Real Stories and Expert Advice for Handling Cold Calls, Real Estate Appointments: Probate Mastermind Podcast Episode #296Katt Wagner
Probate Mastermind Episode #296
Recorded Live on September 17th, 2020 (Join Us Live Every Thursday)
In this episode of the Probate Mastermind Podcast, you’ll learn how to qualify out the leads that are most worth your time and how to capture 5-star testimonials to generate quality leads exponentially. You’ll also learn how to navigate in-person appointments when you’re a realtor and investor. After this call, you’ll be able to turn common objections about cost and commissions into increased motivation. Lastly, you’ll walk away with a ton of motivation from the real stories shared by agents, investors, and wholesalers just like you who are candidly sharing their questions, issues, and success stories. Thanks, as always, for tuning into to Probate Mastermind!
EPISODE TIMESTAMPS AND RESOURCES:
How To Win Better Real Estate Listings While Prospecting (1:07)
Rosie shares an update on her prospecting results. She is blocking off productive call time and building meaningful relationships. Instead of trying to sell her prospects, she’s qualifying her prospects to see who is the best fit for a stellar testimonial when all is said and done. Rosie landed 3 solid opportunities from cold calling this week and is starting to get inbound/return inquiries from her marketing efforts.
How To Capture A Testimonial From A Real Estate Client (3:08)
Rebel jumps on the call to share a sale she just closed. The lead responded to the first probate marketing letter she received via All The Leads’ Direct Mail Service. Chad and Rebel discuss how Rebel put the deal together and had a cash conversion cycle of less than 60 days. Chad and Rebel discuss how to capture an awesome testimonial from her client.
Cold Calling Tips: Disrupting Patterns (7:42)
Rebel is looking to have longer conversations with prospects who try to rush her off the phone. Chad describes the pattern a lot of real estate leads get into when too many realtors/investors are calling them and offers advice for disrupting those patterns.
See More: Chad’s Book Recommendation Never Split The Difference by Chris Voss.
I Messed Up A Cold Call. Should I Call The Lead Back? (11:02)
Rebel and Chad discuss re-engaging with leads that hang up.
The Best Way To Get A Complicated Deal To The Closing Table. (13:11)
Rebecca shares an acquisition deal she’s working on. She describes her diligence in skiptracing the appropriate contact and working through the necessary steps to help the family move forward. She is in Colorado, the toughest state for Probate in the country. Chad and Rebecca discuss why Rebecca’s approach works so well, and is so rewarding intrinsically and extrinsically.
Handling The “How Much Are We Going To Owe You?” Question (19:40)
Rebecca describes how she puts her faith in the value she provides. Her most recent client asked her “how much are we going to owe you for this?” Chad and Rebecca discuss why people shy away from this objection, and why they shouldn’t.
The ROI of Providing Real Solutions (21:25)
Chad and Rebecca break down the numbers - What’s Rebecca’s ROI for the work she’s doing, and why does going the extra mile to start pay off exponentially in the end?
How To Go On Listing Appointments as A Realtor that Also Invests (25:24)
Caller got a listing off his first letter! Caller is an investor and licensed real estate agent. Caller is working with another lead and might want to buy the house himself. Caller asks how he can wear both hats - Chad says don’t, and he explains why.
- Realtor vs. Investor: Why Every Investor Should Have a Real Estate License, and Every Agent Should Understand Real Estate Investing (or Be an Investor Themselves).
- How to Walk Out of Face-To-Face Appointments With PAPERWORK SIGNED – Whether You’re An Agent, Investor, or Wholesaler.
- David Pannell’s 2020 Case Study: See how David Pannell has built wealth through probate real estate as an agent AN investor.
- The Pricing Conversation for In-Person Real Estate Appointments: Kearn how to BUILD MOTIVATION behind cash offers and as-is, where-is prices by pairing real estate math and empathy.
- Probate Mastery Day 3: Specialized Training on In-Person Appointments for Probate Real Estate Agents and Investors.
How Do You Talk To The Seller About a Cash Offer vs. Listing? (30:02)
Caller asks for advice on helping a seller figure out what option is best for them, and how to guide them towards the right decision. Chad discusses.
How to Dress For A Listing Appointment With A Motivated Seller (35:29)
Eddie V shares a story about how he took a piece of advice from David Pannell: Show Up Ready and Presentable! Eddie put this into practice and got direct feedback that it made a difference.
- David Pannell’s 2019 Case Study: How David is competing with iBuyers in his Market and making Probate a $1,000,000 pillar in his business through listings, acquistions, and wholesaling/whole-tailing real estate.
Your Seller Thinks Dealing With A Realtor/Commissions is too Much? Offer As-Is, Where-Is Sale (36:51)
Eddie’s prospect wants the highest price he can get - What should Eddie do? Chad suggests Eddie reminds his seller of what an as-is, where-is sale looks like and how to get this deal moving forward. Chad underscores that many investors emphasize that a cash offer means no realtor and no commissions, implying that working with a realtor is complicated. Chad outlines how to turn that impression around and get the sale. Pay attention to the contingencies and win the deal by offering your seller a guaranteed close.
- Stop Getting Priced Out Of The Deal: Live Q&A - Outbid by ANOTHER WHOLESALER Who Won't Close the Deal. What do I do?
- Bruce’s Recommendation for Pricing Data with Terradatum
How To Land An Appointment When You Reach The Lead’s Spouse (39:10)
What should you do if you’re calling a lead, but their wife/husband/spouse answers? Chad describes how to handle this conversation to either secure a phone number or an appointment.
I Messed Up A Cold Call BAD - But Might Still Get The Listing! (41:35)
Eddie shares a real foot-in-mouth moment anyone who makes cold calls can relate to. The message is: Keep going, it happens! But next time, don’t try to deduce too much from the data; pick up the phone, ask, and have a conversation.
