The Golden Opportunity in Probate Real Estate | Probate Mastermind Podcast #308Katt Wagner
Probate Mastermind Episode #308 | Recorded Live on December 17th, 2020.
In this episode of the Probate Mastermind Podcast, you'll hear:
- Bill Byrd’s insight and advice from 6 years of success in Probate.
- Why ProbatePlus+ Leads Are The Best Probate Leads out there.
- What you need to say during follow-up calls.
- How to deliver a winning USP to a personal representative that already has an attorney.
- How to start wholesaling and investing as a licensed real estate agent
***Most importantly, we hear more incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!
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!
Bill Byrd Reflects On 6 Years Of Success In The Probate Real Estate Niche (1:17)
Bill Byrd discusses his growth and experience working in the probate niche for the last 6 years. In 2010, his family was struggling to pay the bills as he worked cleaning job sites and doing security gigs to afford groceries. He reflects on his own development, Chad and All The Lead’s Development, and how ProbatePlus+ has accelerated his time management in exceptional ways.
Probate Plus vs Other Probate Leads (5:12)
Chad breaks down exactly what ProbatePlus+ is and why no other probate lead list out there compares. Chad and Bill share some insights: Cut marketing costs by 45%; cut 1/3rd of your phone prospecting time out.
Real Estate X-Factor: Be the Solution Before Sellers Realize They Have A Problem (6:57)
Bill lists the 5 objections he gets and how a singular approach can be used in addressing all of them. The bottom line is most people’s objections come from lack of awareness, procrastination, or both. The longer a problem survives, the more expensive the problem gets. Bill and Chad emphasize how important it is to bring the problems to the surface, help families understand the implications of leaving these problems unresolved, and then guiding them towards the solution.
Golden Opportunities In Probate Real Estate (9:32)
Bill drops some golden nuggets! Bill describes the golden opportunities in situations agents and investors tend to shy away from: Situations where an estate administrator is named as the personal representative; situations where the personal representative insists they aren’t selling the property named in the probate filing; and on building a stream of referrals from estate. Chad and Bruce echo the exact same experience of the leads that start piling in when you’ve built your brand around empathy, people, and understanding.
Bill’s Book Recommendation: 7L: The Seven Levels of Communication: Go From Relationships to Referrals: Maher, Michael J.: 9781942952473: Amazon.com: Books
Bill’s YouTuber Recommendation: Chris Cavallini - Motivation, Etiquette, Taking Control. YouTube
Navigating Probate Sales When Family Doesn't Get Along (17:05)
Caller is working with a family who wants to sell, but they just aren’t getting along on terms. Chad offers insight on how to proceed both in terms of navigating people and real estate.
How to Get Started In The Probate Real Estate Niche (19:29)
Isaac used to practice in real estate heavily a few years ago. He’s looking to get into fix and flip and wholesaling through the probate niche. He has a partner he works on some deals with, but is thinking he should take accountability over this initiative. What’s the best way to get started? Jim, Chad, and Bruce advise.
See More: Why EVERY Investor and Agent should have an Agent/Investor partner: https://alltheleads.com/agent-investing-get-real-estate-license/
How to Prospect Old Probate Real Estate Leads (27:23)
Ruel and his team are marketing to older lead lists while courthouses in his market remain closed for Covid. Chad explains why probate leads age exceptionally well, and how ProbatePlus+ can help you focus your marketing efforts towards probate leads that still have property needs to deal with.
Do Not Call List - DNC Numbers For Probate Prospecting (35:51)
Caller is in New York and is curious about contacting leads with phone numbers on the Do Not Call List. Chad goes over DNC risks and how Probate Real Estate calls are a little bit different, as they involve public records and no direct selling.
Why Probate Leads Need Real Estate Help, Even If They Have An Attorney (37:43)
Caller asks how he can provide value when a personal representative is already working with an attorney. Bruce lays out why personal representatives almost always need much more than their attorney can or will provide. Bruce also provides language for delivering this proposition to prospects.
How To Start Wholesaling and Investing as a Licensed Real Estate Agent (39:45)
Caller is interested in getting into the investment side of things, primarily through wholesaling/selling directly to investors. Chad lays out how to get started investing as a licensed real estate agent using multiple strategies.
Follow-Up Calls - What To Say (44:16)
Fed is making follow-up calls and making contact on multiple attempts. What should he say on the second, third, fourth calls? Chad loops back around to the point Bill Byrd made earlier in the call - The Step Up Basis rule is about to be repealed with Biden’s new tax plan. This is key and should be brought up with every follow-up.
Should I Register My Domain Name As An LLC? (45:13)
Mike is wondering if he should register an LLC to protect the brand around a URL. Chad describes when this is necessary and when it might not be. Chad describes how to choose an all-encompassing name to register as a business entity, and what names are best left as URLs.
Looking to hear prospecting tips in action? Check out our live role play series.
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Probate Mastermind Real Estate Podcast Episode #308
A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.
You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind
Jim Sullivan (Host/Coach): [00:00:33] Welcome prolific agents and investors from across the country. Today is Thursday, December 17th, 2020. And this is Mastermind Podcast number 308. Just a little housekeeping before we get started. we do this. Pretty much every week of the year, the next two weeks will be Christmas Eve and new year's Eve.
So we're going to take a little bit of a break and we will return on Thursday. January 7th will be our next regularly scheduled call. We will be here working virtually every day. So as always, if you ever need us, just, email us firstname.lastname@example.org. And I mentioned, we have a special treat. I'm going to go ahead and unmute bill.
Bill Byrd Reflects On 6 Years Of Success In The Probate Real Estate Niche [00:01:17]Bill. Are you there? Yes, I'm here. Mr. Bird. I give you a little bit of an intro. Bill, you have been with us since March of 2015. If you're not our longest subscriber, you're certainly one of them. And, bill reached out to me this week to share some success with probate. Plus, I want them to talk about that a little bit, but I also would like for him to touch on a couple other things, we.
