Too Nice? Winning Deals Without Doing Too Much For Free | Probate Mastermind Podcast #318Katt Wagner
Probate Mastermind Episode #318 | Recorded Live on March 11th, 2021.
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!
09:51 Power of Attorney and Estate Administration
Joyce is pursuing a probate lead where the personal representative has Alzheimer’s, but her attorney is not willing to have a conversation with Joyce. What can Joyce do to try to break through the ice?
15:34 Federico Shares Updates: What’s Working and What’s Not
Federico shares two examples of follow-ups: One situation panned out, but in another he wasn’t fast enough. Fed and the coaches break down what worked in the first situation, and what to tweak in the second.
24:56 Combatting Seller Expectations of Low-Inventory Markets
Erik typically pursues probate leads as an investor to find acquisition opportunities. Lately, he’s running into stronger objections about net price. Sellers are insisting they need to sell the house for at least $N, and the low inventory situation is making seller’s believe these prices are more than attainable. Erik does have some retail investors who will often make cash offers at retail price when the properties are in good condition, though probate properties tend to need work. What’s some general advice for navigating probate leads in a market where sellers have increasingly high expectations of market value?
36:06 Too Nice? Winning Deals Without Giving Away Too Much For Free.
Blake is offering value to a potential seller who appears to want to work with him, but feels an obligation to work with her realtor friend. They are set to meet with their realtor friend soon -- What should Blake do to win this deal without being too aggressive? A second caller expands on this scenario seeking advice on providing value without giving too much away for nothing.
Looking to hear prospecting tips in action? Check out our live role play series.
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Probate Mastermind Real Estate Podcast Episode #318
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 industrious agents and investors nationwide today is March 11th, 2021. And this is mastermind podcast, number 318. We had a little technical glitch today. My internet went down two minutes ago, so Tim is very capably managing the board. And other than that, we will continue as normal.
I do want to remind you all that we do have a wind of the week program. If you have taken a listing signed to contract something positive that's happened with probate, it does require that it's an actual signed deal. Just let us know. And our winner of the week will receive either a free month historical leads or a hundred dollars off your next set of leads.
And we, we want everything. This call is an open forum guys. We want your. Obviously your successes. We want your struggles. Anything you need help with. That's what we're here for. And we always say, try to get into queue early. Cause we do try to keep this call right at one hour. Secondly, this week I had two other things.
As you all know we rolled out probate plus months ago. We've got well over a hundred of you that are taking advantage of it. And we keep getting not a lot, but several times a week, we keep getting asked the same question. So I wanted to have Tim just take a minute and explain, and just like the phone numbers guys getting phone numbers.
Is it art? It's not a science. It's the same thing with probate plus it's not a hundred percent. It's extremely accurate, but you are going to have false positives. And I wanted Tim to just take a minute and address what to do if you have the false positives and why they occur, Tim. Yep. The real issue is real simple that we've got, and we've written a number of routines in our it's probably helpful just to talk about the whole project.
So when we start off with the data that we have and start collecting information to put it in, we get the raw data that contains the docket information, personal representative, the decedent's name and the attorney. And that's just where we start at that point. I think at last count, we pass that through, I think, 17 different processes before that data gets to you and each one of those augments or modifies that data.
And that is everything from making sure that all of the addresses for the street addresses are valid and mailable addresses. We run it through multiple places to get good contact phone numbers for you. We make sure that everything is deliverable, that formatting is correct. We add all that sort of data to it.
Then we pass it through a couple of other filters. And then if you have a probate plus, then we go out and we run against a national MLS and tax database to find properties not only in the local marketplace, but in the any place in the country that the decedent might've owned property and try to bring back that data as well.
Now you might imagine that, the challenge with that is that oftentimes there are commonalities in names across the country. My name is a somewhat unusual name in there. I did not know of another Tim Yandel until I moved to Florida and found out there was indeed another Timmy handle. And he lives here in Florida, but certainly even more common, last name.
We're going to turn up a lot of properties. And so we then try to backtrack with our algorithms to find street address, to tie it back to the decedent and all that we do the best job we can filtering out false positives, where we typically you run into a challenge is where a person's last known address is in assisted living.
And in particular, in an assisted living facility where some of them today, you actually are signing a lease. So you have it appears technically you have, you may even have ownership in the property and we'll return everybody in the assisted living facilities address as owned property, because it shows it in common.
Those are proving more and more difficult to filter out because of the way they get reported. From a tax role standpoint, and we're doing the best job we can to accomplish that. The other thing is that we may turn up a property here and there that has a, has the same last name and a similar street address.
And we do some what's called fuzzy logic to try and get as much as we can. So we err on the side of giving you more. And then as the answer to Jim's question that he's raised it, it is, if you determine that you've got someone on your list that we gave you back and you try to run down that property and you do your due diligence to try to find them and you mail them or you call them and you find that, they're not related to the machine at all, then don't worry about it.
It is going to happen. And we definitely try to make sure that we give you back at least 80%, good numbers and all of that. If you run into a higher number of that then that please let us know and we'll do whatever we need to do to make everything squared away for you.
But so far, we've really not run into that yet. We've not really had any real problems with, we've been doing probate plus now for not quite a few months, and everybody's very happy with it. It has helped people control their marketing costs and allowed them to spend the same dollars they were spending on marketing, but focuses more on doing more contacts for the people that do have property.