Ways To Catch This Episode of Probate Mastermind:
Jim Sullivan: [00:00:37] Welcome extraordinary agents and investors from across the country. Today is Thursday, September 17th, 2020. And this is mastermind call number 296.
[00:01:28] Share wins with us, inspire the rest of this group that comes every week nothing's out of bounds. And, we have two in the queue, so let's go to our first caller. This week is phone number ending in zero three, zero six in Austin, Texas.
Rosie Hayer: [00:01:43] I am so glad to be here. nothing big question. Just wanted to kind of share with you my experience I'll support your advice from last week, I implemented and, I would say I have good three, four days off full work.
[00:01:55] Where we spent, 9,200 minutes on the probate work, which is meaningful work, which means to call out, have meaningful conversations, have meaningful follow-up. And I'm just happy to announce that we got three solid, very nice leads. And we are finally getting call backs from people saying, Hey, it seems like you guys do power of attorney work and last wills.
[00:02:16] Yeah. So people are starting to call back and it's starting to flow. So I just wanted to share with you guys. I implemented rather than 90 minutes, I did a hundred minutes. So at 10 minutes, I can kind of to you guys mastermind calls to warm up my head. then stick to at least good 90 minutes.
[00:02:31]what I was looking for is meaningful relationships. So the conversation is not about setting an appointment. It's actually thinking, is this the person I can serve the best and would it qualify for an ultimate testimonial at the end? So I just want to say thank you. It's working. I'm very happy with my one week results and I will bring more numbers.
Chad Corbett: [00:02:50] That's amazing. You're a heck of an action taker. Thank you for sharing with everybody Rosie that. You're a great example. Thank you, Chad. Thank you. And I did another estate sale interview that I will be posting. Please know, I just want to take a moment and say I'm openly sharing on the group because I'm really wanting to be open to feedback and kind of helps me get over my own fears too, in one or the other way, you know, when I get to the, in front of you guys, good, bad, whatever feedback I get, it boosts my confidence.
[00:03:16]So I thank you so much, everyone for participating and giving me the word. it allows me and encourages me to go after more. I'm looking forward to being some big numbers. Thank you.
Jim Sullivan: [00:03:25] Awesome
Chad Corbett: [00:03:27] She's openly, openly sharing her best work to get better.
[00:03:31] So that's awesome.
Jim Sullivan: [00:03:33] Rosie, you're not lacking in energy and enthusiasm, and it's obvious why , you're doing as well as you do. So please keep coming back and sharing, that's a great way to start the call.
[00:03:42]All right. Next up is another enthusiastic person Rebel you're up next!
Rebel Taylor: [00:03:46] Wow, he just knew that was my number, huh?
Jim Sullivan: [00:03:51] Yup. Got it memorized.
Rebel Taylor: [00:03:52] I wanted to call and say hi and let you know that, We did get a sell and everything off of a letter, actually the mail outs that you do.
Jim Sullivan: [00:04:00] Wonderful!
Rebel Taylor: [00:04:02] Just a little place, you know, actually it was a friend that left it to her but it was just pretty cool to have one that went all the way through and it was not on the market long. I think it was on there for seven days. We got it sold and closed on it not too long ago. The things that you offer do you work.
Chad Corbett: [00:04:16] So what services did you end up providing? Was it a very simple deal? How did it compare to any other listings?
Rebel Taylor: [00:04:22] It was very simple. It was just a little house that really needed to be mowed down. It was an investment property, an investor actually ended up buying it. The house did not have any AC, but I mean, it was a really easy, easy sale. It really was.
Chad Corbett: [00:04:35] Cash conversion cycle was inside of like 60 days, all was done? So you made contact, listed it, sold it probably in a matter of a couple of weeks.
Rebel Taylor: [00:04:43] Yes. Yes. Their's was a three week close, so that was all in a 30 day.
Chad Corbett: [00:04:48] Yeah. We get used to looking at what other realtors are doing. And it's like, Oh man, I mean, who doesn't want the $700,000 listing that needs no improvements whatsoever. It's just ready to go to market. But you know, with those just takes us longer to sell those and you work a lot harder for that commission. With probates a lot of times, like your story is very typical.
[00:05:06] I would say over 90% of mine, went that way. So you listed as-is, where-is. And you get offers with no contingencies cash closings somewhere within two weeks to 30 days. For me, it was easier than wholesaling. I was just doing it on MLS was as-is where-is. You can do a high volume of them very quickly with a lot less work than it would take on a conventional listing.
[00:05:27] And I think the reason I'm highlighting that is a lot of times we talk about more complex things on these calls. And I think some people are intimidated by some of the more advanced things we discuss, but this is an everyday deal. These are the ones that roll through consistently. There's deferred maintenance. There's motivation There are people looking for that type of inventory. They're great. I'm betting a landlord bought it. Am I right?
Rebel Taylor: [00:05:47] Oh, yeah, he wasn't a builder also. So it was more for the land and it was over there in Lakeland. It needed to be mowed down and a new house built, but I don't know what he did with it. I haven't went back over there to look, but, yeah, the lady we met out of it, we're hoping to get more clients from her because he ended up turning out almost like family. Every time I went to the lady's house, I was leaving with food and drinks and, Oh my goodness gracious. The sweetest lady I could have ever met during this. Okay.
Chad Corbett: [00:06:15] Now say Rosie, listen and Rebel. I don't know if you were on last week's call, but Rosie was looking for purpose to build prospecting discipline, and her purpose became, getting six amazing video testimonials, and I would encourage you to do the same, especially while that person holds you in such high regard, and while they feel like you relieved a lot of their stress. Reciprocate, take her a pan of muffin and be like, Hey, let's make a video. or just jump on zoom and do it. But let's capture that story
Rebel Taylor: [00:06:43] She would do it for us. She fell in love with me and my partner. And so that's a great idea. I will definitely go do that.