It bill is either very busy agent. I know you listened to these on our podcast or on YouTube, but you rarely make it to a call. I can't tell you how many times a year we have agents ask about, should I call the executors or the attorneys or they ask about, calling when the executor and the attorney is one in the same and you've probably done a better job of that.
then anybody that you know, that we've had over the last six years, you've really made a career out of it. So I guess let's start at the, let's start at the end and work our way back. You had, reached out to me, us, we build to, give some feedback on probate plus you want to start with that? Yeah.
Bill Byrd: [00:02:18] Yes I would. But first I'd just like to, thank you. And Chad were. the last five years has been amazing. You guys have always been there when I needed you and Chad, every time I send him some new marketing thing, I never get a 10, but if you get a seven out of Chad, add a one to 10.
You're doing good. So lately I've been averaging some seven, so thank you. Thank you. You're very welcome. I, my pleasure. yeah, so I'm a big advocate of Chad, I just, he really helped my business. You all have, but in his fast start program back then, which is not even close to what it is now, but yeah, that really made an impact on me.
So I never believed in scrubbing leads, pull, I'm calling you soon as I get the lead, I'm calling my letters. All my campaign is based on after I've called you the first time. and so I never believed in it, but I thought, I'm just going to try this probate plus, and damn it worked so well.
It like cleaned up my time on the phone. And, the biggest thing is I would have never have known this particular client. I'm going to leave their names out where they are out. They have 12 properties and I'm meeting with them the first of the year to discuss all 12 properties and selling all 12 properties, and I have always, never assumed they just have one property itself, but I was like, man, this is just amazing how much probate plus really helped me out on my time table.
And it also brings you back to the memories of work. All the leads. When I used to drive to Sonoma County recorder, I would drive to Morin. I would drive to San Francisco to get the list of who passed away back then. it's just been an amazing journey with you guys and. I really appreciate how you guys have continually updated.
I know this kinda sounds like, a conversation fairy land, but it's the truth. if anyone knows my story in 2010, my family was. Broke no money. always worried about the PGE bill falling off. I used to guard people for $15 an hour. I used to clean job sites for $20 so that I could just buy enough food for the day, which consisted of milk Cheerios.
A loaf of bread and baloney. And that's what my kids pretty much ate for the first six months. being broke maybe a little longer, but my point being, I'm just wanting to say, thank you guys so much, and I appreciate probate plus. Thank you bill. And for anyone who didn't see our case study video was still a Katt will link to that in the show notes, but you can search for that on all the leads.com, just search B Y R D.
And it should bring up that post, but you'll see, Bill's not living off of a Cheerio's anymore. Really, I think you're a little too modest to toot your own horn here. So I'm going to do it for you, but he's built this into a seven figure business with insanely high margins and taken it a long way. So they'll thank you for sharing all that.
Probate Plus vs Other Probate Leads [00:05:12]Chad Corbett (Coach): [00:05:12] And secondly, if you have probate plus as a relatively new product, we always have new folks on this call each week. Like what the heck is probate plus? you can go to alltheleads.com/probateplus, and the full description there, but it's basically a proprietary data augmentation that you have that gives you all the real estate information.
So not only, real estate held in the name of the decedent, but also in trust, also an entity, out of state, we scrub 3,149 different counties. So we're more than looking in your local MLS or your local courthouse. We're finding anything the decedent may have owned anywhere in the country.
and you can learn more about that. It's alltheleads.com/probateplus and you'll see on there. And bill, I'm curious to see if you've tracked your numbers, but. In beta. When we were testing this with the groups, we found that it cut marketing costs by about 45%. So that is the time and money that you spend on your marketing efforts.
By focusing only on those, I prioritizing the ones that have real estate people were able to save about 45%. have you tracked your marketing savings? No, not yet, but what I will, what I have tracked is my phone. Time, and it has definitely cut a third out of my phone time. Which has been great because I really want to continue to expand into divorce, which a lot of people don't seem to get that.
when you deal in probate, it's normally a family attorney. What does family or estate attorneys do? They also deal with divorce and I'm consistently trying to evolve that we're coming out the new website about that. We're also coming up to a brochure.
How To Be the Solution Before Sellers Realize They Have A Problem [00:06:57] Bill Byrd: [00:06:57] I really enjoyed the call where you guys were talking about being the solutions to their problems before they know they have a problem.
And that has been really great. And then also there's some new tax laws. Now, I don't know how these tax laws got passed because I don't know of anybody that voted for them, but that's really creating some opportunities, with, probate, the fact that you can't carry over. The tax basis, next year of someone that has passed away.
when people say to you and, th there is a five responses you normally get, and one of them is, I'm going to rent it out. now you can say, Hey, very well, maybe I'm the right decision, but I'm just curious. Did you know what path in 2020, where you can't, carry over your parents, property tax bases.
So that means their property taxes are going from like 3000 a month to 20,000 a month. 3000 a year to 20,000 a year. Wow. Very impactful. If you texted me back, I didn't see it. could you send me a link to that on a better. And for anyone who doesn't understand the tax implications of inheriting real estate, which you look up the step up basis, so step up basis and that'll help you understand, apparently that's going away in California, but that's not the case in every state.
So that's one big X-Factor like bill is one of those, like the good example out being empathetic to their position and truly, yeah. Acting in their best interest before they've even give you, given you enough opportunity will attract business that you hadn't been competition when you do it at this level.
So bill you have an early 20, 21 campaign just on that one thing, To go and say, Hey, here's, what's changing. And here's how it affects you. correct. Correct. And just waiting for the final writeup and I'll send you that where it's at right now, and then the last thing I really want to say is through probate and doing a good job and by offering the solutions, there are some attorneys that want to handle the painting, handle the stage Jean, because they're billing.
the state for that. So you've gotta be smart. Fair enough to back away on that. But then there's other ones where we do all that. and judges, depending on how the trust or the will structured see that, and that has led to some, direct referrals from judges on divorces in hand. I've also gotten divorces because normally by the time the lawyer is thinking.
