastermind calls ago. Katt can link it in the show notes. but, I think it was two calls ago.

[00:22:45]We actually had a pretty extensive conversation about just all the ways you can use that to get a more efficient workflow.

[00:22:52] Johnathan: Gotcha. So it's user error. All right. If Katt links that I'll take a look at it, I'll still search it. So I'm just looking to maybe, be able to maximize that to the most, be very efficient with it so we can, have success if you guys for, thank you for taking my call.

[00:23:05]Jim Sullivan (Host/Coach): Thank you!

[00:23:06] Johnathan: All right.

[00:23:06] Jim Sullivan (Host/Coach): All right. Next up is phone number ending in three five seven, five. You're up next.

 

Investor Tip: How to Pitch Your Agent-Partner to Prospects.

[00:23:11] Sam: Yes. Hello?

[00:23:12] Jim Sullivan (Host/Coach): Yes, sir. You're on.

[00:23:13] Sam: My name is Sam. I'm calling North Georgia.  A Person out in Cali and I'm here in Georgia and she's the PR is out in California and her sister is here locally in Georgia, and her sister has a realtor, but it doesn't seem like the sister in California is dead set on the realtor. So I was wondering, what can I, how can I sway her to use my realtor here?

[00:23:33]Cause she said it's okay that my realtor gives her a call,

[00:23:36]Chad Corbett (Coach): Does your realtor have probate experience or do they offer the, all the services we talk about on these calls?

[00:23:41] Sam: No. He does not.

[00:23:42] Chad Corbett (Coach): Yeah, it's pretty tough. you're saying, this Apple versus that Apple. Typically my answer would be the, the service we provide is such a differentiator.

[00:23:51] It's very easy to outsell almost any realtor, but if you feel like that, what's your realtor's X factor. why do you call them your realtor?

[00:23:59] Sam: Actually he, cause he's just been here for a while. I haven't gotten many, different, realtors to choose from, Cause it's hard to find somebody that's going to work with you.

[00:24:08]Chad Corbett (Coach): Yeah. If you don't even know what his X factor is or her X factor is it's going to be hard to convince somebody else. typically the direction I go with that as Oh, that's incredible. I'm so glad you have options. let me ask you this. Have you already signed an agreement with that person?

[00:24:22]Okay, great. And when you're, when are you guys meeting? And if there's no meeting scheduled, that means there's probably not that you don't have much competition. It's pretty easy to overcome and then I'll go toward, alright, listen, the reason we'd like to come and try you've trust me. I understand my risk.

[00:24:35] I could be wasting my time. I certainly won't waste yours. I will leave everything with you. but I at least like I have an opportunity to meet with you and see your whole situation. Cause there's a lot of things families don't expect from us. So getting homes cleaned out, getting them secure, getting proper insurances in place.

[00:24:51] Many families don't even know that they could lose everything. so there's a checklist we go through with every family and that's why I like to meet face to face. It's just. it, we can just accomplish a lot more and a lot less time. yeah. Would, could you think you can meet with that other agent before Friday?

[00:25:06]Okay, great. Then help us. How's Friday at one, try to put them in the door in front of me, but I have a huge differentiation point before I do that. So I try to show them the broad scope of service that we can offer. everything that comes along with brokerage, put my competition through the door in front of me, and then they go, that's going to leave so much curiosity that they're going to, they're not, they're going to be very hesitant to sign any, anything with anyone until they meet with me and see if I'm full of it.

[00:25:32] Or if I can actually do what I've said. And then that's back to the very first caller. Like you, you just become a good listener. And and them the blue pen. But if you don't have much faith in your, and your brokerage partner, I would say step one for you is finding a brokerage partner that you're proud to present like that on the phone so you can differentiate them.

[00:25:51]Cause it sounds to me like you don't really believe in their service.

[00:25:54] Sam: Okay. And, there was, there was, one of those. Masterminds that came when you gave options,  and then you crossed out certain ones and you explained to them which one, that they would go with. where could I find that one?

[00:26:05]Chad Corbett (Coach): it's we. And probate mastery. We unpack it all in session two. I show you everything and literally dozens and dozens of options. And that's where the long form where I show you how I, shaped the conversation and use the net sheet, but right there in our, and if you look up a seller net sheet as a keyword, if you go to alltheleads.com.

[00:26:25] And the top, You'll see a global search bar put in seller net sheet. And that should bring up show notes from previous role-plays and masterminds, where we've talked about how we use it.

[00:26:34] Sam: Okay.

[00:26:35]Jim Sullivan (Host/Coach): All right. Thank you, sir. next up in the queue is phone number ending in six, two, four eight.

 

Earnest Money Deposit and Buyers Backing Out

[00:26:41] Joyce Arnston Morris: Good morning. It's Joyce Arnston Morris  in Orange County, California.

[00:26:45]I have two quick questions. If I have a client who has full authority to file for full authority, and I have a buyer that signed an offer to them, and the probate isn't closed yet with the court. Can the buyer back out at any time?

[00:27:02] Chad Corbett (Coach): Who are you representing Joyce

[00:27:03] Joyce Arnston Morris: Oh, I'm representing the PR.

[00:27:05] Chad Corbett (Coach): Okay. whether the buyer can back out is dependent on the contingencies in the contract. What contingency are they trying to exercise

[00:27:12] Joyce Arnston Morris: They just don't want do it anymore,

[00:27:14] Chad Corbett (Coach): That's fine. Send them a release with a $0 earnest money deposit return.

[00:27:18]Joyce Arnston Morris: So they don't get their money back.

[00:27:20] Chad Corbett (Coach): I'm assuming that's what the contract says. So if you guys have held up your end of the deal and it's contingent upon court approval, as long as that court approval wasn't on or before a specific date, then you're within, you're performing with within what you agreed to in the contract.

[00:27:35] So if they've changed their mind, just let them know that it's very simple. You just forfeit the earnest money deposit and then you go sell it to somebody else.

Why Winter Is A Great Time To Prospect Old Leads

Joyce Arnston Morris: Got it. Okay. just one more quick question, Chad. I still don't have an open courthouse in orange County and, my regular, USP and, things that you've taught me to say, aren't really working with my old leads.

[00:27:59]It seems like I need a new. A new approach because they're so old. I haven't had a lead since April.

[00:28:06] Chad Corbett (Coach): Okay. Where did the conversation hanging up? what's the choke point?

[00:28:09] Joyce Arnston Morris: It just seems like I get all the standard objections that a lot mostly. we're just stuck with COVID and we're not moving forward until we get.

[00:28:19]Chad Corbett (Coach): Okay. my first response would be, yeah, trust me. I understand. we've had to, be patient and a lot of families are being patient right now, even when it's not the best thing for the family. Let me ask you this. Joyce, when is your next hearing date? Are you, do you know that. And what I'm looking for is how engaged are they really?

[00:28:35] Or have they just checked out and the attorney sitting on his hands because there's no urgency. And if they do know a hearing date, then that gives me a target, like a follow-up target. if they're just not, if I know they're going to sit on their hands until X date, then I know exactly what I need to follow up is about a week before X.

[00:28:50]So ask them, ask them some questions like that are more procedural questions. Will you help me understand where you're at in the process and, what's the net, what do you think the next, what's your understanding of the next step? and as you, as I start talking about that gives you some time to think and be listening for other chinks in the armor, like things that could be bothering them.

[00:29:09]And, for example, winter, property tax coming due next in your market, as it in December. Okay. So that's a good milestone that, applies to every single conversation. Mr. Smith, I'm sure you're aware that, property taxes, aren't cheap and orange County and they're due on December 5th.

[00:29:24] So if we could get this in someone else's name and your family could save $15,000, do you think that would be in your best interest? We can't do that because -- actually we hope a lot of our clients get full authority from the court, so they actually can sell on the family's timeline, not the state's timeline.

[00:29:40]Is that something you'd be interested in? If we could show you how to do it, to save you a whole lot of time and a whole lot of money. Great. How's Friday at three. I can meet you at the house. And so look for specifics like that, like use, use specific things like their next court date, the next tax event, the election, if you want.

[00:29:57] Like the, the presidential inauguration and whatever your belief is about where your market is headed. You can use that as urgency, but if they've gotten in this pattern of procrastination and the attorneys validating that, because he's also in that, if you watched the interview with John Fraker, and it takes him an average of.

[00:30:15]Nine 10 months to close a probate case, where the average in the state is 18 months. And it doesn't just because they have an attorney just because they trust that attorney doesn't mean they're getting the best service or the, or are having the most efficient process. So poke around and see if there's anything you can do to expedite the process and get them ready, engaged, because it will save them money and then stress. So that's what I would try is

[00:30:41]Joyce Arnston Morris: That's good. Thank you. You're welcome. I will give it a try right now. As soon as the crossover thanks bye bye

[00:30:47] Jim Sullivan (Host/Coach): All right. we only have two more in the queue. We had a few people drop out. If anybody wants to jump in and start at six and hit one in the meantime, next up is phone number ending in five, four, six, four.

50 Cents On The Dollar With Probate Properties

Eddie: Hey, how's it going? It's Eddie here in Kansas city.

[00:31:01] Jim Sullivan (Host/Coach): Hey, Eddie.

[00:31:02] Bruce Hill (Coach): What's up, man.

[00:31:03] Eddie: Bruce. I told you I wasn't get on the call like three weeks ago. And, I've just been two swamped. We had the baby last week, And we weren't able to get on the phone call. but, I have some wins from a couple of weeks ago when I told Bruce, but, I got two contracts signed for purchase, properties I'm gonna purchase. I have. I got one of them assigned already. And we're closing sometime next week, dealer property I'm purchasing on the 18th.

[00:31:28]Then I wholesaled the property that closed a week ago. Monday. And then I purchased property that will we're going to fix up and sell. Hopefully today I was just talking with the title company while we were, while I was listening to this. And she's saying, hopefully we'll close it today. a lot of things coming through that are for the good, Bruce, that property that I was hoping to get under contract.

[00:31:52] I did not get the contract, but the guy gave me the key to the house. So he was like, here's the key? So I'm still like, can we sign a purchase agreement, but he was just like, here's the key. So I don't have to come over here and show you inside anymore. So now we'll

[00:32:06] Chad Corbett (Coach): ....move in and claim adverse possession!

[00:32:09]Eddie: Yeah, I can. Or just, I'll just, start renting it out and do that.

[00:32:13] Chad Corbett (Coach): Yeah, there. Yeah. what do you think his hang up is like he wants to sell it?

[00:32:17] Eddie: Yeah, his brother committed suicide there.

[00:32:19] Chad Corbett (Coach): So what have you, if you just send them, I send them a contract, just send it to him and see if he signs it and sends it back.

[00:32:24]So I've done this with letters of intent in case they sign it. It's a non-binding agreement. if you've already been through the house, you know your price, right?

[00:32:33] Eddie: Yeah.

[00:32:33] Chad Corbett (Coach): Yeah. So what I've done in the past is I will actually sign the purchase agreement, but over the price field, I will put a post-it note that says, call me, let's fill in the blank on the phone, and then I'll send it in a certified envelope, just so I know it gets there and I know it gets attention.

[00:32:50]And when they open it up, it says real estate purchase and sale agreement and they remove the sticky and see the price field blank. Your damn phone rings immediately. And it's a way to break people out of that. And, he obviously is emotionally checked out about the house. He's here's the key, screw it.

[00:33:05]Like he needs to sell that house, but he needs a breakthrough and you need to make it real. if you ever negotiated on some like personal property, if you show up with cash and actually show it to the person, you can buy shit at 30 cents on the dollar. And you're doing as how we do it in real estate, right?

[00:33:22]Show him the reality of the situation by giving him a purchase agreement that he's not expecting. And I'm actually, I had it backfire on me once. Cause I did it with people who I'd never spoken to. I only just so everybody understands, this is only a tactic I use with people I have rapport with. If you do it as a cold mailer, Man, it pisses a lot of people off asking me how I know.

[00:33:42]but it, I have used it in this way where, when people just can't get out of their own way and make a decision, it can create a breakthrough. it's, what's it going to cost you 10, 15 cents to try, or whatever the certified letter costs plus the printing, but that's something you could try.

[00:33:57]Eddie: Okay. I like that.

[00:33:58] Chad Corbett (Coach): So you've gotten four deals in the last month. Is that the timeline you're talking about?

[00:34:02] Eddie: Yeah, the two that I've closed off, like I've literally been working on these two for two years. Like two of them for two years, it's the same seller, but I just kinda kept nudging and kept nudging.

[00:34:14] And, then we found out that it was a dirty title. So then I renegotiated my price paid for quiet title actions to be done, and then had to wait for those to go through and then COVID stopped everything. So then September is when the quiet title came through on two of them. And then the, so those are our two of them.

[00:34:34] They. Third. One is a guy who really didn't like my price at first and said he was going to go and he was going to clean out the whole house and then call me to come back. And so he called me and he was like, yeah, come back. And literally hadn't done anything to the property. We were just, I gave him a little bit higher than what he said he will be originally talking about.

[00:34:54] And he was like, okay, this sounds good. And my buyer, he does a lot in that area. So I signed the assignment contract the same day that I got the contract on that property. And then the last one is actually the first deal I'm closing. Since I bought AllTheLeads. It's the first deal that's come through for all the leads.

[00:35:14]Since I started buying them in, I think August, September, something like that, but, and it worked from a phone call. I just called the guy once. He was like, yeah, meet me there today. And he's the same guy that said he got higher offers, but when it was me, because I was more professional,

[00:35:28] Chad Corbett (Coach): That means you're doing something, you're doing it. All right. That's awesome. So what would you say is the average percent of market value? You're getting these, if you, if it's a blended across all the deals, you've gotten in probate, how many cents on the dollar do you think you're averaging?

[00:35:42]Eddie: Probably around 50.

[00:35:43] Chad Corbett (Coach): That's amazing now. And these people feel. They feel served by you, even though you're paying them 50 cents on the dollar. And that's absolute proof that you're providing real value in the community. And this is a realtor heavy call and it's a realtor heavy conversation most of the time.

[00:35:58] And you just heard me compete against you as an investor, but there is a time and place for an offer at 50 cents on the dollar. And like David Pannell was one of our. top producers, he's averaging 55 cents on a dollar 65% of his deals are wholesale are versus listings. And there is a massive need in the community for this, for people who just are done.

[00:36:20] And it's really common for people to say, Oh, we're going to clean it out. We're going to keep it. We're going to run up to cousin, Jerry. And a month later after a blow up argument, everything changes. So you're doing a lot of things right. Your approach is obviously right. Your service is obviously top notch.

[00:36:35] Your follow-up is working for you. Like you're doing a lot of things. And it shows, you're getting a consistent result, so good on you, man. Thanks for sharing all that.

Creative Financing: Multiple Heirs and Distressed Property

Eddie: I appreciate it. I have a question. On, this is one of the, what I should, how I should approach this. This is a lead that I talked to the ladies, the PR, she said she there's eight siblings, which typically when there's eight people, I don't really bother.

[00:36:57]Chad Corbett (Coach): because you need to change your mindset on that seriously. Yeah.

[00:37:01] Jim Sullivan (Host/Coach): Yeah. Those are the best deals because the more heirs, the less interested. Yeah, exactly. A discount the price doesn't affect any of them too drastically the way it would with one. So yeah, I've always found those are the best.

[00:37:14] Eddie: Okay, on this particular one's six, people want to sell there are six siblings and then two step siblings and the step sibling, one of them, he has possession of the house.

[00:37:26]And he has a for sale sign in the I've talked to him and he's yeah, I want to sell it for this much money. how do I, talk to him to be like, has this gone through probate? Do you have the letters of testamentary? What other questions should I be asking him to get him to realize he can't  - he could quit claim deed it to somebody, but legally he can't sell it, from under his siblings like he's trying to,

[00:37:46] Chad Corbett (Coach): Let's find out if that's right. Is there a, will.

[00:37:49] Eddie: No.

[00:37:49] Chad Corbett (Coach): Okay. So state succession law says that all siblings get an equal share, right? If it was a legal marriage, even though another stepchildrenthey have an eighth of it. So that means you need eight signatures or releases.  So if he gets a buyer today, he still has to get all the other siblings to sign.  t sounds like you're not sure if it said if they've ever petitioned for probate.

[00:38:09] Am I right?

[00:38:10] Eddie: Yes. The petition for probate's been filed. Oh,

[00:38:12] Chad Corbett (Coach): Who is the who's the administrator?

[00:38:15] Eddie: I think it's his sister, Wanda. Okay. The person that I called originally, and she's like, my brother, isn't letting us into the house. He's not letting us do anything.

[00:38:23] Chad Corbett (Coach): So she's, but she is the personal representative or the administrator for the estate.

[00:38:27]Have you spoken to the brother?

[00:38:29] Eddie: Yes.

[00:38:29] Chad Corbett (Coach): Have you been in the house?

[00:38:30]Eddie:  I haven't. We tried to set it up a couple of times and just hasn't quite worked out, but, I keep following up with them to set up a time to try and go over there and take a look at it.

[00:38:39]Chad Corbett (Coach):  Okay. Do you think his price is fair or are we off base?

[00:38:43]Eddie: Oh, abs it's, last time I talked to him about going to look, he was like, it is in pretty rough shape. He says he wants 34, it based on the area. And if it's in rough shape, can't do 30. So he's, it will take some talking to get him to come down.

[00:38:58] Chad Corbett (Coach): So do you do creative financing at all? I haven't.

[00:39:01] Eddie: I just picked up the books that you talked about real estate.

[00:39:04] Chad Corbett (Coach): Let me ask you this. If you could have that house for a hundred dollars a month, would you take it?

[00:39:09] Eddie: Yeah.

[00:39:09] Chad Corbett (Coach): Then go buy it with owner financing and they all get what they want.

[00:39:12] Eddie: Okay. It's a good idea.

[00:39:14] Chad Corbett (Coach): Show them how to roll it into a land trust, set up autodraft payments, but a third-party service are in place and you take away all their objections and they all end up making more money over time.

[00:39:23] If they want their money up front, then use that as an anchor and say, okay, listen, I showed you how I can give you a price. If you like, if you want to talk about my price and then it's, we're going to have to change the terms of this. This is my price. This is your price. I'm giving you two ways to sell this house.

[00:39:41] Which one do you think works best for you? So creative financing, even if you just use it as an anchor for the conversation, it can be a great leverage point that gets him past this because he hasn't had that realization. Like you, you've got to bring him to reality. And using giving them a real option, okay, perfect.

[00:39:58]I'll pay you, $30,000 we'll close next week. Can you be moved out by then? And you're getting back on his heels and it's no, listen, like I gave you what you wanted. So here's the blue pen and then you're having a real conversation so that if, as long as you're okay, holding that as a rental or wholesaling, it.

[00:40:15]I would offer him owner finance and  call him to the carpet.

[00:40:17] Eddie: Okay.

[00:40:18] Jim Sullivan (Host/Coach): And I was going to quantify my comment about multiple heirs. That is if they all want to sell, if they don't, they could be a challenge for sure.

[00:40:25] Go ahead. You have one more question, find it.

[00:40:27]Eddie: I have a statement actually. Chad keeps saying, tell us about Chris Voss, his book never split the difference on one of the contracts. I'd given him a price 20,000, he came back. He was like, can you do 22 five? And I did, when I used to do sales training, I called this technique, the sizzling bacon, where you suck air through your teeth, go.

[00:40:48]And then I said, how am I supposed to do that? Just quiet.

[00:40:52]Yeah. And I was just quiet. It was super uncomfortable. It was so awkward, but he was like, all right, sounds good. So beautiful. Anybody who, hasn't picked up that book it's worth listening to or reading.

[00:41:05] Jim Sullivan (Host/Coach): That is awesome. Thank you, sir. We have a full, we got a full queue again. We had a bunch of people just jump in and we're probably not going to get to y'all if we don't get to you, right after the call, reach out.

[00:41:15] We'll get back to you. One-on-one I think we, Bruce, and Chad, are you, do you have a hard cut off at two or can you go a little bit over, two 15? I'm good. I got about 500 staff after.  phone number ending in three eight, six one.

[00:41:27] You're up next.

What Paperwork Should You Bring To A Listing Appointment?

[00:41:27] Wayne: Hey everybody. This is Wayne in the Houston, Texas area. My question relates to paperwork. Oftentimes I go out and after I schedule an appointment and I'm out at the property meeting with the PR, I think I know part of the answer that you might give me here, Chad, and that is, I think I'm probably not as prepared as I should be with paperwork in hand.

[00:41:49] I often just go to work on just establishing the relationship, looking at the property and then coming back later with a, solution, whether it be I'm a realtor. So whether it be me listing it or. connecting one of my investor partners, on the situation. So currently I've got a PR, representing her sister's estate and there's three houses.

[00:42:12]and again, I met him, I met the cyst. I met the PR out there. We toured. To all three properties, two of them were rented to tenants and the third one had a, her sister's son who is living in it. So they're all, they all, they all are in somewhat of a state of disrepair. They need work. So both myself and the PR are uncertain as to what the.

[00:42:34]The, the end game or the path forward is whether it be listing it or selling it to an investor. One of the tenants is interested in buying it. So there's this, at the time of the initial appointment, I don't sign any paperwork. I don't really tie up, the opportunity and, I just kinda go along from there.

[00:42:51]And I'm working on all three properties, currently. And, I guess my question is what is there, as an, I can't, even if I had a good price and I signed a listing agreement, I guess I could put a delay on before going to MLS or, and there's certain paperwork we can do with the Texas real estate commission to.

[00:43:08]to get something signed, but not put it in the MLS yet, but I wanted to get your opinion on how I can secure something so that when this PR gets approached by maybe other investors or other family members, there's a sense of commitment and I've signed something and I'm working with Wayne and, so I have more control over it.

[00:43:27]Chad Corbett (Coach): Sure. So it starts with a commitment like right here and right now that you'll never go on another appointment without paperwork. And unfortunately, I had the same bad habit when I first came from, I came from resort development. So I was selling brand new construction. And once I got the handshake, I would turn it over to an attorney.

[00:43:45] The attorney would write the contract. So my habit was to never do contracts myself because somebody else will do it while I was out selling something else. And I brought that in the residential and I, I probably cost myself at least $200,000 before my hard-headed ass learned the lesson. But. I will never go on an appointment without contracts.

[00:44:04] Even if I have, I leave blank ones in my truck, I've got one of those folding binders that fits in the map pocket in the back of my truck seat. And it as a standard Virginia residential purchase, purchase agreement, and a listing agreement and they stay there and I've actually had the, like the, I've gotten phone calls while I was out.

[00:44:22]There's no time to do the homework. It was moving really fast. And I'm like, you know what, let me run to the truck real quick. And I've literally pulled blank paperwork out of the back of my truck seat and bought houses. So I've had enough experience to learn my lesson. What I'd prefer to do is have a more controlled environment.

[00:44:38] Like I will pull the tax card based on the initial conversation and the tax card. I'll pre-fill as much as possible on both the purchase agreement and the listing agreement. That goes in the left-hand side of the folder and I teach you this and mastery, like I. I have a technique where I opened the folder up where it's clearly displayed.

[00:44:56] So it shows my intent. It shows it to me as importantly to them, but I'm here with intent. And my intent is to serve you and get paid for the service I'm providing. So I slide that folder in front of whichever person has the seemingly as the most social authority, even if that's not the administrator or the personal representative, if somebody else has stronger authority in the family, like in the walkthrough, then that gets slid over in front of them.

