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Probate Mastermind #248

Recorded Live on October 10, 2019

Today’s Top Probate Real Estate Tips:

  • Ethical Business: The intrinsic value and long-term rewards in probate real estate.
  • “I’m just getting started. How do I find vendors to work with?”
  • “What can I do as an agent to make my business model investor-friendly?”
  • “How should I divide work between team members?”
  • Writing Email Drips For Prospecting Probate Attorneys
  • Improving Sales Copy For Direct Mail Campaigns to Personal Representatives.

Call Re-cap

  • 1:23 Scott Nance has a probate success story!! He got a 300% markup over what his elderly clients thought they could get for their house.
  • 2:50 Scott asks, “What happens if I reach somebody but they know nothing about the probate?”  Always try to ask more discovery questions: Verify the address, the PR name, the name of the deceased. Sometimes, it can be a common name and you’ll have reached the wrong person.  Other times, there could be something happening at the court where people
  • 6:49 Jim asks Scott if he asked his clients for their testimonial. Always try to capture customer appreciation – It’s such an important marketing piece!
  • 8:51 Chad joins and adds how valuable a video testimonial can be. Video is so powerful for social sharing.
  • 11:59 Renee asks for advice on qualifying a lead who isn’t working with an attorney.
  • 18:16 Renee describes the business model of one of her competitors: They rehab houses at no cost to the seller, but take the expenses out of escrow.  Is this a good model? Chad discusses some tactics for using this strategy and using creative financing methods to get it done.
  • 26:20 Chad and Renee discuss email drip strategies for winning attorney business
  • 33:07 Joyce asks for help crafting a pitch to use with cash investors to convince them to go into business together.
  • 36:55 Joyce and Chad discuss direct mail copy: Make sure your message positions you as someone that provides solutions, with the understanding that most families going through probate face real estate as their biggest problem.  This is much more effective than highlighting your role as a realtor and investor.
  • 42:33 Mike Lynch from Massachusetts is new and just ordered his leads.  Mike asks “Should I go out and meet with vendors ahead of time? Should I find them as I need them?”  Chad and Mike discuss.  The main point is that you should never let anxiety about building your team keep you from your marketing.  When there’s a deal that requires a partner, go find those people. If you can’t find those people, call us and we’ll help you.
  • 45:20 Mike asks for some advice on how to make money as an agent representing the seller when selling to an investor.  Chad discusses best practice tips.  One thing he uses is an unrepresented party addendum to make sure everyone has signed off that they know the investor (the buyer) is unrepresented.  Buyer Premiums are also an option.
  • 55:20 Michelle shares her experience offering rehab with no upfront cost.  She does this as part of a 3-option offer.  If they choose this option, they charge the regular commission plus the management fee, which varies depending on the work involved.  Michelle reiterates that 90% of the time, people choose fast closes. That third choice still serves a valuable role in proving knowledge and building rapport.

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