I got to find a real estate agent for these people because they can't agree on anything. he wants a realtor that is going to do everything. Painting, staging, clearing the house out. You name it.
Marker [00:09:32]Jim Sullivan (Host/Coach): [00:09:32] That's great. you built a and bill, we refer to you a lot on, early on, I think 2015, 2016, you realized that some of your best leads were the ones where the attorney and the executor were one in the same. They were professional administrators. And you did a, how many of how you connected with these guys who make a living of handling estates?
And you've really established a steady referral from them, correct? Yeah. Yeah.
Bill Byrd: [00:09:57] Yeah. I get, somewhere between six and seven deals from, either accountants that have that business or attorneys that have that business. The hardest ones to break into are the banks because they didn't want to favor anybody.
Jim Sullivan (Host/Coach): [00:10:09] Exactly. Yeah. And I think you had shared that story with us before, where you had appeared before the same judge, numerous times for a probate case. And when the divorce came up, And they couldn't agree on what realtors, I think the judge ordered them to list the property with you. If I remember correctly, it was something like that, correct?
Bill Byrd: [00:10:27] Yeah. Yeah. David. Exactly correct. Yeah. Yeah. That's exactly. Yeah. that's awesome. That's great. One other thing I did want you to share with the group and I appreciate it. I know you have to get off to a listing appointment, or I know you had something to do. That's why we put your first, you shared with me on the phone, some recent deals that you are working on, they came from, I think one of them came from a three-year-old lead.
I think you had shared with us how you and I love you analogy of the fishing hole in your front yard, if you would share that with everybody. Yeah. Yeah. to me, all the leads has been like stocking a basketball on, right? Yeah. whether you realize it or not, you're going to get.
Future business. You're gonna stock in it with 1500 leads every month. I don't know how many exact leads are in my database, but I know it's in that the thousands. So I talked to this lady three years ago, about selling or her home, her husband passed. And you always have to walk into those leads when you see the same address, for the executor or who's managing this state, there's a person that passed away.
Can I got to walk in there lightly. So I did. And, I've just talked to her every six months. And so back in October, she says, I'm ready to sell to 2.2, $5 million house. We're closing on Monday on that. the other thing that I think people lose sight of is just because you don't get the listing on the probate.
That does not mean there's not a deal there. Your investor could buy it. Or if you hang in there with the, the seller and say, Oh, okay, I understand I didn't get the listing. That's great. I'm really glad you have somebody that's going to help you. I'm curious who you chose sometimes I'll give it to you.
Sometimes they won't on this particular one. the person that had passed away, she had written in the realtor in her. Will. So anyway, so I called him and soon as that house came on the market, cause he wouldn't let me in early. My client was the first one there and we were out and above asking price.
And it was really hard to get a home on the water in my area. and that's just goes to show you that you've got to look at this in, this is an opportunity how you use it is not just one way, right? It could be a lead in this. It could be a deal in the future. You could have a buyer for it. you might be able to cause I'm a big believer in advocate.
They might need painters. They might need different people. And so now you're bringing in your painter, you're giving him a job and he knows that you sent him that job. and there's going to be some gratitude to there. And I just, I absolutely believe you cannot help other people too much, and you have to be grateful and have gratitude for any opportunity to help another person.
Chad Corbett (Coach): [00:13:08] The other things, like I imagine they're going to have two and a quarter million dollars in liquidity. Maybe they're a private lender. Maybe if they keep a property, you get them over to a community bank lender. I have them take the house in inheritance, get a tenant in place, go to a community bank, do a cash out refi, take that money and loan it out to your investors or go sell a rental portfolio.
Like just because you don't get what your desired outcome doesn't mean a damn thing in this situation. If you can focus on the needs of the family and show them ways, show them things, teach them things that no, and they'll spill. Here's how you double your money every four years by loaning holding it to real estate investors right here in town.
Here's how you use community bank financing, portfolio financing to create, leverage, and build a real estate empire of your own. and you'll get 12 deals off of that buyer base because you show them how to leverage the inheritance that they get. So it's being empathetic. I want them to really drive Bill's point home, like being empathetic to what their needs are and also what their blind spots are.
We'll show you ways to service these people at a level like you'll create wealth faster than you can ever imagine because you're helping enough people get what they want and putting their interests first. So thanks for that bill. And very well, Bruce, go ahead. You had a comment, sorry.
Bruce Hill (Coach): [00:14:28] Hey bill. for those of you that don't know Bill and I used to coach for a real estate company together, back in the day, so long, a long time.
No talk. so one of the things that I liked, what you just said is, is the analogy of the back pond in stocking the back on which goes to a point that I frequently make to people is the reason that I've always loved probate so much is, in normally, California might be a little bit longer, but normally six, seven months, most of these families are going to be ready to do something and some even longer than that.
And if you are good at follow-up. And you're empathetic. You're understanding you're not a pushy person in six or seven months. You're going to be the only person in Bill's case three years on this lead. You're the only person that they're considering. Cause you've had a really long runway to build a brand, of empathy and health.
And for those of you that are listening right, are looking at a month or two months to get business. You're going to get some of that as well. But if you can take the long approach with this and build a relationship, nobody else is going to do it. You're going to stand alone as the only person that these families and these personal representatives are ever going to bring their business to.
Jim Sullivan (Host/Coach): [00:15:40] Well said, bill, we can't. Thank you enough. I know you got to go. If you're able to hang in there for a minute or two, maybe some people have some other questions. Is there any other, I know you listened to us on YouTube and you listen to our calls you said every Thursday morning at seven o'clock, it's part of your schedule.
I love that, but boy, if you could just come on once a year, we appreciate it. It give us updates. I think he helped us. I think he helped a lot of people on this call. any other words of wisdom before we let you go?