[00:45:21]And I'd play a game. Like when they pull the folder out of the paper, out of the folder and start looking through the contracts, then I know I'm done. So I would suggest that you just think about it a little bit and think, my intent is always to get paperwork signed, whether that's a letter of intent, a purchase agreement or a listing agreement, one of the three usually fits.

[00:45:40]Okay. Now, as far as when you're, when it's unclear, what sh what exact tactics you'll be using, choose a strategy, whether it's listing or acquisition, choose your strategy. And if you're unclear on the tactics, go ahead and sign the agreement. You can always amend just about any agreement, right?

[00:45:57]So you can in my listing, I really like this here. Cause I use it this way a lot. We have a listing date and we have a, a listing live date or we have a listing agreement date, and then a list, a live listing date. So it gives me two date fields that I can use and easily show my MLS that I was in compliance and our roles are, it has to be uploaded within 48 hours of the live listing date.

[00:46:20]So I can do it on the November 12th. And my live listing date can be January 2nd. and there's, nothing. So I'm protecting my interest in this property until I get it ready for market. if you don't have that built into your standard forms, just use the additional CaRMS and just figure out your language, additional terms.

[00:46:38] Number one, the effective listing date is X the listing live date that it will go onto. TX XMLs is this date. And as long as I can do that, we can do that. Yeah. That's what I would recommend, but always go with prefilled paperwork if it's an option.

[00:46:53] Wayne: And I'm not an investor, I have investor partners, so I don't have the letter of intent or a purchase agreement. I only get, wouldn't be able to carry, the listing agreement. So just use that to

[00:47:05] Chad Corbett (Coach): That's not necessarily true. If you want to represent buyers as a buyer's agent, then you can pivot and you can say, listen, that's fine. It sounds like you don't really need representation. It seems like you're a very intelligent person.

[00:47:17]I also, I represent buyers as well, and I have several investors that buy in this zip code that I'm sure would be interested. So could I, can I bring you in. Can I bring can I write an offer on the property? And if they say yes, as long as you have a good book of buyer business, like for me, like I could send a few text messages and, walk around and look at the gutter system for 10 minutes.

[00:47:37] And I would pretty much know when I came back around to the front door, whether I could present an offer or not. And you can DocuSign an offer off and do it like in real time, like that's extreme, but you could also go ahead and sign the listing agreement for, even if it's just for 24 hours or seven days, I've done this a lot to sign a listing agreement with a very short listing term.

[00:47:58]And then go out, send it through your cash buyer list. All those investors, get them to give you an offer, have them sign an unrepresented party, had done them. So in that case, you can play the role of the wholesaler, but with, a fiduciary responsibility, you can double in the commission without dual agency and everybody wins.

[00:48:16] So you can use your state forms the same way a wholesaler would use a contract and an assignment. you're getting, and you can do it as a flat fee. Like I was saying that earlier one, I did this on, I took five of $5,000 commission on a $25,000 house. And I knew I could sell it in hours and it took, I don't know, it might've taken 10 hours to get that one ratified.

[00:48:36]but I made 5,000 bucks in 10 hours.

[00:48:38] Wayne I'll, I'll jump in and say it years ago. I've learned that a lot of times as a seller, when you have an interested buyer, you can write a reverse offer to that buyer, especially if the buyer's on the fence. So I started making that technique several years ago.

[00:48:55] Bruce Hill (Coach): And when I meet with a seller and they say, Hey, look, we just want X price. I go ahead and write up the offer and have the seller, the owner, sign it. And I'd say, if I get you a buyer that meets these terms, signatures on the, on this document, the new buyer, they're just going to sign it and you're going to be under contract.

[00:49:14]So if, if you think that. They're going to be good with certain terms. And you think that you have a buyer that would jump on those terms. You can have them sign the purchase agreement ahead of time as well. Okay. That helps.

[00:49:25] Chad Corbett (Coach): I think something that's an important areas is disclose like your representation.

[00:49:30] Wayne: Okay. True.

[00:49:31] Jim Sullivan (Host/Coach): All right. Does that help, sir? Yep. All right. We have one more in the queue chat before we get to the last caller.

 

Real Estate vs. Probate Timeline: How Long Does It Take?

I just got a text question from a caller, like three, three callers ago. it was mentioned that in California, it can take 18 months to close the probate just in case we got any new people.

[00:49:47] We don't want them to think that they're not going to get ever get paid for 18 months. Would you just real quickly explain how you can get full authority in California and be able to close it sooner?

[00:49:56] Chad Corbett (Coach): Yeah. And just because probate takes 18 months doesn't mean that you're not going to get paid. I think that's a common misconception.

[00:50:03] Like real estate is not probate. Real estate is one asset within probate. So even in States where probate takes a long time, which, California, Nevada, Hawaii, like they, they have long processes. It doesn't mean the real estate professionals not going to get paid and the title's not going to transfer.

[00:50:20] So the first thing is understanding that the next thing is understanding, but not all attorneys are created equal. Some are way better than others. And some are way more, proactive, which makes their process more efficient, which shortens the timeline. Great drastically. If they haven't. Petition the court for full authority versus limited authority.

[00:50:39] That's one thing that you can nudge the attorney to do on their client's behalf. And what that allows them to do is fast track the entire process, especially the real estate sale. So in California specifically, and that is very similar when you have the contract and the purchase agreement is ratified.

[00:50:55] That's then submitted to the probate attorney who submits it to the court and that they then appoint a referee. I go out and give them a valuation. Then you wait for the next hearing. And then they open an over bid process. And then your buyer, if you're the buyer, you could be overbid by 10% and it's more like it's an option format.

[00:51:13]If you want to avoid that whole thing, you just need to petition the court for full authority. At which point it looks like it does. And just about, and the really simple States ratified the purchase agreement. Get us a title close. So it's you don't like if you were alarmed by that statement, it did certainly doesn't mean you can't get paid for 18 months.

[00:51:31]But you can, by understanding the local process and being very familiar with it, you can find ways to help the clients. If the attorneys not, you can help push them through. And what you'll find when you do this and get to know a few attorneys, really good probate attorneys, don't allow their clients to have limited authority because it's not in there, but it's not in their best interest.

[00:51:51]but unfortunately they're not all really good. So sometimes we have to help them along.

[00:51:55] Jim Sullivan (Host/Coach): Perfect. Thank you. we have, we're making up for the short call yesterday with a long one today. We'll one more caller in the queue. Last up this week is phone number ending in six, three eight, eight year up last.

 

How To Find An Investor-Friendly Realtor and Get Paid For Finding Them Listing Opportunties

[00:52:07]Ron: Hi, thanks for taking the call. This is Ron in Arizona and I'm new. I got, a couple of things, first of all, my County is two hours away from me. It's not going to be easy for me to drive down there all the time. I want to work with a realtor. There's a realtor there that I respect. I'm not sure how to frame the relationship.

[00:52:28]And I'm also, the second part of the question is I'm not sure what to do to, get some momentum, get the things moving. I'm in a mental framework where I want to know the whole stretch of how things are going to work before I take a step and I'm not getting anything done that way I have to move forward somehow.

[00:52:48]Chad Corbett (Coach): So are you clear on your offer? Like all the ways you can help these families?

[00:52:52] Ron: Yeah. I think I'm clear on that. What I'm not clear though, is, how many to work with their real estate agents? I'm aware that she may be tempted to try to take, what could be a wholesale or a creative finance deal from me and make, turn it into a listing for her.

[00:53:10]And I want to try to, frame the relationship in a way that's not so tempting for her. That she would really value the relationship more than anything. So that may mean that I'm going to have to pay her more for wholesale now.

[00:53:23] Chad Corbett (Coach): You won't cause she's going to get more opportunity than you are. There are more listings in most cases, there'll be more listing opportunities then than acquisition opportunities. It sounds like you're doing creative financing. So you're going to have a higher close rate, but my suggestion is make the two hour drive. Go, take her to somewhere or her choice of where she would like to meet for drinks and, settle in for a couple of hours and really just talk this through and set proper expectations.

[00:53:50]And if you're comfortable with this and she is, I would recommend that you end that meeting with a pledge, like just, it can be the back of a napkin or something you type up and whatever that might be. But yeah. Is, make sure the things that are important when I coach investors to find the right realtor, you need to make sure they understand your strategy.

[00:54:08]So if your strategy includes long-term buy and hold wholesale fix and flip and creative financing. They need to understand those things. Cause they won't know when they're getting out of their lane unless they do. So you guys need to have like standard operating procedures for when somebody is at this level of motivation or this price point, then that's my appointment when they're at, different than it's yours.

[00:54:31]and figure that out. If in the beginning, you may to help build these like procedures, you may actually want to go on each appointment together. So you guys can, you can kick her under the table and be like, no, we're buying this one. What's key is setting proper expectations and getting all the, what ifs up out upfront before anything bad happens and any money gets lost or, it ends up putting the wrong pocket.

[00:54:55]so I would recommend, sit down and really build that relationship, like a bottle of wine, Get a restaurant close to the hotel. Like you sit down and really flush this out and until everything is said, and then that should eliminate any conflicts or confusion.

[00:55:07]Ron: Okay.

[00:55:08] Jim Sullivan (Host/Coach): And then probably want to recommend two rooms right Chad so we don't, it doesn't get too confusing. Okay. Okay. Go ahead. We're running short on time, but you have a follow up question.

[00:55:17] Ron: Yeah. If it turns into a listing for her, is can I ask her for a, a fee on that? Yup.

[00:55:23] Chad Corbett (Coach): She needs to account for income tax liability because she can't legally pay you pretax. unless she has a, unless she holds her license in entity, then she can, but she can pay a marketing fee to you. What might it be cleaner way? And I'm sure her broker would be more comfortable with it is if you actually just split the cost.

[00:55:41] So maybe you pay for the leads. She pays for the male or vice versa. or something like that, if not having the payment tied to a specific piece of real estate is wise, because that way it can't be construed as a commission or perceived as a commission. So if you have a retainer that she pays you a monthly marketing retainer as a marketing fee, then it's, you can clearly say, listen, here's the invoice from the last three months, it's always the same amount.

[00:56:08] That's obviously isn't associated with business activity or any certain the parcel ID, this is just a business arrangement between the two businesses. Or you can just split your credit cards, her credit card on file for mail and yours for leads and see how that equals out.

[00:56:24]Jim Sullivan (Host/Coach): All right, sir. Does that help?

[00:56:25] Ron: Yeah. Yeah. All right. All right.

[00:56:27] Jim Sullivan (Host/Coach): All right. we appreciate all of you guys. Thank you for it was a marathon call. We had great participation. I want to challenge each of you: take one thing, one thought, one idea that inspired you on this call. Go out and put it into practice and please come back next Thursday and share your results with the group.

[00:56:45]Have a great week. Stay healthy, stay productive, and we will talk to you. Same time. Next Thursday, take care everybody. Talk to you soon.

 

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Preview for Real Estate Prospecting Special Episode of Probate Mastermind Role Play Training Series

How To WIN COMMITMENT From Prospects | Real Estate Prospecting Tips | 20 Minute Mastermind

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Real Estate Scripts Role Play Training #60 Special 20 Minute Prospecting Mastermind

Recorded Live on November 11th, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

This episode is a bit unique - It's a combination of what we do on both our Live Q&A and our Cold Call Training Series.  In this 20 minute session, we take an inside look at Federico's prospecting evolution as he shares his progress in the probate real estate niche.

Federico shares how he turned prospecting into a meaningful and productive part of his workflow and describes the latest opportunities resulting from it.  

The Masterminds also take a deep dive into prospecting and sales language to unravel the secret of winning commitment - If you're struggling to get prospects to take your follow-up calls seriously, listen to the AllTheLeads.com coaches share their insights on sales language and psychology.

 

Thanks for tuning in, and don’t forget to subscribe  above for new episodes and more!

 

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Episode Transcript

Inside Look: Fed and the Coaches Discuss Successes, Struggles, and Next Steps. Bonus: How To Win Commitment For A Second Conversation.


Fed:
Hey Okay. I wanted to give you guys some updates since I promised that last Thursday. One, one of them is, I have an appointment for a parcel of land here in LA.

[00:00:09] So I'm supposed to follow up with her this week. I sent her a handwritten card just to stay in front of her. Didn't want to be too. In front, during election week tricky for everyone. Sure. the other one, through one of the letters that were sent out, along with a voicemail, I left one of those leads said, Hey, look, thank you so much.

[00:00:29] You're actually the only person who hit, who contacted me more than once. I don't specifically need your help because I'm going to stay in the house. but I will give you the number for someone else. So it looks like I have an appointment for that. So I wanted to share that win with you guys.

 

[00:00:44]Chad Corbett: Is that somebody else in probate or they were just impressed with your offer that they want to give you that referral?

[00:00:50] Fed: So the gentleman that I contacted is someone from the probate leads that you guys sent out, I contacted him. He said that one of his employee is going through probate and said, look, you should reach out whenever you can.

[00:01:04] So even though it was Saturday at 8:00 PM, I said you know what, if he told me to call him and call right now. And sure enough, yeah, I got him on the phone and he said, thank you so much for contacting me. I explained a little bit. He said there was another realtor involved. but I asked, did you sign anything?

[00:01:20]And Oh, actually let me step back. He said, there's a trust in this. So there is no probate needed, therefore, let's just list the house. And he said, I'm going to have the realtor do this, that. And I said, have you signed everything with the realtor already? So I don't know the realtor. I said, I think, perhaps since it's a lot of money, maybe don't show it to yourself to at least get a second opinion just to make sure, you know, that you're going with the, with the specialist and it got me the appointment! I think I got lucky with that. I definitely got lucky with that. I think the luck was created by doing the calls that you guys help so much with. I feel like I'm slowly getting better and I'm forcing myself to do it, every day four to six.

[00:02:03]So I do want.

[00:02:04] Bruce Hill: Fed you and I have had several conversations. I don't think you're slowly getting better. You're rapidly improving. So good job!

[00:02:11] Fed: Thank you and welcome, I didn't know you were on the call yet!

[00:02:14] Bruce Hill: I made it in a couple of minutes late.

[00:02:16] Fed: All good. All good

[00:02:17] Chad Corbett: I want to go back to something...  one of the biggest, I would say the biggest failure point in this niche is people just not getting their calls made. And that's something that you were courageous enough to disclose to everybody on previous calls. And you briefly touched on it, but tell us now what your new discipline is.

[00:02:35]How you affect your own behavior, like when you don't want to do it, what has helped you build that discipline and has it become a habit yet? Or does it still take willpower?

[00:02:44] Fed: Still does take some willpower. But I noticed that in general, if I do, essentially, if I respect the time block.

[00:02:53]The way an appointment would be respected the time for that appointment I noticed that I finish that day, or that session feeling like I actually did what I was supposed to do. And therefore, even if I don't, get an appointment that day, or perhaps it ends up being all voicemails or just people saying, Hey, look, it's the wrong number.

[00:03:16] We don't need you. I still at least feel like I'm one step closer. I just look at it as you know,

[00:03:21] the book, the compound effect that extra effort every day compounds into a result. So that's the way I'm looking at it. Even if sometimes when you get voicemail, or just people saying no.

[00:03:36] I think it's one no closer to your next yes.

[00:03:39] Chad Corbett: So one of, one of your results that's motive, and I'm speaking for you, but one, it sounds like one of the results that you look at is a sense of accomplishment and that gives you your dopamine hit to do it the next day. Is that right?

[00:03:52] Fed: Yes, sir. Yes, sir.

[00:03:53]Chad Corbett: Yeah. Let's talk about your, let's talk about your blocks because we discussed a morning block of eight to 10:00 AM and four and an evening block of four to six. It sounds like you may just be doing the evenings. What, how are your blocks set up? Which days? Which hours and how sacred are they when other fires are burning?

[00:04:10]Fed: So I'm doing, every day, eight, 10. I'm doing expireds. Cause I feel like they, they tend to be a little more aggressive. And I was doing eight to 10 and four to six, four to six was probate. However, when I'm having a good day where I'm getting into a momentum where I feel like I'm, it's just the momentum's really good.

[00:04:33] Sometimes I'll extend that, That calling time from eight to even 11 or 12. And I'll just ride it out. If I'm feeling like the momentum's there, I just continue it, but I convert it. I switch it to probate that way. I'm also testing the probate from 10th to 12 and the results actually haven't been bad at all.

[00:04:54] Like I've gotten just as many pickups during the 10 to 12 that I have between four to six.

[00:05:01] Chad Corbett: Yeah.

[00:05:02] Jim Sullivan: If I could jump in real quick, you chat, I'm sorry. I didn't mean to interrupt. One thing you said before I forget that is so important. In my previous coaching career, we used to tell people, a lot of people prospecting is written in their schedule with pencil.

[00:05:15] It's something like that. If I have time, I'll make my calls. We used to say, you're the most important appointment you have in your day is your appointment to prospect, that you should look at that. You should look at that as part of your schedule, that two hour time block, if you had a listing appointment at that time, it wouldn't be optional.

[00:05:32]And it really sounds like you're doing that. So great job.

[00:05:35] Fed: Yeah, I think I thank you. I think I have to make sure that I ask it's been as consistent as possible since I remember Chad was saying, how often am I doing it?

[00:05:45]For the most part, I would say that out of a five day work week, I'm able to consistently at least do it three days a week, but I'm trying to get it five, sometimes four, but for the most part, we'll probably average up to three so slowly.

[00:06:02] Chad Corbett: And are you're you're hand dialing Fed or using a dialer?

[00:06:05]Fed: I am... Expired, I have a dialer; probates I'm hand dialing.

[00:06:10] Chad Corbett: Okay. What do you know what your call pace is? Like? How many per hour, if you're, calling all the numbers, having conversations, including your contacts and conversations, how many per hour are you getting through

[00:06:21] Fed: For probate? I'm getting about, I would say. Eight to 12 calls per hour, given that there's usually about four to six numbers, each sometimes wrong numbers. And sometimes conversations are usually about between a minute and two, if they give me time, unless they just say no way and are rude.

[00:06:40] Chad Corbett: Okay. W I don't know if we've ever talked about this, but we find like an average call pace is about 12 leads per hour, not numbers, just so everybody's clear.

[00:06:49] Fed: Oh yeah. That's what I meant. Sorry. I didn't mean

[00:06:52] Chad Corbett: no that wasn't for you. That was just some people were like 12 numbers an hour. What are you doing? But it's, if you call all four or five numbers, you have conversations on you. Leave voicemails.

[00:07:02] You could expect about a 12, 12 lead per hour call pace. man, I appreciate you taking all the questions and sharing with everybody. I think, this is a, typically we just role play here, but. Really it's a prospecting call, right? Like it's, I think everybody can learn from your journey, and how you had to insist that you actually do the work and then make that sort of step that a lot of people never get to.

[00:07:24] So thank you for sharing everything and answering all of our questions.

[00:07:26] Fed: Oh my pleasure. May I ask a question it's about a book that you brought up. Go ahead. So I went ahead and read the book.

[00:07:34] You suggest this called Real Estate on Your Terms by Chris Prefontaine. and I actually really liked all the things that they suggested about how to structure just ways to either acquire real estate without any money down or just helping buyers who maybe don't qualify credit wise, that you could just put them in a leased purchase.

[00:07:53]They do offer a program like almost like a coaching program. And I'm curious to know, I did notice though that it is pretty pricey. But then again, obviously if the ROI is good, then you know, it's kinda like the probate, if you don't do the work, then obviously it's expensive. But if you put in the work, the return is worth all the investment.

[00:08:15]Chad Corbett: We're not an affiliate. I just suggest Chris and his QLP course on its own merit. So a few of our customers have been through that course. Grant Cox is one Grant's really active in our Facebook group. And I've forgive me if you're listening.

[00:08:29] I can't remember the other gentleman's name. But anyways, a good friend of mine who's a Bigger Pockets podcast contributor. he introduced me to it. I started introducing you guys to it. I think that relative to the value that you get for his course, it's very inexpensive because my very first one, lease option deal ended up being a probate.

[00:08:49]It was: The father passed away. The mother survived, but she had a massive stroke and her daughter had a power of attorney. So we were able to do that one as a, even though it was a probate, we were able to do it as a lease with option to purchase. I made $8,000 in four days. So if you learn one thing from that course, one deal keep in mind, I'm in a market with a median price of one 40 at the time. So I averaged about $6,500 per transaction, and they were the most grateful clients I've ever had on both sides of the transaction sellers who were told they couldn't sell and buyers who were told they couldn't buy. Found a way to get the emotional outcome.

[00:09:28] They wanted that feeling of home ownership and not having to move their kids and finally being in that school system. So for the skill set that you'll gain from taking a creative finance training, like that 1200 bucks is a drop in a bucket man, like easily.

[00:09:44] Fed: I didn't know. It was 1200. The only thing I had seen on their website, which is why I was saying, didn't look. relatively cheap. The only thing I had seen was one was 5,000 on what's 15 and one was 35 something.

[00:09:58] Chad Corbett: Yeah, I'm not Chris and I have been trying to connect. I'm, I don't know. They're all their products are pricing, but the courses is only about 12, 12, 1300 bucks. And it's worth every penny man.

[00:10:10] It's actually, QLS fed its quantum leap system is what he calls it. So look up QLS training from Chris Prefontaine.

[00:10:17] Bruce Hill: Okay. So what, I had a question. How, how many times do you try and call through your list every month?

[00:10:24] Fed: I usually go once. I'll be completely honest with you. When I write down who I'm supposed to call back to then call the following month, but I also have the letters go out.

[00:10:33]Yep. Okay, once a month is fine. Are you, obviously it's all depends on bandwidth at least once a month. When you have a conversation, you said that your conversations are normally like a minute and a half, two minutes. What are you, what are you hearing? Are you getting hung up with them and any objections that you're running into more than others?

[00:10:51]Strangely enough, the most conversations for some reason are just people think they don't need any help. Then I ask them the usual, a home vacant home warranty policy. I say, most of the people are living in the house and are not doing anything with it. And they have attorneys. yeah, that's the main thing that I'm witnessing.

[00:11:14] Then if I have a good conversation with someone, I do follow it up with a written card, because usually during the call right after the call, I'll probably jot down a few bullet points, main points about where me and that prospect connected. And then I'll write the handwritten card work. I'll think the prospect, and then I'll say, I appreciate the fact that you, and I'll put some of those points so that they saw with listening and then I just follow up.

[00:11:43]Bruce Hill: Yeah. Handwritten notes are really powerful after the call. Very powerful. What is it in your intro that leads them to say, they have an attorney or, they don't need anything. They have it all handled. What's the, what's your intro sounds like?

[00:11:57] Fed: So usually I'll just say I'm trying to reach so and and then, I'll say I was following up with you to see if you received a letter I sent you, do you recall receiving a letter from my myself?

[00:12:08]and then I repeat the name and they said, I'm not sure we sent a lot of letters. What is this about? And then I usually go into, I have a team of people here in Los Angeles who specialize in helping families going through probate. And as part of that week or the County clerk's office down at the probate court and we see which families need help. We try to reach out as soon as possible since, I'm like freestyling here while I'm like pacing around. Yeah. But that's where those lines and

[00:12:35]You just told the attorneys taking care of everything. And I said, good. So happy you have an attorney that makes me really happy. As a matter of fact, we work hand in hand with the attorneys. We're an extension to the attorney and we pick up where the attorney leaves off. And I continue with, as the attorney handles the legal part of the probate process, which is about 25%.