And, people are getting better deals, better conversations, all that out of it, but don't let the false positives bother you. It's not a big deal to do that and you're going to get some, so just be aware, that's the way it is. And that's how it works. Jimmy, that got me, buddy. Thank you. Great explanation.
And I guess this is Newsweek because how many do we have in the queue, Tim? Oh, have four. Go ahead. Okay. One of the things I wanted to mention Bruce, I wanted you to just real briefly again, give an update on the foundations program. As most of, we rolled out the foundations training and I have to tell ya I haven't shared this with Bruce yet, but I was a paid coach for 10 years.
And people were paying a thousand dollars a month to the guy at coach for, and what Bruce is doing for free is as good or better than anything I've seen. Over the years, it's phenomenal program. If you're a subscriber, you should be taking care of it. You've taken advantage of it.
It's free. And if you're not a subscriber we are going to offer it to non subs for a very small fee, probably starting in a month or so. And Bruce, you want to just give them a real quick recap on what's going on and how to get involved with foundations. Absolutely. Yep. We've had a few technical glitches.
Tim jokingly told me privately that I needed a twelve-year-old to help me figure out the technology a few days ago. But Oh, okay. Or Jim. So we we're basically giving you guys everything that you need to be successful inside of this foundations class. There are a couple of hours long we're offering them Basically weekly on Wednesdays.
There's really two different formats. It's either. It's either a foundations lecture style format for a couple of hours where I sit on zoom with you guys, answer your questions, but really the focus of that is teaching you the foundational principles that I believe through from past experience and from coaching, a lot of successful subscribers of ours, what it's going to take to be successful.
That class is about two hours long. If you haven't gotten in, or even if you have joined us on one of those, but you want to take it again please sign up. You can do so on the portal by if you're a subscriber by clicking the, the training down and going to conference calls and archives.
On the alternating weeks. So that the second and fourth, Wednesday, every month at one o'clock Eastern time, we're doing role-play. And instead of doing a role-play call, like you guys may have heard on the on the podcast, we're taking it in bite sized chunks and we're teaching the principles of a really good USP.
Okay. You're writing, you're taking notes, you're writing things down, you're crafting your own USP. And then we're kicking you guys over into small breakout groups where each person gets a chance to practice their USP. So instead of getting intimidated by thinking that you have to be a master at your entire script, you're really learning the bite.
Size chunks are the sized principles that you can then practice for five, 10 minutes, and then you have it down. If you want to come back to that, role-play call multiple times. We welcome you back. So that's really what we're doing. We're trying really hard to add value at every corner.
There's more coming along. I can't really talk about that more yet because it's still being built and we're also still trying to perfect foundation, the foundations classes that are on Wednesdays. So if you maybe weren't able to get in on those, please keep coming back. It's you haven't missed out yet and you won't miss out because you're going to be able to take these things multiple times.
Excellent. That's all the news that's fit to print. Tim, why don't we go to our first caller? All right, we'll do that. Our first caller ends in six, two, four eight, a familiar face and voice Joyce. Good morning to all of you. It's Joyce arts and Morris in orange County, California, and I am stumped.
Marker [00:09:51]I I have a property, lead and the the owners, husband, and wife, the husband has passed away and the wife has been a strange from the husband and is in another state and has, advanced Alzheimer's. Her sons will not entertain any discussion with the, the deceased husband's children to come to any conclusion on selling the property.
And the attorney for the deceased husband is of course not willing to talk to me. And I'm just trying to wonder if there's anything that I'm not doing that I should do to help them resolve this, because it seems almost unresolvable to me. Quick question. Who is your point of contact? Who are you talking to get all this information?
One of the sons of the deceased father. Okay. Is it your opinion that obviously there's going to be multiple errors, but are you getting the opinion that although they're not talking to each other that they most, or all of them would like to sell the property? Certainly for the sense of the deceased father, but I can't get any responses from the sons of the, of the life that had advanced, that has advanced all timers.
Do you know if there's a will? Nobody seems to know. Okay. Bruce, any suggestions for two? Let me just ask one question. Did the attorney, has you, have you had any conversation with the attorney at all? Joyce. I called her Trice and she is unwilling to talk to me. Okay. Did she say that? Who is the attorney told me that yes.
Is there a personal representative that's been appointed? Nothing has, there's been no probate or anything filed because nobody, knows what to do with the, with the standoff between the deceased husband and absent Alzheimer's written mother or wife. So how did you find out about this property?
It's in our leads and there's no PR no. PR the probate was filed. Somebody filed a probate. If there's no personal representative, there is an attorney in the leads. Correct? Is that the attorney that won't talk to you. Yes.
And that attorney, you, Joyce, you mentioned that the attorney was the attorney for the, to see the student, correct? Or is this the attorney that, okay. There should be depending on how the title and the house was taken, if it's joint tenancy with right of survivorship, then all of these sites, is it okay?
And I'm assuming the wife has the right of survivorship, correct? Okay. All of these sons are technically likely not the heirs. It's the wife with advanced Alzheimer's and most likely she should have a guardianship attorney. Okay. Now the sons are gonna have a say in it, but to me, the who, the attorney that opened probate, who's he working for?