Bill Byrd: [00:16:06] there's a book called the generosity generation. It's called seven now.
I really recommend everybody reading that. It's something that Chad, had mentioned to me, five years ago. And then there's also, a YouTube. channel it's Chris Catalini. It's C a V a L I a N I, he's got a great, YouTube video that came out about good manners, proper etiquette. And being a good person and having gratitude.
I think that's really where we need to be as real estate agents, especially as we're heading into forbearance. Hell of exactly how all that's going to work. Yeah. very well said, my friend. Thank you. you are the ultimate example of the culture that we try to teach, and I really appreciate you contributing.
Thanks for being here. My pleasure.
Jim Sullivan (Host/Coach): [00:16:53] All right. we do have a few other patient people in the queue that have been waiting. So let's go to our first, our second caller this week, his phone number ending in zero three zero nine you're up next,
Navigating Probate When Family Doesn't Get Along [00:17:05] Hey guys, how are you guys doing today? Great. How are you, sir?
Caller 1: [00:17:08] Good. Good. I came across an issue when I actually made sure obviously every deal going to require some creativity.
The personal representative doesn't have a good relationship with his uncle. Neither does the mom either.
There's only two heirs. And it doesn't sound like they like each other at all. Unfortunately, what would be the best way to handle it? Is it best to call the uncle and try to talk to them? Or is it best to have the attorneys deal with? There will be the ideal case.
Chad Corbett (Coach): [00:17:33] So is he as the uncle an heir?
Caller 1: [00:17:35] That is correct.
Chad Corbett (Coach): [00:17:36] Is there a will or it's intestate? I don't think there's a will. I didn't ask that question. So that's good to know.
So it's, I think it's important that you understand that the personal representative doesn't have to have any contact. Your uncle doesn't necessarily have a say in this, the personal rep, the nephew is the fiduciary and they assume the liability that. It's their job to preserve and maximize the value of the asset and then distribute according to state succession laws there as well.
So if it goes sideways. Just understand the uncle doesn't have to be in the picture. He can't dictate what gets done. Now that said, we always try to go the diplomatic route. This is, we want to reduce stress for the family and improve their situation. So I would recommend you reach out to the uncle and you handle this more like a divorce case, where you actually become a friendly intermediary.
And you might have like good cop, bad cop. If you're not familiar with that as a negotiation tactic, I would go whenever you can on that. But you may have to, their ego may want to spew out some of the other party and you may have to listen. You don't have to have that one day. I'm an intermediary and give the uncle of voice so he won't become a problem. But if he does become a problem, it's really probably not going to prohibit you guys from achieving what the state needs to achieve.
Caller 1: [00:18:49] Okay. I do know that the nephew said based on the conversations the attorney's been having, that the uncle wants the most money for the property that I do know.
So it sounds like he's on board, on selling. It's just a matter of them agreeing. Let me ask you this, then there's two heirs. Do we need both signatures on the heirs to sign the listing agreement or is it more, or the PR is more than sufficient to sign?
Chad Corbett (Coach): [00:19:11] As long as the PR has the letters testamentary, all you need is their signature on the listing agreement.
Caller 1: [00:19:17] Okay. That makes sense.
Okay. Cool. Alrighty, anything else? That's what I have. That's it for today. Thank you so much.
Jim Sullivan (Host/Coach): [00:19:23] All right. Thank you. Next up is phone five five, two, three. You're up next.
How to Get Started In The Probate Real Estate Niche [00:19:28]
Isaac: [00:19:28] Hi, how are you? my name is Isaac Israel of, I live in Rockland County, New York, about 45 minutes North of New York city. I've done many things, in the real estate, including, residential brokering, like 2004, 2007, since 2010, till about now, I've been doing commercial real estate brokering as well as now, embarking on investment.
Thing. one of the things that I wanted to, do is flip fix and flipping and wholesaling. I never had a good system and I somehow through Facebook found out about All The Leads. This is my first time on the call. I heard a lot of good information now on this call. I want to know what's the best way for me to be able to start getting access to the leads as well as maybe some support, if there is.
Or, what's my best way to get started right now. as they say, it was a lot of debt and, and the most money to invest is just living month to month with everything that's going on, but I needed that system. And if you could give me more information, advice, I would appreciate it.
I have to have a partner which we're partnering on the motel now where we doing it, trying to flip it, but that's different things he might want to get in with me also.
I think I'm better off doing it on my own. So what that's required.
Jim Sullivan (Host/Coach): [00:20:46] Yeah, every County is different and I will have someone reach out to you right after the call. and as far as what can you do to be successful with this figure out what all the other investors are doing and do the opposite there. If any of them are even contacting these people, they're just saying, Hey, I can buy your home for cash. you want to be like, Bill just said, you want to offer the multiple solutions. don't come at it as much as an investor, as I'm a probate expert that specializes in helping people and there's a lot of different ways I can help you. You'll be amazed how that will gain their trust and that'll help get your foot in the door. Get the conversation started. And one of the things you do want to do, if you're not a realtor, have a good realtor on your team. That you can refer the ones too, because some of these are going to be great, buy and flips, and a lot of them are just going to be motivated listings.
So you want to have a great realtor on your team that you can refer the people to that, that are in a, any kind of distress and, want closer to retail price. Anything you want to add to that Chad or Bruce? Go ahead. Yeah.
Isaac: [00:21:46] Or maybe get my own light, my license restored, and then also partake in that aspect.
Chad Corbett (Coach): [00:21:51] Yeah, that was going to be my advice. having experience in residential brokerage in commercial brokerage, I have to assume that you've learned how to recruit, because you've been the broker. So I think one of the paths of least resistance and the highest ROI for you is probably to reactivate your license, recruit an agent onto your team, to mentor and train into the space.
And have them, just like in commercial real estate, have them split some of that cost with you, make your broker work for you, but the idea how that works.
