Tag - Appointments

Preview for Probate Mastermind Real Estate Podcast episode 304: NEVER Ask For A Signed Agreement Again: Presumptive Closes, Paperwork M

NEVER Ask For A Signed Agreement Again: Presumptive Closes, Paperwork Must-Haves, and Plan B Options For Appointments. Probate Mastermind Podcast Episode 304

Probate Mastermind Episode #304 | Recorded Live on November 12th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to: use presumptive closes to win appointments; motivate old leads to sell in Q4; be prepared with the right paperwork at every appointment; leverage flat-rate listings with MLS opt-out; find quality contractors and agent partners; motivate old leads to sell in Q4; and more!

 

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!

 

Get Certified in Probate Real Estate

Get Probate Leads

 

Episode Topics, Timestamps, and Resources:

 

Preview for podcast episode segment:  Never Ask For The Listing - How To Use Presumptive Closes

Never Ask For The Listing - How To Use Presumptive Closes (00:55)

Caller is signing a listing agreement today, but the seller was hesitant.  What are some tips for getting a seller to commit right away? The seller mentioned wanting to see what another investor would offer before signing.  Chad and Bruce answer. Caller describes how he turned this lead into a listing at (9:57), after really starting to focus on his probate leads just a couple weeks ago.

Real Estate Tips: Listing Flat-Rate with MLS Opt-Out for Cash Offers

Listing Flat-Rate with MLS Opt-Out for Cash Offers (6:31)

If a seller mentions they have an investor who might be interested in making them a cash offer, and you don’t want to make an offer on the property yourself, what should your next move be? Chad describes a common strategy he uses to generate a frenzy of cash offer: Flat-rate listing with MLS opt-out.

Real Estate Advice: How To Respond to Awkward/Rude Objections

Responding to Awkward/Rude Objections (8:17)

Caller asks for advice on handling awkward/rude objections.  Chad and Jim advise and give a few examples of language to use.

Real Estate Advice: How to Close Prospecting Calls With An Appointment Set

How to Close Prospecting Calls With An Appointment Set (10:49)

Danny and Chad mastermind how to win commitment to an appointment/follow-up contact when a prospect is hesitant.

Real Estate Tips: How To Find Quality Contractor Partners

How To Find Quality Contractor Partners (15:58)

Johnathan is interested in finding quality contractors to work with in his real estate business.  What are some ways to do this during coronavirus and social distancing? Chad and Johnathan discuss.

See More: Rising Lumber Costs and What That Means For You, Your Sellers, and Your Vendor Partners.

Real Estate Marketing Ideas: Branding Beyond the Real Estate Logo

Branding Beyond The Real Estate Logo (17:49)

Johnathan is building out his “Dallas Life Transitions” brand.  Does featuring his real estate logo help or hurt his marketing efforts? Chad discusses.

Real Estate Checklist: Staying On Top of Your Prospecting Schedule

Staying On Top of Your Prospecting Schedule (20:54)

Johnathan and Chad discuss how to use the probate leads CRM to organize follow-ups and prospect efficiently.


See More: Detailed breakdown and CRM walkthrough in Probate Mastermind Episode 301

 

Investor Tip: How to Pitch Your Agent-Partner to Prospects. (23:11)

Sam is working with a family that already had an agent in mind.  One of the family members seems interested in meeting Sam’s agent partner as well.  How can Sam navigate this? Chad breaks down how to make sure, as an investor or wholesaler, you have an agent-partner YOU are confident in.  Next, Chad describes the process and language for setting an appointment and establishing your agent partner as a step above the competition.

Earnest Money Deposit and Buyers Backing Out

Earnest Money Deposit and Buyers Backing Out (26:41)

Joyce is representing a personal representative.  A buyer made an offer during the probate process but wants to back out. Can they do that? Chad gives a simple answer.

Real Estate Tips: Why Winter/Q4 Is A Great Time To Prospect Old Leads

Why Winter/Q4 Is A Great Time To Prospect Old Leads (27:43)

Joyce is getting the same objections from her old leads - Corona, corona, corona. What can Joyce do to build motivation and get personal representatives to stop putting off their real estate needs indefinitely? Chad advises.

Later in the call, at 49:42, Jim and Chad discuss the cash conversion cycle and how real estate deals can close before probate is finished.


See More: Ask The Expert – Everything You Need To Know About Working With A Probate Attorney to Grow Your Real Estate Business, With John Erik Fraker, JD

Buying Probate Properties for 50 Cents on the Dollar

Buying Probate Properties for 50 Cents on the Dollar (30:59)

Woo-Hoo Eddie!!! Congrats on the baby and all the deals you put together during such a big life event!!  Eddie shares deals he’s closing through wholesale, investment, and brokerage strategies.  Then he shares a current deal he’s working on with a personal representative who inherited his brother’s house.  Eddie has the keys to the property but the personal representative won’t sign a contract.  What’s the next move?

Creative Financing: Multiple Heirs and Distressed Property

Creative Financing: Multiple Heirs and Distressed Property (36:52)

Eddie is working with a probate lead involving 8 heirs.  One heir has possession of the property and already has a for sale sign posted, even though the other siblings haven’t agreed to sell or signed releases.  The sibling living at the property is also asking for an unrealistic price.  What’s the next move? Chad probes for more details and suggests creative financing options. Best idea here would be owner-financing and getting the siblings to roll the property into a land trust.

 

Real Estate Listing Appointments: What Paperwork Should You Bring To A Listing Appointment?

What Paperwork Should You Bring To A Listing Appointment? (41:27)

Whether the path forward is listing or selling to an investor, what paperwork should you always be prepared with? Chad discusses listing agreements, letters of intent, purchase agreements, and other information to come prepared with.  He also shares a few strategies for putting deals together on the spot and reading the seller’s body language to determine which way to steer the ship. Chad also describes how real estate agents can make money wholesaling deals with proper disclosure.  Bruce suggests writing reverse offers to buyers when a buyer seems to be on the fence.

 

Real Estate vs. Probate Timeline: How Long Does It Take To Get Paid?

Real Estate vs. Probate Timeline: How Long Does It Take To Get Paid? (49:36)

A listener follows up on something mentioned earlier in the call, that it can take 18 months to close probate cases in some cases.  Chad and Jim offer clarification on cash conversion cycles here: The timelines for property sale and probate court are two different timelines.  Chad discusses some factors that can impact both.