He should be working for the air, which sounds like the wife with advanced Alzheimer's. And this sounds an awful lot, like a guardianship case to me, I almost feel like there's an attorney involved that might not really be working for the air because why would the attorney, yeah. Why would the attorney for the deceased be involved in probate when the air, doesn't have anything to do with that attorney?
Hey Joyce. I'm in your leads right now and I want you to continue talking, but real quick, what's the last, the last name of the deceased. Jackson Jackson, you said, okay, go ahead, Bruce. Okay. Now I think now it's the the children of the of the deceased that you're speaking with and the children of the the wife who has all timers, they don't want to talk to you, is that correct?
Yes. Okay. It's it should really be the the wife and the wife's attorney, and most likely the wife's attorney should be a guardianship attorney. Who's the one that's heavily involved in the probate for this case now, because the attorney isn't communicating with you for all we know that might be the case.
The attorney might be representing the the surviving spouse. But without them communicating with you, you wouldn't know that they aren't, it just sounds to me the way you described it. Like this attorney is only representing or had only been representing the person that passed away and the kids who probably are not even the heirs.
I see that now. I would just wanted to confirm that I had that my dad in my life was literally a dead end. You know what? It's not a, it might be a cul-de-sac or a U-turn. I don't know if it's a dead end because I would certainly who knows what's going to happen over the next few months or even longer?
I would certainly. Keep in touch with whoever you're talking to just treat it like a serve influence, check in with them occasionally and ask them to let you know when the situation changes, because we don't know. We don't know, even if they do have a guardianship attorney, we don't know what mom's will says.
It might include all the kids too, and this is probably not going to be a now deal, but it, it has, the potential would be a deal down the road. So I think probably all I can think of that you could do right now is just keep in touch with the person that you have contact with on a regular basis.
Maybe check with them once a month or something, and then ask them to reach out to you if anything changes. I sure will. And thank you guys. I appreciate you validating my thoughts. Okay. Good job. Thank you. Who's up in the queue. All right. Ending in eight, two, one, three, Salvatore.
Marker [00:15:34]Hey, gentlemen, how are you? Hey, sorry. It was, I was muted. Yeah. I have two, two things. One is an update. Yeah, an update regarding last week. So last week I briefly mentioned to you guys that I had reached out to a PR that didn't have an attorney, and who initially gave me an appointment and then just disappeared.
You guys I reached out and did what you guys suggested, which was, if she didn't answer, just leaving her voicemail, saying something along the lines, I may have pushed you too hard and just wanted to call to remind you that there's no pressure. She did end up picking up and I used that line on her as well and much to my surprise.
She said, you actually didn't push me at all. I'm just really confused. And I don't know what to do. So I appreciate the call. And and so from there, I just went on with the call with the other suggestion you had given, which was to reminder, that just so that we're on the same page, when we're gonna meet, we're just gonna do a quick walk through, make a list of things that she could be doing and in what order, and you know that I'm not asking her to sign anything and I'm not trying to pressure her into a sale.
So those were all suggestions from you guys that worked wonders. So I guess the win for now is that I officially have an appointment, with her hat. So that's awesome. I do want to thank you guys for that the advice and and wanted to let you know that it really, it worked wonders.
So thank you for that. Oh, you're very welcome. By the way, our advice is always guaranteed to work a hundred percent of the time. I can tell him, literally worked for a hundred.
Just kidding. In case anybody's listening lawyer on the phone. Go ahead. You have a second part to the question. Yeah, part was what was an update regarding another PR that I actually reached out to originally in, when was it in October? And she lived in Florida, the properties here in California.
I've been in front of her. We spoke numerous times. She said, Hey, look, I'm going to come to California over the holidays, AK Christmas, Thanksgiving, Christmas. And Once I come to California, we can meet and then we can discuss how to move forward with the property, all that stuff. I made sure to stay in front of her with calls, actual phone calls where we actually spoke and then sent her, Thanksgiving card, holiday card, new year's card, followed up with her again in January, said I'm not ready yet.
I'm not ready yet. And then finally I followed up with her yesterday and she says, Oh, I'm just I appreciate the call. I went with a realtor that my attorney suggested, but thanks for the follow-up. So I'm just trying to, obviously, whatever it's behind me. I'm just trying to think moving forward.
Is there anything that I should do different or, do I may be, I don't know. Do I call the attorney? Not about that property, but saying, Hey, I'm, I know you're working with and just let them know, or obviously instead of just calling the attorney and saying, give me business, as you guys suggested in the past, just say, see how we can work together, maybe offer something that would be valued to them.
And then as I think Bruce mentioned about a month ago or so just say I'm putting together a checklist and maybe give them a checklist with an item missing on purpose so that they feel that it's them giving me the advice and not the other way around. I'm just trying to figure out what you guys think.
Cause I think I was pretty on top of this PR and it's okay. Things happen sometimes they listen to it, to the attorney. But perhaps, maybe there's a an additional step that I could take moving forward to maybe have that happen less often. And real quick, how often did you call her? Did you keep in touch with her?