Isaac: [00:22:20] So you just, expand on that. Do you mean that like I should become an agent with exp and then recruit under me? Or are you referring to recruit in probate listings?
Chad Corbett (Coach): [00:22:30] When you said before you were a residential broker commercial broker, isn't that right? I meant agents, not like broker that I have agents. Yeah. even, so you can partner with another agent and have them do that side. If that's not what you want it to, and you can also have them subsidize your lead costs, your marketing cost.
You guys can, joint venture on that. So if you're in a tight cashflow position, you may start out by saying, Hey, listen, we'll split these 50 50, but we're also going to split the cost 50 50 and, find the person you can trust and set proper expectations from the beginning of what a, an investor deal is and means for you and what a brokerage deal is a means for them and you guys can collaborate. But any rate, however you end up entering the market, what Jim was saying, this is your first phone. There are almost 700 hours of conversations like this archives and accessible to you have to really dig into that and understand the culture we created and how building a team around yourself to attract the business well, greatly differentiate you.
So you ultimately spend less on marketing than other ones, people, and you get a much higher ROI. and learn a little bit more about what we offer and how we train people to do this. and you may see opportunities too. monetize some of the vendor relationships. I don't normally really recommend that for folks because it just means you're tracking a whole bunch of tiny pieces of revenue.
And it's usually not the best dollar productive activity, but if it's a barrier, if cost is a barrier to entry, it is a way that you can get referrals from painters, photographers, home, stagers, you name all the people that you can bring into the transaction.
Isaac: [00:24:06] But, it's, the other thing is how are they helpful or the photographers and what not for leads?
Chad Corbett (Coach): [00:24:12] So for example, if you pay for the leads the first month, then you don't have enough cash to pay for them the second month, but you believe in this and your heart's in it, in that first. list, you can find somebody who needs help, who needs a painter who needs a senior moving company, an estate sale, know who needs a state plan,
Bruce Hill (Coach): [00:24:29] I'll jump in on that, Jim, what Chad was saying, it's something that I've done in my business and I, actually his advice about taking on an equity partner in the probate space is exactly what I did in my business is I brought in a partner.
I handle the marketing and the attorney relationships. He handles the phone calls and the listing appointments. We split commissions 50 50. We also split costs 50 50. So that's a good way to get someone to partner with you. And then on the vendor side of things, I have a couple of vendors that I market their services for them. And what you do is you could always just drop a little, you're sending your mail out, and we do recommend that people mail as well as called. Tou're sending your mail out anyway with your particular narrative and your particular marketing message. You can always drop a little side, small postcard in promoting one of your vendor partners business and have them offset the cost of that round of mail.
Because you're promoting their business on a separate cards that you just include with the letter that you're sending out anyway. So there are ways of really monetizing this and at least offsetting costs associated with not only that, but marketing to the families as well.
Isaac: [00:25:44] You partner up in the postcards with a mortgage broker or like who?
Bruce Hill (Coach): [00:25:48] Oh, there's all kinds of people. You could use financial advisors, you could use estate sales companies ,you could, use, clean-out companies. house cleaners, landscapers. We, in my business, I have a list of somewhere in the neighborhood of 24, 25 different vendors that I use throughout the year. And it really, the list can go on and on, but these are 24, 25 different vendors that are going to be typically involved in at least one deal with me through the course of a year.
And, so they're the first people that I go to and ask if they want me to promote their business in a particular round of mail that I'll be sending out.
Isaac: [00:26:26] Cool. I'm so excited. I'll be honest. I was looking at, I was looking into affiliate marketing and I got just because, when you don't have a good, system in real estate, commercial real estate is great, we've been through a few skeptical months.
So this is great that I came across you guys actually saw your work and you really are.
Jim Sullivan (Host/Coach): [00:26:45] We're glad you found us. And we're, we've gotten pretty big over the last six or seven years, but never too big to be able to help you know, anybody that we can. So we appreciate your input.
Isaac: [00:26:53] Who's who Chad. I know I see him on Facebook on allthe eads.com And then who's talking.
Jim Sullivan (Host/Coach): [00:26:58] Yeah, this is Jim Sullivan, Bruce Hill. Yeah. And if you go to the top of our website, just hit about us and you'll learn boring details that you don't care about all that. Oh, of course. All three of you. All the leads.
Yes, sir. Nice to meet you. Nice to meet you, sir. Thank you. Yeah, we look forward to coming back in here and your success stories. Thank you. All right. Next up is phone number ending in zero nine, four eight. You're up next.
How to Prospect Old Probate Real Estate Leads [00:27:23] Ruel: [00:27:23] Hey guys. How you doing? This is Ruel from Bergen County. Can you hear me? Yes, sir.
Yes, sir. unfortunately our courthouses are still closed. so we've been working with expired and expired leads as far back as January, February, March, unfortunately, nothing stuck. so I was just wondering what you guys think we should, do as far as going back, getting outdated, last year is the latest, or what can I do going forward to be a little more current with the leads that we have?
And second part of that question is a little unrelated, but, we're hired hiring our VA come January. If you could just walk me through how you think I should, college is going to have them go over the last month, three day, which I have a copy of had been go through that. But as far as more training for VA, any input would be appreciated.
Chad Corbett (Coach): [00:28:09] And on your first question, you heard Bill Byrd in the beginning of this call, he just took him to two and a quarter million dollar listing. That was three from a three-year-old list. So not every family will actually sold the real estate during the probate. however, the personal representative is usually if closed, they're usually the one who inherited the property.
So there's some opportunity there. They're also the major procrastinator, so go a year or two or longer, and then leave probate open because there's no mandate. There's no timeframe where it has to be closed. people try to move them along and get it closed. Yeah, there's no hearts law that says it has to be done in this amount of time.
So what you'll find on those older list as you'll have no competition, virtually none ever, because everyone else has long forgotten about them and they assume that they, they've already sold everything. So they don't matter to them. What you find is those are the people who need you to get your leadership and your help most.