Chad Corbett: [00:06:51] Don't be afraid to go long form and then edit it down and to, you know, a two minute clip, but you can use the rest for b-reel.
[00:06:59] So over time you can build these kind of customer testimonials mashup videos, right? When you have 50 people just pull snippets from each of those. And just capture everything you can about her experience, like get a great quote from her. And then edit that down into a little, testimonial highlight reel, Then you've got the whole conversation that you can use in the future and something that I want to underscore guys, I can't emphasize enough how important it is that when you get this right, you need to document that because nobody else is.
[00:07:29]Collette Meyers does a good job of this. So if you go to collettesellshouston.com. She has a great probate website where she captures her testimonials. And I would love to see everybody doing that because you do the work. You build these relationships if you don't capture it and trust me, I'm not nearly as good at it as I should be either because it let's take a commitment and it is uncomfortable sometimes, but it is worth so much when you can document their success as your service It helps other people identify with you, especially when they're getting your letter, going your website, trying to figure out who you are, because it sounds too good to be true.
[00:08:03]And anyone else who sends a letter I highly doubt that anyone else has gone to that level. So every time you have these success stories, please take the time to capture it.
Rebel Taylor: [00:08:12] I liked how you said that. Cause I think you can take a long video putting in what you need to for certain things and still have it for everything else that you need. I think good is a great idea. Great idea. Awesome. Thank you.
Chad Corbett: [00:08:24] Thank you for sharing Rebel. And what was your question?
Rebel Taylor: [00:08:27] You're going to laugh though. Alright, I do get some people calling me back and things like that. I have a pretty good ratio of people calling back. I really do, or speaking to people, but I cannot get a lot by a lot of them. I don't know. I think within the last couple of days we've gotten three that were serious that I sent my information to.
[00:08:47] I'm like your girl Rose. I don't go for the appointment. First. I go for the relationship first. But I can't get past this part of, your line where if I could take something off of your plate, what would it be? I found that to be a great line, but, people are like, look, what do you want?
[00:09:03]And I try to tell them what I'm offering or they just cut me off right there. Am I using it too early or what?
Chad Corbett: [00:09:11] No, there's other people muddying your water. So when- they have an abrasive response like that, I want you to pay attention to the words you use, but say something like, it seems like, it sounds like it feels like - don't be accusatory, but what you want to do is think about what emotion are they feeling that's driving this behavior. And how can I change that emotion? probably what's happening is somebody's calling with an unskilled self-interested, you know, like rookie wholesaler is calling, hammering them, trying to buy the house for 50 cents on the dollar.
[00:09:44]Which is fine. Maybe that's what they want, but they want to do it on their own terms. Right. So they've learned to run those people off. if you can say, you know, it seems like you've gotten the wrong impression of what we do. And what's crucial is that you shut your mouth, just absolute silence.
[00:10:01] And that's th e tool, that becomes a lever in the conversation. So it seems like you might be upset and misunderstanding what it is our team can do to help you. And let that awkward silence, let the awkward silence hang there and they're gonna, process and it's going to be more uncomfortable for them, the silence than it is for you.
[00:10:20]You've heard me, probably recommend it before Chris Voss and the book, Never Split The Difference he calls this tactical empathy. So you focus on why they're behaving the way they are. And then influence that. All you're trying to do is short circuit, their nervous system to get them off the pattern that's become comfortable for them because they found a way around people off by being a little abrasive.
[00:10:41] And you're not being accusatory, or you're saying seems like you might've had some bad experiences and don't really understand why I'm calling.
Rebel Taylor: [00:10:48] Right, right, right.
Chad Corbett: [00:10:49] it's almost impossible for them not to engage with you at that point.
Rebel Taylor: [00:10:52] Oh, that's fantastic. Okay. I'll try that now. That sounds good because they would cut me right there and some of them, I mean, it was just like, damn, I'm going to quit using that line, but I know it's a good line!
Chad Corbett: [00:11:02] Here's the great news. If you master this objection, if you find a way through that obstacle, guess what everyone else is feeling the same way you are right now, they're getting shut down, but they're, they're not on this call. So if you find your way through it, it's fine. Let them muddy the water because it just creates a more impactful contrast when you show up saying the right thing.
Rebel Taylor: [00:11:23] Well, very good. Thank you, Chad. That, that all helped. It helped a lot. I really appreciate that. Cause was not knowing that to say, to get them, to let me, by that point, you know, and I've lost a few calls that way, got shut down too quickly. And now let me ask you this, I guess, because they don't know who called and who didn't call except for my name is rebel.
[00:11:44]I could call him again and try it again. Is that something that should be done or not?
Chad Corbett: [00:11:51] Yeah, I don't ever be afraid to reengage. I mean, what happens if you don't call, like, you know that outcome, right?
Rebel Taylor: [00:11:57] Yep. I do. I do. No doesn't hurt. That's what I always say. So. Alright, well then I might just get back with them again and you know, I'll be like now, is there something I can take off your plate?
[00:12:08]And then if they shoot me down again, I know how to come back.
Bruce Hill: [00:12:12] Rebel, if they start to shut you down or, let's say that there isn't venom in it, but they say nothing or they say, no, everything is taken care of another really great approach. If there's not peace behind their answer is to say, you know what? Rebel. I completely understand. As a matter of fact, I feel the same way, but you know, if there was something that I could take off your plate, what would it be? So they just told you that they didn't need anything, but, but then you follow it up with, I, completely understand.
[00:12:41] most people I talk to have things handled as well, but if there was something I could take off your plate and all of a sudden you'll get to the bottom of it, a lot of people will come out and they'll answer. I use this specifically a lot when it comes to people saying, no, we don't know what we're going to do with the house yet.
