Door-Knocking for Probate Leads | Probate Mastermind Podcast #317Katt Wagner
Probate Mastermind Episode #317 | Recorded Live on March 4th, 2021.
In this episode of the Probate Mastermind Podcast, you’ll learn how to add door-knocking to your probate prospecting strategy; navigate probate situations where siblings have conflicting information; approach a probate lead that’s selling FSBO; and make sure a co-wholesaling deal is worth it.
***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!
Joe uses doorknocking in his approach to real estate prospecting in general. For probate, is door-knocking a good strategy? Are there certain things you should do differently when door-knocking probate leads as opposed to other types of real estate leads? Fed, Bruce, and Jim expand on different types of marketing materials to utilize while door-knocking.
11:53 Co-Wholesaling: Good Buyer, Bad Buyer.
Marcus from Baltimore is co-wholesaling a portfolio of properties. He got an unclear response from someone he marketed the group to. What does this response mean, and how can he find better audiences of end-buyers to add to his cash buyer list?
24:25 How to Get Arrears-Owed From an Estate?
Someone in Fed’s sphere of influence reached out asking for help with a probate situation. Their mother worked as a caregiver for the deceased and is owed back pay for her services. How can Fed help them get arrears-owed through the estate?
35:02 What Comes First, Lead Or Attorney?
Eric in Los Angeles is planning his long-term approach to the probate niche. In marketing, should he be prospecting attorneys first and foremost? Bruce explains how to formulate a prospecting strategy for the short term and then for the long game.
39:41 ‘The Seller Is Trying To FSBO Their Inherited Property!’
Caller landed himself a double-whammy - An overpriced probate property listed as For-Sale-By-Owner on Zillow. Should he approach this lead like it’s a FSBO? As a probate lead? Also, with inventory so low in many markets, how should the “overpriced” conversation be approached?
42:05 Both Siblings Can’t Be Right.
In this scenario, there are two siblings and they’re both telling the investor different things. The sister currently living in the house signed a contract with the investor agreeing to sell the property; the other sister says the sister did not have authority to do so. Bruce and Jim offer advice on obtaining a legally-binding contract and getting the house cleared out.
Looking to hear prospecting tips in action? Check out our live role play series.
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Probate Mastermind Real Estate Podcast Episode #316
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
Welcome to all of our renowned real estate agents and investors from across the country. Today is Thursday, March 4th, 2021. And this is role-play podcast. Number 317. As you all know, we are doing our winter the week a series for the really indefinitely from now on. If you have a win you'd like to share.
Please do while I'm waiting for people to log in, hit star six and hit one, we did have one, if you have one of the week and you're not able to be on the call to send it to us, we did have one this week and he didn't want to share his name because he's afraid he's going to create competition in his market.
So I dunno, guys, does that qualify? What do you think? So it's anonymous. Word of the week with the week. Yeah. Anyway he called in and said, don't share my name or my market, but he said, I just got a call back from a letter. First conversation. I took the listing. I'll be $12,000 from that listing. This will make my third probate listing so far this year.
And so far, this year I've made $24,000 from probate leads. And he said, I want to let people who say they can't afford 3000 a year for leads. No, that they don't realize how much they could be making. And also we wanted to share with us. He said the mailings don't always result in calls, but when they do one deal pays for many months of mailings.
So he, I thought that was very well expressed if we don't get alive wind up the week, I guess we'll let that one stand. And I may have another, a more generic story to share later in the call, but let's get to the person who has been patiently waiting. And now we do have two people in the queue. So let's go to the first one out his phone number ending in zero zero six eight Europe.
Marker [00:02:17] First. Good morning. This is Joe in California. And I come from a back background of door knocking. And just recently I'm picking up a door, knocking the probates, and I was wondering what your what's your experiences with doing door knocking? I'll let Bruce answer that, but I'll tell you in college, I sold books door to door, his best experience for sales, I could ever have knocked on doors for 80 hours a week.
And after we were, after that going into real estate, it was relatively easy. I'll just answer briefly. And then Bruce, please. I know you have more detailed up D it's great. If the errors are local. And, but remember, have you actually tried it so far? Joe? Are you just considering trying it? No, I've been doing it.
And are you're knocking on the executors door, correct? You're not knocking on the property door. That's correct. Okay. And obviously you don't do it if they're not, you don't fly there and do it. If they're not local. So
Bruce, I mean, first of all, we'd like to know what's your experience so far? What's been, what kind of results have you gotten? First of all, and I don't know, I've done a lot of door knocking and typically I get maybe one in five at the door. In the past, but this week it's 70% of the people are home and I.
I was sensitive to the whole COVID how people would react to coming to someone coming to the door. And what I've been surprised by is they're like happy to see me for somebody to talk to. I've gotten one hot lead from it. Out of 10 doors seven people were home and one hot lead.
I think overall what's the overall the reaction is a lot of people are actually happy to hear, to see you versus a lot of people when you call have a level of skepticism, because they're there, they get. Other sales calls. But have you had anyone that just got aggressive with you or has everybody been really good?
Everybody's been really good. I've door knocked a for sale by owners expireds. NLDS so I have a lot of experience. And I've found even in ODS. It's very rare for people to be mad. I think maybe the expireds were the most mad people that I'd come across. I want to be clear that door knocking is not something that I have personally done.