[00:12:56] Which unfortunately view the personal representative stuck with the remaining 75%. And we find, we found that a lot of the families have felt extremely overwhelmed with this process and often ended up unwillingly. are losing a lot of money to you. So we try to reach out as soon as possible to make sure that we can help you whichever way possible.

[00:13:17]Yeah. And then I go into repairs, keeping landscaping, all that stuff.

[00:13:21] Bruce Hill: Cool. No, you're good. I'm going to tee Chad up for him jumping in and throwing, his, his style in. But, but I'm gonna kinda tell you that a lot of times, those objections are the best way to pivot into real estate conversation especially if you can become very non-threatening to them.

[00:13:41]And work on rapport. So one of the things that I do is immediately, Hey, you know what? We were really good. We got it all handled. That's great. Let me give you my name and number. And if there's anything that changes at all. Could you give me a call? Do you have a pen handy? and I don't care. I'm assuming.

[00:13:58] And those of you that have had calls with me know that I say, I'm assuming that they're not writing my name and number down. It's not about them actually taking my number down and calling me later. It's about disarming and then they do it and I go, okay, call me if anything changes by the way, before I let you go.

[00:14:14] Where are you guys leaning toward holding on to the real estate? Or is that something you and your family were thinking about? Keeping. And immediately that answer because the guard is dropped. That answers Jen generally pretty honest. Now it could be, honestly, we don't know yet that really could be the case.

[00:14:30]I like to channel my inner Tony Robbins if they say that they don't know yet and say, okay, yeah, perfect. But if you did know, which way do you think you'd be leaning? And I might soften it a little bit, but I'll generally, if they don't know, I'll try to ask it or rephrase that question, which will frequently get a more honest response because in reality, if somebody is five or six months out from selling a house, we have a long time to build aggressively build rapport.

[00:14:56] We just need to know who we're building rapport with what are they thinking about doing, we're not forcing them into selling, but we position ourselves with enough credibility in their mind to be able to have influence over how they make that decision. And then the last thing that I usually say on my way off the phone, whether it's 15 more minutes or.

[00:15:17] 30 more seconds is I say, look, I'm going to follow up with you in about three weeks. And I want you to know that when you answer the phone - I'm setting them up to answer - when you answer the phone, it's perfectly fine for you to say, Bruce nothing's changed. We don't need anything right now, but we'll call you when we do.

[00:15:33]But on the other side, on the flip side, if something's changed, you guys needed either help with repairs and maintenance or clean out, or it's time to sell the house. I want you to tell me because that's where I shine. That's where I can help get you guys the most money. Does that sound fair? I want that commitment from them that they're going to answer the phone and that they're going to say one of those two things when they answer.

[00:15:56]And at least that way they're not, when they see my number pop up. Yeah. When they see my number pop up next time they're not going, Oh gosh, Bruce. Again, nothing's changed. Yeah. Let's just ignore it because I already told them if nothing's changed to just answer the phone and say nothing's changed and that I would respect it.

[00:16:13]I just need something to answer. Okay. All right, Chad, you've got a different, you've got a different approach. Throw in and give me your 2 cents.

[00:16:21] Chad Corbett: I do. And people have been hearing it for five years on these calls. I don't really want to distract from the advice you just gave, because I think it was really sound advice.

[00:16:30] I love your closing. I think that's something different that we haven't covered on these calls. So rather than distract from that, I would say. That's all sound advice. you guys have all heard the way I like your disruption piece is a little more gentle than mine. Little more abrupt, but I have the personality to stand up to that.

[00:16:47] And everybody's heard that several times. I think it's okay. Especially for people who hear my language and be like, Oh no, I could never say that. I think that's, what's really great about having other people here. Like you can hear how others do it. I'm going to say good job and great advice and I don't need to weigh in.

[00:17:03]Bruce Hill: All right. Sounds good.

[00:17:04] Jim Sullivan: Jim, you want to weigh in? I was just going to add, it reminds me of a conversation we had at our last mastermind call. People are reluctant. They love to buy, but they hate to be sold. It's you're, you need a suit and you go shopping, you walk into the door, the store, and the clerk says, can I help you?

[00:17:19] The first thing you say is no, I'm just looking well, that's just a natural defense. And we talked about it on the last call. What you did there, Bruce is perfect. It's two new ways of disarming them by giving them permission to not say yes in whether it's now or in future conversations. That is so powerful.

[00:17:38]it does disarm them. It does take the pressure off. And, I think it makes you stand out because everybody else is either, most people be calling them to fall into one of two categories. They're very wimpy. Okay. I'll call you later. Or they close to hard and they piss people off. So this is a really nice middle of the road approach that disarms them.

[00:17:59] And, it's two very creative ways. Like I, like Chad said that I haven't heard before, so no, I agree. I think it's a great way to approach it. Good job. Does that help? Does that help?

[00:18:09]Bruce Hill: If you think about the objections you're getting and think about what they mean, and then use that objection as an opportunity to pivot, disarm, and pivot.

[00:18:19]that's the thing. And you could do that with any number of objections that you're going to get. It's not necessarily always overcoming the objection and sometimes listen, if you have a really strong personality and you have a really good answer in a way of overcoming that objection by all means overcome it.

[00:18:35] But if the objection is stopping you in your tracks, praise it, acknowledge it. And then pivot: Before I let you go, where are you guys leaning toward holding onto the real estate? Are you thinking about selling it? And that's really what most of us want to know. Now, there are all kinds of ways that we can help them during the selling process or during the preparation process.

[00:18:57]But we want to know if they're going to sell. And so using that objection, if you can't overcome it, if you can't handle it, Use it to get to the real estate it's gonna make a lot of people a lot of money. Yeah.

[00:19:09] Fed: Thank you. Thank you so much really appreciate you guys.

[00:19:11] Jim Sullivan: Thank you, coach fed. Thank you for, for helping us today.

[00:19:15]We apologize for scheduling this call on a holiday. I guess we didn't notice that on our calendar and I always thought these holidays run Monday. What are they doing having one in the middle of the week, but it's thrown us all off schedule. I guess we're going to cut it short today, guys.

[00:19:28] We've fed. We really appreciate your participation. Bruce and Chad, anything else you want to add before we go?

[00:19:34] Chad Corbett: Nope. I'm good.

[00:19:35] Bruce Hill: I don't.

[00:19:35] Jim Sullivan: All right. I want to thank you all for being here. although it was a small crowd. I hope, I think it was a good, exchange there. We, Chad often says, every one of these calls, we tend to get one or two nuggets that we've never heard before.

[00:19:47]And I think we got a couple of real good ones there from, from our coaches and from Fed. Thank you for being here. Thank you Fed for participating. I want to challenge each of you that took the time to show up today. Take some of the ideas, some of the language, some of the techniques you heard on this call, go out and put them into practice and come back tomorrow and every Thursday and share them with the group.

[00:20:07]Make it a great day, guys. We'll talk to you at 1:00 PM. Eastern tomorrow. Stay productive, stay healthy. We'll talk to you soon. Take care.

 

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Preview for Probate Mastermind Real Estate Podcast episode 303

Overcoming Common Probate Objections and Going For the CLOSE | Motivating Sellers With Distressed Property | Live Q&A Probate Mastermind Real Estate Podcast #303

Probate Mastermind Episode #303 | Recorded Live on November 5th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to: Overcome common objections like “Our Attorney Says We Can’t Sell;” motivate sellers who want to sell but are procrastinating anyway; improve contact rates for phone prospecting; segment your lead lists more without losing any opportunities; use letters of intent to solidify commitment, and more!

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Certified in Probate Real Estate

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Episode Topics, Timestamps, and Resources:

 

Preview for Real Estate Question: Going For The Close and Getting The Appointment: Cold Calling Tips

Going For The Close and Getting The Appointment: Cold Calling Tips (00:50)

Danny is making good progress with his cold calling: He’s having good conversations and building better rapport; the leads are willing to talk about the real estate.  However, Danny isn’t ready to push for the face-to-face appointment on the same call.  Chad and Bruce share the sales techniques that work for them in closing the call with a listing/acquisition appointment set.

Preview for Real Estate Mastermind Question: Handling Objections: We Want To Sell, But Our Attorney Says....

Handling Objections: We Want To Sell, But Our Attorney Says.... (6:11)

Danny is working with a family that is willing and has the power to sell the property. They’ve gotten their letters of testamentary and selling makes sense to them.  However, they keep defaulting back to their attorney, saying the attorney has told them they shouldn’t sell right now.  How can Danny overcome this objection? Bruce gives advice on combating the objection without making the personal representative feel combatted.

Preview for Real Estate Question: Motivating Sellers With Distressed Property

Motivating Sellers With Distressed Property (9:49)

Christian is working with someone who was initially agreeable to selling for a cash offer or possibly fixing the property and listing it. However, it seems as though she’s gotten cold feet. What can he do to boost her motivation?  Jim and Bruce break down the situation further, probate for some possible pain points, and walk Christian through how he can bring the seller’s motivations/pain points to the surface.

Preview for Real Estate Question: Handling Common Objections In Probate Cold Calls

 Handling Common Objections In Probate Cold Calls (17:52)

Christian is getting hit with the common probate objections: We already have an agent, my attorney’s got it handled, and I’m doing it on my own.  The coaches break down the psychology behind each objection and offer techniques for overcoming them.

See More: 

  1. Our Probate Attorney Said We Can’t Sell Until Probate is Closed!
  2. Call back in ___ days or ___ months.
  3. The Most Common Probate Real Estate Objections and how to handle them.

Preview for Real Estate Question: Kathy asks about leaving voicemails in the instances where a lead doesn’t answer the phone. Bruce discusses call frequency and how to alternate between leaving and not leaving voicemails to get a better chance of callbacks. Kathy and the coaches also discuss if it’s worth calling people who have closed probate and people that keep hanging up the phone.

Voicemails, Contact Rates and Best Time For Real Estate Phone Prospecting (25:47)

Kathy asks about leaving voicemails in the instances where a lead doesn’t answer the phone.  Bruce discusses call frequency and how to alternate between leaving and not leaving voicemails to get a better chance of callbacks.  Kathy and the coaches also discuss if it’s worth calling people who have closed probate and people that keep hanging up the phone.

See More: 3 EASY Ways To Improve Your Cold-Calling Script

Podcast Segment: Pros and Cons of Calling Probate Leads That Don't Show Real Estate

Pros and Cons of Calling Probate Leads That Don't Show Real Estate (31:13)

Tim is an investor using Probate Plus+. Should he be interested in calling probate leads who have no inherited property, or have already listed or sold the property? Bruce discusses how to find opportunities in probate leads without real property as well as how to segment and prioritize your prospecting.

See More: What You Miss by Scrubbing Your Lists: Probate deals that aren’t on probate property lists

Preview for Real Estate Q&A: Book Recommendation: Exactly What To Say

Book Recommendation: Exactly What To Say (38:47)

Caller shares some recommended reading/listening on sales phraseologies. Bruce shares how to get a PDF version free online and notes that you’ll learn about 27 phrases to use in a sales pitch.

See More: Cheryl Pinto shared a PDF of this book on her site

 

Using A Letter Of Intent to Overcome Objections (39:49)

Caller is brainstorming a way to leverage letters of intent to overcome seller objections where the seller wants to sell, but is leaning on their attorney to solidify the decision.  Caller outlines what he would so and Jim shares his experience with doing exactly this with success. 

 

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Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #303

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

Jim Sullivan (Host/Coach): [00:00:33] Welcome awesome agents and investors nationwide today is Thursday, November 5th, 2020. And this is Mastermind Podcast number 303. We've got a pretty good, representation in the queue now. So let's go to the first caller this week.

Going For The Close and Getting The Appointment
[00:00:50] First up is phone number ending in one eight five five. We got our frequent flyer, Danny, how you been Danny?

Danny: [00:00:57] Hey guys, I'm doing well, man. How you, how are you guys?

Jim Sullivan (Host/Coach): [00:01:00] Awesome. Always good to hear from you, always have good content. What can we do for you?

Danny: [00:01:04] Yes, sir. So I've got, two questions here. Hopefully they're not too long. so my first one is, so what advice could you guys give me for getting some appointments set towards the end of my calls?

I've been finding a lot of, just good progress. I'm getting a lot of people, just talking about the house, all the information I need to know. and then I'll call them back, but I'm not like I'm not setting the appointment on the phone with them right then. So what, like tips or advice can you guys give me make sure I get it done right then?

Jim Sullivan (Host/Coach): [00:01:33] Sure. So Bruce?

Bruce Hill (Coach): [00:01:34] Yeah, Danny, I would say that you really need to look at this two different ways, depending on how the conversation's going. if I feel like I'm driving hard for the appointment, it's going to damage rapport for us for a potential listing or purchase in six months, then I don't drive really hard for it.

I keep that rapport, there are a lot of times when you have rapport, you have a conversation going, and it's just a matter of. making that transition over into the appointment and on something like that, I'll usually just start off by after several, after a little bit I'll give a very brief recap.

I'd say something like, Danny, It sounds like you guys are definitely going to be doing something with the real estate. And I know that there's two or three other family members involved in the decision process. Could you mind if I make a proposal and get a little bit of a yes.

I learned that a long time ago that asking someone for permission to make a proposal or to be direct with them usually, softened the blow when you actually come out. And so they say yes. And then you say, I think that we should, I think we should meet. And talk a little bit more and maybe let me see the house, or if it's a phone appointment that you're driving for.

So do you mind if I make a proposal, they say yes. And then you say, I really think we should talk again, maybe with you and the other family members, preferably sometime next week. Do you have any availability on Wednesday or Thursday night? Okay. So drive, for that appointment by transitioning, using the recap, recap, combined with, the, request or permission to make a proposal.

Danny: [00:03:04] Okay. Gotcha.

Jim Sullivan (Host/Coach): [00:03:06] The only thing I would add to that, what I would add. that's right spot on Bruce. I would also add to that. if you think a lot of people are just afraid of being sold, they don't have a specific reason why they don't want to get together, except they're afraid you're going to talk them into something that they're not really sure they want to do yet.

So if you sense that, give them permission to not hire you when you get together and say, let's go ahead and get together. Hopefully I'll bring some value. you may decide to do something now, but if you're not ready yet, no problem. no harm, no foul. At least we can get started.

And I can give you a few good tips and when you are ready, hopefully you'll call me back. That goes a long way to diffusing that pressure of being afraid of being sold. If you give them permission to say no, when you get together,

Danny: [00:03:48] Yeah, I definitely that, yeah, that makes a lot of sense.

Bruce Hill (Coach): [00:03:51] Yep. That's Danny, that was gold, insight from Jim.

And one thing that you might do in a, if you've given them that permission, you might also come, come out and lay out two or three things that you'd like to cover. So give them a reason for that follow up appointment. If it's on the phone or face to face, give them a reason. there's in the book.

I think it's the book Influence. it talks about how people are much more likely to take you up on what you're asking them to do if you followed up with the word, because, because you don't even have to have a good reason, but just simply giving them a reason for requesting the appointment will increase your conversions.

Danny: [00:04:29] Okay. Okay. I see.

Jim Sullivan (Host/Coach): [00:04:31] Bruce, what would be a good example of that? I think we should get together because there's really nothing to be, there's no risk and there's nothing to be nothing but gain for you to do Or you could almost say anything after the, because,

Bruce Hill (Coach): [00:04:41] Yeah. and, of course you do want to have a good reason, but even if your reason is a little bit weak, simply putting the, because out there. So it would sound something like, Danny, I completely understand you're you guys are probably not going to be ready to sell that house tomorrow, as you mentioned, it was probably going to be a month or two before you were really ready to list.

and you haven't talked with your family members, do you mind if I make a proposal. Yeah, Bruce. Okay. Yeah. So I think that we should maybe all three of us get together on a zoom call next Tuesday or Wednesday, because I think that being able to lay out and make sure that everyone is on the same page with what they want, the timing that you have and what steps you actually need to accomplish before you list the house is going to be a good thing.

Does that make sense? So I just laid out two or three things that we would be accomplishing on that call.

Danny: [00:05:35] Okay. Okay. Gotcha. So you drove them, gave them options, give them all the like different things that you get done. And then yeah.

Bruce Hill (Coach): [00:05:41] If somebody asks me for an appointment, I usually want to know what's the purpose.

Cause there's really, one of my greatest anxieties is showing up to an hour long appointment and my busy schedule and not talking about anything of consequence and a lot of people just want to meet. And so knowing that they might be busy as well, you want to give them a reason, something that you guys are going to accomplish in that followup appointment.

Danny: [00:06:05] Okay. Gotcha.

All right. All right. That was one of them. I had two,

Jim Sullivan (Host/Coach): [00:06:09] Oh, okay, go ahead. no, you're good.

Handling Objections: We Want To Sell, But Our Attorney Says.... [00:06:11] Danny: [00:06:11] This one's kind of a big one for me because it's getting close to doing like my first close here. I have one person here that is, it's a family too. and they're they want to sell, she's got the letter of testamentary and everything and the ability to sell, but the lawyer is like telling them, no, don't sell yet.

No don't sell yet, but they do want to sell and they have the power to, and, I get on the call with Shaya, with them. and, we're convincing them providing the information and value and they're like, Oh wow. Okay. And, and they definitely want to, but they're, they're defaulting to their attorney, that is saying, don't sell right now.

Is there any advice you could give, give me, or give us, about like other ways to approach them or convince them, or, just like different ways to go at it.

Bruce Hill (Coach): [00:06:55] So I think that you need to emotionally subconsciously let them off of the hook a little bit by using the techniques that Jim mentioned a little bit ago, where, where were they don't feel like you're trying to convince them or combat that objection. You can, there are lots of ways to go against or combat an objection like that without the person feeling like it.

So in other words, you're going to give them the opportunity to buy, not the opportunity to be sold, not the opportunity to be convinced that their attorney is wrong. for all we know their attorney might be. So I would say something like, yeah, I completely understand that. Could you, could you help me understand some of the reasoning behind holding on, is that gonna be, is that going to be a benefit to you guys?

So give them a chance to maybe convince themselves that it's not beneficial to hold onto the house. So I would follow up with a question like that.

Danny: [00:07:46] Yeah. And that's exactly what we did do on our very last call. I'm calling them again tomorrow, but on our very last call, that is what, almost verbatim, what we did.

And then that's when they were stuck as well. Cause they're, the attorney didn't really provide them with that much information. They relayed it back to us and it just shouldn't. It just didn't make that much sense just in general. Like why would the attorney not really given much information about why they should just not do anything?

Bruce Hill (Coach): [00:08:12] Would they be willing to do an introduction, maybe an email introduction between you and the attorney so that you could have that conversation with the attorney and see what, what that reason is? I'm assuming that the attorney has a decent reason that even if it's just in his head or her head, I'm assuming that there.

That they have a reason for advising against that. So maybe ask the client for an introduction which really serves multiple purposes. It helps you understand why the attorneys making the recommendation they're making number two, is it helps you build a relationship with another attorney.

Danny: [00:08:43] Yeah,

Bruce Hill (Coach): [00:08:43] It's going to in three, it's going to make that transaction go a lot smoother because you're working as a team and not against the attorney. And you might even tell the prospect that it's, Hey, I don't want to work against the attorney. I don't want to undercut them if they have good reasoning.

Could you introduce me?

Jim Sullivan (Host/Coach): [00:08:59] I was going to preface that Danny, I was going to preface that by saying, you could say to the client, I don't know for sure, but one of the reasons might be he's dealt with realtors in the past and he knows once a realtor gets involved, they're going to be calling them weekly saying, when's it going to close?

When am I going to get my commission check? So he may just be telling you to hold off, to keep realtors, unlike myself from bugging them, mind if I kinda call him and assure him that I'm completely different, I'm going to, I'm going to help him get it done. I'm not gonna harass him to, to close before he can.

Do you mind if I just call them and have that conversation with them and maybe we can, come to an agreement between us.

Danny: [00:09:33] Okay. Gotcha. Oh, I'll definitely try and do that on this call tomorrow. See if I can get in contact with that attorney.

Jim Sullivan (Host/Coach): [00:09:38] Perfect. Awesome. All right, sir. we appreciate you as always.

We got a full queue guys. Good job. Next up is phone number ending in zero three, zero nine. You're up next. Motivating Sellers With Distressed Property [00:09:49]

Christian: [00:09:49] Hey how's it going guys? This Christian here in Chicago. How are you guys?

Jim Sullivan (Host/Coach): [00:09:52] Great. Christian. How about you?

Christian: [00:09:54] Doing great. I started making some phone calls. I started using you guys' service back in September.

And I was able to win on the first list that I received from what 60 leads on a stern, because our Cook County is divided in three different sections. Therefore, when I made a first phone call, when the first few leads, I was able to get an appointment and she came in into my office, we did whatever we had to do.

She's just not moving forward. She wants to keep it, but the property's in distress. I guess my question to you guys is what will be the best way to approach it, to make her kind of sell the property, which she was leaning more towards. And then I don't know where she decided.

Jim Sullivan (Host/Coach): [00:10:25] Let me ask you, what kind of distress is she behind on the payments?

Is it rundown? Is it vacant?

Christian: [00:10:30] So she and her, she pretty much inherited the property because her mom passed away and she passed away from COVID unfortunately. And therefore she's going through probate right now. She's saying, I didn't want to get to involve and advise any legal. Legal aspect on that, but more importantly, she was interested in selling and she was like, I'm looking to get $60,000 for it if I can just cut my losses, that'd be great.

Or if you can get me a better offer in terms of putting on the market, I'm willing to go that route. And just out of nowhere, she just decided not to move forward. So I don't want to push her, but I know the property won't qualify for a mortgage that I do know. It will be because the amount of work and she doesn't have the money to put into it either.

Jim Sullivan (Host/Coach): [00:11:07] Sure. Sure.

Bruce, I'm sure you have good answers. I, Chad always says find the pain point, I completely understand how you feel. let me ask I mean can you afford to have the house sit there and, and get more disrepair and possibly sell it for less later? You could talk about the first thing we do need to do is post to no trespassing. if you, if the squatter comes in there and you have to evict them, you can end up, I'm assuming the place is free and clear, or is there a mortgage on it?

Christian: [00:11:31] There is a mortgage $50,000.  Her daughter lives at the property right now.

Jim Sullivan (Host/Coach): [00:11:36] Oh, okay.

Christian: [00:11:37] Living there at the moment.

Jim Sullivan (Host/Coach): [00:11:38] Gotcha. Okay. I think. You need to probably get that clear. Does her daughter want to remain there? Is that part of the issue or do you know?

Christian: [00:11:45] She wants to hold a property as as an investment, which is weird because this property is, as an investment point of view, it makes no sense because it requires too much work.

Bruce Hill (Coach): [00:11:53] So Christian, has she told you that she does not want to sell, or are you assuming that she's gotten cold feet and decided not to sell?

Christian: [00:12:01] She said she wanted to sell originally depending on I gave her a CMA and would have potentially can sell points. So I gave her kind of two options.

A I have somebody that's looking to buy it the way it is. This is the price, and this is what we think we can get for the property. If we're putting it out in the market, we do say like the wholesale situation. And this is like a two-part question, like in wholesale that I was going to ask next, Is there a disclosure, do you guys use, I know every state is different from where it, as an agent, we don't want to get in trouble by, not looking out for the best interest of our clients, if they decide to take the low offer.

And obviously we end up selling it for more. So another agent, does that make sense or, yep.