I called her, I reached out to her originally, I believe in October. And then I called her, I believe every two to three weeks and every time, and between those calls, I would send a handwritten card or, for example, happy Thanksgiving and then happy holidays. And then happy new year, like things like that, just to make sure that it wasn't my voice. It was, one of the blue cards, handwritten cards and not asking for business, but just more a holiday greeting, and then ready for you whenever, if you need any help, blah, blah, blah, or. Yeah, that sounds pretty, pretty diligent to me.
I was going to say the only thing I could think of is maybe reach out to her more often, but cause often it's a person that reaches someone after they first, after they make the decision, they're ready to do something every two or three weeks in that situation combined with the cards, it sounds like you probably did everything you could, Bruce.
Anything had done better. Got I'm gonna make a suggestion. History shows us that.
Hello, Bruce, did I just mute? Did I just mute out for some reason? I dunno why I think Tim muted me out or something. So history shows us that whoever has the first substantive conversation with a real estate conversation is normally the person that's going to get the business. Obviously if you're an investor, it might be a little different.
If your numbers just aren't good enough, but we need to have a substantive real estate conversation with people earlier, rather than later. And what you're doing is something that I've been guilty of doing for many years with many different people. Sometimes you are fighting to just keep a relationship alive, even if that means passively and it's better than ignoring them and not following up.
But I'll tell ya. You've got to find a way to do a, have a conversation. So what I would do is drive by a property like that, takes a couple of pictures get get just an idea, at least from the street, view it minimum, get an idea of what the value range is going to be. You're not going to be able to see the inside put it on a single sheet of paper and say, Hey send it to them in a FedEx envelope and say I know you're not ready to, so I know you're coming out here.
This isn't pressure, but this is what I think I could get you. If this is in line with what you're thinking, or if there's anything extra that I need to know please call me back or have that ready when I call you in a few days. And that way you've got real live numbers in front of their face that they can look at because a lot of times that person that is not ready to think about real estate, they're not ready once they see numbers, then they get ready.
So you need to shortcut that, that process that she's going through by putting, not an offer, but an estimate in front of her.
Yeah. So these are the steps I'm actually going to do that actually would love that because yes, I think it, it completely stands out from just the standard calls in the order that I took. I've taken it in was end of October, I had spoken with her, she said, she's in Miami. And that she had an appointment in about a month or two for the letters of testamentary.
And she had communicated that she would need the services longer down the road. And she was okay with me following up. That was October 27, then about a week ish. So I, and then I also communicated the vacant home insurance policy, which she says she didn't have. So I put her in touch with the insurance specialist, but he told me that she didn't answer.
So I followed up with her about a week later and she said, okay, she'll do it. And she probably would have the attorney look into it. And then she said, look, I'm going to be coming to LA towards the end of the year. So then I spoke to her again about three weeks later, right around Thanksgiving.
And she said she received my letter and that she's holding on to them and she should be in LA about two or three weeks later. So then I followed up with her again towards new December. Yeah, everything that you're doing is awesome, man. But I'll tell you it's proven time and time again to get the result that you just got, occasionally.
There's a decent percentage of the time when the person's telling you the truth and they have every intention to meet you. And an attorney short cuts, you, they cut you off at the knees or another agent slips in there. You've got to find a way to put proposals in front of people and have a real estate conversation.
And if that means that you have to send them a single page letter of intent style offer or ballpark of what you'd get like their net, then do it just anything that you can do to have that real estate conversation with them, or at least at least get them thinking about the real estate, because she was either unintentionally kicking the can down the road and someone was more aggressive.
Or she was intentionally putting you off knowing that she was talking to someone else. And I don't know which one it was, but you could get through that by by sending her, just a letter that says, this is what I think I could get you. Here's a range. Okay. Here's a range. I loved them. And when I call you again, I'm going to ask you about the condition so that we can confirm or verify these numbers.
Got it. Okay. So on the letter, you just give a range of obviously not knowing, because you don't know what the interior looks like and then okay. So then that forces the call. Yeah. That makes sense. Okay. Yeah. And I would not send that in a normal envelope. I'd put it in something official.
Cause you want to make sure that they open it up. Got it. Yeah. Okay. Sounds good. Perfect. I'll do that. Thank you so much guys. Alright, awesome, Tim. Yep. Next up is Eric ending in three seven, four five.
Marker [00:24:56]Hey guys. How are you doing today? Good butter by Drake. Perfect. So I'm more so on the investor side of buying probates. I really don't pursue much of anything. Although my team is licensed and we can list a lot of properties. We don't, we just don't have much interest. But we fully follow what you guys are doing regarding providing value, be a team of resources that can help relieve the burden I've noticed when I'm going on appointments.
To just about every probate I've been going to the number one thing I hear from people that I just don't know how to respond to. Like I give them my whole spiel about how we come up with our price or offers. Everybody tells me this is what I need to get out of this estate, and I kindly try to explain to them that's not how the marketplace works.
You don't take your problems and your needs to the market, and say, we need a hundred grand to make this go away. And I see people almost get together and have this conversation, in, in, in just across the board. It seems to be the experience that I've had. And I just try to back them down and say, listen, from my perspective, I want to get you the absolute top dollar that I can pay you.
I'm putting my best foot forward. I'm not trying to low-ball or steal anything there's full, transparent offering. Here is, and then I just walked them through the process and I start by saying, what do you guys think this house sell for? When it looks like the homes on HGTV and we come up with a price that we all agree upon.