A lot of. I have several people that I've coached that have door knocked and it it's a lower number. And the biggest reason is fear. You get a lot of people that are afraid to go door knock, and they're afraid because they think that they're gonna. Be encountered with someone face-to-face that is just irate and angry and.
You're not the first person. As a matter of fact, I don't think I've had a single person that I've talked to that door knocks that has really encountered anyone that's super angry every now and then you get a little bit of resistance, but it's much less resistance when you're face-to-face with someone that it is when you're on the phone, it's harder for them to turn you off.
They're usually much nicer. I would I would encourage a lot of, a lot more people including myself to go door knock. If you have the time. Interesting story is I lost a piece of business that was a guaranteed slam dunk piece of business this year, because to Jim's point. Earlier, he said, you're not going to fly out and door, knock on someone's door.
That isn't local. Somebody flew to Colorado. I live in North Carolina. Somebody flew to Colorado and knocked on the door of the PR and said I was out here in Colorado and I saw that you lived here and I thought it would be worth making a little drive up the interstate, knocking on your door.
And he listed with them. I almost have a hatred for people that do or not because you're taking business away from me but it works. It works. I encourage you to keep doing it. And you could probably teach a lot of people, some of the best techniques where I might not be able to mine are all speculative.
Yeah. As I mentioned I sold condensed encyclopedias door to door. It was a, it's be interesting. It just occurred to me that back then, There were probably more people door knocking than there are. Now, there was a fuller brush man. There was, Avon calling there were people that had regular routes and it's pretty uncommon now.
It's the old 180 degree theory. You're doing the opposite of what everybody else is doing. And I interrupted you. You had a up comment. I was gonna ask is, would you leave if someone, an app that isn't home, would you leave something with them? Or at the door, leave something in the door?
Absolutely. Absolutely. Let me ask you a question. If you call someone and they don't answer, do you leave a voicemail? Yes. Yes. Then we're going to leave something on the door. Okay. And maybe like the letter that we send out, you can certainly do that letter. We also do door hangers. That we've been doing for several customers who are doing exactly what you're doing.
I'd say probably 5% of the people who are having us do mail for them. Also get a supply of door hangers and they use it exactly for that purpose. A lot of times people won't come to their door and. They literally just pop up, pop in, put the door hanger on as their information, people see it. And they're getting some good mileage out of that.
I'm just going to wait to, you got done, but we have a lot of people that were doing door hangers for okay. So we can get that through the website. Absolutely. Yeah. You just have to let support know that's what you're looking for and where we've got a group of people now that we refer to as our MIS people.
And that's marketing, implementation specialists. Then you just let them know that you want a door hanger and they'll prepare it for you, show you a sample of it. You can order it right up and we'll ship them right out to you. And they're made already show that you already have a whole punch in a hook on it so that you can hang it right on the door.
Excellent. Thank you. No problem. Yeah, I think that's great. And I assume you're doing that. Are you doing that instead of the rest of your campaigns or in addition to, or in other words, are you leading with door hanging or do you send the letter first? Is that an add-on or is that instead of other marketing?
No. First thing I do is call everybody. Okay. Number two is I send the letter out. And number three is ongoing I'm I just started this week, but I'm going to go right away for the people who I didn't get a hold of. I'm going to go out and door knock. And I get I get several counties from you guys and sometimes one County I don't go to all the counties, but if they're in.
The three closest counties to me. I'll go door, knock them. That's great. I answered the door. You can use the same thing you used on the phone is I recently sent you a letter. Just want to make sure you got it and understand what I have to offer, or is that, what is your approach when answered the door? Is that what you use or do you use something else?
I'm still working on that. I've been saying what I say is I saw there was a probate here in this County and came by to see if there's any real estate that needs to be sold. And people tell me the whole story. Oh, that was my father's house and my brother's taking it over or no I'm going to sell it.
I mean anybody who hasn't door knocked, you cannot believe how nice people are. Yeah. A hundred percent, so much nicer than the phone. Yeah, it's true. Not to say not to call but they are nicer than the phone for sure. Yeah, they used to tell us through the rare occasion, somebody kinda mad and slammed the door in your face, go around to the side door, knock and say, Hey, the guy in the front, wasn't a very good mood.
So I thought I'd come around here and check with you. I actually,
I actually did that and it never failed to get a laugh. It would loosen them up a little bit, but you're right. You're right. What left less than 1% of the people I, one 10th of 1% are DASSI they really are. Yeah. Yeah, no, thanks for sharing that with us. And the only other thing I was going to say, you might want to, I'm not going to tell you to do that.
Anything different. If you're getting a 10%, success rate, which it sounds like you are, keep doing what you're doing, you might want to vary the approach at the door to be a little more generic and maybe not, Bruce, if you think it's better to be more direct on the phone. We teach, there's a lot of different ways I can help you.
You don't go right to the real estate. Maybe you're there face to face. Do you think that's a more effective approach at the doorbell? I think that, honestly, I think that you try a couple of different techniques out. I would I would reference probate, personal representative and just basically going in and having a conversation with other people that are in your same boat.
And I wanted to find out what the experience has been like so far. And if you're face-to-face with them, it's pretty rare that you're going to get nothing or, Hey, we got everything handled. They're probably going to open up and say, Oh man, it's stressful. Or I don't even know which side is up right now.