Bruce Hill (Coach): [00:12:37] Yeah, it makes sense. Let me go back to part one of the question before I mentioned anything about a disclosure. part one, I think it really, what I was driving at a second ago is whether she has actually told you that she's gotten cold feet and decided not to sell.

Or whether that's just what her actions are saying. If her actions are saying that, then I'm going to have a conversation with her and I'm going to, I'm going to be pretty Frank with her and I'm going to say, Hey, look, you know what? I don't know what is best for you. but. What I do know is a lot of people just out of confusion and overwhelm, they end up just getting stuck and I want to help you not be stuck.

I want to help you make the decision that's best for you. Even if that decision means that you do hold onto the property as an investment, and then walk her through a series of questions where you can begin to number one, understand for yourself, and number two, help her understand what's more painful.

Is it more painful to keep the property, or is it more painful to sell the property? there's pain both ways, but which one is going to cause her the most pain in the long run? Okay. is it because she has a daughter living in the house? Is it because she thinks it's a, is it just because she's sad that might be what it is.

She doesn't want to make the decision yet that she's damaging herself with a mortgage that she's paying and no income coming in on the property. And when you start to, maybe ask her, okay, give me say something like this. Give me. one of the main two reasons that you would want to sell, and maybe she says, we've got this mortgage.

And, and I don't want to keep paying this mortgage and then say, okay, tell me a little bit more about that. So you take her down this funnel of explaining at a deeper level, what that pain is gonna do. Okay. And what, what happens if you. If, how long can you continue to carry that mortgage?

And she tells you, and then say, okay, what happens if you don't get a renter in? Okay. What's the worst thing that could happen to you? Just take her down this funnel, where she begins to enlighten herself because she probably hasn't even asked herself those questions yet. And she needs to be able to ask yourself those questions, but she's in the moment she's wrapped up in it.

So she's not able to separate herself and ask the right questions to really understand her own motivations. But in order to do that, you are going to have to lead into that by saying, Hey, you know what? I want to help you. No matter whether it's good for me or bad for me, I want to help you understand what your next move is because.

Doing nothing is probably the worst thing that you can do.

Christian: [00:15:10] Okay. Okay.

Bruce Hill (Coach): [00:15:11] And Jim, I don't know if we have a disclosure. I haven't seen a disclosure for an agent wholesaling, a property. If I were wholesaling a property, I would just sit down and draft up a simple disclosure saying I am a real estate agent.

I have presented you an option to list. And you feel like the option to, put it in contract with me is the best I am probably going to turn this over to another investor, assign another investor and, and just, it doesn't need to be long. It just needs to be something that's. pretty short and explains that yes, she had an opportunity to list that you didn't twist your arm to, go in contract with you and that you are going to try to flip that contract.

And that should cover you .

Jim Sullivan (Host/Coach): [00:15:51] A very smart attorney years ago, till you told me, make sure everybody's intentions are very clearly stated and it's not ambiguous. Now having said that, whatever you're going to use, please run it by your broker. They should be, that should be your last filter because some brokers have zero risk tolerance and others are, maybe more common sense based.

But in also, I know we've talked about it before it's not absolutely necessary, but it's not a bad idea to have a separate entity just for your flips. And like a single member LLC is a good vehicle for, just for your flips in your wholesale deals where, you probably still are going to disclose that you're the owner of that entity, but it would just really isolate your liability of if anything does happen or something.

It's probably not to do it better to do it, not in your own name. if you can avoid it, use a corporation or an entity.

Christian: [00:16:41] Got it. Cause I know a buddy of mine, he buys a lot of properties from a wholesaler and these properties are in distress. Homeowners are like no foreclosure and they pretty much, buy it as is no contingency is like 20% earnest money and that's not refundable and they have to buy it the way it is.

I'm just trying to link these in the kind of disclosure. I haven't been able to come across it. I just wanted to see if anyone. Here in probate, which, sounds like a lot of people post up to if they ever come across with disclosure like that.

Jim Sullivan (Host/Coach): [00:17:07] Yeah. Yeah. If anybody does, they want to send it to us.

And again, once you get it, run it by your attorney. I'll tell you what. As a wholesaler, I just ran into a situation in the house across the street from my son who's for sale and it got to go. And by the time I called him, he had four written offers from wholesalers. obviously work in death certificates and they were all a hundred dollars deposit.

You know what your strategy there. If I was a full-time wholesaler, I would do exactly what you just said. If you really intend to buy the property for that price, or if you really are confident enough that you can wholesale it, you maybe don't need to put 20% down, but put a thousand dollars down, put enough.

On the offer that it, you look serious, a hundred dollars deposit is too easy to walk away from. So try to be a little bit different than the other wholesalers and will make you stand out for sure.

Christian: [00:17:51] Okay.

Handling Common Objections In Probate Cold Calls [00:17:52] And then can I ask one more question or we're short on time? Sure. No, you're good. Go ahead.

Okay. So one of the leads that I contact yesterday, one of the objections I received was this is the first time I hear this. I've been here, a lot of your podcasts. And he said, what makes you think I can't do it myself when it comes to the probate and the cleaning out the house. And then the other objection I received was they have an agent and then the third one will receive was my attorney is handling everything and I pretty much got stuck on all three.

The agent, I understood. He said it was a family agent. And then the first one was like, I can want me to think I can't do it myself when I. And the way I responded to that was, this is where I see a lot of families, be very successful in, and this is where I hear a lot of families struggle because of the amount of time and effort and everything that comes along with it.

But I didn't know what to say after that, when I mentioned that and then forgot where the conversation went, but, those are the few of them that the biggest objections that I've seen so far.

Bruce Hill (Coach): [00:18:44] Sure. yeah. So what makes you think I can't handle it myself? now I don't think that, I, some people want to handle this on their own and other people want a, a team member to do it alongside.

it depends on whether, whether it's valuable to you to have somebody take that stuff off of your plate. If it's not, by all means, I'm happy to make you an offer on the house or help you sell it. But, but if you don't want help cleaning it out, that's fine now. And then I'd say, I know that, if I want to do business in the real estate world, With someone like you, that I need to offer more services than anyone else, because I want to give you so much value that you almost don't feel like you have a choice, except for, to see what I can offer you.

Okay. Now, in my world, in my introductions, when I'm having conversations with, with PRS, I don't generally get that because I rarely, I rarely tell them what I do. For them. I tell them what I do for other people. So I'll say, look, I don't know if what I do is going to be valuable to you, but the people that do find a value in the service I provide have told me things like Bruce we're struggling with the clean-out.

We don't know who's going to take what property, how we're going to get rid of things. Honestly, it's just an overwhelming job. And they tell me things like. repairs and maintenance or something that I don't have time for in my own life. And, then they might say something like, we don't know what we're going to do with the real estate.

Are we going to sell it? Should we sell it to an investor or should we list it? And then I'll just turn it back on them and say, I don't know if any of that resonates with your experience, but if it does, should we talk a little bit more that at the end of, yup. Go ahead. Go ahead. Finish up. Okay.

All right. So the, that person doesn't feel like I am, I'm selling them, believe me, that's by design and I am selling them with every step of the process, but they don't feel like they're being sold. They feel like I'm describing someone that's in their situation, but I'm not saying you need this and you need that.

I'm saying someone else needs this and that. And if you're like that, should we talk a little bit more?

Tim Yandell: [00:20:52] Yeah, it's also great too. If somebody says something like that, to realize that they may be, subconsciously bragging about their capability. And it's also good to grab on that and turn it back the other way, which is to say, that's great.

It's obvious that, you are very different from a lot of the people that I talk to because most people don't have much experience doing this and do require some help or find it a benefit. If somebody tells you that in a defensive way, compliment them on it as well, it's always easier to compliment somebody who's telling you something negative than the other way around.

Christian: [00:21:25] Gotcha.

Bruce Hill (Coach): [00:21:26] So the attorney question, that was an objection that, that won't be the last time you hear our attorney has taken care of it. What we know is that the attorney probably isn't handling everything. The attorney is most likely only handling the legal side and maybe referring them.

But when I get an objection like that, and this is only one technique you're going to hear multiple different techniques and ways of handling objections. I normally like to use it as an opportunity to number one, reduce someone's guard. Number two, pivot to the real estate conversation because there's a dirty little secret in my business.

I honestly don't really want to go in and clean a house out. I offer it. Because I know that it's a value to them and ultimately if I get them what they want, they'll get me what I want, but I don't want to be and cleaning houses out and cutting grass and cleaning gutters. And so if somebody immediately says, Hey, we've got it all handled or our attorneys taking care of that, I say, okay, that's great.

I do what Tim just mentioned. I praise and validate that objection. It's the complete opposite of what they're expecting. They're expecting you to attack it and try to handle it. But if you praise and validate it drops their guard a little bit and say, obviously you're not going to need help in those areas.

You've probably pretty experienced. Do you mind if I ask you a really quick question before I let you go, though? Were you guys thinking about selling the real estate or were you guys thinking about holding onto it? So you validate to get the guard dropped and then you pivot into real estate question.

Christian: [00:22:50] Okay, that makes sense. And then the agent part, the only reason I imagine I'm w I don't, I didn't want to mention that I'm a real estate broker, but because I was thrown out by so many of these objections, and I'm sure this is common, and I'm just not used to it yet. It's just, I had no choice, but to go, I am a real estate broker, and I like to tell my clients, and this is a resource that I provide, because I know how stressful it is.

And, I'm a connector and this is what I do.

Bruce Hill (Coach): [00:23:12] That's perfect by the way. Yeah. Don't be ashamed to tell people that you're in real estate. The last thing we want is for the people that we're talking to not have any idea what we really do know a lot of times I talked to people and we'll be role-playing at the end of the role-play or halfway through the role-play in my mind, I'm going, they really haven't told me what it is that they do or what's in it for them.

So I don't shy away from telling someone at some point in that conversation that you are in real estate and that you're doing these extra services so that you can provide so much value that you also get a shot to interview for the job of selling their house. Now, if they say I have a real estate agent and I'm sure Jim and probably Tim have an answer to that.

I go. Okay, great. perfect. I'm sure. I'm sure they're experienced in the probate space. And, Would you be open-minded or would you consider interviewing anyone else that might provide a little bit different service? Just see if they're open to it. Most people consider themselves to be open-minded.

And by framing that question in a way that it slightly implies that they're not an open-minded person, if they say no, you'll probably have them say, yeah, I consider it. It doesn't mean you're going to get the job. It means that now at least you've got a foot in the door for the interview.

Jim Sullivan (Host/Coach): [00:24:26] While you were saying that Bruce had occurred to me. If you ask somebody, are you open minded enough to anything? It's like everybody, like you said, something very important that everybody wants to be thought of as being open-minded. So it's pretty, it's hard to say no, to whatever, whatever follows that.

That's a really good way to put it. Yup. Excellent.

Christian: [00:24:44] When they say they're, when they say they're open-minded and try to set the appointment and then and there, or try to follow up later.

Bruce Hill (Coach): [00:24:50] Depends on how far out they are. Okay. preferably before they say that, you found out what their timing is. If they're a ways out, I might say, Oh great. Let's if they're four months out, say why don't we, why don't we do maybe a zoom interview and just have a little preliminary chat.

And talk about some of those services that I could give that your other agent might not be giving you. Could you meet with me in two weeks? we can either do it at the house or do it over zoom. And that's probably the way I would lean if I was getting too much resistance and they were still a long ways out.

obviously, if they're going to list next month or in two weeks, you need to get it, get to the house. It's imperative that you do that. if they say they're open-minded to it, but if they say they're open-minded, you can take the wheel and drive that bus wherever you want it to go.

Christian: [00:25:33] Okay. All right. Cool.

Jim Sullivan (Host/Coach): [00:25:34] We appreciate you. We got eight more in the queue. We're going to try to get to everybody as always, if we don't just contact us right after the call, we'll get back to you.

One-on-one next up is phone number ending in three zero four zero. You're up next.

Voicemails, Contact Rates and Best Time For Real Estate Phone Prospecting [00:25:47] Kathy: [00:25:47] Hi, this is Kathy. I've got several questions. I'm having, some issues. One of is the biggest thing is that when I call people, I very seldom get anyone to answer and I've been trying to call a different time and I get the same results.

And some of them, of course, allows me to leave a message. So should I be leaving messages or not?

Bruce Hill (Coach): [00:26:07] Yeah, this really does go to the, it depends category. If you're calling once a month, leave a message. If you're going to call three to seven times in that first month, you might skip the message the first couple of times.

And then leave it starting on your third call, which, which is generally I try to coach as many people as into calling at least three times a month. Okay. At least. so if you're going to do that, I would probably skip a message on your first two calls. Leave it on the third. Maybe skip the fourth, leave it on the fifth so stagger those. cause there's still a chance that they are going to call you back. If you don't leave a message those first couple of times, the other thing that you're calling, if you call, make note of the time that you called, and if you make a phone call and you're trying to get them at two o'clock in the afternoon, next time you call them in the evening, make sure that you're varying those times.

That's going to increase your likelihood of success. Because if they're working a job, you don't get them during the day. Then you need to call them later and you gotta realize that most PRS are working somewhere. They're generally not at home during the day. So you may have to adjust your calling time to make sure that you reach them.

Kathy: [00:27:13] Okay. That's a good idea to me. Now, do you also suggest I do put the star 76, so they don't see my number or.

Bruce Hill (Coach): [00:27:22] No. you're not leaving a message. You want them to see your number because there's a chance that they will call it back just out of curiosity. Okay.

Kathy: [00:27:29] Now the other thing is I thought, in the training that that a, executor could not sign a contract with them until they received that letter testamentary. Now I was told by another, another person he says, it's not true. They can sign a contract. They just can't close. So I'm wondering which way is correct.

Jim Sullivan (Host/Coach): [00:27:49] I would just say, Hey both are, you can sign a contract any time.

It just might not be valid if it was questioned. If you meet with the PR, doesn't have the letter of testamentary yet you can get a letter of intent or you can have him sign something, but if he tries to get out of it, it's not, it's probably not valid until they get the letter of testamentary.

Would you agree with that, Bruce?

Bruce Hill (Coach): [00:28:08] I would agree. Yeah.

Kathy: [00:28:09] Cause I've seen a lot of agents doing that.

Bruce Hill (Coach): [00:28:11] Yeah. They just don't know better.

Kathy: [00:28:13] Okay. Now I, have found out and I do this, that I can go into, our my court records on the internet and I can pull up the case number and I can see what's going on. So if they take that's what I'm good for that I know they take in a such and such, or that testamentary letter could be following soon.

My question is should I try to in the conversation when I do get ahold of them, I see the testamentary or maybe coming soon or not let them know that. I know that.

Jim Sullivan (Host/Coach): [00:28:40] No. I don't see any reason that you wouldn't want to appear as knowledgeable as possible. Do you Bruce?

Bruce Hill (Coach): [00:28:45] It depends. I hate to keep saying it depends, but it depends. if I have someone that's being resistant to me, I'm probably gonna make statements and give them an opportunity to correct me.

If they're the type of, if they're skeptical person that resists answering questions, that skeptical person, a lot of times will answer a question. If it's phrased as a statement and they have a chance to affirm or correct, you. But if it's someone that is being fairly open and they're reasonable on the phone, then, ask questions.

So instead of making that statement, you already know the answer, say, Hey, do you have any idea when the letters testamentary is going to be coming out? So you'd need to play it off of the personality that you're dealing with.

Kathy: [00:29:23] Okay. I also can see if an account is open or closed.

So I were to know on the ones that are where they dropped the order, would it be worth my time to even try to contact them? Or I'm not? I don't understand why somebody would drop the older

Jim Sullivan (Host/Coach): [00:29:37] They dropped. They dropped the order for the probate. In other words, they dismissed the probate? Yes. Yes. There could be a couple. The only reason I can think of is maybe it's a, some kind of a small state exemption. They found out that they didn't need to file it. It was filed prematurely.

Maybe the owners went down to the courthouse and filed, and the attorney told him, you qualify under the small state exemption. You don't need to file. So they dismiss it. I can't think, I can't think of any other reason. Can you Bruce

Bruce Hill (Coach): [00:30:02] Yeah, the only other reason, and this really depends on the state.

So my state North Carolina for example, is, there are times when, the house is the only thing that keeping you out of the small state exemption, and the court will occasionally allow you to carve the house outside of it. So yes, Jim's answer is correct, with a few caveats because there are times when they opened probate and then they just realized, Hey, we didn't need to do this. that doesn't mean that they're not a good lead anymore. They're probably even a better lead now because you don't have the courts to deal with.

Kathy: [00:30:36] Yeah. Okay. All right. And then of course our, he was, I just came up on me and I'm just wondering, w what would you waste your time on them any more or not?

Bruce Hill (Coach): [00:30:45] On who?

Jim Sullivan (Host/Coach): [00:30:45] People that just hang up,

Kathy: [00:30:46] I say hello. I'm so-and-so the next thing I know, they're off the phones.

Bruce Hill (Coach): [00:30:50] Oh, heck yes. Call them again. you'll say I hang up on people sometimes, when I'm really busy and I'm just not in the mood to deal with it. And then three days later, I don't even remember who it was that called me and I'm in a better mood and I have more time to deal with it.

So by all means call them again.

Kathy: [00:31:06] Okay. All right.

Jim Sullivan (Host/Coach): [00:31:08] Thank you. Next up is phone number ending in four four, two eight. You're up next.

Why You Should Call Probate Leads That Don't Show Real Estate [00:31:13] Tim Madden: [00:31:13] Hey, this is Tim Madden, the Cincinnati. I'm a new subscriber. Hey, Tim. going to quick question on the data I've gotten or state of file for County and, using the mailbox motivator, right?

Probably a plus, I've I was looking through, I'm just getting ready to do some calls. So when I get off of it, call here today, I'll be making my first call. So here, blessed me and wish me luck. A couple of quick questions. So when I was looking through the leads that I was getting ready to call, I did notice, some of them obviously have no real estate and honestly, I'm a real, I'm an investor first.

So I'm not really sure if I'm interested in calling people don't have real estate. any reasons why I should.

Bruce Hill (Coach): [00:31:46] There, I think there are reasons why you should and reasons why you maybe will decide not to, the reasons that you should, our referral opportunities. You're building a team and you call people that need a financial advisor. They need a lender. They need, they still need to clean out crew because I'm sure their loved one lives somewhere.

And so you could turn those into referral opportunities. if you are overwhelmed and not able to really consistently get to the number of leads that you have, then scrub those out. But if you have time and you have the bandwidth, you use it as a chance to refer,

Tim Madden: [00:32:18] Okay. Maybe that would be a secondary, call list.

Then if I have time, I can swing back and work on those.

Jim Sullivan (Host/Coach): [00:32:25] Yeah. And obviously you can still call those. You can still call those attorneys. factor that into, in an activity that being an active attorney, and if you have the bandwidth, you can prospect the attorneys  also.

Tim Madden: [00:32:35] I appreciate that because actually, what's nice about the files is I can actually sort it or filter it by and identify the attorneys that are the most active.

So I've gotten yourself a short list of attorneys by doing that. So FYI everybody else. So that was really helpful. Okay. The other question I have is, Oh, how, what's the best way to really, if I want to get rid of those, no real estate leads. I'm looking at the, the, the tab, the option status tab.

I believe we're where do I best, Filter those out. So if it all ended up on other lists that I, mailed followup letters to.

Bruce Hill (Coach): [00:33:06] So if you're on the options and status tab, exclude from list view. Obviously, you're going to exclude. If you're not going to call them, you're not going to mail them. Let's just assume that you're not going to do that. then you would exclude from mail calls, probate plus, and the list view. and then that way, when you pull your overall your big picture list up, it only shows you those that you haven't scrubbed out.

Tim Madden: [00:33:27] Okay. Great. Great. I got that. I'm looking at it and I see it. the other question I have, I'm a licensed realtor. I'm an investor first, but I happen to have a real estate license. I'm going to start listing some of these probate leads. If I have, when I have the situation, I talked to my broker and he said, this is a plug for you guys, by the way.

he said, if you can identify a front, which ones are already listed and don't mail them. So in a, in a. W when you use probate, plus it actually does identify the MLS listings and that's really helpful by the way. So I just, that's a plug for you guys. If you stay out of trouble, my broker, ah, there you go.

The questions I have was, if the, I'm pretty sold, pending or active, obviously sold it's, it's done. And that's the primary nugget that we're going after. I am anyway. I probably don't want to actually market to those. Correct.

Bruce Hill (Coach): [00:34:12] Most people choose not to market to the ones that have sold. And, Jim, Tim, you guys might want to chime in. So I don't want to, I'll tell you that I don't market to the ones that are sold or don't have, but I don't have the bandwidth to try to dig up the referrals from those people. Basically I'm identifying who's in my strike zone when I go through and I scrubbed my list down for the first time using probate, plus who's in my strike zone and who's not.

And the people in my strike zone I doubled down on and they're going to get a time and Tim can attest to this. They're going to get a ton of mail from me and then everybody else gets scrubbed out. And if I'm going to touch them, it's going to be more for the referrals.

Tim Yandell: [00:34:49] Yeah. One of the things that we're finding more of and it is becoming increasingly important is that there are, there's a higher level of interest from the financial services community, not only in the, financial advisor side, but in the structured settlement and the inheritance and advanced side.

And if you think about beginning to look to significantly, add that to your team. Those are people who very specifically would be quite interested in, at least having their name put forth to the people who have in fact sold, because those are the people that are either been hidden in haircuts or have gotten an inheritance.

So there may be some value in helping with that. And one of the things Bruce often talks about is getting those people to, and potentially help defray some of your costs on mailings. And Bruce was a big proponent as our, we have more mailings rather than less. Because it's doing the work for you. So you may want to think about that as you advance your skillset and you recruit financial people to be part of your game.

Those people pay a lot of money for leads and they would be quite happy to get somebody who just, potentially inherited a, $300,000 windfall to do that with

Tim Madden: [00:36:00] Also with somebody that's sold a house recently. Yep.

Bruce Hill (Coach): [00:36:03] Yup. they probably had life insurance too, there's, there are a lot of people that you could put on your team that would want to have access and want to help prospect to that list as Tim just mentioned, I am a big proponent of having people offset and defray my costs. It costs me very little to, to have probate is a niche in my business because I bring other people in. And, and they pitch in small, sometimes small amounts, sometimes larger amounts to offset some of that cost.

Tim Madden: [00:36:30] Okay. All right. I appreciate that very much.

So the other thing I did notice in the data file, where there a situation where there's corporate owners versus personal versus trust, and personal, I'm going to merket too, but a corporate owners, I was seeking your input on that.

Bruce Hill (Coach): [00:36:43] give me an example of incorporating, like a for example or,

Tim Madden: [00:36:47] like a senior living center. I saw a number of those in the area that I'm in.

Bruce Hill (Coach): [00:36:50] So those are, very untapped opportunity. Somebody who's going to get a lot of business when they crack the nursing home and senior living business and their community.

it does require a separate marketing message and a separate approach that if you could scrub those, those centers out there. Probably not only taking one property over there, probably doing this every month with multiple people. And if you can crack that code and go after them build a relationship, there's a lot of business to be had.

Tim Yandell: [00:37:19] Are you saying that they're showing up as the, in probate, plus it's showing up as the owned residence of that person.

Tim Madden: [00:37:27] No, if I go, I'm actually looking at the file right now. And, let me see if I can find the examples that I was looking at

Tim Yandell: [00:37:33] I'm concerned that you're talking about, the last known address of the deceased?

