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Probate Mastermind #260

Recorded Live on January 09, 2020

Top Probate Real Estate Topics:

  • Monetizing “junk” leads.
  • The opportunity in probate for real estate rookies and veterans.
  • Navigating situations with multiple heirs.

Call Re-cap

  • Probate for new agents and why it can be a lucrative foray into real estate (4:47):A real estate rookie jumps in the queue! She and Jim discuss probate for new agents and why it can be a lucrative foray into real estate.  Even seasoned agents find probate to be lucrative when they learn to put people and situations first; check out resource ten, David Pannell’s probate case study.
  • “We’re keeping the house, but…” How to monetize a “junk” lead (6:39):Alex got a call back from a letter he sent out.  The personal representative and his wife plan to move into the inherited property, but the judge recommended they hire an attorney.  This might seem like a junk lead, but there’s a ton of opportunity for indirect monetization here. Chad discusses how. Also, check out what you miss by scrubbing leads that don’t appear to have property, resource nine in this call’s resource list.
  • How soon should I mail my leads (9:31)?Alex asks about good timing for marketing to leads that just came out.  Chad discusses how there are certain percentages that are highly motivated (which is why you want to prospect right away), and then follow up at a later time to catch those who don’t have urgency or motivation. Check out resource twelve for more advice on making sure your probate letters give the most bang for their buck.
  • How Christine got her first appointment (10:29):
    Christine jumps in the Q&A and says she may not have been the best student so far, but she sent out about 50 letters and made 20 calls and got an appointment. “Imagine if I did work at this!” Christine describes how she got the appointment – she took an objection and turned it into an opportunity. Congratulations! Check out resource number one in this call’s resource list for tips for nailing in-person appointments. 
  • Learn your local probate process in 15 minutes and get over the fear of not knowing (12:55):Christine also got a call back from someone saying “You help with everything, how about a tax attorney?” And Christine confidently said “I got you” and is making it happen.  But how can I make sure I know what I’m talking about if they ask me about the probate process? Chad discusses.
  • Listing Opportunities: Probate vs. Zillow and Realtor.com (17:42):Chris is new to Probate; he is a listing agent and his team is made up of 3 buyers agents. He’s looking to up his listings. Jim describes why this is more opportune than Zillow or Realtor.com leads. Check resource 10 to see how David Pannell is beating iBuyers in his market on his way to $1,000,000 from probate.
  • Multiple Heirs: Negotiating stakes and relocating live-in siblings with limited finances (19:47):Quito returns. He was speaking with a lead yesterday. The estate has 2 properties and 6 siblings with stakes.  The personal rep wants to sell her interest in the estate. What are the options here? Chad describes in-depth how Quito can handle this situation, and why having certain vendors on your team in these scenarios can be especially beneficial. See resource eight for more reasons social workers can be a great addition to your network. 
  • Using probate leads as a gateway for free trust leads (27:32):Bill is in northern California, where a lot of folks are in trusts.  What should I know about probate? Chad discusses how probate can actually be a gateway to free trust referrals. Bonus: Check out resource two in this call’s list of resources for advice from California Probate Attorney Jon Fraker. 
  • Winning business before probate is opened (33:20):Ryan’s neighbor passed away. The house is already listed so there was motivation, but probate wasn’t opened yet.  What can I do? Can I do this with other elderly neighbors near me? Check out resource three for Jim’s homeowners insurance trick, and resource six for Chad’s advice for calling surviving spouses. 
  • How to know you’ve found a good title agent (39:15):A tricky situation that could have held up this caller’s closing was mediated by an excellent title attorney.

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