So a lot of times it's for your come list. Me calls come from. And so someone else is a contributor here and it's a great subscriber of ours. David Panell. If you've heard him talk, you'll hear him talk about the same thing. He has a significant amount of his folk comes from homeless and calls that were six to 12 months old.
So if you guys have already worked through all the leads and you feel like you want to do more, I think it's a wise investment to buy the historical data and work on those older files because there is opportunity in there and any market in the country. so that was the first part. How far back would you go Ted?
24 months. At least. we find a lot of value. All of us back to 24 longest one I've ever done was back to 1983. So there are families that go decades and just put their head in the sand and do nothing. But you're going to find a really solid or on investment back to 24 months. Right now, I'm doing the other thing.
The other go ahead. Sorry. The other thing I'll mention that was one of the primary reasons we can help grow probate plus, cause you can take two years worth of data, run it through probate plus, and then we'll be able, it's an easy button and we'll tell you which ones still have property wealth. The property is how much it's worth.
everything about it, whether or not it's on MLS or has been. So it's $3 a lead for those historical leads. It's a dollar for the Lea in $2 for the augmentation. But you will like, we'll basically just raise the cream to the top of exactly who to reach out for and why you're reaching out what they own.
Ruel: [00:30:30] Yeah. We were able to do the probate leads and the probate plus four, again, like I said, the last one, which we had was January, February, and March. Unfortunately not much luck. So I guess you're suggesting go back further then.
Jim Sullivan (Host/Coach): [00:30:41] Yeah, I would, I started last year. Yeah. I started to say right now I'm doing two deals that are between two and three years old, both of them.
And they're really good clips where like Chad said, for one reason or another, they family issues, disagreements. They just weren't ready to do anything. Now they finally are, but the good news is. I guess the bad news is probably 90% of them are going to be sold or listed or, it's property has been disposed of, but yeah, you only need a few in there to really have, make a lot of sense and we keep hoping you guys will come back every month.
We think it's gotta be next month. You're the, you're one of the few remaining markets that hasn't opened back up, but, milk the old ones. Yeah, congratulations, but sounds like you've got a good attitude. And we've mentioned on these calls too. you said it hasn't developed, I'm curious on the January, February leads were the majority of them already completed or they weren't ready to, or they were just delayed by the process or what's your most common objection that you're getting.
Ruel: [00:31:37] the biggest feedback was, first and foremost, what they always say is my lawyer's taking care of it. And, the second one is actually they'd gotten rid of the property. So although we ran the probate plus as late as October, when we ran probably a plus and all the leads, some of them would still say that even though it was on our list, That it was a, that they've gotten rid of the property.
So that was another kind of part that I was going to ask, like how updated is that list when we get them? Because I was surprised when we followed up with called in October and the, probably a plus kind of spit out the list and they still said that they got rid of the property. one thing that didn't occur to me.
If your records division is shut down. That's why your recordings aren't being updated in probate. But
Chad Corbett (Coach): [00:32:18] I hadn't thought of that. So actually, the MLS status and things like that are going to be accurate, but since your record room is not recording, if it's shut down, then probably not getting the data out to where we get the updated data set in that County. That makes sense.
Bruce Hill (Coach): [00:32:33] Yeah. And as someone that also actively markets, the probate leads, when I get probate, plus I always take. While I'm prospecting at the same time, I'm prospecting because I'll make a round of calls for my first letter drops. And as I'm doing that, I take an extra 10 seconds per property. And just compare the deceased name with the, with the current owner name on that real estate record.
I find in my area and this isn't true of every area, but my Area. I find that about 5% will have had property and probate plus we'll show that it has transferred. So it might come through as a property record occasionally, but just looking at the current owner name, you'll see that it transferred sometime in the last couple of months, but we're still picking up a real estate record.
Ruel: [00:33:19] Gotcha. Okay. That's a little tip.
Second question, and I've already forgotten that. Can you remind me, so my second question was we're hiring our VA, in January. And, the first thing I was going to do is just have her go through the three day, which I have a copy of that's the first and foremost. And then I was wondering after that, I was just going to have her listen to all the cold call, Archive that you have, but any other tips on how we should handle the VA?
Chad Corbett (Coach): [00:33:41] So what is the scope of her this VA service? Are they just playing phone work? Are they an office, admin marketing, admin? What are you going to sell house?
Ruel: [00:33:50] Basically our assistant, part of a company. So it's not just cold calling, we're going to employ,basically have her do what the system that we've set up.
Ready. Okay. I just didn't like,
Chad Corbett (Coach): [00:33:58] okay, she's going to be, she's going to be more involved in just making phone calls five hours a week. Like she'll be a full-time employee. Absolutely. Okay. In that case, I agree that you should start her with probate mastery because she will then understand the operating system and core values that you guys are running off of.
And there's a lot of value to that because then she'll start to develop. If she buys into that, then she'll start to develop her own version in her own language, and then putting her in the role, play calls and role playing with her. she w you know, instead of handing them a script, like most people want.
Like you'll be able to groom her into someone who knows what to say, because she was, she did the right things in the right order when getting started. So I would start with mastery. Then I would go have her go to the role-play archive and do middle of less than three complete role-play calls.
Then I would role play with her, like internally and your team. And had her come into our Facebook group, all the leads mastermind, there's lots of little subgroups in there where people set up role play groups that are recurring time each week, have her jump in and role play with our subscribers. you can have her join the probate mastery, alumni, Facebook page.
And, as long as you guys like under your name, but you can jump in there and find role play partners that are, run and get a higher level. But that's the biggest thing. It sounds like she's going to be the initial point of contact. So you've got to get her where she's 100% clear on your offer and she has to be very empathetic to the family's possession.
She has to be very clear on what you offer. And she has to, even if you don't have that in place yet, she has to be confident that she knows she has faith in you, that it will be in place by the time you get to the appointment. She's and that's, that should take up the next month of her time.