Bruce Hill (Coach): [00:37:36] No, it shows up in my list as well. It is the actual, current owner of the real estate that used to be in the deceased name. So it will have already transferred. And, so sometimes it a donation sometimes you'll see that the church, churches owns it, a hospital, a senior living center, a nursing home.

It will have transferred about 5% of the time through probate plus I don't want to call it a false positive it'll flag that, the real estate that the deceased owned. But then when you look at the current owner information, you see that last year, it transferred to the nursing home, or it transferred to the senior, senior living.

Tim Yandell: [00:38:14] I wonder if they're doing that to pay, they're doing that to pay the bill. I bet that may be part of it. They may be paying some of that nursing home bill by depleting cash. Instead of trying to sell the property they take needs in the title.

Jim Sullivan (Host/Coach): [00:38:26] That's interesting. Very well could be. Yep. I didn't think about that.

That's a real interesting thing to look at. Hey, I know we've got a lot of huge impact. Maybe we got left, but yeah, go ahead. We've got three, three left. So we may run a few minutes over, but we're three left. We should be fine. Are you good, Tim?

Tim Madden: [00:38:41] Thank you.

Jim Sullivan (Host/Coach): [00:38:41] All right. Thank you, sir. Next up is phone number ending in two five one seven.

You're up next.

Book Recommendation: Exactly What To Say [00:38:47]

Caller 1: [00:38:47] Hi, you too. Hey, I didn't really have a question. I just, in the beginning you were talking about some phraseologies like, because, or things of that nature. And I stumbled across this very short audio book called exactly what to say, by Philip M, M as in Mary, Jones. And he has those things like, the same thing.

I'm not sure if it's for you, but, I just wanted to mention it to the group. I really, I didn't have a question this time, but because you were talking about that, I just, this is such a great. And when you listen to it at one-and-a-half speed, you'll get it done in an hour.

Jim Sullivan (Host/Coach): [00:39:18] Great. Thank you.

Bruce Hill (Coach): [00:39:19] And for everyone listening to this, I've read that book about five times.

it doesn't take any time at all and, there's a paid audio book. It's cheap, but there's also a free PDF version online. If you Google exactly what to say, book, it will show up. And that's a really powerful book with about 27 phrases that you could use in a sales and a sales pitch that builds rapport.

Jim Sullivan (Host/Coach): [00:39:40] Awesome. Appreciate it too. Thank you so much. Good advice. All right. last is phone number ending in four, six 63. You're up last. Using Letter Of Intent to Overcome "My Attorney" Objections [00:39:49]

Caller 2: [00:39:49] Hey, I was thinking back to Danny's first situation there with the attorney. and he was saying, the, the owner or the PR was hesitant to deal with him because of the, the attorney wasn't giving him permission to sell or something like that.

And I thought, is there another way to maybe use a letter of intent and, in the letter of intent, if the owner is willing. Or the PR is willing to just say, if not objected to by the, attorney, we agreed to, XYZ. That way, it puts something in writing. It gets you the conversation going a bit further.

and it, it does give the PR the opportunity, the comfort that, the attorney can object to something, if there's something to object to. But of course, anything else that follows that statement, would hold if the attorney doesn't have any real matter of fact. Objection.

You see where I'm going with the question? Yeah. Yup. For, of course the attorney not forced the attorney to say what's wrong. and if there is nothing wrong, you've got something moving forward.

Jim Sullivan (Host/Coach): [00:40:44] We used to do that all the time.

We wrote a letter. Yeah, I think so too. We used to do that with real estate contracts with the seller. I'm going to run it by my attorney. Okay. Let's put, let's go ahead and put it into contract contingent upon attorney's approval as to terms and conditions, they can't come back and say, my attorney didn't agree with the price.

very similar tactic. that's a great idea.

Caller 2: [00:41:03] Okay. Okay. Thank you

Jim Sullivan (Host/Coach): [00:41:04] All right, guys, good call and we end right on time, which never happens. I want to thank each of you for being here today. We actually had a pretty good attendance considering what's going on in the world. And I want to particularly thank those that actively participated.

I want to challenge each of you. Take one, thought one idea. One thing that inspired you on this call, go out and put it into practice. And please come back next Thursday and share your results with the group. Have a great week. Stay healthy, stay productive, and we will talk to you. Same time. Next Thursday.

Take care of everybody.

 

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Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #302

Navigating Probate With Multiple Heirs | Do BBB Ratings Matter? | Hiring Virtual Assistants | + 6 More Q&A | Probate Mastermind Real Estate Podcast #302

Probate Mastermind Episode #302 | Recorded Live on October 29th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Real Estate Podcast, you'll learn how to: Find comps and buyers for land deals; get BBB accreditation and ratings; help international clients set up international trusts; navigate succession laws when homicide is involved; engage leads during Covid-19; find and interview virtual assistants for help with Facebook marketing; and more. Plus, Federico shares two success stories, White applies personal experience to help a personal representative deal with probate quicksand, and DeVaunte masterminds an 8-heir deal with Chad, Jim, and Bruce.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Certified in Probate Real Estate

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Episode Topics, Timestamps, and Resources:

 

Preview for Real Estate Q&A: Engaging Real Estate Leads During Coronavirus?

Engaging Real Estate Leads During Coronavirus (00:56)

Aline’s probate court is still closed, and although she is working in nearby markets she is still running into a lot of hesitation and procrastination from the leads she is making contact with.  Aline and Chad brainstorm ways to increase engagement and lead flow during Covid-19. Remember, the longer a potential seller holds onto a property without doing something with it, the more they pay in holding costs!  

 

Preview for Real Estate Q&A: Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds?

Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds (13:55)

Danny came across a lead while prospecting who is concerned that proceeds from the estate might be garnished for workman’s comp owed. Chad discusses the scenarios in which funds may or may not be accessible.  Bruce gives suggestions on how to turn this into a referral opportunity and build his B2B network, all while helping the prospect move towards the best solution.

Preview for Real Estate Q&A: Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do?

Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do? (16:45)

DeVaunte is working with a family who inherited a property.  Six siblings want to sell the property, but two others don’t want to.  The two that don’t want to sell won’t answer DeVaunte’s calls, but he’s gathered from the other siblings that they want the property to be a donation for their church. Some of the six siblings have urgency for cash because their own properties are going into foreclosure.  The church also will not accept the donation unless it is agreed to by all 8 siblings. The Church wants to bulldoze the house and make it a lot, and the neighborhood is dealing with some gentrification. Chad, Bruce, Jim, and DeVaunte engineer a solution.

 

Preview for Real Estate Tip: Comps for Land Sales and Finding Buyers for Parcels

Comps for Land Sales and Finding Buyers for Parcels (23:22)

Fed Shares Two Success Stories! He is working with a prospect who wants to sell a parcel of land as soon as they get their letters of testamentary.  How can he price the parcel, find buyers, and get this done? Chad advises how to put this deal together and double end it. Chad walks Fed through getting the land outside of the probate case by getting it into a land trust, quit claiming the asset into it to save on the transfer tax, and then bring the deal to builders in the area as an owner-finance parcel with a commercial rate.

Preview For Real Estate Marketing Tips: International Trusts: Networking With High Net-Worth Prospects

International Trusts: Networking With High Net-Worth Prospects (26:45)

Fed took Chad’s advice to reach out to his sphere of influence, find anyone with $100k or more in assets, and help them get an estate plan/trust in place; this serves the purpose of touching base with old prospects and clients AND building B2B relationships with estate planning attorneys.  Fed came across a high-net prospect with international assets. Chad describes how to make the most out of this.

 

Preview for Real Estate Q&A: How Does Homicide/Murder Affect Inheritance?

How Does Homicide/Murder Affect Inheritance? (30:07)

Diamond is helping an heir navigate a tricky situation; there were three heirs to the property, but one brother died and the sister was killed by her husband.  This is in Arizona, where the sister’s husband has a right to the wife he killed’s stake. The surviving brother lives in another state and would like to sell the property off. Chad guides Diamond on how to navigate this scenario.

 

Real Estate Question and Answer: How Do I Get A Testimonial/Review From Someone I Helped?

How Do I Get A Testimonial/Review From Someone I Helped? (34:07)

Yolanda is helping someone find financial assistance for medical care.  There are no real estate needs, but she’s using this as an opportunity to help someone and network with new professionals in the area.  Can this be captured as a testimonial? Yes, and capturing the testimonial of someone you helped without making any money out of it can be extremely powerful for building trust, value, and credibility in future marketing.  Bruce gives one key piece of advice here.

 

Real Estate Question and Answer: Using Google Voice Number As Your Caller ID

 

Using Google Voice Number As Your Caller ID (35:16)

Yolanda Asks: Can you have a Google Voice number display as the caller ID? Yes, sure can!

 

Real Estate Questions and Answers: Best Way To Find Virtual Assistants For Real Estate Marketing?

Best Way To Find Virtual Assistants For Real Estate Marketing? (36:03)

Caller is looking to hire some help for real estate admin and marketing tasks.  Who do we recommend? Chad gives his recommendations and some advice for setting expectations.

Chad’s Recommendation: Daniel Ramsey’s My Out Desk Service

 

Real Estate Tips: Following Up With Probate Leads: Beating Objections With Value

 

Following Up With Probate Leads: Beating Objections With Value (40:04)

White broke through to a probate lead who didn’t want to keep getting his letters (She called him an Ambulance Chaser!).  Well, he called her and followed up with her and got her to open up about what she’s dealing with. White found out she isn’t stressing the probate at all - She isn’t even thinking about it! She’s really caught up in the emotional part of losing her mother.  What can he do from here?  Chad recalls how White got started in Probate Real Estate in the First Place; he has a personal story of his own. Chad and White mastermind on how to move forward in conversation with her.

Real Estate Questions and Answers: Is It Worth Getting A BBB Accreditation? What Are Some Ways To Get A+ Ratings?

Is It Worth Getting A BBB Accreditation? What Are Some Ways To Get A+ Ratings? (43:33)

Caller is an investor and is looking for advice on obtaining a Better Business Bureau rating.  Is a BBB rating worth it? How do you get a BBB rating? Chad answers.

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast Episode #302

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

Jim Sullivan (Host/Coach): [00:00:33] Welcome phenomenal agents and investors nationwide today is Thursday, October 29th, 2020. And this is mastermind podcast, number 302, and we do have a very full queue right now. So let's get to our first caller. First up this week is phone number ending in four eight zero zero. You're up first.

 

Engaging Real Estate Leads During Coronavirus [00:00:56]

Aline: [00:00:56] Hi there. It's Aline and, I just wanted to get some advice. I primarily use probate as my main lead source and, unfortunately I'm in a County that still hasn't opened up yet. And I have, gotten a lot of historical leads, gone into some other counties, but I'm starting to get like further and further away from, my main area, which is making it a bit more difficult.

and I've followed up on leads that I've had and gone back to them numerous times. So just reaching out to see if there's any. Something that I haven't maybe thought of, trying to stay in the world of,  my probate leads, while I'm still waiting for the County to open.

Chad Corbett (Coach): [00:01:42] And are you making contacts or you're just, you've made multiple follow-up attempts and haven't made contact? Are you asking how to make more contacts or how to serve those contacts?

Aline: [00:01:52] Oh, I see. That's a good question to my question. I have made some contacts,  while I'm going back.

So meaning if I've called and I haven't gotten answers and I still, I'm still trying to reach out to the same person, so I go back and reach out to them again. And then there's some that I guess to answer your question, both.

Chad Corbett (Coach): [00:02:11] Okay. And on the ones that you're making contact with, help me understand their objections or apprehensions,

Aline: [00:02:17] Just still not ready, or, I've come across quite a few that are holding onto the property.

And just, even if it's not a primary residence, they're holding onto it for a while using it. Other family members utilizing it, but it doesn't sound to me like it's a long-term type of thing.

Chad Corbett (Coach): [00:02:35] Usually not. Okay. So what I really wants you to listen for when you make a contact anytime. but especially in these times, any little chink in the armor that allow you to serve them can be the opening to you, motivating them to do what they know they need to do.

They just, haven't gotten to the breakthrough point where they're comfortable doing it. And oftentimes that's the case when people say, Oh, we're going to keep it in the family. They don't realize that, all the pitfalls that can come with that. So one of the ways you can keep yourself in the loop and have a good reason to follow up.

Often is get them a lawn care service, get them landscaping, get them gutter, cleaning, prep, power, washing property management services. anything that you can think of, anything that any need that you can uncover that the fan, the family member moving in, or, maintenance issues that are required before that family member moves in, it creates a lasting impression, right?

So when they do have a breakthrough, you're the first and the only person they think of. So there are little things like that we might not always be doing that can make a big difference. And it usually comes back to you in the form of a come list, me call because they think, Oh, our cousin Joey's gonna move in.

He's got a good job. And he'll be a good boy to have in the house. He'll take care of it. And then cousin Joey, doesn't pay rent the first month and then he doesn't pay it the second month. And then they realize all of a sudden, wait, we're subject to landlord tenant. we don't have a lease to uphold in court, so we have to go and then the pain really starts.

It just understand that a lot of times when families hold homes, it doesn't go as they planned, whether they're leasing it or letting a family member live in it. Oftentimes if they do sign a 12 month lease, we want to be there at month 10 because that's usually when the pressure has gotten so great.

They realize they're not really making money. It's just, one more headache and one, one single family home is not an investment. When you get to 10, then you've got a portfolio and it's an investment, but one single family home rental is just a pain in the ass, frankly. So a lot of times they feel that.

After they've already put themselves in that situation. So it's just the way you can put business out in front of you by making a lasting impression on them. how many of them are, how many objections are you hearing that are? Court-related like our attorney told us not to do anything just to wait or, w we have a court date, but it's in four months.

Are you hearing that in your market?

Aline: [00:04:52] Yeah. I'm actually, I'm not hearing that so much. surprisingly, because, we can't access into the surrogate court, not so easily, but I'm not hearing that so much. I  often hear. more like the stress, the stuff in the house.

So I do have pretty good solutions and resources for that, and good reasons to follow up with it, in ways to help people. And I find, I find that quite often where people are just stuck because of their stuff or the stuff in the house.

Chad Corbett (Coach): [00:05:21] I want to give you a statistic. And I would like to see you craft your own language to wrap around us and use the way fit.

But the average family in the United States spends three to 8% of the gross estate value on probate. And a lot of times the range is dependent on how long probate remains open and how high the legal costs and the carrying costs become. So you might phrase that in a question as oil and tell me, knowing that it can be anywhere from three to 8%, would you rather be closer to three or closer to eight?

It's an obvious rhetorical question, but I want to get an emotional response from them. What the hell? My attorney didn't tell me that, because now we're having a conversation, right? Excuse me, another statistic that you can use, even if they don't know what they're going to do with anything, they know they will eventually get a distribution.

And on average, an American family will spend not invest. I'm carefully choosing my words. We'll spend 100% of the inheritance within an 18 month window. So they don't, they didn't have, the family didn't have a plan. So they ended up in probate and they likely don't have a plan for how to preserve it, generational wealth versus spending in a way and transitioning that to someone else's family.

So you can use some of these statistics to nudge people to think about it from a different perspective, because they're probably like. If they're a typical American, they don't have a very high level of financial education. They don't think about the world that way. So if we can get them to view it through that lens altruistically, we're making a difference, right?

We're helping retain generational wealth for the clients we serve, but it also a nice side effect is it really gets people's attention. when you create fear of loss, you're activating the amygdala and you're speaking to that person. Like they can't help, but like they can't hide that.

So see if there's a way you can use those statistics or just, just fear of loss to break through and get them to talk. Because when they start talking, you get the real story and it's we told you we weren't going to do anything, but it's because cousin, Joey. Set up a meth lab on the back porch, and we don't know what to do.

We don't want him to go to jail, but, and you get these, you get the real story. so that's what I would say is when you're making contacts really focus on how can I serve this person, whereas a chink in the armor that will allow me to get through and trigger a desire or fear response. So I have a more direct, more, engaging communication with this person and.

Not everyone. You're not going to find that opportunity with every single one. But if you're thinking about that, if that's what's front of mind, when you pick up the phone and take that deep breath, you'll find more opportunities. Cause you'll find more, you'll find more opportunities to serve them, which will result in them, trusting you more and reaching out to you when they're ready.

Maybe that's today. Maybe that's next week. Maybe it's when cousin Joey actually blows up the back porch.

Aline: [00:08:07] Yeah. So I guess with the resources that I have, the second quick, second part of my question, which that's for the people that I'm actually making contact with, and it's not necessarily now business. I've had success with probate as now business meaning obviously when there's, when I'm reaching more people and maybe I'm just, thinking this in my mind and that's not reality, but when there's fresh new leads, I have more of a chance of that happening as opposed to just constantly help going back to the same old leads.

And that it's not feeling like I'm able to get now business from it. Like I've exhausted that. And so that was part of my question. Is that, am I, is that true or is that thought correct? Or am I, if there's something that I'm not tapping into to create it into now business,

Chad Corbett (Coach): [00:08:59] It's absolutely true, but I don't want you to focus on it.

So I don't want you to think, Oh, I'm missing tons of opportunity. Cause my courthouse is closed. I want you to think, how do I optimize my campaign to get a higher engagement rate, to get an ROI on what I do have control of because we can, I can't change it and neither can you, So as far as optimizing.

And your current efforts. a friend of mine, who's probably on this call grant Cox is a subscriber of ours, and I have been mentoring him and challenging him because he responds well to that. He's an action taker. He probably has done the best job that any of our subscribers have ever done it, making an introductory video for his service.

And he posted it yesterday asking for criticism and the Facebook community and A;l The Leads Mastermind. And the beautiful thing about that group is even when you ask for criticism, you get support and reinforcement, but I encourage you to go look at Grant's videos. And I challenged him to go stand in front of the County courthouse on a quiet day, because in their mind they have a familiar image.

They've been there. So it's in their reticular activating system, right? They it's snaps when their brains, so he's out there Oh shit, I was there last week. So that's the yeah. Interruption piece. It works on. If you want to run that as a Facebook ad, it can work. If you want to send it to the attorneys and just say, Hey, I don't want to harass you.

Clients, but please, if there's anybody who's procrastinating or anyone that could use some help, please let them know that there's a vertically integrated solution here in the community that picks up exactly where your service leaves off. We don't have it. We consider you a member of our legal team.

And we will handle everything from the service side and try to, if you don't have the skillset or the ability to sell up as a social media campaign, email it to the attorneys and say, Hey, could you please spread this around with people that you think needed to hear? Yeah. Most, but it's, this is, a quieter time for you.

You've got probably have the mental space and the calendar space to get out there and do that. It's uncomfortable. That's why. Most people don't ever do it, or they don't do it well. And just, try not to script it, give yourself some bullet points and be sincere, look into the camera and talk to them like you would,  if your sister just said, Hey, my friend just lost her mom, can you please help her?

Whatever you would say to that person is what you say to the camera. No different. Yeah, that they're more casual and authentic the better, but you can use that video on these calls. We've talked about before. if you take your existing probate leads, upload them into Facebook as a custom audience, and you're going to match on first name, last name, email address, mailing address, and all five phone numbers.

You'll get about 90% match rates and you could either figure it out or find someone to help you run that Facebook video campaign for. Four, if you do it as a video watch campaign, you can get results. You can get, as many as 25 daily impressions for pennies. It's just a way to put something out there.

That's not high pressure that builds awareness about your brand. And just we all like to laugh about and make fun of the personal injury attorney billboards all up and down the interstate. But when your car. Piled up against the Jersey barrier. It's pretty damn handy that you can see it right there.

Because you're like, all right, I gotta call this guy and make sure I'm protected. So yeah, when they feel they need help, the most, that's a way to be yeah. In front of them at that moment on every device they own. And we all are. now more than ever attached to those 20 hours a day. So that's another suggestion is think about the different ways that you can market to the leads that you already have through attorneys, through nursing, home employees, through registered investment advisors, through senior moving companies, through estate, sale companies, anyone who has.

Contact with folks and the end of life phase and the transition phase. if you don't or if you, if the people, you, if the other business owners in your community, don't have a clear understanding of everything you're capable of that is your priority until your lead flow comes back. So instead of feeling frustrated, work on.

Plan B, which is building your long-term referral network and making sure that you have good content that educates them on what you do. So they don't have to forward the content to your prospects. All they have to do is remember that they watched it and they got value from it and go, Oh, you know what?

there's a lady here in town. I actually got an email from her a couple of weeks ago. She does everything that you need. you could make one phone call. let me find her info and I'll send it to you. Like you get the endorsement, So I think that's my best idea for a good use of your time right now, while you've got some quiet time and can really think that through those are the two things I would suggest.

Aline: [00:13:29] I appreciate it. Thank you. Thanks so much, Chad.

Jim Sullivan (Host/Coach): [00:13:31] All right. Love your positive attitude. Aline New Jersey is starting New York and New Jersey are  coming back. hopefully you'll be back soon. I will tell you, when you come back, you're going to have a backing. You're going to have a large number of leads. We found that in most of our markets, so hopefully you'll make up for lost time.

But thanks for participating. We appreciate it. Next up is phone number ending in one eight five, five. You're up next.

 

Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds? [00:13:55]

 

Danny: [00:13:55] Hey guys this is, Danny how you doing

Bruce Hill (Coach): [00:13:57] Doing good, Danny how about you?

Danny: [00:13:59] I am doing well, guys, I just have a quick question for y'all. So I came across the area lady yesterday that hit me with a question I have not heard before.

I dunno if it so much relates to the probate process she's  going through right now, but it might.   She asked me if she has to pay back her workman's comp after the settlement or the process is over. I've never heard that question before. I figured I'd shoot it to you guys.

Chad Corbett (Coach): [00:14:23] Does she have  a summary judgment against her?

Danny: [00:14:25] I don't know, to behonest, I'm not too sure. I tried to getting as much information about it as I could but she didn't give me that much information besides that general statement.

Chad Corbett (Coach): [00:14:34] If she has a judgment recorded against her then the state has the right to garnish your wages or access any income that she has. So it's very likely they could have access to it.

Danny: [00:14:43] Okay. Okay.

Chad Corbett (Coach): [00:14:44] If it, the only protection to that would be, if it were in a QRP, a qualified retirement plan, such as a 401k or a solo K or a SEP IRA.

I think that's the only protection, like if she inherited the IRA and left it in that entity, Then it would probably, it would be protected under retirement account protections. But if it comes to her as cash in her bank account and they have a judgment against her, then they can likely take that money.

Danny: [00:15:11] Okay. Gotcha. All right.

Bruce Hill (Coach): [00:15:13] Danny I'll throw in say that, this is kinda, I've never heard that question before either. but, this is a good opportunity to go out and use that relationship as bait to catch yourself, A good workman's comp attorney. They're not probably not going to refer you probate leads, but every good attorney that I have a relationship with always leverages into some business somewhere.

So use this example, in the future on future calls, even with the same person, find out, see if you can gather a little bit more information by just. Asking a series of good questions or directing her to explain a little bit more, especially in an area that you don't have any expertise or experience in, a simple follow up to, tell me a little bit more about your situation or tell me more about that.

We'll usually let them open up and you'll learn a whole lot without having to reveal your ignorance on the subject, by just saying, Hey, tell me a little bit more about that or how does that make you feel or what do you think that they're trying to do? get them to open up and share a little bit more.