So I would just ask about their experience, I think, but if you're not getting any traction there, there's dozens of other strategies you could use when you're at their door. Okay, thank you. Yeah. Thanks. Thanks for bringing that up. I think it's, we've only in the six years we've been doing that.
That's probably only come up a couple of times, so it's good to hear. You're taking the path of least resistance and you're doing something most people aren't willing to do. So keep it up and keep reporting back to the results. Know we'll keep thanking you very much. I appreciate you sharing. All right.
Thank you. We only have two in the queue. We got room for more. It starts to get one. In the meantime, next up is phone number ending in three five, three, six. You're up next. Hey.
Marker [00:11:53] Hey, how's it going guys? Marcus here in Baltimore. Thank you for taking my call. I have a quick question. I have a portfolio of properties that I am co-hosting sailing.
I've sent them out to prospective buyers and I haven't gotten any No one, actually, no one actually bit some, one investor actually emailed me and the question was, and maybe you guys can answer it interpret her or response. She said, nice to meet you. Do you have these deals under contract?
Which I do. And then she said, what's the story behind this portfolio of properties, we can help you move them, but we need more info. Give us a little background. So in other words, she was trying to not buy them. She was trying to get you to hire her, to help advertise. It sounds like what was the size of the investor group that you sent those out to?
It was only about maybe 10. Okay. Are you a part of the REIA up there? I am not. Nope. Okay, you gotta, you've got to go join Rhea real estate investors association join that. It's going to be a small, probably annual fee. They anyone who's a member also pays for a member rate for classes that they host, but honestly, joining in a Rhea is the best and easiest way to, to meet.
Seasoned investors that aren't all new in the game. That email that you got to me, it sounds like someone who wants to wholesale a wholesale, which really doesn't exist. It sounds to me like they just want to step in collect the marketing fee, which is ultimately what you're almost collecting by doing a wholesale.
It's worth a conversation with her, but if she's not the investor or the buyer for you then don't sign any kind of any kind of extra marketing fee. How well do you know your numbers? How do you determine that this was a good investment for you to get involved with as far as co-host selling?
The using the qualifying ratio of 70% of the ARV. Okay. And the person who actually vetted these properties, they are taking a 20, 20 K for their fee wholesaling fee. And they'll think they're negotiating no more than 5,000 off of that. Not a lot of wiggle room negotiating. Yeah.
So how did you guys determine ARV? I believe they, I wasn't the one who vetted these properties, but from what they were telling me, they were using a square footage. Think they were doing maybe $12 or $15 a square foot for each home for rentals. Okay. Yeah, to me, it's either I'm not as good of an investment as you as they might've led you to believe either that or your pool of investors, aren't legitimate.
And the easiest way to fix that is just get in with the Rhea up there. You can over time, build up your pool of investors without a RIA, but that's the fastest way. Cause they're already. They're already networked and they're all already meeting with one another in those groups. And they have meetings weekly in an area like you're in.
I bet you could join in on a meeting a couple of times a week and build up that portfolio. And they'll let you, as long as you're a member, they'll let you advertise your properties inside of the group. And as long as they're good investments and it's a good deal. You will have no problems flipping that contract.
Okay. Okay. All right. Good advice. Thank you. Appreciate it. And if you happen to want, I hate to open myself up to this. If you happen to want someone to just give a quick review of the portfolio to help you determine if maybe you guys over committed on the contract. Shoot me some details over.
I'll take a look at it.
That's awesome. Thank you currently. How do I get your information? Oh email email@example.com. Thank you, kindly. We appreciate it, Bruce. Definitely. Thank you. Yeah. And Hey, w we only have one person in the queue guys there please jump in, hit star six and hit one. I wanted to add something to that.
We haven't talked about it in a while. If you're, whether you're a realtor or an investor you really should be a member of your local REIA group. It's usually a hundred dollars or less per year for realtors. You're going to pick up, opportunities to, to list the properties after they buy and rehab them.
You're gonna pick up good deals. And then for investors, my local group is about 500 members. It's funny you go to a meeting and 5% of them are doing something the other 95% are there to learn like you but the ones that are doing something and first of all, the ones that aren't doing, something are.
Often they'll settle for a lower profit margin. So they might be, they might be somebody you could wholesale a deal to and the ones that are doing something you can learn a lot from them that the best way. I don't know, a County in the country that doesn't have a REIA, but you can go to rhea.com or via.org.
That's R E I a and you'll see a map, just click on your County and go join one of those groups. It's It's time and money well spent. It's usually just a monthly. I'll do that. All right. I appreciate it. Okay. I appreciate it. So thank you. We have two more in the queue and we got room for more guys, hit star six and hit one.
Next up is fed. You are up now, by the way said, I saw you showed up for the role-play call yesterday, but we didn't have you got the update and information, right? He did. Yeah. I think
it might be. Yeah, before you start, it might be a good time to touch on that. We have not discontinued the role-play. We've just changed the format. We're now doing it as part of Bruce's foundations training. We're doing it twice a month instead of once a month. So if you're a sub that's completely free.
If you're not, there's a very small charge, but now more opportunity to role play. I know people like them. We're just, we just change the schedule a little bit. So if I know you said you probably went on there and role-played by yourself. Yeah, pretty much. I got the listing as well. It does a good job.