And then I say, what do you guys think it takes to get there? We stumbled upon a price that's relatively close. And then I say, how much do you think you should sell the property for? And, again, they might say the property is worth 200,000. When it's completely done. It's probably going to take 50,000 to get there.
We're asking one 65 and I'm like, what am I doing here? Why didn't I even show up today? The reason why I don't say that on the phone call is because I recognize that getting face to face is just so crucial. It always has been for me, I've always been a face-to-face let's meet, provide that value show that I'm interested.
Every single appointment I go on, even my non probates, it seems like they are all like, this is what I need. If you're not this guy, keep it moving. How do I object to that?
There's some people that. You'll just walk away from, there are some people that won't correct. Be realistic. There are other people that are giving you a number and what they're doing is they're really setting an anchor that, because they're thinking, okay, we've got a, we've got to hit first.
There's a strategy to hitting first and setting an anchor because you take that other person, you in this case and put them back on their heels. And suddenly that offer that you were going to give for a hundred thousand becomes 120 out of the gate because they hit you first with their unrealistic expectations.
So you need to be conscious of the fact that some people are doing it on purpose. They don't really think that they're going to get one 65. They just want to tell you so that you change your approach. So that would be first. The second thing that I would do when I lay out comps for someone, and this is more on a listing appointment that I think it really works.
If you're meeting with someone as an investor as well, you lay out the comparables. You just take the, if you guys are also licensed, you take the MLS sheets, put them on the paper on the table, in front of the person and say based on these, where do you think we need to be? And they give you a number and if it's not right, scrunch your face up, get a curious look and go, okay.
I'm not a hundred percent sure that I'm coming up with the same thing. Helped me justify this here and get them to start justifying to you. And a lot of times they'll just come out and say, I can't justify it. I've had it happen. Dozens or hundreds, really hundreds of times where someone, they hit me with the number.
And then they said, I can't justify that when I asked, when I ask them where they came up with that or how or to help me justify it, I'll realize that they'd never had justification. They had an emotion and just asking them to justify it will all of a sudden change their mind without me having to fight them.
So I've always considered myself a problem solver versus a salesperson. So many times when I hand them comps and I say you're ultimately looking for Waldo to try to get that max dollar that your barber told you the home should sell for. I've I never had an issue telling people that I'm having a hard time supporting that number at your, the comps that you can review.
And most people I'll be honest. I experienced that most people generally get their number. It's just, if it's clean in outdated, they're still getting it relatively quickly because they're essentially just wearing the market out the markets like this is all that's available. The good renovated homes are selling quickly for top dollar.
The ones that are clean, but not renovated are still selling for just under, but it might take three months for them to get there. So I'm not struggling. The only answer that I've been able to come up with is I'm not going after properties that would like absolutely be only for an investor.
There's no way a homeowner's buying this. Nobody's moving into this place until these updates are made. And unfortunately there's just not a lot of those on the market. When it's occurring to me that essentially an investor is not really needed in today's market and I'm having to bite that bullet slowly or softly, I should say.
It's funny. You made a comment that I was going make it. I was going to say you're either in a red hot market and everybody knows it or you're, you may be. Wearing, whether you're mean to or not, you might be wearing your investor hat more than you think so they're there very well, maybe a Facebook group for sellers where they all get together and practice.
That's true. Objection. Just the fact that you're getting it on there. Every single deal kinda tells me that you might just have your industrial hat on a little more than the realtor hat. So they might be a little more defensive than they would otherwise be. And do you ever ask them on the phone?
Okay. I'll see you, Thursday at four, and obviously I'm gonna do all my homework and give you a good idea of what you can expect to get out of the house. But I'm just curious. Do you have a number in mind? You'd be surprised a lot of them. We, you you do that already. Yes, we, we do vet the calls before we get to that point.
And generally they all start at the top of the market and we're just expecting that. I That's where everybody's at. There's no need for them to start at a low point. In so many times I'm like that pretty much, I want to just believe that's all I need to know. Let's just save myself.
The time of going on the appointment, but I've never really been a one hit wonder type of person. It's always been meet them today, follow up next week, add value the following week. Let them realize that it's going to take them a lot longer to get the number that they want. And I'm the easy button that can get them a check this Friday.
And those gaps are just spacing out a lot more than they have since 2012. So it's, it's just been challenging. One other thing I was going to say, in most markets today, just generally 90% of these are realtor leads and 10% are investors in the hot markets. It might be 95 five in your market.
It might be 98 too, but there are still deals there. There still are still deals there. Where they have enough compelling urgency, and you can identify that in your initial conversation, that they don't have the option to list. Until the market deteriorates, you might just have to yeah. Settle for a, buying and flipping that 2% and go ahead and get the other ones listed.
I'm sure you realize a lot of times people that list, three, four, and five months down the road, the urgency might occur and they might start out as a listing and turn into a buy and flip for you. So don't take the listings, don't turn them down. That's what I'm saying. I've actually meant, are there more CUNYs that are available that are coming up?
We've got a few more in the cubic. Okay. Yeah. So I've actually learned to take my buyer hat off relatively quickly in the conversation and say it doesn't sound like my a hundred thousand dollar offer is going to work. If you're asking one, one 50 or one 35, whatever the number may be.