And then I just take the relationship, ask if it's okay. You'd like to connect her with a good, workman's comp attorney and, and go find one. so you use her as bait. Get yourself a good another attorney relationship. I guarantee they probably know estate and probate attorneys too, that they could introduce you to.

So you can leverage your relationships into additional relationships for yourself and your business.

Danny: [00:16:33] Gotcha. Awesome. Great I just wrote all that down too. So I'll be sure to do that.

Jim Sullivan (Host/Coach): [00:16:36] All right. Thank you, Danny. Appreciate you as always next up is so number ending in two, two, five, seven. You're up next.

 

Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do? [00:16:45]

 

DeVaunte: [00:16:45] Hey, how's it going everyone? My name is DeVaunte Martin. I am in the Greenville South Carolina market.

Jim Sullivan (Host/Coach): [00:16:50] Yes, sir!

Bruce Hill (Coach): [00:16:51] Hey DeVaunte!.

DeVaunte: [00:16:51] Yeah. I have a pretty difficult situation on my hands. This particular property is post-probate, it already went to probate. There's about eight people on the deed and, six of them want to sell.

But the last two don't want to tell because they have bad blood with the six other relatives. Is there a way I can, get them off the deed of the property or I'm pretty much a, it's a dead end for the most part.

Chad Corbett (Coach): [00:17:17] Did they inherit it through a will or through state succession law? Do you know if there was a will.

DeVaunte: [00:17:22] That was no will,

Chad Corbett (Coach): [00:17:23] Okay then you're pretty much stuck unless you can get them agree to sell. other than litigation there's, you can't make somebody, so an asset, you can Sue them and try to force them to, but that's costly and expensive and will probably exacerbate the problems that are causing them not to want to sell anyway.

DeVaunte: [00:17:40] Okay. I was hoping I do an adverse possession or something, but,

Bruce Hill (Coach): [00:17:43] Oh, Devante, have you spoken with the two that don't want to sell? No, I was going to knock on their door and try to talk to them cause they will not answer my phone call. I got it a lot of times. it's a simple third party and it's not always, but many times it's simple third party.

If, especially if you can get the two that agree with each other, the two that don't like the others. On the phone or face to face together and just ask them what's going on, ask them what their experience has been like. They'll open up and create a lot of rapport with you. If you can get in front of them.

And many times, they.  are doing this despite themselves, either they're hurting themselves and, by asking them if the relationship was good with their other siblings,  what would they like to do? So let's assume let's pretend that your relationship hadn't gone South with your other family members.

What would you guys be doing with this property and kind of bringing them back into that alternate reality will reveal what they would really like to do. And if the answer is we. We'd like to sell, then you say, okay, are you willing to hurt yourselves by holding onto this? Just despite the other relatives.

And, and normally the answer that's going to be no, but you really need to get on the phone or face to face with them. And preferably the two of them you'd like to meet the two of them together at the same time. cause they already have rapport with one another. They like each other, at least we hope.

Chad Corbett (Coach): [00:19:05] All that is good advice and exactly where I would have. I would go with it too. I use a little bit different tactic though, just to give you a different perspective on it. So the only thing linking them to probably the most painful relationships in their life. Is the house and their ego is using that as leverage, right?

Bruce said to spite them and a question that someone asked me once it was a broken, we were in a pissing match over principle and a buyer's agent had done the wrong thing and I was in the right. And I did not want to let, I didn't want to go of that. And my broker looked at me and said, Chad, do you want to, do you want to get paid?

Or do you want to be right? And that hit me, hit me like a ton of bricks. I'm like, damn it. You're right. Such a concise, powerful point. So you can connect the negative emotions and the pain that they're going through to the asset and say, would you rather have cash or would you rather have control?

Because this is the only thing allowing you to control your siblings. And from where I stand, that doesn't look like healthy behavior. Wouldn't you agree? Okay. From where I'm from where I said it looks like that's the source of your unhappiness right now. Am I right? And then they connect the house with a negative emotion.

And it's if I could show you guys a way where you, I could mediate this, you didn't ever have to speak to the other parties. We would do remote closings, all signing, separate documents, and I could put cash in your pocket that you can turn into whatever legacy you want for your loved for the ones you lost.

Wouldn't that feel better? Then holding this hostage, just because it gives you a little bit of control. Is it time? Is it time to move on and then move the blue pen across the table? But same exact thing. Bruce was same exact gang or just a little different language and tactics.

Something to think about.

DeVaunte: [00:20:48] I will kinda, man, I'm driving. I need to take notes.

Chad Corbett (Coach): [00:20:51] These are all recorded just, if you haven't subscribed to the podcast, that'll be on your phone whenever you park.

So jump on iTunes and download the podcast. So you'll have it on your phone later.

DeVaunte: [00:21:02] Yeah. Okay. I have it on podcast as well. Thank you all. I, when I talked to the six other relatives, they said they are mad because they wanted to donate the property to the church. And the other relatives needs the money extremely bad, because two of them are going to pre-foreclosure and the church said they don't want to, they don't want the property unless every single child agrees to sell it to them.

And the church just wants to bulldoze the house down. Makes it a lot. When that builds the neighborhoods being gentrified really bad, they're building million dollar homes all around the house. So that's the situation

Chad Corbett (Coach): [00:21:35] I want to make sure I understood. I want to make sure I understand that last part, the two people that are holding the deal hostage would like to donate it to the church and everybody else would like to sell it to cover their own financial needs.

Is that right?

DeVaunte: [00:21:46] Yeah.

Jim Sullivan (Host/Coach): [00:21:47] No, an obvious solution and obvious solution, they could sell it and donate their share to the church. something's better than nothing.

DeVaunte: [00:21:53] Yeah. Okay. I didn't think about-

Bruce Hill (Coach): [00:21:55] Makes sense to me.

Chad Corbett (Coach): [00:21:56] Yeah. That's what I was thinking. I'm quietly thinking through the logistics of it. If they could, they could donate their shares or they could quit claim their shares and take a tax benefit for donating to a nonprofit.

So they would have the altruistic value that they're looking for, but they would also have a tax advantage because they're donating the assets so they would get. basically 30% of that is cash value on income tax. so potentially having them quit claim their position and then selling the property.

I don't know. It's, that's what I would suggest that sounds like your opening. That's the way you're going to put this deal together. So they they want to do, they want to do what they believe is right based on their values. Just find a way to get them all what they want get, get.

Give them a tax benefit and for their donation and get the church, the equity, and then get the rest of them some cash. So every it's a bit of a compromise, but everybody gets somewhat of what they're looking for.

Bruce Hill (Coach): [00:22:51] And I assume that the church in this case, the probably wants the land. I wonder if the church would be willing to buy it for less than market value and just have the two that want to donate it, donate their portion and have the church come in and buy out the other heirs if they really want the land for a parking lot.

DeVaunte: [00:23:08] Okay. Alright alright.

Jim Sullivan (Host/Coach): [00:23:09] A lot of options.

DeVaunte: [00:23:10] Yes, there is. I didn't think about none of this. This is awesome. Okay. Thank you.

Jim Sullivan (Host/Coach): [00:23:14] All right. You're very welcome, sir. All right. We got a full queue. Let's move along to using phone number ending in eight, two one three. You're up next.

 

Comps for Land Sales and Finding Buyers for Parcels [00:23:22]

 

Fed: [00:23:22] Hey gentlemen, it's Fed. Hope you're all well.

I have a few items for you. Item number one is two success stories, off of the calls I made, two nights ago, one will be a house with a PR that lives in Miami. I live in Los Angeles. She'll be flying in about a month. So I'm meeting with her. So thank you guys for, obviously all the help, I'll look into, seeing how I can help her.

Second one will be a parcel of land and condo, the slightly tricky part for the land part is the PR asked me, look, we're going to want to sell the land as soon as we get the letters of testamentary, can you get us, as much information as possible as to how that works and, and what we can do.

So would that mean me going to like department of building and safety? What would you guys suggest? I've never been hit with that question. I haven't seen the parcel of land yet, and she didn't have much information. She just told me what street it's on, but she didn't give me an address for that not yet.

I would think it's residential. I believe keyword pretty certain. It's going to be, residential.

Chad Corbett (Coach): [00:24:30] At this point and I'm afraid we're nearing the end of it and LA, the highest and best use is probably a new development parcel, right? So there's a massive inventory shortage. Your most likely buyer is probably a home builder who's frantically trying to take advantage of the rally. So that's probably your highest and best use. I don't know what the value is, but that's how I would comp it. If it's zoned residential, look at the last six months of land sales and, say, listen, I've taken a look at this.

I drove by the property. I think that our buyer is a builder. So what I would like to do is go ahead and get it on the market and start talking to, I'll personally go visit, half a dozen builders that I'm aware of, or I have relationships with. And I think we can probably move it off, just by going straight to the builders and having those conversations and you can probably double end it.

Fed: [00:25:15] Oh, fair enough. Yeah. Awesome. Okay, I'll do that.

Then, last week you had suggested

Chad Corbett (Coach): [00:25:20] Fed, before we move on, I had another idea.

Fed: [00:25:23] Yeah?

Chad Corbett (Coach): [00:25:23] One of the problems that builders are facing in any recession, this is usually the case because our financial markets are really stirred up on the backend.

If they own the land free and clear, do they have full authority?

Fed: [00:25:35] Yes.

Chad Corbett (Coach): [00:25:35] Okay. So if they can quit claim the land out using their full authority, they issue they'll be able to do that. So if they can quit, can't quit claim the land outside of the probate and get it into a family member's name. Or I would recommend a land trust.

So establish a California land trust, quick claim the asset into it that saves you from having to pay transfer tax, and it gives you anonymity. And then I would tell, I would list it and I would take it out to the builders. And as an owner, finance parcel. And they're going to be willing to pay a commercial rate because they're getting a free piece of land to build their house on.

And if they screw up, you know what you're saying, you're set your seller gets a house. So it's a way for them to, it's a way for them to make a significant amount more equity. because they can sell it, with owner financing at a premium price, but also have an interest rate throughout the build process, which is probably I'm guessing six to nine months in your market.

Fed: [00:26:30] Yeah. Roughly. Okay. Yeah.

Chad Corbett (Coach): [00:26:32] That way get even more attractive for the potential buyers and more attractive for the seller.

Fed: [00:26:37] Yeah, I think it would facilitate it for her a lot since she, she seemed a little concerned about the situation. So thank you for that. Yep.

 

International Trusts [00:26:45]

 

I wanted to follow up with you on a suggestion you made last week, which was, reaching out to all clients who may have more than $100K in equity, and to make sure that they reach out to an estate planning attorney and, get a trust and all that stuff.

Do you guys, by any chance know where I could go to find out. About things like that for European clients who may have most of their assets in Europe, but also have some things in the United States. I hope that's not a curve, too much of a curve ball.

Chad Corbett (Coach): [00:27:17] You want to find out what they own in the States?

Fed: [00:27:19] No. So essentially, some of the clients I reached out to are not us studies, but they live in the US and I reached them out to them and said, Hey, look, if you have, assets, you want to make sure that you protect your equity and your family, and you avoid the cost of probate by,  opening a trust for your family and all that stuff.

So they were saying, are the rules the same in Europe? And obviously I would think that's. The answer is no. So I was seeing if maybe you guys have works or no, a reliable source for me to look into probate in Europe. But if that was not even probate in Europe,

Chad Corbett (Coach): [00:27:55] What would you estimate their net worth at Fed?

Fed: [00:27:57] 3.5 million.

Chad Corbett (Coach): [00:27:59] Yeah. So they're in the territory where they can actually benefit from having an international trust. So most people in that net worth range, they're going to gravitate towards believe cook islands or, I can't think of the third one right now. It's slipping me. there are, I don't, I'm not aware of what the equivalent of the IRS and France requires, but an international trust oftentimes comes with.

Four to $10,000 a year and maintenance because you have to pay your Sherry's fiduciary as custodians and attorneys. I don't know how this works rendering in reverse, but you can establish an Arizona limited partnership as an asset protection trust. And you can actually bridge that out.

If you're an American citizen, you can bridge that out to a cook islands trust in case something, whatever happens. So you have the asset protection, and the probate protection of a domestic trust. But if any, if you ever, if you would ever get sued or get in a terrible car accident or something, you can trigger that and cross the bridge.

And it. Automatically converts into an international trust and only then start doing the complicated reporting too. To the IRS. So it's far easier and far more affordable to maintain. but that might be the right vehicle. Since they're international citizens, you may look into a bridge trust. nevus is the other jurisdiction.

So any V I S. Cook islands or, believes are the three most common places wealthy international will establish trust. And that that is the ultimate level of protection. Now those trusts scrutinized. But as long as they're doing their annual reporting to the French government and to the IRS, they don't have anything to worry about.

It's I'm not insane. I'm not. Encouraging them to hide assets and not pay taxes. I'm encouraging-

Fed: [00:29:42] yeah. Yeah.

Chad Corbett (Coach): [00:29:43] Move assets to protect them.

Fed: [00:29:44] Okay. Perfect. Thank you. Now. Thanks so much because I've been trying to figure out how, where to even start. So I'll definitely dig deeper into this. Thank you guys so much.

I really appreciate it.

Jim Sullivan (Host/Coach): [00:29:54] Oh, congrats. Congrats on the deals. Let us know, please. When you actually put them together when you get the contract.

Fed: [00:29:59] Oh, will do. Absolutely. Yeah. Thank you so much.

Jim Sullivan (Host/Coach): [00:30:02] Thank you. All right. Next up is phone number ending in two five, one seven. You're up next.

 

How Does Homicide Affect Inheritance? [00:30:07]

 

Diamond: [00:30:08] Hey, it's Diamond.

I have two questions. One is, you said earlier that, somebody had put their video on your Facebook page. I was just wondering if it was the Facebook Mastermind or I was looking for it.

Chad Corbett (Coach): [00:30:20] it's an, all the leads mastermind and the post, the original poster was Grant,

Diamond: [00:30:25] Grant Cox. Okay. I'll look that up later.

My other question is, I mentioned this. I think last time I was on, but, there's a number of probates in our community. And, one of them has been a little unusual that the, of course they had no direction, but there had been three siblings on the property. The one the sister was killed by her husband, and the one brother died.

And so now the third sibling, the brother, according to Arizona state law, has to fight the fact that, the ex-husband who killed his sister is a 50-50 sharer of the property. Apparently, and I haven't talked to the man personally, but from someone else who had talked to him, he's got something to file with lawyers and he doesn't want to spend the money.

And I'm. Under the impression that the murderous ex brother-in-law is not in the picture of the scenario, but, but it seems to me like filing with a lawyer to sell your property would not be a big deal. And I wanted to reach out to him, but I feel like a novice to ask him what he needs to file.

I don't know if that gives, I don't know if I have enough information even ask us good questions.

Chad Corbett (Coach): [00:31:29] And there's no other siblings left? So we have the incarcerated ex-husband who killed the wife and her brother, correct?

Diamond: [00:31:36] He didn't kill the brother, but he died. And then there's a third. Yeah, there's a third sibling. Who's alive who ultimately should own the property, but he doesn't want it because he lives in another state.

Chad Corbett (Coach): [00:31:47] When the title holder of the property passed away, was there a will?

Diamond: [00:31:51] I don't know.

Chad Corbett (Coach): [00:31:52] So that's the first step. If there was a will, it could make this simple, because that is your roadmap. If there was not a will, then you're subject to Arizona succession law. And that says that the other sibling has a share the husband who, even though he murdered them has a share, and the other brother has a share and you need to get a release, from anyone who like, if you could sell it and just.

you know, I don't. I don't know where an incarcerated person, he may or may not have a bank account. But you can release the funds to an attorney's escrow and forget about it. But, if everybody wants to sell, it seems foolish that he's not willing to pay an attorney to help him.

If that's, if he does want to sell or is he holding back because he doesn't want that person to benefit at all.

Diamond: [00:32:37] Maybe that's where I'll have to dig in and find out. I was, again, don't know the absolute facts, but I was under the impression that somehow they were, the ex husband was going to be out of the picture, but he didn't want to pay the attorney fees for the finished, the filing, which kind of seems silly in itself.

Chad Corbett (Coach): [00:32:54] Yeah, I'm not sure what that document would be. If there was no will, even though he killed her, I think he's still an, if they were married, he was in the line of succession. What they could do is file a civil suit against him to strip him of that asset. But that would have to be, they would be filing a civil suit against them.

Very similar to what happened in the, after the criminal case with OJ Simpson, he was sued civilly by her family. So that's really the only way to get to take it from him. You can't just take assets, even if he did commit a crime, he's still in the line of succession. And there was no will saying he wasn't entitled to it in the case of a murder.

Diamond: [00:33:32] Okay. Okay. That helps me better understand it. Thank you.

Jim Sullivan (Host/Coach): [00:33:34] All right. The good news is you could do this for the rest of your career, and you'll probably never run into that situation. Again,

Chad Corbett (Coach): [00:33:40] This is another one of those advanced calls.

Jim Sullivan (Host/Coach): [00:33:42] Yeah, it really is the 5.0 call. Anybody if it's the first time of your call, don't worry. These are not normal usual situations, but I think that's why the people are asking for help. So we always appreciate you sharing. We have two more in the queue that should take us nicely up to the top of the hour. We probably can squeeze in another one. just hit star six and then hit one Next up is so number ending in five five, two, two. You're up next.

 

How Do I Get A Testimonial/Review From Someone I Helped? [00:34:07]

 

Yolanda: [00:34:07] Hello, this is Yolanda. And I wanted to talk to someone yesterday that doesn't have a house for sale if they need a financial medical assistance. So I found some resources, but when I talked to her, no, I won't have any financial gain, but I figured that she could be the start of me establishing, Presence in the community.

How would I go about, getting a review from her or, some type of response from her that I could perhaps include in my repertoire, I guess of satisfied people.

Bruce Hill (Coach): [00:34:38] Yeah, I don't mean, I don't mean it to sound smart Alec-y but ask, that's the biggest thing that I've found is, Hey, if, if you've been satisfied, if you feel like I've, met your needs, one way that you could repay me is, is that provide a review, letting other people know that I'm not just in it for the money. I'm in it to actually help you.

Yolanda: [00:34:57] Okay. Oh, So I guess send an email or

Bruce Hill (Coach): [00:35:00] That's a phone conversation. That's a phone conversation I'm saying as far, or are you saying her response doesn't have to be in writing.

Her response put, yeah, it could be in writing, but when you ask for the review, you're going to do that over the phone.

We're going to ask you over the phone. Yeah.

 

Using Google Voice For Prospecting [00:35:16]

 

Yolanda: [00:35:16] Yes. Yeah. Alrighty. And one last thing for the Google Voice, that Chad was talking about in class. Can you have the Google voice number display shown as the caller ID or is that not possible?

Chad Corbett (Coach): [00:35:29] Yes, you can. you can, if you dial directly from the Google voice app, then it will display your Google voice number on the other phone.

Oh, okay. So call from the App.

Yolanda: [00:35:39] Yeah. So he just opened the app and the Dialpad looks just like your regular phone Dialpad, but it will be outbound from that number.

Chad Corbett (Coach): [00:35:46] Okay. All right. Thanks.

Jim Sullivan (Host/Coach): [00:35:48] Jim, you there? Yeah, I'm here. we've had six people jump in the queue in the last minute. We may not get to all of you if we don't get to all of you, please reach out directly after the call. In the meantime, next up is phone number ending in six, two, three, one. You're up next.

 

Best Way To Find Virtual Assistants For Real Estate Marketing? [00:36:03]

 

Caller 1: [00:36:03] Hey, how are you? Thanks for taking my call. I've got two questions. One is, about any recommendations for virtual assistants to do some legwork and things behind the scenes and two, which may be the same person.  You  talking about cool techniques about the, Facebook uploading,  to the, Facebook and from there. I could use some help with the technology of, not just getting it up to Facebook, that's not problem, but just what is the sequence of ads and videos and do you guys have people that can help us not so great techies with that?

Chad Corbett (Coach): [00:36:38] Not yet. we're certainly looking for an agency that. That we trust to fulfill without just taking your money. not all agencies are created equal and it's we had a system where we were fulfilling it for you, but our conversion rates weren't as good because we didn't have highly customized creative.

So having you and your video, having you and the photos and like having local landmarks and you're in there makes a big difference. So that's why we suggest as far as finding help for that, you can go to fiverr.com or upwork.com. Those are international platforms where virtual assistants and other creative professionals will, they compete for jobs.

If you want more of a longer-term relationship, like a full-time staff position, I would recommend looking at MyOutDesk.com  and cat can link this in the show notes, but we did a, an ask the expert series with the founder and CEO of MyOutDesk, Daniel Ramsey. Where we talk about how that looks and what the relationship is like.

And, I think Daniel's personal cell phone number is actually posted in that post. So he would be happy to hear from me, but it's more of a longer term solution. So they're going to handpick and train a virtual assistant to work directly for you. For X number hours of week, it won't be on a job basis.

and you commit to as much time as you need them for, but you'll be able to build a long-term relationship as if they worked in your office and desk gets out of the way. They're basically a temp agency for international employees. So they make sure to control the quality and that this person is trained and handpicked to fit your needs.

And then they step out of the way, unless you need them. And let you take the relationship from there and they handle all the, all the accounting and payroll and the logistics of it. So you're not. you don't have to manage the employee. If you go with Upwork or Fiverr, then you're going to, the platforms will also help manage paying them tricky, keeping track of their time.

It's just a, a done for you versus a do it yourself. but that's a couple of options for where you can find those talented people. And then on Facebook fulfillment, you may find people there that would be, that have the skill set. I will say, it's a shot in the dark.

some agencies are amazing and most of them aren't, just be careful and make sure you ask them what accountability that they have because oftentimes agencies, they want you to spend, because they're making 15% of your ad spend. And if I were you, I would suggest that you. I have them make them accountable to some result.

So if it has not working, you don't want them to keep fueling a bad ad with good money. You want them to test a B test and prove why that one's bad and what actually performs better and then optimize your campaign. So you're going to waste some money. That's the nature of digital advertising. But make sure you have a firm that's willing to do AB testing until they get the ROI that you expect.

And then they can go, they've earned the right to go into maintenance mode and collect their 15%. But those are the things to be like when you're starting a relationship with an agency, most of them aren't willing to be held accountable for results. They just want to burn through ad spend and see how much they can raise your budget, because that raises the revenue.

And that's one of the reasons it's so hard for us to find the right agency to suggest to you guys, because we haven't found one that can do it at scale.

Caller 1: [00:39:54] I appreciate it. Very great info. Thanks so much.

Jim Sullivan (Host/Coach): [00:39:57] All right. Appreciate you. Thank you for participating. Next up is phone number ending in one eight nine, nine. You're up next.

 

Following Up With Probate Leads: Beating Objections With Value [00:40:04]

 

White Simpson: [00:40:04] Hey Guys, White Simpson. And how are y'all?

Jim Sullivan (Host/Coach): [00:40:06] Doing great.

White Simpson: [00:40:07] Just real quick question. I sent out some letters and I got this lady called me back and she said I was in the obituary chaser, and I just had to laugh and blew it off. But she told me not to ma she said, don't send any more mail. She didn't say thing about my not calling her back.  I talked to her and you can tell she just over point, because when I asked her what her biggest issue was or concern or problem, and she immediately goes into the death of her mom, it had nothing to do with the handling the estate. So how would y'all handle that?