Marker [00:17:47] I have a question and a suggestion. So the suggestion is for the gentleman who was talking about talking about door knocking. I also door knock Austin expireds, or just go look for houses for investors, developers, all that stuff. And to facilitate that what I've done is I wrote a handwritten card once and made it into a vector file and then figured out that on an eight by 11 sheet, you can fit four.
Five and a half by 4.2, five inch cards, and one sits in vector mode. You could fit four on each sheet and then you just print them. And I have them in my car at all times, and the printed it, not on blue sheets. So you can either do it through you guys or through, in general. And it's just always the same message, but, since you already sent out a letter.
And he's going to door knock. It could be, the pitch that that Bruce has often Jess did, the, I, dear I have a local service that concentrates on helping families, et cetera, et cetera. This may not be for you. Maybe we could talk for 30 seconds and let you decide if it's worth the further conversation, just to create a little bit of a question Mark in their head.
And it, I think it's, it could be just be an extra step, but mainly the suggestion was more or about having the pre printed handwritten cards. So that it's an extra layer on top of the letter and of the call. It's almost like a third way of quote unquote. Touching that prospect or lead or whatever we want to call them.
I don't know if you guys agree or not. It was just a suggestion. It worked pretty well for me. Here in my market. Then I'll tell you something, I'll say stuff, I'll tell you something, even speak here. And by the way, we can. We can do any of this printing for you. We can do that, multiple sheets where you this is like a sticky thing that you detach and put on the door or was it a card that you'll hold?
No, it's an actual, it's an actual card. It's just a plain. Yeah. Playing card, like the ones, how you guys have the blue envelopes for the letters, it's the same color, but then it's just a slightly smaller card. And I usually put it in an envelope too, and I leave it. Cause at least in my market I've seen that competitors are realtors.
The second they see unfortunately door hanger or anything like that. I've seen people literally throw my stuff away, like other realtors. And I think it was just wasn't you know? So the fact that it comes. And, you know what you guys always suggest. It looks like a wedding invitation or something.
People usually don't touch that. And that was closed. Leave it at the door, they open it and it just it's just just a suggestion. So yeah. Oh sure. I was going to share something pretty sneaky at any of these approaches. The door hanger, the flyer, the stickers. Try to do a little ABC test and see what works the best.
But I remember an investor from an old group that I was a part of the claimed he had a virtually a hundred percent callback rate on going to doors. He made some stickers that look like ups stickers, and it just, sorry, we missed you. Give us a call back at this number and he would just put them on the door.
Yeah, people call it Mr. Package delivery. They would call back every single time. That's a little sneaky and it's little videos, but genius. Huh? Definitely doing that today. We could do that for you also, Bruce, did you want to add on. Yeah. This is not exactly geared toward door knocking, but but it does it does apply to those of you that are visiting houses.
One of the, there's one of our affiliate coaches is attached. I think Tim and Julie, I think Tim and Julie have probably been on this podcast before. Jim? Oh yeah. So they teach to do a pre-listing packet. And and of course, this is when you have a listing appointment that you would drop a pre-listing packet off at the door.
And it just has, it's a folder with a waterfall tiered list of services and options that people get to choose from. And you. Put it in a FedEx style envelope. It's high open rate and it's something that we've toyed around with. I'm going to go back to a conversation I had with Tim many months ago when he's going to shoot me, because I'm not sure we're ready to offer this, but we could get it ready or help you design it.
If you guys are interested is delivering a really high value on envelope or box. With vendor information in there, you could get your vendors to write up a little blurb about their service and why it might help a family. You could put one of your letters in there. You could put your brochures in there.
You could put discounts and coupons from home improvement stores. We're talking about a project here and I know it's something that, that We could help with, and if you're door knocking, you could always deliver that. And it's something that's high value. It's guaranteed to get open.
Cause if they look and they see an envelope, that's like a FedEx size on their doorstep, or even a box, you're going to get a lot of a lot of traction off of that. If you're door knocking, especially. Bruce, are you saying to ironically I'm picking up, I ordered 30 PLPs last week.
And my so are you then referring to perhaps modifying the pre-listing package into a probate version or just make it maybe making one of the quote unquote slides, a probate. I think that you could modify the pre-listing package into a probate version where you're what I would do if I were doing this is I would I make a lot of those waterfall, tiered pieces of paper inside of the folder.
I'd make a lot of them vendor specific. So I might have a vendor specific Piece or piece of paper for my financial advisor and another one for a contractor and another one for a landscaper. And then of course, one for me and then maybe make another one of them. That's a high value content piece.
That might be something like the five, five mistakes to avoid. If you're administering an estate put some discount codes, things like that in there. And it's gonna work. It's gonna work really well. I haven't proven it. I haven't proven it because I haven't done it in my market, but he it's it's guaranteed to get open and it has so much value in there that it's going to be remembered.
No a hundred percent. That's actually a great idea. I have the files, so I'm probably just going to modify it and and see what I can come up with. Yeah. No that's fantastic. Thank you. So I know there's someone else on the, in the cue shot. I'll go to the next, no, we have a half hour left.
We have so far you take your time. I'm not going to watch it today. We've got all the time. We've already done this with you. And one other one. Yeah.
Marker [00:24:25] The question has someone contacted me yesterday and communicated that her mother was a service like a caretaker for a, someone who passed away.
And it looks like the person who passed away. Dee had outstanding bills with her. It looks like there's. So the mother is trying to get, it looks like it's going into probate court and the mother is trying to get her funds back. So they asked me how do we go about even communicating this to the court?
