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Probate Mastermind #268

Recorded Live on March 05, 2020

Today’s Top Probate Discussions:

  • Winning Higher Offers Without Negotiating
  • Micro Case-Studies: Try These Open House and Listing Presentation Strategies
  • Turning Personal Representatives into Private Money Lenders
  • Listing Under Contract, But Attorney is Non-Responsive!?
  • Motivating Sellers To Price Lower
  • CMAs vs Market Absorption Analysis (MAAs)

Call Re-cap

New Subscriber, New Listing From ONE Letter (0:58)

Michael is a new subscriber and just got his first listing a few days ago

Why, How, and When to Build Your Vendor Team (1:52)

Michael asks for some advice on putting a team together that can provide everything a personal representative might need. Chad discusses what vendors you should have on your team, how to find them.  Here are some additional tips on offering vendor services to your clients without coming out of your own pocket: Offering Sellers Vertically-Integrated Solutions

All The Leads Coaching Program (4:24)

Michael and Chad discuss what coaching is included with your subscription and how All The Leads is developing more advanced, ongoing training. Jim notes that a lot of people aren’t taking advantage of the included coaching yet; if you’re one of those people, email support@alltheleads.com

Turning Personal Representatives Into Private Money Lenders (7:37)

Hutson from Montana has a listing coming up. Hutson asks for advice on seller-financing for this particular case. The title is currently held in a partnership between son and daughter heirs (THIS IS A GREAT EXAMPLE OF AN OPPORTUNITY THAT WOULD HAVE BEEN MISSED BY SCRUBBING YOUR LEADS).  Hutson is looking to turn them into private money lenders for the future.  Chad describes how to nurture this relationship and craft this kind of offer.  Chad also gives some advice on how Hutson can prepare for this offer using an amortization tool to show them how much more they can make by taking this route instead of simply selling the property.

Why Did You Choose Me? (13:18)

Michael jumps back in the queue to describe how he got his listing. He sent out about 100 letters and within a few days, the personal representative called him.  They set up a listing appointment that included her sister in the decision making process.  He got the listing, and said she decided to work with him because he understood everything she was going through. Michael hasn’t started making phone calls yet.  Even though we get nitty-gritty on these Mastermind calls, the simple easy deals are definitely out there.

DNC?! What Does This Mean For Probate Leads (16:54)

Mary Jane asks for advice on how to navigate leads that are on the DNC lists. Chad discusses.

How To Motivate Sellers to Price Lower (19:24)

Alex Andre is working on a deal with a property with a reverse mortgage and equity. Chad discusses how Alex can take the Market Absorption Analysis he presents in Probate Mastery and use that as a tool to motivate sellers towards the a specific price option.  Chad also discusses the importance of educating your client on multi-offer situations and how pricing low can net you more faster.

How to Get Buyers’ Best Offers Without Counter-Negotiation (24:00)

Chad discusses Market Absorption Analysis (MAA), Comparative Market Analysis (CMA), and how to win top offers from interested buyers without any counter-negotiation.

Unique Ways To Offer Value: Indexed Universal Life Policy (30:51)

Joyce asks Chad about a life insurance he recommended – Indexed Universal Life policy. It’s indexed but not invested, and have been nicknamed the ‘Rich Man’s Roths.’ Chad discusses the provider he trusts (Securion Financial) and how these policies are a great way to offer value to probate clients.

Aline’s Micro-Case Studies – Two Successful Strategies (35:29)

Aline had a nice and easy walk-in appointment. She agrees that most of these situations are people looking to get the probate issues off their hand and hopefully get some money out of it.  This recent appointment was a co-op situation, and the personal representative was just completely over trying to clean the place out.  When Aline last joined us, she and Chad discussed simplifying her approach and just being present in person.  This simpler approach really worked, and Aline describes it as an “A-ha!” moment.

Aline also echoed Chad’s Thursday night listing strategy with a Sunday Open house – For both listings she did this for, she was successful in generating that multiple offer situation!

How Do I Know A Seller Has Authority To Sell? (38:55)

Aline asks for some insight on determining whether or not a personal representative has done their diligence in producing the paperwork to the court.  Though this is uncommon, Chad describes how to get this information after confirming the appointment.  They likely will tell you they already have authority to sell.  Chad describes the language he uses in these situations to insulate himself for any other agent or investor AND make an assumptive close.

For more on what to do when a personal representative hasn’t moved to get letters of testamentary: Probate Quicksand and Pulling Personal Representatives Out Of It

Body Language and Demeanor (44:33)

Steve Carney and Chad discuss body language, physical cues, and general best practice tips for demeanor.  Chad discusses how he goes from Jolly Green Giant to Astute Businessman.

Can a Broker That’s Also An Attorney Solicit Real Estate Business? (50:37)

Luke’s Broker is also an Attorney. Does this mean they can’t solicit? Chad describes why working real estate leads isn’t a conflict of interest so long as he isn’t offering legal services, and gives Luke some advice on using this opportunity to win referral business from other attorneys.

Update: Maria Got The Listing! Now She Has To Deal With A Slow Attorney (55:56)

Maria got the listing! Hear how Maria got this appointment over the phone and how the initial listing appointment went here.  They have their offer under contract, and the attorney is dragging their feet.  How can Maria move this deal forward? Chad discusses.

Maria got a SECOND Deal! (1:03:09)

Maria got another listing! Already got it under contract with a cash buyer her broker referred to her.  So now Maria has two listings, two cash buyers, and a lot of motivation all in a month’s time!

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