These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!
Call Re-cap:
Handling Cold Call Objections: “Court’s Delayed; Call Me Back Later!” (0:38)
Caller is getting the “Call Me Back” objection more than ever because of Coronavirus and court backlogs. The seller is concerned they can’t do anything without their letters of testamentary or until probate is closed. Chad shares tips for handling this common cold call objection.
Real Estate Contracts vs. Letters of Intent (2:44)
Can you sign paperwork to purchase a house or list a house before a probate lead has their letters of testamentary? Chad discusses the difference between enforceable real estate contracts and letters of intent. Even though they’re not legally-binding, letters of intent are extremely powerful and using one has a lot of pros.
Sales Psychology and Language: Future Pacing (3:37)
Bruce describes a sales technique called ‘Future Pacing,’ and how you can win a commitment by getting the your prospect to picture themselves in the future with their problems solved. This effective technique will help you win commitment when responding to objections that deal with waiting, procrastinating, and uncertainty about where to start.
Creative Financing 101: Learn The Different Strategies and When To Use Them (4:54)
Josh (Pennsylvania) has a SUPER motivated seller that’s dealing with a reverse mortgage. The ARV value would cut out all the equity in the deal. Jim and Chad breakdown going the Short Sale vs. Sub2 route. Next, Josh asks how to present this. Chad details how to educate the seller on both options.
See More: Chad’s Book Recommendation – Chris Fontaine: Real Estate On Your Terms
Chad’s Webinar on 7 Different Creative Financing Strategies and the Pro’s and Con’s of Each.
Partnering With A Real Estate Attorney For Creative Financing (8:14)
How can a real estate attorney help you compared to a title company? How can you find attorneys to work with and make sure they are strong partners for real estate investment? What’s the best way to approach an attorney to work with them on creative finance paperwork, deals and closings?
How to Jump Into Probate Real Estate (11:30)
Ken is looking for advice on getting started as a probate real estate agent.
See More: The Probate Leads System, the All The Leads Facebook Mastermind, and the All The Leads YouTube Channel.
Mary Lee Shares Her Success Story: Trusting the Process and Providing Value (12:18)
Mary Lee describes a phenomenal deal she’s closing. She initially marketed to the lead back in June through the mail, and they reached out to her via text message two weeks ago. Mary Lee describes how she navigated the deal by offering three different solutions. The house was a hoarder house. She ended up double-siding the transaction on this house, referring the personal representative to an agent in California to help her buy a house with the funds, and the seller is super happy! Mary Lee describes how this deal is expanding her sphere of influence. Mary Lee was about to throw in the towel on marketing to probate leads, but just like that the ROI came through!
Chad and Mary Lee reflect on how deals like this make you fearless and solidify confidence in the value of your work.
Cold Call Tips: Follow-Ups and Converting Leads to Clients (17:35)
Dave is interested in using ringless voicemail. How risky is it to leave automated voicemail drops; can you get sued? Chad explains why the litigation risk of ringless voicemail is growing in 2020 and suggests an opt-in strategy to protect yourself.
See More:
- Probate Quicksand and Pulling Personal Representatives Out Of It
- David Pannell’s 2020 Case Study: See how David Pannell has built wealth through probate real estate as an agent AN investor.
Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure (23:12)
Caller is looking for clarity on how to price properties out and choose the most profitable deal structure. Chad and the caller discuss the different price options and the math behind calculating repair costs, after-repair values, and return on different listing, acquisition, or creative finance strategies. Chad also discusses how rising repair costs due to lumber market supply chains make as-is a much safer strategy right now.
Wholetailing vs. Wholesaling Real Estate (26:28)
Chad and Jim discuss what wholetailing is, how it’s different from wholesaling, and why it’s often a better and more profitable strategy in today’s market.
Steve Shares His Experience with QLS and Chris Fontaine’s Coaching (29:36)
Steve has taken Chris Fontaine’s course and is using his QLS (Quality Leads System). Steve shares his praise for Chris’s work and how well it ties into what Chad teaches as far as creative financing and the probate real estate niche. Overall, if you understand how to provide options you can carve out an opportunity anywhere.
Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships (31:09)
Mary is about to send letters out to her first list of probate leads. She sees a section in one of All The Leads’ letter templates that mentions helping unrepresented petitioners find a qualified probate attorney. Mary is curious how many probate leads are unrepresented at the time of filing. Chad breaks down the statistics on pro per and pro se filings in probate. Then, Chad describes how offering to help someone find quality representation is not only a viable prospecting strategy on the lead side, but also for winning B2B relationships with attorneys by bringing them referrals they can’t solicit for themselves.
I’m an Investor. How Can I Find An Investor-Friendly Realtor Partner? (35:14)
Mary is a real estate investor. Sometimes her prospects want to go the listing route. Should Mary get her real estate license? Chad discusses how every agent and every investor can make more money by offering both options, whether by getting licensed themselves or working with a strong partner.
See More: Why EVERY Investor and Agent Should Have an Agent/Investor Partner.
How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game (39:10)
Eddie is sticking to his prospecting schedule and getting his cold calls and follow-up calls made. He’s trying to find the “Sweet Spot” for making follow-up calls. He wants to be aggressive without bothering people. Bruce shares his strategy and conversational language for finding the follow-up sweet spot. It all comes down to the individual’s ideal situation and adjusting your follow-up strategy to match that individual’s ideal situation.
How To Overcome the “I am not interested” Objection (41:44)
Eddie is looking for tips on handling cold calls that end with “I’m not interested, we have it all handled, *CLICK.*” Bruce explains his technique for responding to this objection before people can hang up. It works so well, the prospect usually won’t offer any follow-up objection at all.
Old Leads: Tips For Optimizing Your Long-Term Marketing (45:59)
How old is too old? How long are probate leads worth marketing to? Chad gives his magic number at 3 years, and Jim shares a deal he closed yesterday on a two year-old lead. The coaches offer advice on how to optimize a marketing schedule to maintain followup to old leads. Bruce also plugs Probate Plus+ as a tool to check who still has property to sell.
Cold Calling Widows/Surviving Spouses in Probate (48:32)
How often should you call widows/surviving spouses? Chad lays out a tentative schedule, and more importantly emphasizes the value you can bring by helping surviving spouses early in the process. Chad shares how the first widow he helped left a lasting impact.