My answer was, but I said I would have to double-check. I said I would probably likely send. Three, a letter to the executor, to the court and to the attorney and just certify it. Is there anything else that you would have to do to make sure that she's, or that at least the courts know that she needs to get paid once?
The probate is over. So this is Tim. You really touched on all three of them. You've got three places to send it. One is obviously. To the court directly to the judge in regard to the particular case or docket number, once it's filed and to the executor, the whole purpose of the executor is to consolidate those bills.
Bigger question I would ask though, is, does, is there a contract for the services? Is there other invoices that can be provided? Because if not, you need to probably make sure that they gather them up and present them. In a professional way to get that done. And the reason I say that is that all too often, what the executor will find is that there are scam artists out there and people will literally troll probate listings.
The public notice of probate they'll troll them. And they'll in essence, try to put a not a mechanics lien, but a lien on the probate forest. And quite often, if it's small enough, The executive will just pay it. They'll write them a check for it and assume it was valid. And so now courts are getting smarter about that and they're looking for, good evidence and all of that.
And a smart executor is going to be looking for that as well. And if you make it super easy and it looks very professional, it will be much more likely to get paid quickly. Got it. Okay. Okay. Thank you. That makes sense. Yeah. Follow up. Question said you had a conversation with this person. Is this person, the PR and also a creditor?
No. The person who conduct ironically, this is just the a friend of mine who knows that I do probate. Cause I spoken to her about it just to see if she or any family members is going through it. Just making sure that that. They know, I'm in this niche as well. And therefore she called me, she said, Hey, I'm so happy that you've been telling me about probate and this and that.
This is the situation my mom is going through this, that what do you suggest we do so that she can make sure she gets paid? So that's more how it happened. This wasn't through one of the calls or letters. Got it. The great thing for her is this is the purpose of probate. It's. One of the fundamental purposes is to give creditors a chance to to collect their debts.
So the personal representative's responsible for running Ads in the newspaper for three separate weeks, there's going to be an address in there. And I would just go ahead and send, have those invoices sent to the attorney, to the PR to the clerk. I would just kinda do a scattershot if I was owed money on an estate and and that should really suffice.
Now, if it's just a letter saying, Hey, John owed me $10,000. It's not, it's probably not going to get approved, but make sure that there's some sort of a contract in place. Okay. And some invoices if the, if they have them. Yep. Yeah. Even if they don't, even if they don't have them, it's not normal to do that because a lot of times, there's.
The caregiver profession is notoriously, not well-documented. And even if they don't have them, they should make them up. And I'm not saying falsified documentation, it's appropriate to make an invoice for services and do it professionally. They're easy to find Microsoft word templates online for, a professional invoice formatting, and just put a normal invoice together for the time of service the hours provided.
Whatever it is and show an hourly rate and just deal with them professionally and they'll get it paid. Okay. Okay. Absolutely good advice that right away that I was going to add something, you touched on something that I don't think we've talked about before often. You mentioned you're letting your serve influence.
No. That you're actively involved in helping people in probate. That's really smart because there's probably a lot of people you say, Whoa, how's the two over the years, they inherit a property and maybe somebody contacts them who does specialize in probate. They don't know that you do it.
So I think that's real smart. When you do your sphere of influence calls, make sure they know that in addition to everything else you do in real estate that you now. Also our, a probate specialist and the reverse of that is also true. We have subscribers that have built their sphere because everybody.
They meet on a probate transaction. Kids gets added to their service books. So one, one could definitely feed the other. That's very smart. It's something I don't think we've talked a lot about. So see that you added all kinds of value of the calls. You didn't even know it. Thank you.
Touch on that. Your suggestion out there. Oh, sorry. I came down for a second. Said, say it again. Yeah. My, my headphones just said goodbye to me. I don't know why it's only 10 40 in the morning. I was going to say so usually the way I start to present the probate topic. With clients is I just ask them, Hey, how did you take title?
I understand that, you have kids or blah, blah, blah. And then I say, did you create a trust? And then they go over why do we need a trust and this and that. And then they say having one would likely avoid you going into probate and what's probate. And then from there, and then they say, Oh how do you know so much about probate?
And then I said I. I got certified in probate because so many families need help. And that's usually how that conversation starts. Is there something in addition that you guys would maybe add to that, or maybe modify So I wouldn't really modify anything that my input to what you just said is more of a reinforcement of what you're doing with your sphere of influence and people that are not just leads.
I'm in the marketing world and we never talk about this in the real estate world for some crazy reason, but they have they, they have what they refer to as sticky marketing and sticky marketing is anything that you do that that. It sticks in the conscious mind of that consumer that you're dealing with.
And it's one of the reasons why I encourage everyone who's prospecting or marketing in the real estate space to use specific examples of things that they can help with. They're often you're so scared. Of using a specific example of what you're looking for, because you think I'm just going to eliminate I'm going to eliminate the need of anyone that I'm talking to if I'm too specific.
So I'll go so, so specific as to say I just wanted to give you a call. Bob, you're a good friend of mine. I just wanted to give you a call because I'm helping a family. That's going through probate right now. And they have a house that needs to be cleaned out and it needs this and that. And I'll give some details on it.