Chad Corbett (Coach): [00:40:43] Have you been through this? I'm trying to remember. Have you didn't you probate one of your family members estates?

White Simpson: [00:40:48] I did. My Chad actually got started with pro, with doing these probates cause my dad passed away and my mom didn't get bombarded with a bunch of calls, but the letters and I just realize that there was a need for people to do

what we're doing, is how I got start.

Chad Corbett (Coach): [00:41:06] I thought I remembered you had a personal story. So I would use that because you want, what you want is she already feels threatened and like she's on defense, right? And it's because she's emotionally raw. So if I were you, I would draw from the power of that story and show that you are empathetic and compassionate and that.

As while you're not an obituary chaser, that is why you wait until families send a signal that they're ready to move forward. And that is probate, not an obituary. So the way I got your number was actually by meeting with the County clerk, figuring out who needs my help the most in the community right now.

So at the risk of being judged, like you've already judged me. I'm willing to reach out because I know what a big difference I was able to make for my mom when she felt the way you feel, which is somewhere around hopeless and just absolutely devastated. Am I right? And then shut up.

White Simpson: [00:41:58] All right. So I tried that, so here's my question is how long would you wait to call her back?

Chad Corbett (Coach): [00:42:05] How much information did you get? Did you get any little tidbits of that indicates she might need help with anything?

White Simpson: [00:42:11] I think the house is probably vacant and I told her to make sure that her house was insured properly. And then she kinda cut me off. she needs help. And that's what she was screaming to me.

She just, I don't think she quite know she needs help.

Chad Corbett (Coach): [00:42:27] Did that big storm hit you last night, White?.

White Simpson: [00:42:30] Yes.

Chad Corbett (Coach): [00:42:30] There's your opening. So did you have high wind?

White Simpson: [00:42:34] Yes.

Chad Corbett (Coach): [00:42:34] Okay. So I would call and say, you know what, listen, I've seen some damage to some properties in the area. You're the first person I thought of because you're the last person I think should have to be dealing with this.

One, one thing I forgot to clear up with you is do you, first of all, did the house sustain any damage or do you know? And would you like me to go check second of all, have you made sure that your attorney has, or someone has helped you get a vacant insurance policy on that home? Because, this hurricane season has been insane.

we may have gotten lucky with, you may have gotten lucky last night. Let's make sure that we're not relying on luck in case it happens again. And it might be, a timely reason to touch base with her with a legitimate reason for your call. That's only serving her. There's no way you can profit from that call.

White Simpson: [00:43:18] Okay. All right. That's a good, that's a good point. I appreciate it.

Chad Corbett (Coach): [00:43:21] Yep.

Jim Sullivan (Host/Coach): [00:43:22] Awesome. Good job, buddy.

We got one more. So that'll bring it from the queue. That'll bring us nicely up to the top of the hour.  Next up is phone number ending in five nine one six. You're up last.

 

Get an A+ Rating on BBB [00:43:33]

 

Caller 2: [00:43:33] Hey, good afternoon, gentlemen.

Thanks for the opportunity to be able to ask a question. I know it's been a 500 level class again for Chad and for Bruce. So my question for you is I know we talk about all the leads providing value, as a new investor, is there any merit  or is there any way that AllTheLeads could assist someone with a obtaining like a Better Business Bureau rating?

Is that something you guys do? I just figured I'd ask a question.

Chad Corbett (Coach): [00:43:59] So when you register your LLC, typically they'll pull the FCC records and bring that in and give you an A rating to try to attract you as a paid customer. So you may already have a BBB listing if you have a registered entity, if not, you can, I would recommend just calling the Better Business Bureau and, forget what you pay,  it's not a whole lot of money, but you actually pay to get, if you don't have any negative reviews against you, but you don't have any reviews, period, as long as there aren't any complaints, they'll move you up to A+  and then you can ask people to start leaving your reviews there, to to strengthen that.

Caller 2: [00:44:34] And I just figured that'd be something like on a website to be able to put that on. Typically people start looking for you and your brand spanking new. You don't have anything to really go off of that. It might help to establish some credibility. Obviously you got to follow through. And my intent is to serve others.

Chad Corbett (Coach): [00:44:50] You have, they are, have you built relationships with other investors, a real estate attorney, title people?

Caller 2: [00:44:57] Yes, I have. So are you suggesting that I get some input from them on the website?

Chad Corbett (Coach): [00:45:02] I would get,  call BBB, pay your subscription price, put the badge on your website. They give you the widget and then reach out to your vendors and say, Hey guys, listen.

if you believe I'm an ethical professional person, could you please say so publicly on my better business page? Because, I know people are looking for ways to underwrite me. And, a vendor referral is sometimes more powerful than a client referral. So can you please just talk about your experience and knowing me and working with me as a professional, and if you don't have clients or, or customers that can leave you reviews, go to your vendors.

If an attorney is willing to put his name on the line and endorse you, that's stronger than someone who sold their house for 50 cents on the dollar.

Caller 2: [00:45:43] And particularly if you're providing a referral to them, for people who may need their services, whether they know it or not,

Chad Corbett (Coach): [00:45:49] That's right.

Great. thanks so much, Chad.

I very much appreciate your considered response

Caller 2: [00:45:54] For sure. Thanks for the question.

Jim Sullivan (Host/Coach): [00:45:55] Wow guys, great call. And this may be the first time ever we started and we ended exactly on time. I want to thank each and every one of you for being here. I want to particularly thank those who actively participated. And I want to challenge each of you.

Take one idea. One thing you heard today that inspired you. The loud and put it into practice. And please come back next Thursday and share your results with the group. Stay productive, stay healthy. And we look forward to talking to you. Same time. Next Thursday. Take care

 

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Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #301. Topics include real estate lead generation, referrals, quitclaim deeds, wills and inherited property, and more.

Turning Real Estate Clients Into Private Lenders | Going From Referral Agent To Lead Generation Rockstar | + 9 More Q&A | Probate Mastermind Real Estate Podcast Episode 301

Probate Mastermind Episode #301 | Recorded Live on October 22nd, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn: How get started with lead generation in probate real estate as referrals slow down; how to navigate sale of a probate home that’s in foreclosure; how to segment your probate lead lists for different call and mail marketing campaigns; what the DNC means for Probates vs. Expired Leads; what to do when heirs can’t agree on selling inherited property.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Certified in Probate Real Estate

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Episode Topics, Timestamps, and Resources:

 

Preview for Real Estate Podcast Segement Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To Sell

Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To Sell (0:49)

Rosie is working with a personal representative who has bad blood with his parents and family. He has a bit of resentment towards his parents for leaving debts behind, and ultimately just wants nothing to do with the pending foreclosure.  However, he has kids and there’s opportunity here to save the equity that’s in the house, turn it into an investment, and pay for his kids’ future college tuition expenses.  Chad and Rosie mastermind through the conversation that needs to be had with the probate seller, as well as what needs to be done to build confidence through legal opinion.

 

Preview for Podcast Segment: Common Names and Skip Tracing: Finding the Real Heir to Inherited Property

Common Names and Skip Tracing: Finding the Real Heir to Inherited Property (8:04)

Rosie has a lead that’s really excited to speak with her about selling inherited property - But he’s asking all kinds of questions! Something seems off.  Chad suspects this ‘personal representative’ might have a common name and not be the real personal representative at all! Chad advises on how to confirm you’ve got the right person and discusses the nature of skip tracing probate administrators with very common names.

Preview for Episode Segment on: Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo

Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo (10:05)

Rosie mentioned the inbound call backs and responses she’s getting are coming from Video Messages she is texting out to her leads as a follow-up.  Chad asks her to break this down in more detail.  Rosie outlines how she uses both Mojo and Lion Desk in her comprehensive real estate lead generation and qualification process.  Bruce and Rosie also discuss BombBomb.  Overall, using text and video messaging for follow-ups to outbound calls with positive dispositions is a simple but powerful strategy.

 

Best Way to Customize the All The Leads Probate CRM For Real Estate Prospecting (12:12/19:40)

Danny has his hands full trying to manage lead generation and follow-ups to likely sellers. Chad walks him through some of the features of the All The Leads CRM that are designed to make prospecting organized and efficient. Chad gives example short codes and dispositions that can be used to rank and segment leads to optimize time spent prospecting. Bruce and Chad also discuss how setting up this system with consistency means a team of prospectors can call work together and stay on the same page.

Chad also walks Kim through a quick demo of the CRM’s short code feature, step-by-step at 19:40.

Preview for Probate Mastermind Episode 301 segment: DNC and Real Estate Calls

DNC and Real Estate Calls (17:04)

Mike is wondering what to do with probate leads that are on the DNC list.  Chad discusses how to weigh your own risks and shares the one story he’s heard in over 7 million cold call dials.  Jim adds how FSBO DNC or other types of real estate DNC calls are different than calling a probate administrator who agreed to be a public representative on public record.

 

Quitclaim Deeds, Heirship, and Medicaid Liens (21:47)

Kim is working with a client that has power of attorney over his mother’s affairs.  His mother is currently in a nursing home and has willed her property to her son.  They are interested in a quitclaim deed transfer, but Kim is curious if this is a good idea and if there are any repercussions.  Does the son have the authority to make a decision on deed transfer, sale of home? Chad describes it’s normally fine unless Medicaid is in the picture. Chad describes the possible scenarios if Medicaid is involved here. He also describes how the homeowner can pay off Medicaid liens at really low interest rates with a HELOC in this market.

 

Preview for Probate Mastermind Segment: Lead Segmentation For Custom Mail and Calling Campaigns

Lead Segmentation For Custom Mail and Calling Campaigns (28:41)

Scott is looking to segment his leads and export them to use in his dialers in different calling campaigns.  In particular, he wants to get letters out to widows/surviving spouses first instead of calling them right away.  Chad walks him through how to do this.

 

 

How To Get Started In Probate Real Estate (31:32)

Ron is ready to dive into probate real estate - he wants to start fast and efficiently.  Where should he start? Chad discusses the 3-day Probate Mastery Course.  Jim and Ron discuss staying accountable.

See More: The top-rated Probate Real Estate Certification Course according to fitsmallbusiness.com
Accountability Coaching Included With ATL Probate Leads

 

Preview for Segment: Turning Real Estate Clients Into Private Lenders

Turning Real Estate Clients Into Private Lenders (37:15)

Thurmon recently asked a client if she was interested in becoming a private lender.  He successfully sold the property she inherited from her mother, and she said she would be interested in becoming a private lender.  However, Thurmon got stuck

 

Preview for episode segment: What To Do When Heirs Play Tug-Of-War with Inherited Property

 

What To Do When Heirs Play Tug-Of-War with Inherited Property (43:22)

Dan is trying to either buy or help sell a house a family inherited, but the siblings have no idea what they want to do.  What should you do in a situation like this?

 

Preview For Episode Segment: Going From Referrals To Lead Generation

Going From Referrals To Lead Generation (47:38)

Yolanda has been licensed since 2006.  She’s primarily worked off of referrals but is looking to get started with lead generation to fill her pipeline.  What should she do to get started?

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #301 Transcript

AI Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes.  Be sure to catch show notes at alltheleads.com/podcast and join our free Facebook mastermind community, "All The Leads Mastermind."

Jim Sullivan: [00:00:33] Welcome thriving agents and investors nationwide. Today is Thursday, October 22nd, 2020. And this is Mastermind Podcast number 301. We have four people in the queue, so let's get right to our first caller.

Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To SellRosie Hayer: [00:00:49] Hi, everyone can y'all hear me?  This is Rosie here from Austin, Texas.

Jim Sullivan: [00:00:52] Hey Rosie, glad you could join us!

Rosie Hayer: [00:00:55] Awesome! So guys, I am actually calling with two scenarios. Okay. Number one. So I'm working with a lot of investors and, lucky day, they're starting to send me some probate business. This particular investor was working with this pre-foreclosure lead, who has inherited this property just recently.

but apparently the property has been in pre-foreclosure. The foreclosure is not until December. We got all the details. It seems like the investor cannot handle the deal at all because there is no margin there, but clearly the property can be easily sold, as is online and the seller can still walk away with 20, 30K in their pocket.

Now, the problem is the seller, the person who inherited the property had bad blood with his parents and family. And he just literally doesn't want anything to do with it. No involvement. And I'm speaking with the attorney directly. And the, this is like I have attorney's email in front of me where he said that,  Les Cruz is afraid of his shadow when it comes to business and family interactions.

So I feel like, I don't want to ruffle any feathers and be too assertive and, in my ask, so I wanted to ask. What should be one work around in here? this guy clearly can sell the property in a timely manner. She'll walk away with equity, even with all the behind payments and stuff like that.

And just because he has bad blood, I feel if it's made aware of what is possible, it seems like he would cooperate. But when I reached out to our attorney to find solutions that can attorney do a POA or there's somebody who can be their POA and I can just move forward with the process.  I'm getting a pushback from the attorney.

Is there something I'm missing, or is there a different way to handle it, to get them to see things differently?

Chad Corbett: [00:02:30] So the person you're referencing that had a bad relationship, are they the representative? They're the administrator?

Rosie Hayer: [00:02:36] Yes.

Chad Corbett: [00:02:37] Unless they give up that authority, then there's really nothing you can do.

And if he's unwilling to do that. I would say, you're talking to his ego and I think the only way that you can resolve this in the best interest of everybody is to just have a really candid conversation with him. And listen, we have resources with investment advisors and other real estate investors.

I can take that $30,000 and turn it into a legacy for you.

Rosie Hayer: [00:03:02] Yeah.

Chad Corbett: [00:03:02] And is this really, is costing yourself that financial opportunity going to make your relationship with your dead parents, any better?  Let's start over fresh today and let's get this out of your life and let's start with a positive, like we'll get the equity in the home.

We'll get that home gone. You never have to look at it again. And then we'll grow that into something you can be happy about having, if you do this, the rest of your life, you're going to think about it. And you, we both know. You're hurt. You're in pain and your ego is what's driving the bus here. So let me do what's right for the community.

Let me do what's right for you. And let me do what's right for your family. And what I do best is maximize the equity for families, and then continue to help you grow that over the rest of my career. And that would be my approach because he's, if he's in that defensive ego loop, he's never going to subordinate because he feels like he's getting one over on his old man.

And just remember we're all big children. That at some point, our spirit of play was replaced with these formal rules and beliefs. And talk to him, talk to the traumatized seven year old or however old he was when whatever happened, that's who you need to get through to. So I would take the emotional approach.

Over the legal approach, because if the attorney's already showing apprehension and he is obviously, he's made up his mind, you're probably not going to get anywhere using that. So I would try to show him how that money can actually help his emotional state. And over time it can really help because you have the connections, like you can connect them up with the other players on your team and turn them into a lender, even if he never wants to spend that money were like, okay, but does he have kids?

Rosie Hayer: [00:04:37] Yeah, he's got kids and the most I was able to get to all the education, this is a handoff from an investor to me. So there was a leadership in the conversation. The little I got out of him, Chad was that his fear is I asked him, I said, what is your main concern? It seems like some concerning you and I'm not able to address it.

He said, one of the concerns I have Rosie is that I don't want my parents debt to come upon me. If I. Sign anything on their property. So he's in a big misconception of how this is all going to go about.  That's where I left, but I'm definitely willing to take the emotional route approach and really talk to, bigger children, like a doctor, the seven year old in him when he really got mad with his parents or where he lost relationship to see if he can start fresh.

Chad Corbett: [00:05:17] You remember that probate attorney, you were so proud to come tell us about three or four weeks ago. Yeah, this is where you ask him for a favor. And this is where you say, listen, we're I know we're just building our relationship, but I do need to ask, can you help me help somebody else? Can you send me an email explaining from a lawyer standpoint, can you send me an email?

You don't have to use any names and your name will not be passed along. So you're not, you're not bound to this as legal advice, but can you give me a legal opinion on why a family is protected? And when representing an estate and you could also pull the state law. If you go to Texas, if you go to the statuettes, you can actually pull the law and send that to him.

But you might also get, just say, listen, because we don't want to establish an attorney, client relationship. I have taken his name off of this email. But you trust me. So trust me, this is an attorney that we work with. One of the people on our team, the only reason I'm not giving you his name is because there's a conflict of interest.

You have an attorney, but something I can offer you is as proof from my legal team, that this is exactly why you have no liability in this situation. Yeah, his own attorney should be telling him that, but who knows what's going on there, but if you can get your attorney to give you that opinion and then just make a PDF of that section of the code and send it to him.

I mean he's clearly has no liability, and it's clearly as well. It's written in the law, but it's written at like a 14th grade level. That's why I'm suggesting having an attorney. Do you a favor, bring that down in the layman's terms and pass it along and maybe that's that'll create enough of a breakthrough.

Maybe that is his real hangup. I would almost say you, based on the way you told the story, I would almost bet that it's more emotional than legal.

Rosie Hayer: [00:07:00] It's been very emotional.  It just he's afraid of his shadow when it comes down to business and family interactions had bad blood because his mom and dad apparently.

Yeah, so I'm definitely, I think this is really good.

Chad Corbett: [00:07:12] So because he has kids, Rosie, turn his own gun on him. he's trying to do something to spite his father. And what he's going to do is spite his own children. So you need to paint a picture for him. You can turn $30,000 into a college education in 18 years.

Easily, I mean on accident, right? So what happens if you don't touch the money, you don't have to be part of it, but so your kids feel the opposite of how you felt with your parents. Let's put this into a 529 plan with my registered investment advisor. And when they graduate high school, you can let them know.

They never have to go into student loan debt. Let's make this a positive for your family for once. let's make you feel good about this.

Rosie Hayer: [00:07:53] Very nice. Very nice. I love it. I love it. I love it. Okay, perfect. I'm going to definitely do that. And I like that attorney advice as well to get their opinion and, open up another leg of conversation.

Common Names and Skip Tracing: Finding the Real Heir to Inherited PropertyYeah. Okay. Thank you. Thank you so much. I have one more real quick. so the second one I have is a probate lead. I'm getting called back guys! You know how good it feels. So those two dispositions are calling back. They're emailing back. And this guy, first of all, acted very suspicious. Long story short.

We sent some video text messages and he's back and engaged. What I'm surprised by is that he just got into probate in September. It's a beautiful $350,000 home he inherited. But he on the phone, he was like, Rosie, can I call you back? Which property? They're very acting oblivious to the fact that they inherited a property.

And then I asked him, I said, would you please share with me, like, how are you related to, the person's the deceased person's name? Like I asked it in the, as a part of the conversation to make sure that,  it is him, that I'm talking to the right person and he's aware of somebody by that name.  And he's like, let me step out.

And then he calls me back. I only want to know, because I haven't had these kinds of conversations with probates yet. What could be possibly happening that he doesn't want to really acknowledge the person that he inherited the property from, or he is, he's acting the way he is. let me step out and let me call you back.

Who is it again? What property it is again? Do you think -

Chad Corbett: [00:09:16] Does he have a common name, Rosie,

Rosie Hayer: [00:09:18] Huh? Yeah.

Chad Corbett: [00:09:19] Does he have a common name, like John Smith?

Rosie Hayer: [00:09:22] It's no, it's William Taylor.

Chad Corbett: [00:09:24] What could be happening is in the skip trace, we grabbed somebody in that same zip code with the same name and he could be thinking, huh, Ooh, this is I just won the lottery.

And it's obviously like I would test them. Hey, we've got an item in lost and found. If you can come tell us what it is, give us a brief description. We'll return it to you and treat it like that. So call back and say, listen, we really want to make sure we're protecting the families we serve.

So just so I'm clear,  what month did mr. Jones die? And if he can't tell you what month it was, and he's probably trying to find a way to profit from this, and you probably got the wrong John DOE.

Rosie Hayer: [00:09:59] I see. I see. Okay. So that's possible too. Good to know that, Chad, thank you so much for enlightening me on that.

Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo Perfect.  these were the two questions I have. And one more question. Tiana, what are you doing? I haven't forgotten about my challenge yet. Was I supposed to collect the six testimonials of the probate closings or any client closings that are successful ones.

Well,

Chad Corbett: [00:10:20] you should take that idea and run with it and every aspect of your business, but it's the six, the challenge issued were six probate testimonials.

So we can build that into your marketing.

Rosie Hayer: [00:10:30] Got it. Perfect. Perfect. Awesome. I thought so, but I just wanted to double check and I'm already starting to ask people for that. And so I just want you to know, I haven't forgotten about it and I will definitely share my progress as I make it. Thank you guys.

Chad Corbett: [00:10:44] Yeah. Thanks for being here Rosie! Oh, Hey Rosie one, one question I'm betting. Some other people. Have you mentioned the video texting, are you just using the message app on your phone or do you have something that you do your video texting through that you would recommend to others?

Rosie Hayer: [00:10:58] Yes, definitely do.

I'm actually using Lion Desk. So the system we have set up is that, my husband and I will work together. So we have multiple dialers: Mojo allows us to make the dial out of the phone number that we like. So Lion Desk is a CRM. You can have your leads in there. You can do video texts, you can do an email video as well from the system.

It allows you to record it right in the CRM and send it right away. So what we do is to keep things consistent. We use the same number from Lion Desk to make our outbound calls in Mojo. And as people come back with positive dispositions, I personally follow up with the video text on the positive dispositions.

Only the people who are like, yeah, follow up with me. And I do a little intro text with them and, just normal follow-up after that.

Chad Corbett: [00:11:40] Okay. Perfect. Thank you.

Bruce Hill: [00:11:41] When you use Lion Desk, is that using like a BombBomb extension or anything like that? Or does Lion Desk literally in their software do video texts?

Rosie Hayer: [00:11:49] The Lion Desk is literally in their CRM has a video text without any BombBomb integration.

Bruce Hill: [00:11:55] Okay. Okay. Got it. Awesome. Perfect. Those of you that do not those of you, that don't have a CRM that does video integration, you can plug BombBomb in for video texting as well.

Rosie Hayer: [00:12:06] Yep. That's true.

Jim Sullivan: [00:12:07] Great stuff, Rosie. Thank you.

As always keep coming back and sharing, we appreciate you.

Rosie Hayer: [00:12:11] Alright.

Best Way to Customize the All The Leads Probate CRM For Real Estate Prospecting Jim Sullivan: [00:12:12] All right Danny You're up next.

Danny: [00:12:14] Hey guys!

Jim Sullivan: [00:12:15] Hey Danny.

Danny: [00:12:15] How's everyone doing

Bruce Hill: [00:12:16] Danny! What's up?

Danny: [00:12:17] All right. so my questions is a bit short. I don't know if it's a too crazy but I'll just run right into this now.

I was wondering like how you guys in your own ways, how do you like rank your callbacks? Or is there a certain way you prioritize getting back to certain people or, just like some, something like that, because I've called quite a few hundred people now. And there's some people that like, I try and get back to you at ASAP and there's people that I just, didn't answer and I try and call them back well, within the next week or two weeks.

I just want to know if there's a, if there's a certain way that you guys, like prioritize how you call back,

Chad Corbett: [00:12:54] I want to be clear, Danny. So callbacks you're referencing followup calls, not returning, like calling someone back from a return call.

Danny: [00:13:01] Yes. Yes. Like me. Yeah. Just calling them back.

Chad Corbett: [00:13:04] So are you using on the option status tab? Are you using the rating like the lead rating?

Danny: [00:13:10] No, I haven't used that.

Chad Corbett: [00:13:11] Okay. So that would be the first step is when you make a phone call, book it at the bottom of the lead record, you'll see four tabs. The third one is option status, and that's where you opt them out, but you can also apply rating to them.