Ruel: [00:35:41] You can call back and ask what's next. She'll be jumping into the Role Play calls with you guys. I'm sure about that.
Jim Sullivan (Host/Coach): [00:35:46] Yep. Two eight one one. You're up next phone number ending in two eight one one.
Do Not Call List - DNC Numbers For Probate Prospecting [00:35:51]
Caller 2: [00:35:51] Hi, my name is I'm a I'm a broker in New York. I'm actually a associate broker I've been for awhile. What is it that we, one thing you have also that does not fall a little star next to it. How do we contact them? If we cannot call to the Do Not Call List?
Jim Sullivan (Host/Coach): [00:36:05] Are you talking about the generic do not call or are you talking about the New York restriction and I assume that was only quoted on my first lead. The 1st of December start with some of those farmers do not call, the number there.
Chad Corbett (Coach): [00:36:16] We do that to protect our own assets. As a call center, you're a much bigger target for litigation to get roped in to stuff by attorney. So we cannot, we do not call the do not those on, do not call. we've had over $7 million placed on the leads numbers that we've put out.
And there's been one instance that I'm aware of, that anyone's aware of. And it actually did come out of the state of New York and attorney made a phone call to one of our subscribers. And said, listen, we got a call from a consumer. We understand they're a public representative, but their number was on DNC.
Please don't call them again. And that was it. There was no email. There was no letter, no formal complaint. So you have to assess your own risk and make your own decisions. you understand what the NC is, but we have, there are several gray, legal opinions. a couple of which like one, this person is currently appointed as a public representative.
For an estate that's in an open creditors period. Another angle, another legal opinion is that, you're not directly soliciting, it's a seldom something you're offering a service and you're not even sure what that is yet, because there's many ways you can help them, but you and your broker will have to look at it and decide if you're comfortable making those calls.
I will say that most of our top producers actually didn't. okay. I'll follow. Okay. Okay. My second question is, I also was importantly, I was the administrator. If I already have it, if I wasn't a position, I had an administrator, I had an attorney. I'm an administrator. why would, how do I make myself different?
Why Probate Leads Need Real Estate Help, Even If They Have An Attorney. [00:37:43]
if you want to use me whenever you have an attorney, I know I'm not an attorney yet, but how would I show that the service offers better than what. how would I sell the service basically? What do I, what am I offering question,
Bruce Hill (Coach): [00:37:53] You're offering everything that the attorney does not handle. So typically the attorney's handling all the legal aspects, the paperwork, the asset collection, the debt they're handling that and paperwork that goes to the courthouse where the family. They still need to clean the house out. They need to maintain the house.
They need to clean the gutters, cut the grass, fix the leaking sink, have an estate sale, divide up personal property assets, sell the property they need to, they need all that. They need to make sure it's insured. And most attorneys, not all, but most attorneys don't help them with those things. So when someone just hammers me with, Hey, we have an attorney and they're handling everything rather than attack that objection, head on.
I want to attack it in a couple of minutes. On that call. So I want to circle back to that and ask them some questions about what their future plans are. Hey, it's great that your attorney is helping with that. You might not need a whole lot for me today. Do you have a quick minute for us to talk and figure out if maybe there is something that I can provide?
Because I'm not just one thing. And then you asked about the real estate you ask who's involved. there's a whole list of questions that you can ask. And if you want our interview sheet, just, get with support or shoot me an email@example.com and I'll get you an interview sheet that we have, but eventually you're going to circle back and you're going to start to share with them how the attorney doesn't take care of.
Many times the attorney does not take care of all those real estate and personal property group related responsibilities. That's on them and that's what you take care.
Caller 2: [00:39:38] Okay. Okay. I'm gonna definitely get this sheet interview sheets, but you have script as well. I'll get a copy of that as well. Thank you.
To Wholesale To Investors as a Licensed Real Estate Agent [00:39:45] I appreciate it. Very good. We have, we were in the queue. One more question. Go ahead. All right. I also really want to be an investor. If you haven't built to really dream is to be inside themselves a little bit, an investor. I'm assuming I'll find somebody you want to, wants to sell it to an investor. I actually don't have the cash.
I can get a partner, but is there a, a contract you're getting into a contract with them? I didn't slip the contract to an investor, or how does that, how would that work? Like I don't have the money just depends on your, it really depends on your strategy. do you ever cash aside, would you rather have a hold a home long term and get the cash flow and tax benefits?
Or are you just always looking for quick revenue at the beginning of that quick way? And you just don't have enough money to spread them around. So that could be come to the point that I, it, I'm sorry.
Chad Corbett (Coach): [00:40:28] Okay. And you're you already have a license, right? Yeah, I've been a broker for many. Okay. So as a broker, you can take a flat fee listing agreement and don't offer any cooperating broker commission.
So for example, on a hundred thousand dollar house, you might take $20,000 commission and then offer a zero, 0% co-op people are going to be showing your listing. So as long as you have the buyers list, That's a way to do it through your real estate license. And obviously when you bring the buyer in, you would give them an unrepresented party at the end them, I don't recommend representing them in a dual agent capacity.
I think that's right. I think it's, there's too much liability, but you can take a flat fee. Listing and just don't offer it to anyone else. Or you can get it under contract. As a principal, don't use your sole proprietorship, your personal name or your brokerage, and use a separate entity.
and then just assign that contract for an assignment fee. And the most vital comes from most markets. You can find a title company that will do a simultaneous close, where you don't actually, you can close the B to C with the aid of pay money. Okay. And then the reason I asked that, the reason I asked the question I did, if you wanted to really build wealth, basically you can take the subject to a lot of times the home, almost 68% of the time, these homes are free and clear.
and you can take them with owner financing. And a lot of times without a payment, they, they will actually just finance it to you. And then No, I would say a six to 8% interest rate. You can show them an extreme amount of value. Obviously you're not going to go full term. You just, you get it.