And then and then just say, Hey, do you happen to know anyone that's looking for a property that's might need to be flipped? Or do you happen to know anybody else going through probate? And I'm making it really detailed, but. That person that I'm talking to is never going to forget the request.
Whereas if I just called and said, do you know anyone thinking about buying or selling a house, they're going to hang the phone up and forget. I ever asked within five minutes. Yeah. Yeah. So go ahead. Go ahead, Jim. No, I was just going to add a little bit to that. I agree. A hundred percent be specific and I like what you're doing now, telling people that they should be in trust.
And it's interesting statistic that anybody. That has over a hundred thousand in assets should have a living trust yet less than 5% of Americans have a trust. And two specific examples are Steve jobs and Walt Disney. They were pretty intelligent, successful people. They both died in their properties, had to go through probate.
One of one, a part of Walt Disney's estate is still being fight over several with several of his grandkids. And he's been dead for 40 years. Specific, I like that. You're telling them that you're trying to help them avoid these situations in the future. So the combination of what Bruce said and what you're doing, I think is is an excellent approach.
Good job. Thank you. And go ahead. When you're done, Tim had something you wanted to add. Also go ahead. Oh, Tim, you can go ahead. I, you can go ahead. If you'd like. No, but it's not about that. You finished this topic of finish up. We're talking about, okay. I was just gonna say Bruce, I think I heard you say that.
One, one of the things that you would mention on that call is perhaps, are you looking for anyone who's looking to flip a property? So to, to that comment and maybe I just have some confusion. I'm, I. Befriended another render another realtor real for here here in Los Angeles, who does probate and who often has probate properties come up at the same time?
I have some flippers who constantly look for these projects. The challenge I found is that this other realtor is telling me I can't show you before we go a lot. I can't show you the property before we go live. It needs to go alive as an order from the court or something like that. And we can't do this off, we can't, we just can't do this off market.
Now my investors slash flippers, they're telling me that's incorrect. Am I missing? It depends on. The type of probate that was filed for an open I would say as a generalization, that is incorrect or there are certainly certain cases where that's true. And I would say that your friend that also does this probably is just run into more of those.
And they may also be thinking about the new rules that were passed in the realtor code of ethics that says that you can't market a property. That's not listed in the MLS, so there's probably a few areas of confusion you need to look at each case individually. Okay. Okay. That makes sense.
I'll do that for sure. Thank you. Like you said, we just have one more person in the queue, but we Tim, you wanted to make a comment first again, you get to the person in the queue and they would till the end. All right. Sounds like a plan. And guys, we do have more room for more get star six and hit one.
So you can be up next. Right now the final person in the queue is phone number ending in eight five one one. You're up next.
Marker [00:35:02] Hey guys. My name is Eric here in Los Angeles. And with you guys for a couple of months now, And I got to say, I've been in real estate for about 16 years. I've never really prospecting, probates and all this other stuff.
They just come just from geographic farming and sphere of influence. But I'm looking at, I've done some mail outs. I don't really have a system for calling go after attorneys. I feel like that would be a greater return on investment down the road. And I was curious, what would you guys recommend as far as so Eric attorneys. Attorneys are probably a longer play than the personal representatives themselves. They, you don't often get as many of them signed up, so to speak for your services as you do the personal representatives, but when you do, they're generally good for a couple of deals a year, sometimes more.
The big players are good for more, but they have more people that are going after them where the smaller attorneys don't have many agents or investors prospecting them or pursuing them. They might not give as much business, but they're a little easier to find all in all. I think that your overall probate approach needs to be.
Focused on the leads first. And and attorney second, even though it's in five years, I would hope that you get as much business from the attorney as you do from the leads. It's just not going to happen. On day one, it just, it's just a slower build with attorneys. Now, one of the ways that you can go about getting it, attorneys is go to the sources of who referred attorneys the most.
And we know that probate attorneys are typically also estate planning attorneys, and often they get the bulk of their referral business from financial advisors. So what I'm doing is I'm. Leveraging my relationship with financial advisors and I'm offering them free marketing and different things like that inside of my campaign.
And in return, I'm asking them to connect me through text, email, phone, face-to-face introductions. I'm asking them to connect me with the attorneys they refer. And that's a great way. Get a warm introduction to an attorney who can really support the business in the long run. Okay, let me ask you with the leads that we're getting.
I know they say probate leads are some of these, like just death of joint tenants. I'm noticing the person that's in charge of the estate has the same address. Yeah, most of the time that's a surviving spouse, not every time, but often it's the surviving spouse. Sometimes it could be the the air.
It could be that the child that their elderly parent moved in with them you don't always want to. Want to base it off of the deceased last address. Oftentimes they may have moved. They may have moved to a nursing home. They may have moved into an assisted living into their kids' house, anything like that, and that deceased lasted dress might not be the house that needs to be sold.
There still could be a lot of real estate in that estate. It does need to be sold. Got it. Yeah. I guess I'm always looking for patterns. So yeah, yeah, the surviving spouse, I don't know percentage, but I'd say more than 50% will be a surviving spouse. And they will eventually, a lot of them will eventually sell the real estate.
It might not happen as fast as if it's a kid or a sibling, but. It still happens very frequently that this surviving spouse will eventually sell. Cool. And then just one last question. Are you are you guys exporting this, like into a dialer or a CRM? Did it go through the numbers are used dial right off the CRM you guys have.