And I let them know that I've got so I've began doing marketing for the people that are looking for either the wholesale or the retail, and able to pay cash because those people are the most motivated people of any market. And they are frustrated, competing on the market with everybody else.
So now I've got about a half now, I've got about a half dozen people that when they find the right house, they will strike on it. So I've learned to take my hat off very quickly in the conversation and say, it doesn't look like this is going to work for me, but I think I've got a way that I can get you your number.
And then my buyer will pay me a commission. So I'm still essentially, assigning it or wholesaling, whatever you want to call it, but I'm just doing it to the end user. And it's still a little bit of a challenge. Do you see people like you know what, I think I'd rather give it to my realtor and have them put it on for absolute top dollar.
It I do think that what you said really hit it on the head that I'm just wearing that investor hat too hard. And I think I still need to just go into that appointment as more of a service. Minded person than going from the phone call, where we talk about helping them with the contents and relieve them of their burden and give them the magic wand.
And then when I show up, it's everything is about the home at this point. So I can definitely agree that I need to step back, be a little bit more ears, less mouth, and find out what it is they're looking to accomplish and just see if I can continue to play a role in it.
But it's, as a buyer has gotten very tough sure. And a number of things. If they're going to list it with another realtor, That's at or above market. Let it be you. And you can always work. The price credited may turn into a deal down the road. And I know Bruce, I think you go ahead.
I'm sorry. I interrupted you. Sorry. Sorry guys. I'm kinda busting here. Sure. Being able to present a listing option, and I know that's not your primary approach, but being able to present a listing option and then throwing some caveats in there. So you might look at them and say, look, if we listed it, I think that my offer is one 50, but if we listed it, I think we might be able to, to net you, one 90.
But here's a list of 10 things that you're going to need to do to get this house ready for the market and don't name, any prices, just give them a list of things that you would like them to do to have the house ready and let their imagination run wild on the time and money. That time, money, and energy that it's going to take to do that.
I wouldn't name prices. I'd give them the high. I'd give them a higher net value by listing and then let them. Self select out the listing option. And if they select into the listing option, no big deal, you kick it to your team. But if not, then they're looking at all those repairs that you're going to ask them to make.
And it doesn't have to be extensive, but they always overestimate the amount of time, money, and energy. That's going to go into updating and making repairs and perfecting the house before listing. I know buyers do sellers, especially do a $2,500 paint job and they think it's going to cost 10 grand.
I hope that helped. Kim is bursting at the seams, lets me know we've got a full queue. So hopefully if you need to, if you need to discuss it a little bit more, give us a call back after the call. We'll talk to you about it directly. Thank you guys so much. You rock. I appreciate you guys. Yeah, that's great.
And we've got three more in the kitchen. We got about another 15 minutes and want to make sure we get to them all. If you do want to get in the queue, we're getting ready to close it down and star six and one get in the queue. Otherwise we're going to close it down in our next person up is LOE seven three six nine.
This is a boy. No, this is not Eloise. That's what it will take you instead for sure. No, that's the right name on the account, but it is Blake. Yep. Yep. Yep. Marker [00:36:06] That's going to be here first time on the live call, but I wanted to get a little bit of feedback on how I am helping out PR here in weld County.
So long story short, She had a realtor in mind from the beginning. But she was frustrated with her attorney. And so my approach has been to add some value, over the past week and a half. As far in the way I did that was read more of the local probate code here in Illinois, as well as the universal probate code to rest up on, the procedure, as far as because, the PR was still frustrated with her attorneys to the point where she was considering firing him, but she didn't really know the steps to eventually close the probate.
I had about a 30 minute call with her today. Outlined what you should expect. She got the letters of office just the past couple of days. And I let her know, are the timeframes in our state for, when there's big problems with her will, will be going away. But then of course she still has the family friend realtor who, is in the front seat.
She had mentioned that over the next week or so the realtor supposed to come out to the house and, they take the, and get ready to sign the listing agreement or put it on MLS. I'm not sure where they are on that process, but I just want to get some feedback as far as how I could still add value and not seem to regressive to replace who she has in mind or the listings.
Are you you're a realtor or an investor? Oh, realtor. Both. Okay. All right. So the you're going to have to get aggressive and we want to do it diplomatically, but we're in this to feed our families. And I know that we're also in it to serve others, but we're serving others and that's how we make our living.
And so yes, you can offer value. Yes. You want to be altruistic, but you're probably going to need to go ahead and say to her, look if I hate to ask it so bluntly like this, but if I were able to do 10 times the amount of work for you and help you get a better deal than the realtor that you had selected, would you consider going with me?
And if she says no, Move on, but I would ask a really direct question like that if I could, that would you and see if it's a yes. And my bet is that she would probably say yes, so what's, you're going to do is you need to make your, if you could, and then that.dot.you need to make it really appealing.
So if I could do 10 times more than the other agent for you, and also get you a better deal when you sell, would you consider going with me instead? Okay. And then if it's a yes, you better be able to back it up. So think about what that service is going to be. You're either going to back it up by giving a better commission, which I don't always love.