 

How To Find An Investor-Friendly Realtor and Get Paid For Finding Listing Opportunities

How To Find An Investor-Friendly Realtor and Get Paid For Finding Listing Opportunities (52:07)

Ron is an investor and is looking to build a relationship with a realtor to help with deals outside of his driving range. His strategy includes long-term buy and hold, wholesale, fix and flip and creative financing. Chad shares his advice to make sure the agent understands those things and how to establish an amicable relationship from there.

Chad and Ron then discuss how to get paid legally for split work.

 

Ways To Catch This Episode of Probate Mastermind:

Apple Podcasts

Spotify

YouTube

Download MP3 from Dropbox

Browse More Podcast Options

Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #303

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

[00:00:33]Jim Sullivan (Host/Coach): Welcome to all of our astounding agents and investors from across the country. Today is Thursday, November 12th, 2020. And this is mastermind call number 304. We have a full queue, so let's get right to the first caller this week. And first up is phone number ending in zero three zero nine.

Never Ask For The Listing - How To Use Presumptive Closes.

[00:00:55] Caller 1: Hey guys how you doing?

[00:00:56]Jim Sullivan (Host/Coach): Great. How about you?

[00:00:57] Caller 1: Good. Good. So I got a two part question, one more is actually a success story. I was able to reach out to a client over at that property and we're actually signing a agreement today. So I'm excited about that.

[00:01:09] Jim Sullivan (Host/Coach): Awesome!

[00:01:09] Caller 1: What I was going to say next, it took me about a week before she actually signed and I wanted to see, what's the best way to approach something where I know I'm providing value and I know I'm giving them everything that they want, but there hesitant to sign. So I'm just trying to figure out what's the best way to do it?

[00:01:25] Chad Corbett (Coach): Why do you think they're hesitant?

[00:01:26]Caller 1:  Because if they said Oh, we know we'll find out more on Friday, whether we're going to list over, we're going to, go with an investor and we'll agree.

[00:01:34] Chad Corbett (Coach): We'll make a decision then. And w why was Friday relevant?

[00:01:37] Caller 1: I honestly don't know.

[00:01:38] Chad Corbett (Coach): Yeah. my response to that would have been well, what if I could give you both? if we go ahead and list it today, we'll give you exposure to retail buyers that where you'll get probably a 20 to 40% premium.

[00:01:48]And if nobody comes through your investor can always make an offer. And if you would like me to exclude my commission on that particular buyer that you have in mind, I'm happy to do that. I'll write it in right here. Okay. And then you turn the paper and hand them the blue pen.

[00:02:01] Caller 1: Okay.

[00:02:02] Chad Corbett (Coach): So don't ever ask them, don't ever ask for a listing.

[00:02:06] Never you should like presumptively close them all the way through, in a series of small closes, figuring out what their objections are solve for the objection. And then just turn the paper around and hand them the pen and they sign every time.

[00:02:18] Caller 2: Oh, okay. That's cool. I didn't think about that.

[00:02:21] Bruce Hill (Coach): I want to throw in on, what Chad did before he gave you an answer.

[00:02:25] He asked you a couple of questions and ultimately when you get somebody that seems to be hesitant, you need to dig a little bit more and listen, if you don't know the questions to ask, Chad just came up with two questions really quickly. If you don't know those, you can simply insert "tell me more" into the conversation. Hey, we want to wait a little bit. Okay. Tell me a little bit more about that and then be quiet. Don't if they're quiet for a second, it's going to feel like an attorney to you. If not, just be quiet until they, they tell you their motivation for waiting and then you could even follow it up with.

[00:03:02]Okay,  what would the potential benefit to that be? What's the benefit. And tell me more. Those are two really good. one's a statement. One's a command. One's a question, but you're gonna, you're gonna understand it. So a lot of their motivations, and a lot of times they're going to talk themselves out of the waiting.

[00:03:18]They're only stalling because they have a fear of buying something. They're just getting a little bit of buyer's remorse and they're throwing a stall out there just out of habit and they can still overcome it themselves. If you ask the right questions.

[00:03:30] Chad Corbett (Coach): And that's, I could do a better job explaining myself too.

[00:03:33] Thanks, Bruce. What I'm doing in the background is I'm asking myself, what's the emotion driving the behavior? And the behavior is apprehension, right? that's what we're there they're doing. But why is that? If I haven't heard a legitimate reason and they say, Hey, you're the guy for us. We really like what we've heard.

[00:03:51]Let me think about it. You've given me a lot to think about. Then my mind immediately, I'm going okay. What is the fear? It's almost 99% of the time. It's a fear whether it's rational or not, no matter how small it is, it's creating a block in their behavior. So I'm like, what is the figure that is driving this behavior?

[00:04:09] And how can I remove that fear? And a lot of times people just, they know what they need to do, but you've gotten them out of their comfort zone and all they want to do their amygdala is like retreat. Get back into your comfort zone. Even when it's not in their best interest and you'll get a feel for this.

[00:04:23]and that's why I apply pressure the way I do. If somebody, if this were a grieving widow and I felt like she just wasn't ready, my approach is 100% different. But when someone says, Chad, we love what you're doing. We're ready to do business with you. Why don't we just wait a week to see if we can sell it for less?

[00:04:40] That's an that's irrational. So their fear is not representing their best interest in my opinion, as their potential fiduciary. So that's when I grabbed him by the hand and pulled her ass out of the probate quicksand before they ended up costing themselves a bunch of money. And I can feel good about that.

[00:04:55]But that's, what's going on behind the scenes with me, as I'm trying to identify the emotion, driving the behavior. If there's not a good explainable reason, then I'll put pressure on and make them and have them do what's in their best interest. Gotcha.

[00:05:07] Caller 1: That's exactly what happened. She's like, I'm looking for an investor, but at the same time, I want to make more money.

[00:05:12]So just I want to wait till Friday, since I'm meeting with an investor then, and see what they propose to me.

[00:05:16]Chad Corbett (Coach): So you can use Bruce's tactic there and be like, Oh, that's interesting. So tell me why you're you think selling was investors in your best interest? And then you're going to get all of her beliefs.

[00:05:26]So you'll get the belief that selling with a realtor is hard. You'll get the belief that cleaning out a house is more than she can handle. You'll get the belief that it's going to take 60 days. You'll get the belief that she's going to pay more in commissions and end up making less money. And what does that become?

[00:05:40]That becomes your language roadmap for the rest of the conversation. You just literally she'll set up the flags and you just go pluck them out and then hand her the blue pin, but asking, say, listen, that's a lot of folks say that I'm really interested to understand why, because we have a fiduciary responsibility and we, we are.