That's a good question. And we get that a lot. It really all depends on the number of leads that you're working and your other lead sources. If you have huge amounts of leads that you're working, you may want to go ahead and download your list for a dialer and load it into a dialer. If you're dealing with hundreds total leads a month.
It's not hard to just dial right out of the, all the leads or work all the leads, CRM and dial off of your cell phone. So it, it depends on your business as a whole and how much prospecting you do. If you're doing less than an hour a day, you could probably do it out of our CRM with no problems at all.
Okay. Cool. All right. Hey, I appreciate your time. Thank you. Thank you, sir. We do, we, we do have two more that have jumped in the queue. Next time is phone number ended in zero seven seven zero. You're up next?
Why are you there? McKinney, Texas. Unmute yourself. We'll have to move to the last. There you are. There you go. What can we do for that? Ah, sorry. This is a different phone number. I'm not used to it.
Marker [00:39:41] I've managed to get in touch with the personal representative. And his mom had passed away and the property is for sale on Zillow.
And so I went up and looked and they are doing a for sale by owner, but it is overpriced by about $12,000. Okay. So my question is, should I reach out to them and say, look, guys, you're never going to get this, or should I just let them go on their Merry way? You should do something in between. You should definitely reach out.
You realizing that they want it. They're probably. Having experiencing some unrealistic expectations or it could be a financial need. So do reach out. I probably would not take that initial opportunity to correct them. I would just ask what their plans for the property are. I might not, I might even pretend that I don't know that they're listed as a, for sale by owner.
So I'm just using that phone call. It's an opportunity to dig for information. If they say that they're going to sell or if they say they're already listed for sale by owner, I would say, instead of what are you listed for? I would say, what do you think the home is worth? I want to get an idea of where their expectations are.
And then also who's driving the decision for the list price for all we know, they're just throwing it out there saying it's a hot market. Let's see if we can get it. And then we'll drop the price if don't so using your first call as a chance to correct them, we'll probably just alienate those people.
But you should definitely call and strike up a conversation. It's funny. I had one like that. I had one like this, that this week I called the guy back and I, I always say it appears like you're not listed with a realtor right now. Are you at, he said, no, he said, I've got it on Zillow.
But they told me they could get a ridiculous price. So I said, okay, go ahead and try. So that was scary. It was sometimes you'd be surprised. I don't, I'm not real clear on how Zillow works, but I don't, I think it's relatively cheap and they don't charge a lot of front, so yeah, I call it app.
That's a good, I agree. That's a good strategy. Makes sense. Makes sense. Thanks much. Thanks. Last up this week. And then Tim, we might even have time for you after this last caller. Last up his phone number ending in one nine one zero. You're up next? First one is supposed to be out here. Yep. We can hear you.
What's that there? Okay. Yes, sir. Hold on. This is my first time doing this or bearing with me on how this works.
Marker [00:42:05] I have a kind of a sticky situation. Probate situation. So I got to read with a seller who wants to sell to me, but the person who stays in the house is her sister and the there's this contention there.
And so the PR according to everything like y'all and all that it assisted on in talking to with his sister lives in the house, according to her, she doesn't own the house. To sell the house, if that makes sense. So I'm helping I'm in a situation where could they find some form because the house comes with the house has a lot adjacent lot to the house and some kind of situation where I'm trying to feed the system, that the PR information on how she can get all the legal documents necessary.
So break the system and I want to know how can I best learn about the provost is gonna let her know how it works. Arnold. Yeah just to clarify, you're dealing with the person who is the PR in the house. The sister is there and. She obviously doesn't own the house. Is she one of the heirs?
Do you know, or is she just a an unhappy tenant that doesn't want to move or both the house was left by their mother and two, two opposite opposing stories, but according to the paperwork, and according to you guys have ATL or the lease to sit down and talk, it was the PR and she has all the information.
So I had her talk to one of my partners. And we talked about how she used to get the quit claim deed would y'all agree with that?
Only if the sister that's living in the house is willing to do that. It doesn't no, not the system, the health appeals that I'm talking to you. Yeah. Who's she going to quit the claim too, though?
Yeah. Yeah. But it's the sister in the house that would have to quit her claim. And if she's not willing to do that, then Bruce I'd go ahead. Yeah. I think what he might've been saying is the PR is willing to quit claim the house to him. He's an industrial. Is that what you were saying, sir?
Yes. I already have a contract. She sold the house to me on contract for the third year, but I want to give him the house to take pictures for consistent in that house. I'll give you names. 15 minutes, Linda. Okay. PR Brenda, the sister's name is Linda. So according to Linda, Brenda could she's had this issue before.
Does it have any right to sell the house cause according to linda, she has owned the house. According to Brenda and all the leads, she is a PR she has all the rest of the house. And so the, so I'm trying to help her get, so like everything from getting the water bill in her name, descendants, everything that paperwork was for the house she had.
Was there a will. And have you seen it, was there a, will. I haven't seen the I habits in the wheel, but I have, she has paperwork. She definitely, she has paperwork. She told me that she told me about it, but my thing is Lego. Her move. Go ahead. So she has paperwork. She's the personal representative with letters, testamentary.
But we don't know who the house was left to just cause she has is the personal representative does not mean that the sister owns no piece of the house. Personal representative just means you administer the estate. And if the other heirs are not willing to sell, then you need to go to mediation or you need a third party involved to communicate with everyone and find out what they want.