[00:12:57] Okay. I completely understand that if you didn't know what you were going to do with the house, which way would you be leaning? And then they'll say, well, we're probably going to sell it next week. Well, you know, why didn't they say that to begin with? But if they're just prepared with an answer, like Chad said, they're accustomed to that approach working to shut people down and they're not ready for the follow up question. That really says the same thing.
Rebel Taylor: [00:13:21] I like that too. Thank you, Bruce. Thank you very much. That was a great idea too I've got that written down now because they do do that. They go from the, you know, whenever the plate thing right into we've already got everything handled and it's like, Whoa. And so that helped a lot. So thank you.
Jim Sullivan: [00:13:36] Okay. No, I'm just going to say Rebel's the one to beat with her win of the week and we do have eight in the queue. You guys, we're going to have to book to get through y'all. The next up is phone number ending in two eight, five eight. You're up next.
Rebecca: [00:13:49] Oh Hey! This is Rebecca. I think I was on this call about a month ago. I really don't have a question. I just do, you know, work the probate area I work actually everything, but, I can tell you the one I'm working on right now that nobody else knows about. And it's more about just digging deep. Like that's kind of what I do is I never give up, on a lead and I do call them over and over again, unless they tell me to.
[00:14:15]Go jump off a cliff or something like that. but I have one right now, it's all boarded up. Okay. That's how I found it. I do walking for dollars, not driving for dollars. cause I walk six miles a day and I go to different neighborhoods. So she died seven years ago. It's boarded up.
[00:14:32]there's no will the 23rd person on the skip trace. was her only living son. And so he didn't know where to start with probate. So that's what I'm doing is process. I told him I'm not an attorney. I tried to get a pro bono attorney because they're supposed to do that in Colorado, they're supposed to give her their time, but I didn't have any luck with that with CO
[00:14:56]He doesn't even have his certificate or his mother's death certificate. So he's got to get his birth certificate in Kansas City, get his mother's death certificate, and then I'm going to go over with them to court and hopefully get him an informal appointment as personal rep.
[00:15:12] It only cost him 199 bucks. Plus I think it's $20 for the letters. And so the house has about $200,000. It's a little small house. I mean, it's quite 1200 square feet, but it's got about $200,000 in equity. I do want to be fair to them. You know, he keeps asking me, cause this got a reverse mortgage on it, that's a whole other story with a fraud case with Wells Fargo. But anyway, I just don't give up. I just really am strong on the relationships and this is the truth that let's say something happens. And I don't end up with this house. maybe we have to do a short sale and the numbers don't work.
[00:15:50] I don't worry about that because I know that I. Have built a relationship with them when I know that they're already telling me like, no one's taking this time, you know? No, one's really talked to them about the house because I think people give up. That's why, because it took me quite a while to find the person I needed to find.
[00:16:09]And then, so that's all I really have to say. If everything goes well the next three weeks, it should be all done.
Chad Corbett: [00:16:15] That's awesome. So what part of Colorado are you in?
Rebecca: [00:16:17] I work all of Colorado, but I'm in, in basically the Denver Metro area is what I work and then I also work in Oklahoma.
[00:16:27]So I have a home in both places and I come up here for three months then and I rent my house out to nurses while I'm gone. It's not Airbnb, it's nurses that are travel nurses. So that way I don't have to worry about regular renters in here.
[00:16:41] I have a criminal justice background also.
[00:16:43]And, the other thing is I've been through this with my family. I lost three family members in a five year period. I feel like maybe I'm almost over empathetic with people, but, I guess the thing that bugs me about people that bug people that have an inherited house or probate house is they go after it right after they die.
[00:17:04]And I just don't tolerate that. There's all kinds of things. Like my parents had everything organized. It was in a trust. It was simple. It still took us a year and a half
Chad Corbett: [00:17:16] So there's a lot to unpack here. I want to, for the benefit of everybody else, I want to highlight a few things. You are probably the most disadvantaged person on this call because of your market. So Colorado, because so, so many people were so aggressive at pursuing families. They actually seasoned their probate data. So it comes through late, however, People with your mindset, like people who have empathy and compassion, they do really well in Colorado.
[00:17:44] And I want you guys to pay attention to that common thread running through all of these, these motivating stories today.
[00:17:52] It's it's about relationships and letting the consumer's need dictate the service. Not trying to force them into a, you know, an and to your model. So you can hit your numbers and your KPIs. This is about slowing down, providing a real service to your community and getting the result that you want anyways, it's just in a different way.
[00:18:12] Right? So Colorado is the toughest state I've ever coached in. It's the toughest state we've ever had to write a letter we've ever read to write letters for it is, and the cash conversion cycle is longer, but it's because these people get a ton of pressure on the front and there's no compassion whatsoever.
[00:18:29] It's, gimme your house as cheap as I can get it. And this goes on for awhile. Then everyone else just stops and they're out harassing new people. So are folks who think like you do, who act like you do okay. That come through, you know, they're, they're still breaking a 2000% ROI in the toughest market in the country to do probate in, they're still exceeding a 2000% ROI
[00:18:52] So pay attention to what these ladies today have shared with you. What's working for them. It works anywhere and everywhere. If it works in Colorado, it works anywhere. And the other thing is, like your tenacity, like your willingness to follow up. I don't know if you watched, you know, David Pannell's update video we did a few weeks ago, but that's really his X factor.
[00:19:12] The seven digits secret and probate is: Actually care and follow up, follow up, follow up. And if you do, you'll catch them when they need your help, they will respond and, and you don't really have any competition if that's how you're doing business.
Rebecca: [00:19:29] I am a woman on her own Island here. Let me put it that way. I've been doing this. 10 years. And I was in criminal justice for five of those. So kind of doing this on the side. So went into it none of this stuff phases me guys.