[00:05:56] Bound by a code of ethics and investors aren't. So as far as where I said, it looks like I'm offering you protection, consumer protection to get you the most amount of equity out of the asset. And it looks to me like you're not interested in that helped me understand. And I'm bringing that fear to the surface right now.

[00:06:13]I'm an investor too. but if I believe that it's in their best interest to sell on the retail market or as is, I'm going to use that language. If I think that it really, they really do need an investor offer, then I'm going to be the one with the blue pen. I'll sign the offer and then slide it over to them.

[00:06:28]Caller 1: Okay.

Listing Flat-Rate with MLS Opt-Out for Cash Offers

[00:06:29] Bruce Hill (Coach): Another thing that you could do is act a little bit confused. It takes a level of confidence, and I don't want to say practice this, but

[00:06:35] Chad Corbett (Coach): -you're really good at it, Bruce.

[00:06:37] Bruce Hill (Coach): You do want to practice and you're acting confused. I'm great at it. You do want to practice  acting confused and say, okay and an investor might be a solution for you why? Why don't I just bring you some investors and. It needs to have, an air of authenticity to it. because if they feel like it's just a trap, it'll play against you. But if you just get a puzzle book on your face and go, huh, okay, I get it.

[00:07:03]why don't I just bring you a handful of investors now you better have the investors if you're going to do that.T hat will normally get them to go well. Yeah. why not? Okay. And then you can turn it around and get the listing side.

[00:07:15] Caller 1: Okay. Cool.

[00:07:16] Chad Corbett (Coach): That's I used to use that tactic too. I hadn't, NAR has muddied the water for us there, a lot of sellers were, they were hell bent to go sell to an investor.

[00:07:25] And if it's a house that I didn't want, I would list it on a flat rate. So I would get, higher than six or 8%, if it was a cheap house, an inexpensive house. I would list it flat rate with an MLS opt-out and then I would just send it out to my list of 138 cash buyers that had real relationships with them.  We would have a frenzy in five minutes and they were always shocked and I'm like, so you create price competition among qualified investors who have been pre-vetted by you. You're technically representing the seller, but you get the double ended and you just, the first page of your offer for the investor is an unrepresented party had done them.

[00:08:00]So I actually did that quite often with if I didn't want the house myself, it's essentially, it's the net result of wholesaling, but it's not considered in that listing. And it's perfectly legal, but NAR has tried to put an end to any MLS opt-outs okay.

Responding to Awkward/Rude Objections

Caller 1: Cool. And then, what are you doing in a situation when you do a USP and the response I receive was like, Oh, probate, that's going. And I just got stuck there. Obviously I'm, I'm just starting out, but I'm trying to get used to it, and I have a little bit of a fear, typically, that's an objection that I never heard before say, thank you.

[00:08:33] Chad Corbett (Coach): Good probate. Is, did you say probate is done

[00:08:35] Caller 1: The objection I received was like, probate is going. after I did my USP. Yeah. Which is odd. I didn't understand what he meant by that.

[00:08:43] Chad Corbett (Coach): What can serve you? Like he gave you an awkward response. So answer him with an awkward response. So probate is going... well or not?

[00:08:51]And then it'd be absolutely silence. If they're being like that with you, just turn it back around probate's going, just give them an awkward pause and say, well or not? And then don't speak because you want to use that silence as your leverage, and it's extremely uncomfortable for people.

[00:09:07] So they've established a pattern that they found the run people off quickly, and just a few words, and you can short circuit that and get to get, to have a real conversation with the person you can use. You can use humor, you can use just and that situation, that's an awkward response.

[00:09:23] So that's what I responded with. But get them out of that loop and then have a good question on deck. Is it going well or not? and then they'll respond and say, the reason I ask is because we actually make a phone call to every single family, every single month and Roanoke County. And I would say at least 85% of the people that say it's going well, ended up calling us back when they're in the, when there's, the stress is up to their ears.

[00:09:45]And then we asked to go do six months of work and a month. is it going that well for you?

[00:09:50]Jim Sullivan (Host/Coach): Yeah, I thought of another one you could say, where did it go? If you want to use a little bit of humor, are you able to find it?

[00:09:55]Hey please come back next week and share, when you get that listing you'll be up for winner of the week.

[00:10:00] Caller 1: So I'm going to meet with them.

[00:10:01] Chad Corbett (Coach): Did you get that listing that you're signing today? Was it inbound or outbound?

[00:10:05] Caller 1: Outbound

[00:10:06] Chad Corbett (Coach): On the phone? Like you own all your followups?

[00:10:08] Caller 1: Yup.

[00:10:09]Chad Corbett (Coach): The first time you talked to them or.

[00:10:10] Caller 1: Yeah. First time I talked to her and met with her at the property, give them my listing presentation. And they said give me until Friday.

[00:10:15] And it's just happened the beginning of this week. And then before you know it, she tells me, good job, thank you for their hard work. you worked so hard for me, I'm ready to assign and just bring them, listen to agreement when we meet. And how long have you been at? Great. Awesome. Repeat that again.

[00:10:27]How long have you been doing this? Honestly since September, but not hardcore to like maybe a couple of weeks ago.

[00:10:32] Chad Corbett (Coach): So you started trying two weeks ago and you already got your first listing on the first phone call.

[00:10:37]Applaud from the crowd!

[00:10:38] Jim Sullivan (Host/Coach): Good job, buddy. We got a very full queue this week, but thank you for leading it off. Appreciate it. Next up is phone number and again one eight five, five. You're up next.

How to Close Prospecting Calls With An Appointment Set

[00:10:47] Danny: Hey guys.

[00:10:48] Jim Sullivan (Host/Coach): Hey, Danny. What's up.

[00:10:49] Danny: So I just want to do a quick follow-up. I know Chad wasn't in the call last week and then you guys gave me some really good insights.

[00:10:54] I want to get some insights from Chad as well. I'm going to, it's the same question. I wrote down everything as well. Chad, if you can give me some insights as well. My question was, what advice would you give me for making sure I definitely get that appointment set up on the call. I'm running into, I know it's a me thing, but I'm calling them.

[00:11:11] Everything's going well, competition going. Great. tell me about the house. Everything I need to know, but making sure I get that appointment set, or at least a follow-up call.

[00:11:19] Chad Corbett (Coach): Tell me where you're losing it. What's the objection where you're not getting the appointment?

[00:11:23]Danny: I believe it's just more so on my side. I'm calling everything going well, I'm getting on.