So in this case, you have two sisters that one sister saying, Hey, she sold you the house. She didn't have a right to sell you the house. When in reality, we don't know which one of them is correct. Is there an attorney? Is there an attorney involved in this field? The PR has an attorney to Linda's assistant had one, but he quit on who filed the probate.
Did the family do it themselves or was there an attorney to file the probate that I don't know. I want to say the attorney did though. Cause that I would probably call the attorney and try to just get it sorted out. Who is where and who owns what, in any case I would be reluctant to take title to a house with a disgruntled tenant in there, especially with what's going on with COVID.
You may have a property, you can't do anything with, for a long time. So I will find that out first, find that out first. What. From the attorney, make sure that the PR owns it, make sure that the, whether the girl is an error or not, and then I would try to if it's a good enough deal for you, see if you can bribe her to get out of there.
Give her a few thousand dollars if you have to relocate her. That's what I was saying because the checkers, the fact that it's actually two sisters in the house, it's a one, a doctor, one in window, her blood sister. Her bloated as Linda and an adopted sister who was in there. Linda just recently moved into the house with her adopted sister from across the street.
Wow, exactly. And it's so they could go right back across the street. And they've had this issue before to come in and look at the house and then they the sisters in there scared them off. I'm not really. Yeah. I don't know. No matter how you do it, I start with an, a conversation with the attorney and myself.
I wouldn't close on that house until it was vacant. So I'll never, you've got to accomplish that. You know what I mean? If it's a good enough deal, you can end the. It's a good enough deal with anybody who's in there is getting money. That's an incentive, but if they're not, you may have to give them a few thousand dollars.
They wouldn't have otherwise and help them, give them first lasted a month security and for another property. But I think the place to start is with the attorney and really make sure who has a, who has an interest in who's an error and who isn't after you call us back after that, if you need more help with this deal.
Oh, for sure. Okay. All right. Thank you. And Tim it's nobody else in the queue, you had some closing thoughts or something you wanted to mention? I really just wanted to ask Bruce to take this a moment, Bruce, and update the people on the call, particularly our subscribers in regard to what we're doing with foundation.
So it may not have seen. Their email and all of that. And I said this on the last column of the state real quick, and then I'll flip it to you, make sure that you have made it, that your email can receive messages from all the leads.com. Oftentimes stuff gets dropped into spam filters and other things, or you ignore it.
And we are making a lot of very positive changes adding to the value of your. A subscription and you need to be following along so that you do in fact know what's cooking and we're able to take good advantage of all the cool stuff that we're doing. And if you're not getting our emails, that's not happening.
We also had some folks that jumped on the role-play call yesterday, even though we had announced that we were making the changes there. So Bruce, just take a second and verbally walk through that and then we can call it a day, but just let people know about foundations a little bit. Yep. So essentially what we're doing is almost every single week on Wednesdays.
We're going to be rolling out a series of foundations classes. Generally the five or six topics that I run into the most on my coaching calls. And these five or six are covered on 90% of the one-on-one coaching calls that I do. So we're taking those and instead of having to wait for an entire month, Have another call with me or sometimes longer if my schedule is booked out you can join on the first and third, Wednesday of each month at 2:00 PM Eastern time, a foundations class.
It's a couple of hours long, and yesterday was our first one. For those of you that did have some trouble with that yesterday, we apologize. We're okay. We'll get you the recording. And we'll also host it again in two weeks. So the first first and third, Wednesday of each month at two o'clock Eastern, and then on the alternating weeks, the second and the fourth, Wednesday at 1:00 PM Eastern, we're doing about an hour and a half long role-play call.
All four of those classes, whether it's the role-play or the foundations, they're all going to be held on zoom. So it makes sure that you have zoom downloaded on your phones or computers when you try to get in. And if you if you want to join those, you do need to register ahead of time. We have some zoom limits on the number of people that can join.
And I just want to make sure that you've registered and at the moment that's free for our subscribers. The, if you are not a subscriber, be listening out as I work through a couple of the kinks that we discovered yesterday that will be available to you that are not subscribing. You can join those classes.
There will be a small fee, but it's very much worth it. Okay, perfect. That's great. Yeah, that's right. I appreciate that. And I just think we needed to let everybody know that not only that, but you're going to be seeing a lot more. We're all about continuing to add value and grow the value of what we're offering.
And we want to continue to hammer home the point that we're not just selling you leads, we're selling you a system that's designed to make you be successful. And the more we can assure that by adding feature and value to that, just like this call, obviously, we're making sure here that you get the opportunity to ask any questions that you want.
And. We'll answer anything and any problems that you're having, any, weirdness that you're running into a deal that you need help with. We're here to help. You've got access to some of the best minds in the business to ask any questions that you want, and we'll be happy to help you.
Realize that we're way doing way more than just selling you leads. And we want to bend over backwards to help you. So pay attention to your emails. All right. Perfect guys. That wraps up another great call. I want to thank each and every one of you for being here. I want to particularly thank those who actively participated.
I want to challenge everybody. You took an hour out of your time to be here. Take one, thought one idea. One thing that inspired you on this call, go out and put it into practice and come back next Thursday and shared the results with the group. Be productive. Be healthy. Have a great week. Everybody we'll talk to you.
Same time. Next Thursday. Take care.