TA training or coaching people to do that. You're either going to back it up by giving a better commission, or you're going to back it up by giving a massively better service. And somebody that puts a sign in the yard, puts it in the MLS and then prays for a buyer. Is this other person, just a realtor that they found or is it like a friend of the family?
Do you know? It's like a, it's like a, an acquaintance, a family friend. She had mentioned along the same lines. What Bruce said, this is this. If you have to couch it properly, it can sound pretty blunt, but say, Hey I may be out of bounds here. I don't know the other agents. She may be great, but are you looking to do a friend to favor or do what's best for your family?
That could be, as she may be able to do what's best, but if I could show you, where I can get you a lot more money, or you could even say, I'm just curious, is she a probate specialist? Do you know how many probates she's done? And then go into, because, I specialize in it, I've got a certification and I've done a bunch of them or, whatever your track record is.
But yeah, I, along the lines, what Bruce said at some point you gotta be a little blunt or you're not gonna get anywhere. And if you're not going to get the deal anyway, really what do you have to lose? Okay, one other thing real quickly. If that's not against the rules here, I know we're running out.
Rules, no rules just right. Yes. Love it. I wanna get some feedback on how I handled this situation and how I can maybe turn it around a little bit, or just, get back in, get back into the communication with the PR. But anyway, this PR I had called them, gave my kind of USP that I've developed from, listening to him and engaging in the content.
And I know that with more than a more seasoned me we'll be able to steer this directly into showing up at the property. But basically the PR response to me was I don't believe, actually need to do to actually go through probate. And, from there, I, from their activity into some of our other spokes on the wheel, as far as listing, he had seen the letter that I sent them.
So I roughly went through some of the options that the letter talks about. One of them was the estate sale company. He mentioned that later on, it'd be this year, he might be interested in doing the estate sale. And I said, okay when you find the letter, you'll have my number and you have it now.
So just give me a call when you, when that time is. And he said, yeah, that's probably what I ended up doing. So I want to want your feedback on what you would do, in that scenario. So the person says that they didn't think that they needed to go through probate may or may not be correct.
We don't know. Yeah. And we just tell them, look, we, we talk about probate mainly because most of our clients are going through probate, whether you are or not, your process of settling out at an estate is still slightly comparable, at least from my perspective. You'll if you don't go through probate, you're going to skip some of the legal and the accounting aspects of things, but you're still going to have to do the same thing.
You still have a house that you're having to take care of. You still have a personal property, you have to sell, donate, keep clean out things like that. You still have real estate that you're going to need to sell. Am I correct with any of that and get a yes. Get an affirmative and then say in a perfect world, what's your timing for that?
And get them to lay out their timing. If they say they don't know, go, Hey, I get it. No problem. I'm imagining you probably have several other people involved in deciding that anyway, don't you? Okay. That statement does not need to be correct. You just want to kinda make the statement and it gives them an opportunity to affirm that or correct you at least that way you're gathering some information along the way.
And then if they really don't know, I'm gonna, I want to get to the bottom of whether they're just putting me off or they don't know. So if they're just putting me off, I'm gonna, re-ask the question I'm gonna say. I know you don't know, but if you did know. When do you think that would be, when would you like to have the house sold?
And if they give you the same answer again, like I said, I don't know it's the truth, but a lot of times rephrasing or recounting that same question is going to get the, get a different answer out of them. And they're going to really tell you what their timing is. And then as I mentioned to someone on the call earlier, maybe you drive by the house, you put a single letter together with a couple of numbers on it.
You drop it in a FedEx envelope or something. That's a larger size and you send it to them and say, Hey, this is what I think I could get you. Let me know when you're ready to start. Quick question for you. Is this a lead you got from us? No, actually. Okay. Obviously, if the lead came from us, they do somebody thought they had to go through probate or we wouldn't have been filed the probate and it comes straight from the probate docket.
So it probably would have been probably isn't your leaf edge. I don't know. Generally the only reason someone doesn't have to go through probate is if they meet the small state exemption in a lot of sites, if your assets are less than a hundred thousand, you can avoid probate. Or if you have a living trust.
Everybody should be able to avoid probate, but 95% of people don't. So the odds are pretty safe in assuming that it probably is going to have to go through probate and otherwise Bruce gave you some great advice. Does that help? Okay. Hey guys, we've got to cut two more in the queue. Let's hop on there and keep on rolling and keep, get her done.
Thankfully it is ending in six, eight, seven, eight. Now you're doing great. My my question was basically, I liked the previous guy that just spoke about being direct with your sellers, because what I noticed is that a lot of people teach us that his gift give gifts, but what about the buyer? And it's like reciprocity I give to you, you give to me because if we constantly giving, given they just taking that information and I noticed that as well, and then shop it with the competitors and other real estate agents and forget all about you.
So in situations like that, how are we supposed to approach it instead of just constantly giving as if a giver. So you couch the giving you gate let's call it this, you gate, your giving behind an appointment. So you talk about, if you're prospecting, you talk about the results that you're going to give them, that you're going to get them.
You don't necessarily give all of the how and the details you talk about the results. And and you make your claim. You need to be able to back it up, but whatever it is, Hey, I'm going to take, I'm going to do 10 times more than anyone else. So I'm going to get you more money than anybody else, whatever it is.