[00:11:29] Chad Corbett (Coach): All right. let me ask, I'll ask a better question. how are you going in for the appointment? Give me your, tell me what that language is.

[00:11:36] Oh man, I don't. And that's another thing I don't even know if, at the time, like I really was trying to go in for, I was more so tunnel vision on can I get the right questions to ask to know about the property or where everything else I didn't get to know about?

[00:11:51]And by the time, like the end of the conversation came around and it was good. I didn't want to like force upon Hey, I'll call you back at this time or Hey, can I, can we go see the house?

[00:12:01] Danny: Okay. I think that's more,

[00:12:02] Chad Corbett (Coach): So this is something I struggled with early on. I used to ask myself the same question.

[00:12:07]The reason, have you been through mastery?

[00:12:10] Danny: Yeah. Yeah.

[00:12:10] Chad Corbett (Coach): Okay. So you remember the order in mastery, so it's, your USP and then you identify, is there a real estate? Is there an intent to sell? Who are the decision makers? What is the relationship dynamic? And then go for the appointment.

[00:12:23] Before we talk about real estate, we go for the appointment. We identify real estate and then we quickly step away from it. So they don't feel like that's the only purpose of our call. And then we focus on building a rapport by talking more about people and situation, and we set the appointment. It's usually tentative.

[00:12:39]And then you get, you give them a hundred percent of permission to cancel and they never do, because you will reinforce that with so much value after you go, Oh, Hey, real quick, before you go, can I ask you a few questions about the property so I can do my homework and then it becomes a more casual, light, easy conversation.

[00:12:55]And then, and you gather all the other information. So what you're doing is you're accomplishing, I try to accomplish that 10% and then pick after I have the appointment and get the other 90% of the information you're on the flip side of that. And that's how I used to do it. And that's what I tell you in mastery, like everything on that probate seller interview sheet, and during day three, like when we go through the conversation, like literally line by line, I've moved each of these pieces around and put them in the right progressive order where I had the highest close ratio.

[00:13:23]So I would suggest that you focus more on people in situation and get the appointment, even if it's a tentative appointment and then say oh real quick. Can I ask you a few questions about the property? And this is where you get to really show off your value and learn a lot about the property and the finances and all those things.

[00:13:39]So I think that's going to help you. The other thing that will help you is remind yourself every time you pick up the phone, why are you picking up the phone? what's your personal outcome? I'm asking you, what is your personal outcome every time you pick up the phone?

[00:13:52]Danny: Oh, you're you're asking me.

[00:13:53] Okay. for me, it's, reach out to them. If they are in need of any help, and if I can,

[00:13:58] Chad Corbett (Coach): How much money do you make reaching out to people?

[00:14:00] Danny: None.

[00:14:01] So let's get to, what is the prime objective of the call? It's to get face-to-face with this person for any reason, because once they meet you face to face, you close, right?

[00:14:10]Chad Corbett (Coach): How many have left 10 face to face appointments you have? How many did you fail at?

[00:14:14]Danny: For me, I haven't made a face-to-face myself yet. I've gone in with, I work with  in this, in this, gotcha. Yeah.

[00:14:23] Chad Corbett (Coach): So you're teeing Shaiah up with appointments.

[00:14:25]So of the last 10, how many failed like that? You got the face-to-face appointment.

[00:14:29] Danny: I've gone well, personally, I wouldn't say I've gone to 10 so far myself, but I've gone to four. And from my knowledge and everything, I was having none of them, I told her we always make a up with if we can, view the house, but we've gone and met them.

[00:14:43]So I, man, I wouldn't even say any of them.

[00:14:46] Chad Corbett (Coach): Fair enough. You get my point. What I want you to like during this entire conversation, even after you've gotten the appointment, why do these people need to see me in person? Because when you get there in person, your chance of getting in deeper rapport and closing goes up exponentially.

[00:15:01]Every time you make a prospecting call, deep breath. How do I get face to face? Sometimes it's to put a no trespassing sign on the window. Sometimes it's to get a dog and take it to the SPCA. So it's cared for sometimes it's, to change out the locks on the house to winterize the house, whatever, however, small that reason might be.

[00:15:20]If you can get a decision maker to meet with you, it changes the whole dynamic of this and you no longer have competition. So I want you to focus on that as the primary objective of your next prospecting call being, how do I get face to face then you don't have to be thinking about 10 different ways to set an appointment because you're going to come up with it.

[00:15:37] And it's going to be different every time. You'll know how to close the appointment, because you'll know that the clear reason and the clear outcome of the meeting you in person, and that will drive your language. So you don't need a script. You just need a purpose and your purpose as a face to face appointment this time, actually.

[00:15:53]Danny: All right. Yeah. Thank you me. I was writing all that down as well, and that was good advice. Thank you.

How To Find Quality Contractor Partners

[00:15:58]Johnathan: Hello everybody. This is Johnathan from Dallas, Texas. How's everyone doing today?

[00:16:01] Chad Corbett (Coach): Hey Johnny, Johnathan. Welcome.

[00:16:03] Johnathan: Thank you. Thank you. Thank you. Okay, so I'm going to go right into the questions. Okay. So first when I'm talking about quality contractors, so in mastery, Chad, one of the things, one of the ways you said to meet a quality contractor was, you would be out either at Lowe's or home Depot in the morning.

[00:16:20] Coffee donuts or something of that nature and meeting the people, it looks for the big trucks, people who actually are making money and doing well real business. So in this environment where we are with COVID, how would you change that tactic? in order to meet some quality, contractors, or would you still do the same thing?

[00:16:36]Chad Corbett (Coach): I did the same thing. they have to get out and work and they're, they're doing what they do. So there's a lumber shortage now. So like when I go to buy lumber, I have to go to three or four stores. So you're actually more likely to meet them now than ever, because now they're going to three and four different Home Depots.

[00:16:52] So if you spend three hours under the port, the Portico on the pro side of the home Depot, you'll meet more contractors now than you would have a six months ago. they're having to run all over town for materials.

[00:17:02]Johnathan:  Gotcha. Good deal. All right.

[00:17:04]Chad Corbett (Coach): Another thing you can do something.  And I don't know if I mentioned this in mastery, go to custom cabinet shops, custom kitchen and bath stores. Those are people who are selling to a higher end clientele and, get to know, just let them know, say, Hey, listen, I'm looking for a guy that's, that has some availability right now. I've got jobs lined up.

