(Jim Introduces this call as #242, but it IS #243!)
Today’s big takeaways: Tactical Empathy (for any type of lead), Maximizing opportunity when a personal representative isn’t working with an attorney, and balancing great branding with proper disclosure.
Call Re-cap
- 5:56 Scott is working with someone who was named as a personal representative, but wasn’t the one who actually petitioned at the court. He also hasn’t received the letters of testamentary. Chad describes how to backtrack and ensure the client retains. There are 60 potential properties. Find a good estate litigation attorney and get this worked out!
- 13:05 Joe Lehmann asks about claims periods. In Alabama, it is 6 months from the issuance of the letters of testamentary. Joe has had clients tell him they can not sell the property for the 6 month period, even when there is no equity to make a claim against, as told by the probate clerk. This is incorrect. How can we overcome this perception? This is a great story to use for next time – Delays over misunderstandings cost money!
- 20:23 Greg from California wants to do this right, but it assumes it is a lot of work. I have a small staff that is already busy with current listings. Is a project manager worth it? Chad shares some advice for hiring the right person.
- 23:40 Renee just got her first leads in. She Chris-Vossed (Never Split The Difference) her letters. Chad suggests if you have a risk budget, always test new methods and new copy.
- 27:05 Renee asks: If no attorney is listed in the lead list, what does this mean? They don’t have an attorney and are trying to do this on their own. These are great referral opportunities, and a great opening to do some co-branding with a lawyer who can’t directly solicit these people on their own.
- 30:40 Renee asks for some insight on cold-texting. Chad says it is effective, but high-risk. Know the TCPA, FTC, FCC guidelines.
- 32:26 Should I include my logo if it says “Real Estate” loud and clear? Chad discusses some best practice tips for branding while remaining compliant. Chad also gives some advice on growing your name in the probate niche without boxing yourself in to just probate. “Probate” vs “Transitions” experts.
- 35:43 Theodore asks: How can you apply the value-oriented approach/empathetic selling to other niches? What’s the best way to open a cold-call where there is urgency, such as when a property is NOD (Notice of Default), or short sales? Chad discusses tactical empathy.
- 39:22 What about people who ask “How did you find me?” USP – Your Unique Selling Proposition. Address the objections before you come, and end with a question. Chad demonstrates.
- 42:20 Justin got an appointment today – it’s for 1pm tomorrow. The house is willed to the sister, who wants to see her options for using the property as an investment property. The Executor lives out of state and is fine with the sister trying to hold on to the property. Is there a mortgage? How is the will written? The property has a conventional loan, which means it’s not assumable.
- 47:04 What’s the average time from listing to final closure with probate? It should match your average with any other type of listing. There might be a lot of pre-listing work, but this will be done by your vendor team. When you list, these are conventional listings.
- 52:35 Nancy has a situation where the personal representative wants to sell the property as an investment property. The attorney said he can’t sell until the probate case closes. This isn’t true. Do you want to be closing in December or just getting listed then? We can market, get contracts signed, and close on the property when the probate closes. You can even ask the court to allow early closing on the property. You can add all of these contingencies in your contract and use that to get approval.
- 57:22 Nancy asks about calling the personal representative back and winning the deal. Chad runs through how he would open this conversation.
- 1:00:50 Nancy Pellingra also had a probate deal she did recently. The PR was really untrusting at first. The property was two lots, but the first agent the personal representative worked with didn’t realize it was already split into two parcels. Nancy and her partner were able to sell both for more. Use this case study to demonstrate your value!!!
- 1:02:44 Willy Gallegos has a question on ringless voicemail and DNC. Chad goes over the risks.