And I'd love to show you, how do you think we could meet? And then when you meet that's, when you give. And if you end up giving and not receiving anything, that's fine. We definitely want to give more than we get. My question is I don't understand that part where you're constantly given that you don't get back.
You get what I'm saying? Sometimes it happens. Yeah. Sometimes they have no fundamental change their mind. So what I realized. You need to find all that out before, like the way you mentioned it and explain it to the previous caller. Listen, you're not here to just sit here to waste your time. Hey, suppose I'm able to give you X, Y, and Z.
Would we be able to do a deal today? Would we be able to find the contract, let you know, I'm your, I'm going to be your role to, if anything comes up or make sure you get the most money as possible, or you'd be able to fill out the paperwork today, if that's going to be a year. So it's going to be a note.
Now you get to realize, okay, this person want to deal with me. She does, they want, but there's times that fellas was regular laundry. Yeah. And then move on with somebody else at the end of the road. And that's what actually bothers me. And a lot of people probably that's on the car. How could we really tell if the person is really going to do business with us, not wasting our time and just giving for no reason?
Most of it is you just gotta get in front of them. You if you can get to the appointment by offering results, you're probably going to get the business. If you can get to the appointment. Instead of giving everything away on the phone, work on, giving it away when you're face to face, because you'll typically get the business if you give after your face to face.
And I know we have one more in the queue, but I just wanted to share with you a qualifying question. I used to teach at my previous coaching company and we'd set the appointment. And then the day before several hours for the appointment, you'd call back and say, just want to remind you I'm coming out today too.
And I'm just wondering if you're happy with what I have to say today, and you believe I can sell your house. Are you planning on listing with me today and just shut up? And some of the people will say you don't have to get a yes to go out there. But if you get a yes, that certainly makes you listen a lot easier.
But what do you mean if you would set up an appointment it's sometimes we'll find the appointment before you go and just ask them if you're happy with what I have to say today, are you planning on you could be wasting your time, even if you set up the appointment, you don't, they get it from, yes.
You're either going to get a very seldom. I had a guy say to me one time I wouldn't have you coming over if I wasn't. That was a really easy listing appointment. And I've had people say, Oh no, we can't sell it until Johnny graduates high school in September. That's probably a go later.
Most of them are going to be in between, but just set that expectation that, that is one of the objectives and going by and try to get an answer. They don't have to say yes, but it's just, if you feel more comfortable qualifying it. That's a good question to ask before you go. Okay then real fast.
I know we have one, whatever. I know we have one more. Yeah, sure. We just should hone down in like better sales training skills, find you a better person that can actually teach you how to sell. So I feel like we should not be wasting our time back and forth. Know what type of person we're dealing with.
If we're going to move forward, let's move forward. If I'm not going to move forward, most likely I just follow a few from time to time in case pain changes, how you celebrate that sign up for the foundations training and you can role play these things with Bruce, I want to make them. And I was just going to say, we've got to move on to the last caller, but but grab some time with me and I'll work with you on a couple of that.
There's a balance between giving too much and not giving enough and being just greedy and you need to be cautious of the mindset of I'm not going to come out and meet with you if you're not gonna list with me because that's going to turn a lot of people off. So there is a balance and I can work with you in the foundations class if you sign up for that.
Okay. Let's do the last color, which is four, two nine three. Hi, thank you so much for your patience and taking my question. I appreciate everything that's been said so far. And my question today is I'm just starting with the process. I'm very green and very fresh. I don't know too much about probate yet, but one of my concerns is trying to establish a network and that network will Intel have a probate lawyer as well, because that's one of the services that I would like to offer any of the executors that will actually take me as their representative or specialist.
Now, what do you recommend in regards to marketing out and doing some outreach to get some probate lawyers, to be a part of network?
Yep. We get this question is probably one of the most fundamental and foundational questions that everyone should be asking. And I appreciate you asking that. Number one is leverage your connections that you have with other vendors offer to promote their businesses to your list. And then in return, say, look, I'm going to promote you to my to my business.
And I'd like you to help me build out my probate team. And I could really use a connection or two with some extra probate and estate planning attorneys get their referrals, have them introduce you directly, either face through email or text that'll really open up those conversations. And then when you're, when you meet with the attorney, just tell them that this is not a one-way street.
Where you're expecting to get a whole bunch of business from them. You want to bring them business. And that, what that means to them is that anybody that doesn't have an attorney you'd like to promote you'd like to refer them and would that be beneficial? And of course, they're going to say yes.
So to get in front of more attorneys, I recommend going the warm introduction route by going to your other team members, promoting their business, and then asking them to be involved in helping you build your team out by connecting you with more attorneys. Okay. Thank you so much. That offers, that answers my question.
Thank you so much. Thank you. Great job everybody. Tim, I'm going to go ahead and close and then if you would turn off the recording and end the call afterwards I want to thank each and every one of you for being here today. I want to particularly thank those that actively participated and you heard a lot of good ideas on today's.
Hello? I think we'll, I think we lost Jim. We lost Jim. Tim. You've heard this disclosing spiel. I was going to tell you to take one idea that you heard one thought one, one, great tip that you heard. Put it into practice and come back next week and tell us all about it and tell us about your win. And with that, we're going to turn the recording off and stop the meeting.
Thank you all for being here.