[00:17:22] Can you please give him my card and just stop into those places were more successful and more organized contracto, the people they have relationships with. So if you've got lumber wholesalers, if you have kitchen and bath stores, granite places, and just say, who do , who do you do a lot of business with that you trust that has some time in their schedule? Can you please make sure they get one of my cards? And it gives you some scale there. Cause you can have people out recruiting for you.

Branding Beyond The Real Estate Logo

[00:17:49] Johnathan: Got you. And if I could differentiate those people from people who are just wanting to do punch work, real quick, all my letters. Okay. I know this is a plus or minus. I need your everyone's opinion on this one. I have on the top of my letters, another hand, I have Dallas Life Transitions, which is, which is my LLC. And then in the middle, I have my real estate logo, which is actually my logo, which is my main, the little fancy way that has real estate under there. Is having my real estate logo, a plus or minus on there?

[00:18:16]I have Dallas life transition. One side. This is in my logo is in the middle.

[00:18:20] Chad Corbett (Coach): You need to test it and find out, all right, so I'll take it off. The only real way to know is to remove it. My inclination is to tell you to take off your real estate logo because you wouldn't be, you wouldn't be building and supporting a brand called Dallas Life Transitions.

[00:18:34] If all you cared about was real estate listings, am I right?

[00:18:37] Johnathan: Gotcha.

[00:18:38] Chad Corbett (Coach): So you're conveying two different things. You're saying here's a broad scope of service that I do to provide service value to my community. But Hey, look, I'm a realtor got me real estate. So take that off. And in the beginning of the conversation, think of it as a funnel, right?

[00:18:53]So in the beginning you have a broad scope of service. And as you learn about the people in this situation, you start to tighten the focus of the conversation at the bottom of the funnel is realist. Because that's what you can directly monetize, but there may be 12 things that are bigger problems in their head and their perception is their reality.

[00:19:11]So if the dog that needs to be taken to the SPCA, because nobody, people are getting tired of going and feeding it every day. If that's the biggest problem in their mind, You need to have a solution for it. So if that was life transitions as a brand that can capture all of that, you, your name as a real estate agent or broker doesn't.

[00:19:29]So they may perceive that as well know, I'll call this guy whenever it's time to sell the house and someone else will get it before then. So that's why I like. That's the, that a brand is you're painting the picture of a vertically integrated solution, like a social enterprise in the community and to dual brand something is just diluting, both brands.

[00:19:48]Johnathan: Gotcha. All right. Good deal.

[00:19:49] Bruce Hill (Coach): One more real quick. real quick before you throw that, Chad almost convinced me cause I was going to take the opposite approach. And and now, now I'm wishy watchy on the opposite approach, but I've

[00:20:00] Chad Corbett (Coach): are you acting confused again?

[00:20:02] Bruce Hill (Coach): I'm actually confused. Yep.

[00:20:04] So I've run two separate companies with, generic brands, not Dallas life transitions, but just generic company names. And both times in my business, both times that I went away for my personal name and two, a company name, I lost conversion. What I realized is most of the time people do business with a person and they're less likely to do business with a company.

[00:20:29] If that company isn't brand. And I, so they do business with you as a person.

[00:20:34] Chad Corbett (Coach): One thing I would say to that is it's an obvious personal letter with his name at the bottom. So he, they're not getting a letter from DLT, saying respectfully DLT, corporate headquarters.

[00:20:45]They're getting it from DL, from the person. I agree with what Bruce is saying, but considering how personal our letters already are, I think that you get around that.

 

Staying On Top of Your Prospecting Schedule

[00:20:54] Johnathan: Okay. One more time. I have one more, one more real quick. I'll all right. It's about follow-up is about followup and everything.

[00:21:00] It's about system. I'm finding it. A lot of my leads are falling through to falling through the cracks because either I'm not calling them back or what day to call them back. And, I don't know if I, should I try paper. I put writing each lead that I needed to call back on the paper, put it in the system, like it folder system, but it becomes junkie.

[00:21:17]What have you guys done in the past in order to make sure that the call that you're going to make the follow-up calls, that you're going to make pop right up so you can, so it's not such a headache to search through and find, okay, I need to call this person back. Or is it today or tomorrow?

[00:21:32] Does that kind of make sense? So this is a system question.

[00:21:35] Chad Corbett (Coach): You just need to start using it. So when you're making a call, are you prospecting from the, my probate leads, the CRM we give you? Yep. Yes. So you have four tabs at the bottom. Tab number three is the option status tab. So that's where you rate the lead.

[00:21:49]You can opt them out of phone calls, emails, whatever follow-up. Excuse me, it tracks the result of your phone call and on, I think on the second tab, you actually schedule your follow-up date. And then on the list view, you sort by followup date, the other thing you can do to more, to customize it and make it more personal to you is on the first tab you can use the shortcode function.

[00:22:08]So if you can say, let's say you're sending a premium mail piece, so you could say. PMP follow-up and that would mean for you, that would mean premium mailpiece follow-up. That would be a shortcode. And now you can sort your list or filter your list by that short code. you know what our goals are, which ones need to get the PMP or which ones has already happened.

[00:22:28]Everything you need to stay organized and save money already built in. It's really simple by design, but every, I think everything you're looking for is there. And we talked about this in pretty great detail. I think it was two mastermind calls ago. Katt can link it in the show notes. but, I think it was two calls ago.

[00:22:45]We actually had a pretty extensive conversation about just all the ways you can use that to get a more efficient workflow.

[00:22:52] Johnathan: Gotcha. So it's user error. All right. If Katt links that I'll take a look at it, I'll still search it. So I'm just looking to maybe, be able to maximize that to the most, be very efficient with it so we can, have success if you guys for, thank you for taking my call.

[00:23:05]Jim Sullivan (Host/Coach): Thank you!

[00:23:06] Johnathan: All right.

[00:23:06] Jim Sullivan (Host/Coach): All right. Next up is phone number ending in three five seven, five. You're up next.

 

Investor Tip: How to Pitch Your Agent-Partner to Prospects.

[00:23:11] Sam: Yes. Hello?

[00:23:12] Jim Sullivan (Host/Coach): Yes, sir. You're on.

[00:23:13] Sam: My name is Sam. I'm calling North Georgia.  A Person out in Cali and I'm here in Georgia and she's the PR is out in California and her sister is here locally in Georgia, and her sister has a realtor, but it doesn't seem like the sister in California is dead set on the realtor. So I was wondering, what can I, how can I sway her to use my realtor here?