So you could rate them as follow-up. And, one of the ways that I've done I've helped people customize their prioritization is make sure that anyone who you intend to follow up with has a lead rating of follow-up. And then make sure that on the other tab you put in the date that you want to follow up with them. And an additional step in case something falls through the cracks.

Let's go back to the first tab. And use the short code field and that's there for your customization. So you could use a, like a one, two, three, four, five system. So your short code would be one. And then you go to the next lead that maybe that's a short code for, because it's a hotter one. And then maybe this next person's flying in three days and you rate them follow up a shortcode five.

And then that way you can add the short code to your column headers in the list view. And you can actually sort by ascending or descending. So in that scenario, you would, follow ups, you could filter it down to just follow ups and then call five, four, three, two, one. there's many different ways to customize that using shortcodes.

You could say, just for example, you could say the shortcode could be land or condo. Or, commercial real estate or residential, you can, you can put in their motivation level, you can say, desperate, disengaged, estranged from family, whatever it might be, but that the followup rating is there for everyone.

The short code field is how you can further customize that for your exact needs.

Danny: [00:14:46] Okay. Okay. Got it.

Bruce Hill: [00:14:47] I'll throw in. that's assuming that you have gotten the person and had a good conversation. If you've not been able to touch base with them or have a conversation yet, In my personal business, but we're going after for a minimum of three calls per month to everyone that we have not, touch base with.

And that's a minimum. if you can do more, because I know that you're hitting the phones,  almost like an ISA would,  do more, every two weeks is the, it's the aim for people that you haven't reached yet. Haven't connected with yet.

Chad Corbett: [00:15:18] And that's a good point thanks for catching that, Bruce. So Danny, the way that we manage that for the ones you don't speak to, you would rate them as, follow up. and the short code you could put, call number one, call number two, call number three, call number four. So once you've laid out your sequence, so that way, when you look at all the followups, some of them will have, a rating of just the number one.

The others will have call one and you'll know that you haven't hit them with call two. So they'd help. It's just a way to use the short codes to keep track of where you are in the sequence. And that's how I set it up. We've got a subscriber in Richmond, Virginia. that's, he's a very aggressive prospector, a very successful investor in broker.

And that's how we've set his up. So when he has VA's making calls and he has his wife making calls and he's making calls, it creates a consistency across all the lists where everybody knows what call one means and if they see call three, they know that call four hasn't been made because when someone makes call four, they changed the short code to call for.

Does that make sense?

Bruce Hill: [00:16:18] Yeah. Yeah, it does.

Chad Corbett: [00:16:19] So whatever your sequence is, if you say, all right, I'm going to call, at least 12 times, I'm going to call this list and you would create short codes, call 1 through 12, and then every time you looked at it, regardless of where you left off, or when you come back to it, you'll be able to see the last activity was called three for that lead. And you can also sort by that. So that's why I'm recommending shortcode because it makes it just a sortable list that will help make you more efficient.

Danny: [00:16:46] Yeah. that sounds like that's going to drastically help move the organization there.

Okay. Great. that pretty much answers my question. Thank you guys so much. I'll be sure to put that into effect like they said,

Jim Sullivan: [00:16:56] All right, come back. Let us know how it's working out, please. Next up is phone number ending in nine three seven nine.

You're up next.

DNC and Real Estate CallsMike: [00:17:04] Hi, this is Mike  and a brand new to your system.  The question I've got is looking over some of the leads when they're on the do not call list and there's no email. What is your guys' suggestions about the best way reaching these people?

Chad Corbett: [00:17:18] Most people are assessing their NLP. So you have to assess your own risk, but most of most people who are seasoned prospectors are making the calls.  If you're a solo practitioner, you don't have a call center, you have some liability, but most people are comfortable with that. We do it, we do indicate it.

but we've never had a problem with it. Our subscribers haven't.

Mike: [00:17:38] Okay. I just wanted to kinda. Run that by. Cause that's the way I was feeling, but. It's better to ask and then play dumb later.

Chad Corbett: [00:17:46] In nearly $7 million dials, one occurrence of anyone being approached about that.

And it was in the Southern district of New York, which is, a relentless litigation territory. but they didn't even file a written complaint. It was just simply a phone call, from that office saying, Hey, we got a report in this office that you've called someone on DNC, just don't be doing that.

And they didn't, there was nothing even formal about it. So that's the only indicator. That's the only. Literally the only one I'm aware of in seven years of doing this. So most people look at it as an individual color. Most people look at it and say, ah, it's, an apology goes a long ways. if you get somebody like that, I did hear last week, actually.

somebody also in New York, they, I was coaching some, I can't remember who it was, but they, got a call from a lady like they called and then this person called them back and tried to interrogate them and ask, w what's your name? What's your brokerage name? trying to gather information.

And he's smart. And he just said, thanks for your call back. You obviously don't need my help. And he wrapped up the call. So just if you ever do find yourself in that situation, just thank them for their time and quickly move on.

Jim Sullivan: [00:18:51] Okay. Perfect. I was just going to add to that. Chad, you answered it.

Great. Very diplomatically. We are. we would never, attempt to give you legal advice. Remember though, that the person you're speaking to has agreed to be the executor of the estate, and they've agreed to put their information into the public record. So it's pretty difficult to take a hard and fast line after they agreed to do that.

I just, I didn't want anybody to call me.  And we've had attorneys tell us that, but like Chad said, you gotta weigh the risk reward ratio. I think it's one is, it's probably one of the safer categories where you can,  go ahead and stick your neck out a little bit and make calls.

Mike: [00:19:25] Okay. Perfect. All right. Appreciate it. Thank you. Thank you. We have two more in the queue guys. We have room for more, just hit star six and hit one. And the meantime next up is phone number ending in eight six two eight. You're up next.

Finding the Short Codes Feature in the ATL CRMKim: [00:19:40] Hello, this is Kim I'm in the Atlanta area. I am new as well.

getting started. I have a question, but I wanted to. Go back to, the previous caller when they were talking about shortcodes. So in setting up my calling put check, could you elaborate a little bit more on, cause I signed into my, while you were talking, I signed into my portal, but I don't see where about short codes.

Chad Corbett: [00:20:10] Okay. So you get on the list view where you can see all of the leads. Is that where you are right now? I can choose a list, choose your September list. Okay. Now you have a list for you and the top, right? You'll see. Customized columns, click on that. Now click on short code. Okay. I'm sorry. In the top. In the top, right?

Kim: [00:20:28] It's over. Hold on. Is it the. Oh, okay. Okay. Okay. So I see customize columns and I do see short code.

Chad Corbett: [00:20:34] Okay. Click shortcodes and then it will show up in the header on the right. You now see that in the list view, right? So now you click into any lead, just pick one and click on the personal rep's name.

Kim: [00:20:45] Okay.

Chad Corbett: [00:20:46] At the very bottom of that lead record, you'll have four tabs tab. Number three is option status. And that's where you can apply a rating. Like I was suggesting you, Follow up tab. Number one is where you put the input where you input the shortcode. So that lead that you have open, just type test where it says short code type in the word test.

Kim: [00:21:04] Okay. Okay.

Chad Corbett: [00:21:06] Now click save and go back out to the list view. So just go to the top and click the five little lines, and that'll take you back to your list view where we started.  I'm here and now click where it says on the far right column header, where it says code, click on that and it'll sort ascending or descending test will show up.

Kim: [00:21:24] I see it. Okay.

Chad Corbett: [00:21:25] Where are you put test, you can put anything like you. I've, I have people that drop off gifts, they are, they send premium mail pieces, so you could drop in there, shock box or premium package. And so that way you can use that. If there's something very specific to your methodology, that's why that's there.

You can customize CRMs without having to beg a development team to make changes that will affect everybody.

Quitclaim Deeds, Heirship, and Medicaid LiensKim: [00:21:47] Gotcha. Okay. Okay. Perfect. Thank you. So my question,  it comes from, this is actually a previous client and his grandmother is she's in a nursing home now. She had signed everything over to him.

So as far as the home, as far as her will, she's still living as far as her will. She is giving him the home in the will. He has power of attorney right now for anything, any business that needs to be handled on her behalf. So on a call with him yesterday, he was saying that she wanted to do a quit claim deed to deed the house from her to him.

So that he wouldn't have to go through probate or something and it didn't make sense to me, but what did resonate with me is that it could have, or have a look of, impropriety because. Here he is the power of attorney signing on behalf of his grandmother. And then he is basically signing the house over to him.

So I'm just looking for some wisdom on how he should handle this, especially the fact that she is still living. And he is named in the will, receiving the property if she were to pass.

Chad Corbett: [00:23:07] Yep. So she should have done that five years ago, not now, but now is better than never. There's nothing wrong with that.

It's a smart move. Very like very many wealthy people are doing that this week. They're giving their assets to their kids in case they don't get the election result they want. So a lot of folks are re are hitting their advisors right now, moving assets out of the way, own names.

So it's a smart move that many people do. Most people will think like you're like, I don't know if this is right, cause it's not common, but it is common among people who are financially savvy. So it's just smart. The biggest question I have is who is paying for her health care and are there Medicaid liens against the asset?

Kim: [00:23:46] Okay.

Chad Corbett: [00:23:47] That's the only place where this is going to get complicated. If she doesn't have medical debt or Medicaid liens attached to the house, this is simple. It'll take a day or two and she's good. Now, if she later needs Medicaid payments, then Medicaid is going to come back and say, listen, you sold this house within the last five years.

Somebody needs to step up and give us 60% of that. Otherwise we're going to slap liens on it. You can alleviate that and this situation let's, I'm just going to hypothetically say there's no Medicaid lanes on it. Currently you can do the quit claim, the heir owns the home.

And later she runs out of cash and needs Medicaid to pick up her nursing. Medicaid, it comes back to the power of attorney who is now the owner of the house and says, Hey, listen, you've got to, you've got to give us this money. Otherwise we're going to attach a lien to that. He has a couple of choices he can and let them attach the lien.

If he never plans on selling it. Just if they can, it attaches and no big deal, or he could go pull a home equity line of credit on, up to an 80 LTV and pay them out. He only needed to pull it probably to a 60 LTV. So if he can refinance the house in this low rate environment, He can pay Medicaid the 60,000, the 60%.

And then he buys a life insurance policy against his mother to give him that money back to pay the loan off when she passes. So he's not profiting off of his mother's death, but he's allowing her to get her Medicaid payments paid and to get the house to him, not going to the government as she wished.

So he, you, if that's. It's a complicated scenario. It may be way simpler than that. If there is no medicaid, if she has cash or she had long-term care insurance, that's covering the bills. None of that will really matter. It'll be a really clean transfer and it's totally above board.

Kim: [00:25:30] So here's the, I guess the tricky in it, one, she goes in and out of dementia.

And he was saying that he would sign as a power of attorney. He would be signing the quitclaim deed. So you're saying that if we can catch her in one of these phases where she's operating in her pool,

Chad Corbett: [00:25:50] I don't believe it even matters if he has a full power of attorney. And if she was of sound mind, and that will is notarized.

And especially if it's recorded, but if it's a valid will, that demonstrates her intent. So she has demonstrated intent by saying, I want him to have this in the will. She's also demonstrated intent by saying, I am currently of sound mind. And I feel comfortable with this per person being my power of attorney.

So I think any attorney is going to look at that and go, she obviously wants him to have the house, like they're only carrying out her wishes.

Kim: [00:26:25] Okay. and then the second slight twist, and it may not be an issue. Is that the house that the, that the house doesn't have. He's gonna tear the house down and rebuild.

So would that even matter? as far as you talking to match force the lien, cause it wouldn't be a piece of property. They can put a lien on if he tears it down.

Chad Corbett: [00:26:44] The lien will technically attach to the parcel ID. So if let's say it's a hundred thousand dollar house and they put a, $60,000 lien, he tears the house down and the land's worth 40 he's under water, but it doesn't sound like it matters if he's going to rebuild.

Kim: [00:26:59] He has money. I know, I don't think, I don't think there's an issue there. Okay. So what I can do in this as a recap in this situation, because he doesn't have a probate attorney, so I can air quote, peel two birds with one stone. Let him know that it's okay to go ahead and do the, quick claim, deed it over, and then maybe refer him to a probate attorney, reach out to a probate attorney and say,

Chad Corbett: [00:27:20] Hey, are there any other heirs?

Kim: [00:27:22] No. He don't, there was one other, his sister, but she passed away. So it's just him now. Okay. You're probably okay. Doing that. if there were even one more heir, I would say the first thing you do in this case was get, a probate attorney attached to the case, but nobody's going to dispute whatever is done because the will clearly states that she trusted them enough to give a PLA and they may not need a probate attorney.

Okay. And would you suggest that we, that she, records the will or that he records the will?

Chad Corbett: [00:27:53] Yeah.  obviously whoever wrote the will, should have it on file. I would go ahead and as long as he doesn't care, if the world knows I would go ahead and record it, that's the easiest way to validate one is to have it notarized and recorded.

But you can also, if he's okay with, if he, you probably, he probably should have an attorney because if you make some mistake, it's going to cost a lot more than the legal fees to do it. Correctly the first time, but that attorney could basically hold that as a trustee. And then you know, that there's a valid copy of the will there.

It's probably not going to be an issue because he's the only heir and he's the POA, but,

Kim: [00:28:25] And then what, I can take this also as an opportunity to build a relationship, introduce him to a probate attorney and build a relationship with them as well,

Chad Corbett: [00:28:35] In case he needs help. Yeah.

Kim: [00:28:36] Yes. Okay. All right.

That is it. I appreciate it.

Lead Segmentation For Custom Mail and Calling CampaignsJim Sullivan: [00:28:41] All right, everybody. the next step is phone number ending in six six, two eight.

You're up next.

Scott: [00:28:47] Hey guys, how are you today?

Jim Sullivan: [00:28:48] Great, Scott. How about you?

Scott: [00:28:50] Hey, all good, all good   , Hey, I'm looking to, segment my last batch of leads,  one with the spouse and the other non spouse,  and looking to download two things, looking to download it for mailing on it for the non-spouse and then looking to download the.

Other to my dialer that I use any suggestions. you can use a short code and put in your spouse, non spouse, and then that'll give you a sortable column and delete the lines that you don't want for either export the other alternative. How do you tag the ones that are a non spouse to download?

Chad Corbett: [00:29:25] Anyway, you want to, you can just put non hyphen spouse as your short code that you were listening when I explained how to use those to do that right?

Scott: [00:29:33] I was so like,

Jim Sullivan: [00:29:35] Are we doing your mail? Are you doing it yourself?

Scott: [00:29:37] You're doing the mail.

Jim Sullivan: [00:29:38] Okay. Cause we can certainly help you with that. I'm sure. one of our customer support, people could have a chat. If you want to briefly explain it.

Chad Corbett: [00:29:44] Yeah. the same way I was talking about earlier is using phone call one or two. Okay. you would just, if there's a matching address and matching last name, that's likely a spouse. So you had the short code on that. One will be spouse. If there's an out of town person, that's the PR with a non-matching name, then it's probably non-spouse.

So you would Mark that one non-spouse then when you export that will be in your CSV file and you can sort, and just delete the ones that are non-spouse. For that order. Are you going to ma are you looking to your, you're going to mail everybody? You just want to do it with two different letters.

Is that what, you're your objective?

Scott: [00:30:21] Yes. Yeah, I don't wanna, I w my primary thing is I don't want to call the spouses immediately, so now I just want to separate them out on my, from a dialer calls.

Chad Corbett: [00:30:31] So that's the most efficient way I see to do it is just using the shortcode as a sortable column.

Understand, when you do this, you're going to have to upload a custom list in the mail order form. So you'll, you'll export it, then you'll delete the spouses. And then you'll re upload that into the mail order form as a custom list. So that way we know where we're only mailing the ones you want us to.

And this is alternatively, if you want to do it, if you want to automate this, you would use the option status tab on the spouses and you would opt them out of mail. And, but you need to remember at the point you do want to mail them. You would have to go back in there and opt each of them back in.

So they come back up on the mailing list. Yeah, I think that's what I was like. That seems like way more wording to me than what I'm suggesting.

Scott: [00:31:16] I like less, more

Jim Sullivan: [00:31:17] Great does that help? And again, please contact customer support our mailbox people be glad to help you if you need help.

Scott: [00:31:23] All right. Appreciate you guys.

Jim Sullivan: [00:31:24] All right, now we got five in the queue. What did I tell you? That's a good thing. Next up is  in six, three, eight, eight. You're up next.

How To Get Started In Probate Real EstateRon: [00:31:32] Hi. Can you hear me?

Jim Sullivan: [00:31:33] Yes, sir.

Ron: [00:31:34] Okay. this is Ron Crane. I'm in Arizona. And I'm new. I started with you guys, like about a week ago, I had a phone call with, I think it was Bruce Hill. And, then I had to finish up a couple of other projects that I've been working on. I feel like I've forgotten everything that I learned from that valuable phone call with Bruce Hill.

And I'm, I feel like I'm beginning from scratch. And I just want to ask a couple of questions about, training with you guys. I watched the initial fast track training. but I wanna, I want to hit the ground running as much as I can with letters and phone calls and all that. But I'm wondering if I feel like I need some additional training.

What would you recommend?

Chad Corbett: [00:32:18] So you sound like you have the appetite or. You, I think you would greatly benefit from mastery. So in mastery we build on why probates and opportunity, look at the demographics and the statistics behind it. Then we move into strategy, like exactly what are you going to do?

And in what order, like how. How wide is your offer going to be how you know, attract a little bit. And then we move into how you make the calls, get engagement, handle objections, and deal with the appointment. So literally everything end to end is an it's. It's all, it's a very it's linear. So it builds upon itself.

But all in all like the October class, I think is the best one I've ever done, because we had an audience that they had really good questions. We talked about advanced tactics, a lot in the Q and a. if you sign up for mastery, you can get that recording of the October file today.  and then you'll be in the live class in November and you can come back as many times as you would.

We have one of our subscribers, just finished her 40th class consecutively. So you can come back and get as much knowledge as you need, as often as you need it. But that's the, the space where we take everything slows down and we take a lot of time and do a very deep dive into all the possibilities of this.

that's your best bet I think, to get what you're looking for

Ron: [00:33:31] And how many hours total hours of video is the video training for mastery?

Chad Corbett: [00:33:36] The October class was about 16 hours.

Ron: [00:33:39] Okay. And. Is it set up so that I, if I watched an hour or two, whatever, I could then go and do something, take some positive step forward and then come back and watch additional hours.

Chad Corbett: [00:33:51] Sure. I don't have it in LMS because I do it as a live class. So it's not like a digital course, but you do have the recordings. They're on go-to webinars, so you can pause it and leave the tab open and come back anytime or just, write down what the timer was when you stopped.

But yeah, you can watch it as many times as you'd you can skip and, they're always there for your reference. and each month, you can get a new set of recordings. If you registered for the class as alumni, then you'll get the recordings for all the subsequent classes.

So there's three sessions and the sessions run two to three hours. But, that kind of go just freestyle until everybody's questions. Guys are exhausted. So you're going to have a couple hours of actual course material. And then a couple of hours, each episode, or each session you'll have two or three hours of open Q and a.

Jim Sullivan: [00:34:38] Okay. And then what I was going to add, we try to give you everything you could possibly need included with the leads and that includes Bruce's, great monthly coaching. a lot of people aren't aware though, Bruce's a. Highly successful realtor and a very experienced coach. If you want additional accountability coaching and you'll want more than what we offer with the leads he is available for that, just reach out to him.

He'll tailor something that fits both your needs and your budget. Okay. All right. It sounds to me like, it's, it sounds to me like you're looking for some kind of accountability coaching in addition to everything else that's available. Is that accurate?

and want to be held accountable for doing what you're supposed to do.

Ron: [00:35:15] I want to have time to do what I learned to do before I learn more stuff and forget the stuff that I was supposed to do before. I wanted, I went to some chance to do something cause I really feel like it gets cemented in. In my business if I'm doing that thing, Then I can go and learn some more and then go back and apply that.

But if I just sit down and try to do 16 hours, I'll have a good big picture, but I'll not know how to do what it is I want to accomplish. I'm afraid.

Jim Sullivan: [00:35:45] Gotcha. Bruce, do you want to chime in? You want to have a private conversation with them afterwards?

Bruce Hill: [00:35:50] Yeah, Ron, I sent you a, I sent you an email a couple of minutes ago.

We can have another chat next week. grab, grab my calendar, link my Calendly link and jumped back on my schedule. We'll get you on the right, on the right path, whether it's advanced and paid or whether it stays free, either one of those are fine, but I sent you an email a couple of minutes ago.

Ron: [00:36:08] Okay, great. Thank you, Bruce. Appreciate it.

Jim Sullivan: [00:36:10] All right, sir. We appreciate you. Anything else? You good.

Ron: [00:36:13] I'm good for now. Thank you.

Jim Sullivan: [00:36:15] All right. Great. Three more in the queue guys. That should take us nicely up to the top of the hour. So good job in signing in early. next up is phone number ending in eight five, six, four.

You're up next.

Thurmon: [00:36:26] Yes. It's afternoon. Thurmon Cohen here from New Jersey. How you guys doing today?

Jim Sullivan: [00:36:31] Doing good. We are glad to have New Jersey back. Welcome back.

Thurmon: [00:36:34] Yeah. I just got my mailbox motivater. So I guess you guys were able to get into the County records

Jim Sullivan: [00:36:39] Finally. Yes. In not all of New Jersey, but much of it is slowly coming back.

Thurmon: [00:36:44] Two questions. One is, have you ever thought about getting your course, certified by the national association of realtors?

Chad Corbett: [00:36:51] I have spoken to them about it and I don't like the, they expect a split on it that I believe is unreasonable. So I feel like I can, without having to pump the price way up to please them, I can reach more people with it.

Non-certified.

Thurmon: [00:37:06] Okay. But I just had an update my profile on my MLS and I'm wanting to add it to there, but it wasn't one of the things that I would be able to do. Just curious about that.

Turning Real Estate Clients Into Private LendersSecond question I have is I have a client that I sold her mother's property and recently asked her if she was interested in becoming a private lender.

And she said, yes. And then I got stuck. So do you have any okay  formats performance for three letters. What a money mortgage would look like, that kind of stuff that you could have?

Chad Corbett: [00:37:35] I usually do it at the closing table while the attorney who writes my notes and deeds the trustor is sitting there to enter any of the questions.

you may just set up a meeting. Do you have the attorney that you would use if she came to you today and said, Hey, let's do this. Here's a hundred grand. do you know what your attorney, you would direct it to?

Thurmon: [00:37:52] Cause the ones that I took a useful our real estate business does not don't really do that kind of work.

Chad Corbett: [00:37:56] Yeah. So what's the best way to find that attorney in my, and my experience is figure out who, the investors that are buying foreclosures or short sales or tax deeds, figure out who they're using to manage their closings. What attorney's office is doing. that means they have dealt with. With tricky title issues, I've done creative, creative, real estate law.

Those are usually well-versed and subject to and wholesale and  private notes and things like that. So I would say step one is make sure you have the right team member, meaning a good real estate attorney who is used to doing creative things. And doesn't think just because he didn't do it last week, it's illegal.

And trust me, even attorneys think that they can't write mortgages. Some of them. But once you have an attorney you're comfortable with, I would recommend just set up a call with all three of you and just talk it through. I wouldn't really, I don't