[00:19:45] Like I can't even, you know, people say, Oh, that house has unlike, you know, you're, you're scared of a house that has stuff in it. You gotta be kidding me. And so it just doesn't, I don't want to say it doesn't phase me, but nothing surprises me in this business.
[00:20:00] No family situation. I can always figure it out if they just work with me. That's what I'm trying to say. So, I mean, something crazy can happen and another investor might come along, but I just don't worry about it because I know I've done the best I can. And you know, she, the wife kept asking me last night, how much are we gonna owe you?
[00:20:21] You're not paying me anything. I'm just buying the house. She said, like doing all this work for us for, I said, no. I said, you know, you guys like y every month by the city.
Chad Corbett: [00:20:35] A lot of people struggle with the objection of, you know, well, well, how much is this going to cost me?
[00:20:40] How are you getting paid? And I want you, I want everyone to pay attention. That's not a bad objection. That's a good objection because what it shows you it's demonstrating the amount of perceived value you already have in their mind. So when they're like, Holy crap, what is this going to cost me?
[00:20:55] That means you're you're on the right track. you're doing it. don't, and this isn't necessarily for you, but for anyone else who's listening, that's getting this objection. If you're getting a price objection, or how much is this going to cost me? That's a good check end point.
[00:21:09] That means you're on track because they, they, they have a desire to work with you. They have because of their conditioning in a capitalist society, they're thinking, well, this sounds too good to be true. It's going to cost an arm and a leg. And that's a great opportunity for you to drive home another value point.
[00:21:26] We don't get paid at dime until we do what we promise, or if you're the buyer, you know, we'll get paid in six or eight months when we finish this house and turn the keys over to a new homeowner, 'we'll be paid in due time.
[00:21:37] But I learned a long time ago, the best way to get what I want is to help enough other people get what they want. So would it be okay if you don't pay me anything right now?
Rebecca: [00:21:47] It has to be, in your heart and soul. I mean, having been through this myself and, we've got so many lawyers in our family. That's why I don't flip houses with my brothers, cause we probably couldn't even decide on the color of paint for a living room.
Chad Corbett: [00:22:02] Let me ask you this. Are you, and I'm kind of putting you on the spot here in front of everybody, but are you happy with, the growth in your business?
[00:22:08] Like, is it, growing the way you thought, do you feel good about that?
Rebecca: [00:22:12] I kind of pivoted. I mean, I'll tell you, honestly, I worked the MLS. Pretty hard. I went from doing private sellers into really just full time MLS. I'm not an agent, but I had agents that put in the offers for me. Then as I've moved along, what happens is I have agents that call me with a house that they're struggling with.
[00:22:36] Believe it or not in Denver, or they're saying, you know, can you come in, but X amount, I won't list it, but this is what we need to get for this. And so, you know, it may be a probate house or divorce, or it's usually something going on. I've been focusing on vacant houses. That's my primary thing and code enforcement. And a lot of them are Probate, like nine times out of 10.
[00:23:01] Or it's a tired landlord inherited or they live out of state or they're like this family, you know, and he just, they just didn't know what to do. That's what the whole problem was. I think that, it was overwhelming for them to start.
[00:23:18]And that's why I love helping other investors, you know, that maybe don't understand the process of what it takes, whether it's a divorce or, probate or whatever it might be.
Chad Corbett: [00:23:28] It seems like there's, there's some doubt, like you're going deep and you're building a real relationship and providing very high level of service. The only time that would be bad is if, you're doing going on four hour appointments and you're out there, you know, spending hours and hours and hours to do this, but if we just narrow it down to that one deal you've got $200,000 in equity, I think you said.
Rebecca: [00:23:50] Right.
Chad Corbett: [00:23:50] So relative to that outcome, that $200,000 income to you, to your company, how many hours of work do you think you'll do to get to that, 200 grand?
Rebecca: [00:24:00] Well, to be honest with you, I haven't even met them in person at all. This has just been on the phone. So, I would say I have, maybe about two hours in it right now.
Chad Corbett: [00:24:12] Okay. And then you have all the work to flip it, to get to that.
Rebecca: [00:24:16] Yeah. Yeah. I would like if I call the clerk of court out there and They're all shut down because of COVID. So when I called the clerk, the probate clerk, you know, I said, look, I've called all these lawyers. This family doesn't have the money. And all these clinicals sheets kind of walk me through.
[00:24:32] I said, this is what it is. Can he do this, you know, without going to court? And she said, it sounds like he can, but he's okay. Show up out here and all that. And she'll do it in 30 minutes, you know? So. That was a relief I mean, hopefully he won't have to have a court hearing or anything. It'll just be, his birth certificate, her death certificate to do it.
Chad Corbett: [00:24:51] Well, what I heard was you have a need for validation on, how you're doing this. And I don't hear anything that makes me think this is a bad idea for you. You're out there. You're being true to your core values based on your life experience. And you're going deeper than most people do or will, but look at the net result of that.
[00:25:10] You're making a tremendous amount.
Rebecca: [00:25:12] I'm not the only one that saw this boarded up house.
[00:25:16] I have another one out in Lakewood and I sold that in like two hours.
[00:25:22]so you, you get the ones like this and then the next one you get so easy. So it kind of levels out is what I'm trying to say. You know?
Chad Corbett: [00:25:30] Yeah, it's important to me. Like I love when people like you become part of our community and it's important to me that you don't doubt yourself because it sounds like you're doing great work and you're getting a great result.
[00:25:41]What you're doing is really helpful and you're making a ton of money doing it. So keep doing that.
Jim Sullivan: [00:25:45] Thank you so much. I, it sounds like you'd be a great case study for Chad as far as the motivation and the mindset, man. You've got it. I really appreciate you sharing. Thank you!
Rebecca: [00:25:55] Thank you.
Jim Sullivan: [00:25:56] All right. Next up is phone number ending in two, four, five zero. You're up next.