[00:23:33]Cause she said it's okay that my realtor gives her a call,

[00:23:36]Chad Corbett (Coach): Does your realtor have probate experience or do they offer the, all the services we talk about on these calls?

[00:23:41] Sam: No. He does not.

[00:23:42] Chad Corbett (Coach): Yeah, it's pretty tough. you're saying, this Apple versus that Apple. Typically my answer would be the, the service we provide is such a differentiator.

[00:23:51] It's very easy to outsell almost any realtor, but if you feel like that, what's your realtor's X factor. why do you call them your realtor?

[00:23:59] Sam: Actually he, cause he's just been here for a while. I haven't gotten many, different, realtors to choose from, Cause it's hard to find somebody that's going to work with you.

[00:24:08]Chad Corbett (Coach): Yeah. If you don't even know what his X factor is or her X factor is it's going to be hard to convince somebody else. typically the direction I go with that as Oh, that's incredible. I'm so glad you have options. let me ask you this. Have you already signed an agreement with that person?

[00:24:22]Okay, great. And when you're, when are you guys meeting? And if there's no meeting scheduled, that means there's probably not that you don't have much competition. It's pretty easy to overcome and then I'll go toward, alright, listen, the reason we'd like to come and try you've trust me. I understand my risk.

[00:24:35] I could be wasting my time. I certainly won't waste yours. I will leave everything with you. but I at least like I have an opportunity to meet with you and see your whole situation. Cause there's a lot of things families don't expect from us. So getting homes cleaned out, getting them secure, getting proper insurances in place.

[00:24:51] Many families don't even know that they could lose everything. so there's a checklist we go through with every family and that's why I like to meet face to face. It's just. it, we can just accomplish a lot more and a lot less time. yeah. Would, could you think you can meet with that other agent before Friday?

[00:25:06]Okay, great. Then help us. How's Friday at one, try to put them in the door in front of me, but I have a huge differentiation point before I do that. So I try to show them the broad scope of service that we can offer. everything that comes along with brokerage, put my competition through the door in front of me, and then they go, that's going to leave so much curiosity that they're going to, they're not, they're going to be very hesitant to sign any, anything with anyone until they meet with me and see if I'm full of it.

[00:25:32] Or if I can actually do what I've said. And then that's back to the very first caller. Like you, you just become a good listener. And and them the blue pen. But if you don't have much faith in your, and your brokerage partner, I would say step one for you is finding a brokerage partner that you're proud to present like that on the phone so you can differentiate them.

[00:25:51]Cause it sounds to me like you don't really believe in their service.

[00:25:54] Sam: Okay. And, there was, there was, one of those. Masterminds that came when you gave options,  and then you crossed out certain ones and you explained to them which one, that they would go with. where could I find that one?

[00:26:05]Chad Corbett (Coach): it's we. And probate mastery. We unpack it all in session two. I show you everything and literally dozens and dozens of options. And that's where the long form where I show you how I, shaped the conversation and use the net sheet, but right there in our, and if you look up a seller net sheet as a keyword, if you go to alltheleads.com.

[00:26:25] And the top, You'll see a global search bar put in seller net sheet. And that should bring up show notes from previous role-plays and masterminds, where we've talked about how we use it.

[00:26:34] Sam: Okay.

[00:26:35]Jim Sullivan (Host/Coach): All right. Thank you, sir. next up in the queue is phone number ending in six, two, four eight.

 

Earnest Money Deposit and Buyers Backing Out

[00:26:41] Joyce Arnston Morris: Good morning. It's Joyce Arnston Morris  in Orange County, California.

[00:26:45]I have two quick questions. If I have a client who has full authority to file for full authority, and I have a buyer that signed an offer to them, and the probate isn't closed yet with the court. Can the buyer back out at any time?

[00:27:02] Chad Corbett (Coach): Who are you representing Joyce

[00:27:03] Joyce Arnston Morris: Oh, I'm representing the PR.

[00:27:05] Chad Corbett (Coach): Okay. whether the buyer can back out is dependent on the contingencies in the contract. What contingency are they trying to exercise

[00:27:12] Joyce Arnston Morris: They just don't want do it anymore,

[00:27:14] Chad Corbett (Coach): That's fine. Send them a release with a $0 earnest money deposit return.

[00:27:18]Joyce Arnston Morris: So they don't get their money back.

[00:27:20] Chad Corbett (Coach): I'm assuming that's what the contract says. So if you guys have held up your end of the deal and it's contingent upon court approval, as long as that court approval wasn't on or before a specific date, then you're within, you're performing with within what you agreed to in the contract.

[00:27:35] So if they've changed their mind, just let them know that it's very simple. You just forfeit the earnest money deposit and then you go sell it to somebody else.

Why Winter Is A Great Time To Prospect Old Leads

Joyce Arnston Morris: Got it. Okay. just one more quick question, Chad. I still don't have an open courthouse in orange County and, my regular, USP and, things that you've taught me to say, aren't really working with my old leads.

[00:27:59]It seems like I need a new. A new approach because they're so old. I haven't had a lead since April.

[00:28:06] Chad Corbett (Coach): Okay. Where did the conversation hanging up? what's the choke point?

[00:28:09] Joyce Arnston Morris: It just seems like I get all the standard objections that a lot mostly. we're just stuck with COVID and we're not moving forward until we get.

[00:28:19]Chad Corbett (Coach): Okay. my first response would be, yeah, trust me. I understand. we've had to, be patient and a lot of families are being patient right now, even when it's not the best thing for the family. Let me ask you this. Joyce, when is your next hearing date? Are you, do you know that. And what I'm looking for is how engaged are they really?

[00:28:35] Or have they just checked out and the attorney sitting on his hands because there's no urgency. And if they do know a hearing date, then that gives me a target, like a follow-up target. if they're just not, if I know they're going to sit on their hands until X date, then I know exactly what I need to follow up is about a week before X.

[00:28:50]So ask them, ask them some questions like that are more procedural questions. Will you help me understand where you're at in the process and, what's the net, what do you think the next, what's your understanding of the next step? and as you, as I start talking about that gives you some time to think and be listening for other chinks in the armor, like things that could be bothering them.

[00:29:09]And, for example, winter, property tax coming due next in your market, as it in December. Okay. So that's a good milestone that, applies to every single conversation. Mr. Smith, I'm sure you're aware that, property taxes, aren't cheap and orange County and they're due on December 5th.

[00:29:24] So if we could get this in someone else's name and your family could save $15,000, do you think that would be in your best interest? We can't do that because -- actually we hope a lot of our clients get full authority from the court, so they actually can sell on the family's timeline, not the state's timeline.