Cash flowing. Then do you do a cash out refi with a community bank? And boom, you got cash in your pocket. You've got the house and you've got monthly cashflow. So you need to get clear on what your strategy is like, why do you want to be a real estate investor? If it's to make a bunch of money real fast once, and wholesaling is a great.
But if you want to build real wealth, then you do things like the ladder. what I just talked about, you take a home owner financing, you get a tenant in place, you do a cash out refi. Then you get the best of both worlds. You get the house and you get a pocket full of cash and you get monthly cashflow and you get the appreciation.
and all the tax benefits of that. So really get clear on what your strategy is. Then you'll know what to do with the houses. Yeah, that's a much better idea. That's what I want to do, but I thought I needed more cash for dump influence property and do the traditional down-payment go for mortgage, have qualified for the mortgage and all that other stuff, which I won't qualify with income.
Something I'll point you to, if you go to probably our YouTube channel, the easiest place to find us back in March, we did a series called shift happens in episode four, cat we'll link to it in the show notes, but episode four shift happens. I think he threw seven distinct creative finance strategies that allow you to do what I just proposed.
So if it's, if that's new to you and it's intimidating to you start there, it's a couple of hours of training. We just did it on zoom, but start there and start to get an understanding. and then there's some other places I can point you once you have a basic understanding of what the strategies are, I'll point you to some more advanced training.
Caller 2: [00:43:31] Okay. Okay. That helps.
Jim Sullivan (Host/Coach): [00:43:34] Next up is phone number ending in eight, two one three. You're up next? Hey guys. super quick. D regarding a date, question, book, name, and follow up. So date, you said that the next. Mastermind is on the seventh.
Does that mean that on the sixth? There will be a role-play a yes or no. Oh yes. Good question. Very good. Yeah. That's the first Wednesday of the month, absolutely. Thank you. Okay. Okay. So that will, okay, cool. Then, I think, bill mentioned the name of that Chad suggested something generation. I didn't catch the first word friendship generation.
I wrote down generosity generation. Oh generosity. Okay, cool. And then my actual question is regarding follow-up.
Follow-Up Calls - What To Say [00:44:16] Fed: [00:44:16] So once you've called someone, let's say, two, three, maybe even, starting the fourth call, I'm running out of things to say. How should you approach it? You just approach it from an angle of, has anything changed that you need assistance with, with such as, securing the property, repairs, plumbing, et cetera, or do you guys take a different approach?
Chad Corbett (Coach): [00:44:37] As you're. Where are you? What market are you in again? I don't know. I keep forgetting. Oh, all good. All good Los Angeles. All right. So Bill Bird just gave you your intro point for every conversation you have until the rent until the end of this month, especially you've got an urgent reason to follow up, right?
Because you are, you just now learned that they're about to lose the step up basis rule and that's a big damn deal. And you need to let them know because nobody else is.
Fed: [00:45:02] Okay. I love that. All right. To do that today, actually. Yes, sir. Thank you guys. All right. Awesome. Thank you for being quick. And our last, if that we saved the best for last, six two, three, one, you're up last.Should I Register My Domain Name As An LLC? [00:45:13]
Mike: [00:45:13] Hey guys. Hope you're all doing well. Try to be quick. I'm going to have to limit my eight questions down to one or two. All right. Thank you Mike. I recognize your voice. Yes, sir. By the way, the other seven, just contact us after the call. Send us an email and we'll deal with them off the call @ support.
Jim Sullivan (Host/Coach): [00:45:28] Yeah. Supported all the leads.com. Yes, sir. The first one is a quick one. It's is the, when you talk about the six ways you guys can help, is that what you refer to as the service hub?
Mike: [00:45:37] Correct. I think that's what Chad to the service wheel. Yeah. And I just, I just want to say hi to thank you for all the great things that you're doing. Thanks to Tim for calling me. It was an honor to speak with him earlier and, and thanks for Bruce to, to speak with me yesterday on our call.
Everybody's doing such a fantastic job. I'm so happy to be part of this. This, this group, if I just got my URL, just got the website, signed up for that. do I shoot, should I then go get that URL, that name form an LLC with it? Or what do I do to protect myself? Am I now going to form a company with that URL?
What's the suggestion there now.
Chad Corbett (Coach): [00:46:13] It's depends on how big your vision is. your entity name certainly doesn't have to match your, your URL name is nice. If it does you have that consistency, but if you have a purpose and a need for an entity, yeah, go get one that matches your URL.
It's available. Now the one thing I would say what, let me first ask, what is your URL? Yeah. Jersey probate solutions.com. Okay. So we've heard on this call. Once you get really good at probate, the attorneys and the judges start giving you what all of the divorce listings, they start paying you to testify in court.
You start to do trust administration. You start to help families in transition that haven't had a loss in the family, but this applies perfectly well to their situation. So when building a brand, the biggest consideration that I warned people are, bring up the people is,
Jim Sullivan (Host/Coach): [00:47:02] we lost Chad. you there, Chad. I know what he was going to say. We lost him in sounds like he cut out. you want, you might want to do something like a Jersey transition specialist or a family transition specialist. You might, if you plan on expanding beyond probate, you might want to make it just a bit more generic.
All right, sir. thank you and contact us with help with the other questions. I appreciate you keeping it short. all right. Thank you. I want to thank each of you, this 2020 has not been an easy year, but, we appreciate all of you being here.
It's actually been a productive year. thanks to our partnership with all of our great clients like you. And we want to, whatever holiday you celebrate, we hope you have a safe, happy, relaxing one with your family. And, I want to challenge each of you. I always do take some of the ideas you heard on this call over the next few weeks, couple of weeks, go out and.
Put them into practice and come back on January 6th for a role-play call and January 7th for our next mastermind call. Have a great holiday guys. Stay productive, stay safe, and we will talk to you soon. Take care.