Caller: [00:26:02] Hey guys, how are you doing? Great. I wanted to share. Number one is success story.
[00:26:07] And number two, I have a question for you. So, my, my success story, I, I sent out my first mailings. I know in my second or third month now, something like that, but I got a deal off my first mailings. It's it's a listing agreement. I'm a licensed realtor and an investor. And it's really cool to see that happen as quickly as the first letter, which I did not expect whatsoever.
[00:26:30] So that was cool. And I'm finding a lot of ways to help that particular family navigate the process and the listing we'll, we'll be going live in about one week. So I'm helping them with a lot of things other than just listing the house, which serves them well, because I come from a contracting background,
[00:26:45]anyway, I'm excited. So. I have a question. I'm a licensed realtor. I'm working with another lead I have a great rapport with them, a good relationship with them.
[00:26:53] I've met with them twice in person and we're down to the nuts and bolts of making an offer on the property or, and they accept that offer or we list it and try to get out a higher dollar amount by listing it. How do you navigate that process where you're trying to wear both hats?
Chad Corbett: [00:27:08] Don't so I started doing this as an investor and when I saw that I wasn't going to get it for the price that I needed to as an investor, I would try to switch to my realtor hat in the appointment and you can literally hear rapport shatter and fall on the floor.
[00:27:22]I, it just, I never found that a really effective way to do it. And I've worked with other wholesalers who, you know, they send their leads to me and I try to just be the realtor. And they're just the investor. What I ultimately figured out is I just need to focus on being Chad and when I walk through that front door, I don't have an outcome for me in mind.
[00:27:41] The outcome is all about them. So whether I buy it or whether I listed it, it doesn't matter. Because I'm going to monetize that either way. And I will say I've walked away from a lot of houses with signed listing agreements. And I was very disappointed because I wanted to buy them, but always let their needs dictate the strategy.
[00:27:58]From a marketing standpoint, if you're offering brokerage services in your letter, if it says we can list the home, meet the minimum or compliance requirements for me that just in a light gray number eight font in the footer of the letter, it has my brokerage name, address, phone number, and then asterisk: "Ethics are of utmost important to us. If you have an agency relationship with a licensed, real estate agent, please disregard this letter. And that's been enough to protect me. I have had complaints when I've, you know, mailed letters to someone who already had their property listed. the board, the state board was like, Nope, you're good.
[00:28:31]And so that covered me.
Caller: [00:28:32] Interesting.
Chad Corbett: [00:28:32] The point where I disclose license status is I focus on people and situation. Even when I get to the house, I don't disclose, in my state, you're not required to disclose really until you start discussing numbers or, you know, agency issues.
[00:28:48] So if we're talking about the personal property, walking through the house, the only thing I'm focused on is building and reinforcing rapport with the person I was on the phone with and building rapport with everyone else that's present. And then when we get back, I teach in mastery, I'll show you exactly how I do this.
[00:29:05] But when we get back to where we first started in the home, I literally just walk out of the room without saying a word and open the folder and put it on the counter. And then that's when I'll disclose. The initial phone call happens, the property tour happens. I guess them a voice and get all their concerns out or all their expectations out.
[00:29:22] And then I actually will disclose there's there's a chance that, that before we jump into the numbers and other things and make sure. Decisions. I just want to let you guys know. There's a chance that we may be working together in an agency capacity. I am a licensed real estate agent and four in four different States.
[00:29:38] I'm not sure how we're going to be working together, but all that matters to me is that we're working together. That sound good to everybody and I'll go through it. Something like kind of casually like that. It happens at the same time in every appointment. So when the investigator called me, I'm like, no, actually this was on the letter.
[00:29:53] We met or, you know, actually in that case, I didn't meet with him. It was another agent that got, bothered that their client got my letter, but I've never had any, any complaint from the clients or the families. But if I ever did I have a pretty clear process, right? So the letter has the disclosure requirements. The website meets the disclosure requirements. And before I ever discussed price or strategy, I disclose license status and I do it at the same time every time. So that's how I found that to be really fluid. And you're very nimble when you do it that way. If you remove the title of real realtor or investor and just be you, then you're, very nimble and you can be a transaction engineer on the spot, and it's never been a problem for me once I figured that out, this became a lot more fun and a whole lot easier.
Caller: [00:30:41] Interesting. So after you've built that rapport and you've disclosed this in your conversation and meeting with them, how do you navigate going about what's best for them, whether it be a cash offer on the property to get it sold quickly or listing it do you offer them an option for both Like here's a cash offer price and here's a suggested listing price, for example.
Chad Corbett: [00:31:03] Nearly every appointment I go on has three options, sometimes four or five.
[00:31:08] The three that I can offer pretty much anyone, a cash sale, an as-is, where-is sale. My definition of that, that is at what point can I all but guarantee this will be a ratified agreement in seven days or less and close with And then, retail. So, you know, you use your retail price.
[00:31:25] Now, if the house is in disrepair and they're willing to put money into it, or they're willing to partner with me, then there could be a fourth scenario. So you can, you have cash as is, current retail or renovation retail, like top ARV. But I use a net sheet and you can find it in the All The Leads Mastermind Facebook group in files, or you can find it in subscriber portal.
[00:31:48] There's a net sheet template, and it's just a very simple spreadsheet and it puts the three scenarios side by side. So quite honestly, I rarely ever use it, but it's there in case I need to, it's a great visual tool show them. So, based on all this information gathering and focusing on people in situation and asking questions, getting them to tell me stories like the rapport building is it's it's Intel, right?
[00:32:12] Like I'm, I'm learning what, their problems are, what their goals are. And they don't even know it. If it's done correctly, it's just. Organic conversation. But when we get back to the countertop and I opened the blue folder, all those stories are in my go ahead. And I know what, you know, what their challenges are, what they're capable of, how much money's in the bank account, how much equity is there and the property.