[00:29:40]Is that something you'd be interested in? If we could show you how to do it, to save you a whole lot of time and a whole lot of money. Great. How's Friday at three. I can meet you at the house. And so look for specifics like that, like use, use specific things like their next court date, the next tax event, the election, if you want.

[00:29:57] Like the, the presidential inauguration and whatever your belief is about where your market is headed. You can use that as urgency, but if they've gotten in this pattern of procrastination and the attorneys validating that, because he's also in that, if you watched the interview with John Fraker, and it takes him an average of.

[00:30:15]Nine 10 months to close a probate case, where the average in the state is 18 months. And it doesn't just because they have an attorney just because they trust that attorney doesn't mean they're getting the best service or the, or are having the most efficient process. So poke around and see if there's anything you can do to expedite the process and get them ready, engaged, because it will save them money and then stress. So that's what I would try is

[00:30:41]Joyce Arnston Morris: That's good. Thank you. You're welcome. I will give it a try right now. As soon as the crossover thanks bye bye

[00:30:47] Jim Sullivan (Host/Coach): All right. we only have two more in the queue. We had a few people drop out. If anybody wants to jump in and start at six and hit one in the meantime, next up is phone number ending in five, four, six, four.

50 Cents On The Dollar With Probate Properties

Eddie: Hey, how's it going? It's Eddie here in Kansas city.

[00:31:01] Jim Sullivan (Host/Coach): Hey, Eddie.

[00:31:02] Bruce Hill (Coach): What's up, man.

[00:31:03] Eddie: Bruce. I told you I wasn't get on the call like three weeks ago. And, I've just been two swamped. We had the baby last week, And we weren't able to get on the phone call. but, I have some wins from a couple of weeks ago when I told Bruce, but, I got two contracts signed for purchase, properties I'm gonna purchase. I have. I got one of them assigned already. And we're closing sometime next week, dealer property I'm purchasing on the 18th.

[00:31:28]Then I wholesaled the property that closed a week ago. Monday. And then I purchased property that will we're going to fix up and sell. Hopefully today I was just talking with the title company while we were, while I was listening to this. And she's saying, hopefully we'll close it today. a lot of things coming through that are for the good, Bruce, that property that I was hoping to get under contract.

[00:31:52] I did not get the contract, but the guy gave me the key to the house. So he was like, here's the key? So I'm still like, can we sign a purchase agreement, but he was just like, here's the key. So I don't have to come over here and show you inside anymore. So now we'll

[00:32:06] Chad Corbett (Coach): ....move in and claim adverse possession!

[00:32:09]Eddie: Yeah, I can. Or just, I'll just, start renting it out and do that.

[00:32:13] Chad Corbett (Coach): Yeah, there. Yeah. what do you think his hang up is like he wants to sell it?

[00:32:17] Eddie: Yeah, his brother committed suicide there.

[00:32:19] Chad Corbett (Coach): So what have you, if you just send them, I send them a contract, just send it to him and see if he signs it and sends it back.

[00:32:24]So I've done this with letters of intent in case they sign it. It's a non-binding agreement. if you've already been through the house, you know your price, right?

[00:32:33] Eddie: Yeah.

[00:32:33] Chad Corbett (Coach): Yeah. So what I've done in the past is I will actually sign the purchase agreement, but over the price field, I will put a post-it note that says, call me, let's fill in the blank on the phone, and then I'll send it in a certified envelope, just so I know it gets there and I know it gets attention.

[00:32:50]And when they open it up, it says real estate purchase and sale agreement and they remove the sticky and see the price field blank. Your damn phone rings immediately. And it's a way to break people out of that. And, he obviously is emotionally checked out about the house. He's here's the key, screw it.

[00:33:05]Like he needs to sell that house, but he needs a breakthrough and you need to make it real. if you ever negotiated on some like personal property, if you show up with cash and actually show it to the person, you can buy shit at 30 cents on the dollar. And you're doing as how we do it in real estate, right?

[00:33:22]Show him the reality of the situation by giving him a purchase agreement that he's not expecting. And I'm actually, I had it backfire on me once. Cause I did it with people who I'd never spoken to. I only just so everybody understands, this is only a tactic I use with people I have rapport with. If you do it as a cold mailer, Man, it pisses a lot of people off asking me how I know.

[00:33:42]but it, I have used it in this way where, when people just can't get out of their own way and make a decision, it can create a breakthrough. it's, what's it going to cost you 10, 15 cents to try, or whatever the certified letter costs plus the printing, but that's something you could try.

[00:33:57]Eddie: Okay. I like that.

[00:33:58] Chad Corbett (Coach): So you've gotten four deals in the last month. Is that the timeline you're talking about?

[00:34:02] Eddie: Yeah, the two that I've closed off, like I've literally been working on these two for two years. Like two of them for two years, it's the same seller, but I just kinda kept nudging and kept nudging.

[00:34:14] And, then we found out that it was a dirty title. So then I renegotiated my price paid for quiet title actions to be done, and then had to wait for those to go through and then COVID stopped everything. So then September is when the quiet title came through on two of them. And then the, so those are our two of them.

[00:34:34] They. Third. One is a guy who really didn't like my price at first and said he was going to go and he was going to clean out the whole house and then call me to come back. And so he called me and he was like, yeah, come back. And literally hadn't done anything to the property. We were just, I gave him a little bit higher than what he said he will be originally talking about.

[00:34:54] And he was like, okay, this sounds good. And my buyer, he does a lot in that area. So I signed the assignment contract the same day that I got the contract on that property. And then the last one is actually the first deal I'm closing. Since I bought AllTheLeads. It's the first deal that's come through for all the leads.

[00:35:14]Since I started buying them in, I think August, September, something like that, but, and it worked from a phone call. I just called the guy once. He was like, yeah, meet me there today. And he's the same guy that said he got higher offers, but when it was me, because I was more professional,

[00:35:28] Chad Corbett (Coach): That means you're doing something, you're doing it. All right. That's awesome. So what would you say is the average percent of market value? You're getting these, if you, if it's a blended across all the deals, you've gotten in probate, how many cents on the dollar do you think you're averaging?

[00:35:42]Eddie: Probably around 50.

[00:35:43] Chad Corbett (Coach): That's amazing now. And these people feel. They feel served by you, even though you're paying them 50 cents on the dollar. And that's absolute proof that you're providing real value in the community. And this is a realtor heavy call and it's a realtor heavy conversation most of the time.

