Probate Real Estate Training – Mastermind Call #251
October 31st, 2019
Today’s Top Real Estate Discussions:
- How to beat iBUYERS
- Three Come List Me calls in ONE day
- Get paid even when a creditor claim is higher than the sale price
Watch Mastermind Call #251 in the YouTube Video Below:
More Probate Training Resources Relevant To This Call:
- Competing with iBuyers and winning
- David Pannell’s Case Study: How David is out-competing iBuyers in his Market and winning business from Probate Clients.
- Calling Surviving Spouses
- The Most Common Probate Real Estate Objections and how to handle them.
- Probate Quicksand – Motivating Personal Representatives that are Procrastinating in Real Property decisions.
- Denis Milonas Probate Success Story – All The Leads Reviews
Probate Mastermind Call Re-cap and Timestamps:
- 3:09 Renee Kische asks about Zillow iBuyer’s program and how that might affect probate competition. What is an iBuyer? Chad goes over what is iBuyers are, what impact they’ll have in the industry, and how the approach All The Leads teaches is already ahead of the curve. By offering multiple solutions, you’re providing better value to the consumer.
- 14:25 Richard got three Come List Me Calls in one day. How (17:45) ? Two were brand new from direct mail, and one was from an 8-month old lead he made a follow-up call to.
- 15:10 Richard Eaton adds that the iBuyers are getting really negative publicity in his market in Birmingham, Alabama. It isn’t really affecting the business of agents, investors, or wholesalers. There is so much to the fine print, and the lack of personability limits consumer desire to work with them.
- 19:50: Richard asks, how can I find what attorney is representing a personal representative?
- 28:57 Nate asks: If the creditor’s claim is more than the value of the payout, where do we stand commission-wise? Chad discusses. The real estate commission will come out of the gross income from the sale of the real property. The net will go into the estate.
- 31:52 Nate asks: How should I prospect/approach fiduciaries in probate? Working with a fiduciary removes the emotional quicksand personal representatives are often stuck in. Approach them as a B2B relationship and demonstrate the same value points you offer as a probate real estate specialist. More money, less time.
- 34:22 Janelle asks: Should I call surviving spouses? Chad goes through his conversational framework for speaking with spouses and overcoming the common objections they present.
- 42:53 Jason found a property in probate that his team wants to wholesale. It is currently listed and the Realtor doesn’t seem that proficient in probate. Jason is aiming for an assignment of contract, but if he were to double-close on the property he would prehab it. Chad advises that when working with a realtor who doesn’t understand assignment, the ideal option is to double-close with the private money.
- 46:32 Jason asks: Should I use hard money on this deal? Chad advises against this, and suggests going after private money with a flat fee that’s really attractive.
- 51:41 Gary from Florida is a realtor, general contractor, and investor. He hired an in-house ISA and it didn’t work out, so he has been going a few months without making any calls to his leads. He got a call from someone who who responded positively to the multiple-options letter he sent, since the contractors working on the condos he inherited are way behind schedule. One is tenant-occupied and the tenant hasn’t paid rent in 5 months. Gary describes his stellar win in solving this client’s headache in just a few days.
- 1:03:13 David is trying to determine the best way to flip a property he has listed. If you have a good relationship with your broker, amend the listing and hand it over to your broker; then enter the agreement as a buyer. The second option is to cancel the listing, purchase the property, get it under contract, and pay the Broker a finder’s fee or a commission when you relist the property after fixing.
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