[00:32:31] So, so, you know, guys, listen, based on everything we've talked, talked about, it sounds like there's really no cash. And you guys don't want to go through the stress of a renovation. So this, you know, retail price based on the condition of the home, I just feel like it's really not an option. Wouldn't would you guys agree with that?
[00:32:46] And then I strike through it and I'm like, so that leaves us with two scenarios we haven't as is whereas sale, which means we won't accept any contingencies. It's going to greatly limit the pool of buyers. We'll most likely sell this to a landlord or a first time home buyer that has saved up for a down payment to renovate the home.
[00:33:01] so we can get a higher price. It's going to take longer. We could expect a 45 day window here. based on everything you've told me, it's really important that you guys get this behind you now, so you can move forward. I'm not sure if this one works for you. I think what might be best based on, you know, your level of motivation, is just take the cash price - we'll buy it with everything in it. You don't have to lift a finger. Take what personal property you want and we'll deal with the rest. And within a, probably three to five business days, we could have this close at this price. Which of those two do you think is best for you? Which feels most comfortable?
[00:33:32] And they'll self-select right there. And the highly, highly motivated ones will always they'll go to the cash. And even though you show them what they have to lose, kind of illustrate it for them, it's like, you know, in order to get this price over here on the right, you're going to have to risk a considerable amount of capital.
[00:33:48] You're going to have to go through, you know, the management of the renovation, and you're going to take risk. We're in a market where, you know, during an election year, during a recession, something, you know, conditions could change. So there's a significant amount of risk involved to get this number. Are you guys comfortable with that risk?
[00:34:05]Okay. Let's just say that that's not an option. If you don't want that exposure, you don't have to do it. So you just kinda knocked them, you know, through, through deduction, you find out what's best for them and they feel like they chose because you gave them all the options in a very transparent way. And the net result of that is ultimate trust.
[00:34:22]when I started buying houses, This way versus just going in as an investor and mentioning, Oh yeah, I'm a realtor. If this doesn't work out, I can and help you. Like the people I worked with the sellers were so much more trusting and open. And even when you, wholesale it and they see that someone else is closing and you're getting a 15, $25,000, spread, they don't care because you were straightforward with them.
You were transparent and they know what they could have gotten, but they knew they understood what commitment and risk it would take to get that. So that's how I do it, Bruce. I know you had something to add too.
Bruce Hill: [00:34:58] All my appointments, I take a menu with me. And that menu typically has three or four options. And Chad mentioned sometimes up to five or six. It really reduces the risk of them going with someone else. It reduces the risk of price resistance because ultimately they're the one in control. Many times we get in the way of their buying. So, the old adage says everybody loves to buy, but nobody likes to be sold.
So instead of ..
Caller: [00:35:28] Right.
Bruce Hill: [00:35:28] ..budding into their buying process, asking questions and presenting options and letting them choose. And then when they say, well, you know what we're thinking about? Maybe this one or that option, instead of saying, okay, let's sign right here. Let me try to sell you on something you say, okay.
[00:35:44] Which, which one is more beneficial or, or why is it that you're leaning toward those and let them start the buying process instead of us diving in and starting the selling process. A good sales pitch is a great way to ruin a relationship.
Caller: [00:36:00] Gotcha. That's really useful and helpful. I appreciate both your input.
Bruce Hill: [00:36:03] Good deal.
Eddie V: [00:36:05] Hey, said I can ask my question. I don't know if Jim's on here. Okay. just to, just to give people a testimonial I was doing what David Panell said: Look professional and set yourself apart from everybody else.
[00:36:18]So, anyway, I've been dressing more professionally. I wear a button up shirt.
[00:36:22] Nice dress shoes. Nice jeans. Showed up with the flyer that All The Leads made for me and gave it to the guy, walked through. Not sure if the deal is going to work out or not. He's looking for the highest cash offer. and, I gave him a number. I tried to give him a listing number and an owner finance number, but he didn't want to take any of those, but he was like, you know what?
[00:36:45] You weren't this cigar smoking suspender, slapping kind of guy, who's just trying to sell me on something. And he was like, I really appreciate that.
Chad Corbett: [00:36:52] Good good for you and anyone who, I won't recap everything, but David we've talked about that twice now. I usually wear jeans, a button up a sport coat and a pair of really nice leather shoes. That I know has gotten me deals because people have told me that and it's meeting the expectations of the generation you're serving. So these people didn't come up at a time where they watch Gary V. Well, you know, wear a tee shirt and drop the F bomb every 30 seconds. So they have a certain expectation of what standard of professionalism you should have.
[00:37:20] So whether that's how you dress all the time or not now be authentic to yourself, but out dress your competition because it will make a difference. The other thing I wanted to say, Eddie is the next time you find yourself in that situation. A lot of times sellers have a perception and a lot of investors are marketing using that against realtors, that it's complicated. No realtors involved, no commissions paid, yada yada yada it's, it's a big part of their marketing. Right? So remind him what an as-is where-is sale looks like. You know, most, most investors are going to close on a 30 day timeline if you're selling as is, whereas in a market site, like in the part of the market cycle, we're in, can you close it in 30 days?
[00:38:01] Sure you can. People were falling all over themselves to get inventory right now, investors and consumers. So. Remind him that, but it doesn't have to be painful. Like listen to, you know, either way we can close inside of 30 days this way you get more money, this way I get more money. What do you think is best for you?
[00:38:19] And I've taken a lot of as-is whereas listings, where I was going to be cut out on the cash price, because there's no way in hell I was paying what that person was paying, and they weren't gonna make any money either. They just wouldn't know that for three or four months until they did their final accounting.
[00:38:33]But sometimes. Newer investors will price you out of deals. And you can take that deal back by pushing on the, as is where is, and showing them that they can close on that same timeline with the same amount of money with no contingencies and without the risk of that person using the weasel clause. So point them to the contingencies in the contract and be like, okay, so they gave you that number, but do you pay attention to the contingencies?
[00:38:59] "What's the contingency?" Well, that's, that's what the, you know, oftentimes they'll write a contract in such a way that if they can't sell it or come up with the money that they don't have right now, they'll pull the rip cord and you're left empty handed. You still have the house. You've got another month of carrying costs and you have no recourse.
[00:39:15]So. if you could have somebody who's held to a standard of professional ethics and state law dictates how they have to, how they serve, can you see how that might be in your best interest? If you get the same amount of money in the same amount of time, but you're working with someone who has a lot more to lose.
[00:39:31]And so you can take that back. If you're getting priced out of your own deal. Just take it back as a listing. And I'm sure investors on this call are cringing, but I've had it done to me too. But if you feel like you're going to lose a deal, that's, that's the beauty of having a license. You're nimble.
Eddie V: [00:39:47] Got it. Okay. Well that's good. Good advice. So I've been shooting for a hundred calls a day or a hundred dials. Not every number works, but a hundred dials a day. I don't quite get there, but I get close. And one of the issues that I've been coming across is like Say I'm calling for Steve and I get Mary Mary is Steve's wife. And then, Mary's like, well, what's this that's my husband. What's then regards to. And I, I usually just do the exact same thing I would do with Steve. I'd tell him the exact same way. And they not always, sometimes they're like, Hey, here's the number, but more often than not, they're like, no, we're fine.
[00:40:25]When I did Sandler training, I was told, never take no from somebody who can't tell you. Yes. She might influence yes but...
Chad Corbett: [00:40:31] Two things. One try to get his phone number from her if she won't do that, go for the appointment with her and him because, have you ever met a wife that didn't really have social leverage on her husband?
Eddie V: [00:40:44] Yeah, I know that she will be influential.
Chad Corbett: [00:40:48] Yeah. If it's tentative and it probably will be, she'll be like, well, I don't know his schedule. Okay. Fair enough. Well, listen, I'm calling every other family in town today that that's going through what you guys are going through. So just to, to kinda, I'm sure you guys know what we can do to help your family.
[00:41:03] I'm going to give you that spot on Thursday night at six, could you put that on the calendar and just let your husband know? And if it doesn't work out, we can find a different time, but set the tenantative appointment. And then like, as soon as you get that done, you ask, you know, ask her a few more questions and find some way to provide value to her.
[00:41:19] So find some way to show her the benefit of meeting you guys. and chances are he'll be there. If she won't give you his phone number. Get it on her calendar and then employ her to go make sure he shows up.
Eddie V: [00:41:31] Okay. Okay. That's helpful. And then...
Bruce Hill: [00:41:33] The previous scenario that you laid out, I'm going to give you a resource that I use to get listings priced accurately. And that is a site called Terradatum. It's a Clarus Market Metric resource.
[00:41:45] It costs like a hundred bucks a year. And if you ever need to show someone a clear and concise data and it gets them to accurately priced the house should strive for that. So, Terradatum is T E R R a D a T U m.com. And anybody there needs pricing strategies and data. It's the best resource I've ever found.
[00:42:10] All right, go ahead.
Eddie V: [00:42:12] I just had a foot in the mouth moments the other day. Like, I just felt like a complete ass, but, so I called him, this lady named Lisa something and the descendant was the same last name. And I was under the impression that it was her, her brother. And she was, she was like, yeah.
[00:42:32] And Monday I'm celebrating my first anniversary. And I was like, congratulations. And she was like, well, he died. And I did not know that it was her husband who died. And I was like, well, I'm an asshole. But, anyway, those happens. I figured I'd share a, not a success story, but something that, I assume other people might find valuable that not everything's perfect.
[00:42:58] I still think it might be a possibility to get the listing.
Chad Corbett: [00:43:02] Thanks. Thanks for sharing because it, show yourself some grace man. Like there's no way you could have known that. Right. And. I'm glad you shared because a lot of people try to deduce too much from the data.
[00:43:14]So they look at the addresses, they look at the names, they look at very limited data points they have, and try to piece together a story. And what's the alternative. Pick up the phone and ask, and that builds a relationship. So the lesson for you here is don't try to deduce the whole story and figure out the whole story through deduction.
[00:43:32]It's rare that that would ever happen. And 90% of people are probating a sibling or a, parent's estate, not their spouse at a young age. So don't be too hard on yourself, but also use it as a lesson. Like, remember this, the next time you call, it's rare, but sometimes we've had kids, you know, the, the decedent was actually a child who had over a hundred thousand dollars net worth. So their estate had to be probated. So you never know who the decedent might be. Don't go into a conversation acting like you already know, or, you know, or we're operating on assumptions.
[00:44:06]go in everyone the same way, focus on people in situation. And when you understand both and you'll, you'll be the perfect solution.
Eddie V: [00:44:14] Okay. Perfect. Thank you.
Jim Sullivan: [00:44:16] All right, guys. Hopefully you can hear me now. Despite the tech issues, I think this was, you know, we get 150 people on this call.
[00:44:24] It's going to happen. We're going to talk over each other. We're going to have issues with the conference service, muting each other out. But it, I think it's one of our best calls ever, as far as just the, the mindset and the success stories and just some really awesome examples of, the way you should and can approach this amazing niche.
[00:44:43] So as I always do, I want to thank each of you for being here today. I want to particularly thank those that actively participated. We're going to have a real hard time picking of the four success stories a winner of the week, but we will do that and we will let you know. And I want to challenge each of you:
[00:44:58] Take one idea. One thought, one thing that inspired you on this call. Go out and put it into practice and come back next Thursday and share your results with the group. Stay safe, stay healthy, stay productive. Make it a great week. And we will talk to you. Same time. Next Thursday. Take care, everybody.