[00:35:58] And you just heard me compete against you as an investor, but there is a time and place for an offer at 50 cents on the dollar. And like David Pannell was one of our. top producers, he's averaging 55 cents on a dollar 65% of his deals are wholesale are versus listings. And there is a massive need in the community for this, for people who just are done.

[00:36:20] And it's really common for people to say, Oh, we're going to clean it out. We're going to keep it. We're going to run up to cousin, Jerry. And a month later after a blow up argument, everything changes. So you're doing a lot of things right. Your approach is obviously right. Your service is obviously top notch.

[00:36:35] Your follow-up is working for you. Like you're doing a lot of things. And it shows, you're getting a consistent result, so good on you, man. Thanks for sharing all that.

Creative Financing: Multiple Heirs and Distressed Property

Eddie: I appreciate it. I have a question. On, this is one of the, what I should, how I should approach this. This is a lead that I talked to the ladies, the PR, she said she there's eight siblings, which typically when there's eight people, I don't really bother.

[00:36:57]Chad Corbett (Coach): because you need to change your mindset on that seriously. Yeah.

[00:37:01] Jim Sullivan (Host/Coach): Yeah. Those are the best deals because the more heirs, the less interested. Yeah, exactly. A discount the price doesn't affect any of them too drastically the way it would with one. So yeah, I've always found those are the best.

[00:37:14] Eddie: Okay, on this particular one's six, people want to sell there are six siblings and then two step siblings and the step sibling, one of them, he has possession of the house.

[00:37:26]And he has a for sale sign in the I've talked to him and he's yeah, I want to sell it for this much money. how do I, talk to him to be like, has this gone through probate? Do you have the letters of testamentary? What other questions should I be asking him to get him to realize he can't  - he could quit claim deed it to somebody, but legally he can't sell it, from under his siblings like he's trying to,

[00:37:46] Chad Corbett (Coach): Let's find out if that's right. Is there a, will.

[00:37:49] Eddie: No.

[00:37:49] Chad Corbett (Coach): Okay. So state succession law says that all siblings get an equal share, right? If it was a legal marriage, even though another stepchildrenthey have an eighth of it. So that means you need eight signatures or releases.  So if he gets a buyer today, he still has to get all the other siblings to sign.  t sounds like you're not sure if it said if they've ever petitioned for probate.

[00:38:09] Am I right?

[00:38:10] Eddie: Yes. The petition for probate's been filed. Oh,

[00:38:12] Chad Corbett (Coach): Who is the who's the administrator?

[00:38:15] Eddie: I think it's his sister, Wanda. Okay. The person that I called originally, and she's like, my brother, isn't letting us into the house. He's not letting us do anything.

[00:38:23] Chad Corbett (Coach): So she's, but she is the personal representative or the administrator for the estate.

[00:38:27]Have you spoken to the brother?

[00:38:29] Eddie: Yes.

[00:38:29] Chad Corbett (Coach): Have you been in the house?

[00:38:30]Eddie:  I haven't. We tried to set it up a couple of times and just hasn't quite worked out, but, I keep following up with them to set up a time to try and go over there and take a look at it.

[00:38:39]Chad Corbett (Coach):  Okay. Do you think his price is fair or are we off base?

[00:38:43]Eddie: Oh, abs it's, last time I talked to him about going to look, he was like, it is in pretty rough shape. He says he wants 34, it based on the area. And if it's in rough shape, can't do 30. So he's, it will take some talking to get him to come down.

[00:38:58] Chad Corbett (Coach): So do you do creative financing at all? I haven't.

[00:39:01] Eddie: I just picked up the books that you talked about real estate.

[00:39:04] Chad Corbett (Coach): Let me ask you this. If you could have that house for a hundred dollars a month, would you take it?

[00:39:09] Eddie: Yeah.

[00:39:09] Chad Corbett (Coach): Then go buy it with owner financing and they all get what they want.

[00:39:12] Eddie: Okay. It's a good idea.

[00:39:14] Chad Corbett (Coach): Show them how to roll it into a land trust, set up autodraft payments, but a third-party service are in place and you take away all their objections and they all end up making more money over time.

[00:39:23] If they want their money up front, then use that as an anchor and say, okay, listen, I showed you how I can give you a price. If you like, if you want to talk about my price and then it's, we're going to have to change the terms of this. This is my price. This is your price. I'm giving you two ways to sell this house.

[00:39:41] Which one do you think works best for you? So creative financing, even if you just use it as an anchor for the conversation, it can be a great leverage point that gets him past this because he hasn't had that realization. Like you, you've got to bring him to reality. And using giving them a real option, okay, perfect.

[00:39:58]I'll pay you, $30,000 we'll close next week. Can you be moved out by then? And you're getting back on his heels and it's no, listen, like I gave you what you wanted. So here's the blue pen and then you're having a real conversation so that if, as long as you're okay, holding that as a rental or wholesaling, it.

[00:40:15]I would offer him owner finance and  call him to the carpet.

[00:40:17] Eddie: Okay.

[00:40:18] Jim Sullivan (Host/Coach): And I was going to quantify my comment about multiple heirs. That is if they all want to sell, if they don't, they could be a challenge for sure.

[00:40:25] Go ahead. You have one more question, find it.

[00:40:27]Eddie: I have a statement actually. Chad keeps saying, tell us about Chris Voss, his book never split the difference on one of the contracts. I'd given him a price 20,000, he came back. He was like, can you do 22 five? And I did, when I used to do sales training, I called this technique, the sizzling bacon, where you suck air through your teeth, go.

[00:40:48]And then I said, how am I supposed to do that? Just quiet.

[00:40:52]Yeah. And I was just quiet. It was super uncomfortable. It was so awkward, but he was like, all right, sounds good. So beautiful. Anybody who, hasn't picked up that book it's worth listening to or reading.

[00:41:05] Jim Sullivan (Host/Coach): That is awesome. Thank you, sir. We have a full, we got a full queue again. We had a bunch of people just jump in and we're probably not going to get to y'all if we don't get to you, right after the call, reach out.

[00:41:15] We'll get back to you. One-on-one I think we, Bruce, and Chad, are you, do you have a hard cut off at two or can you go a little bit over, two 15? I'm good. I got about 500 staff after.  phone number ending in three eight, six one.

[00:41:27] You're up next.

What Paperwork Should You Bring To A Listing Appointment?

[00:41:27] Wayne: Hey everybody. This is Wayne in the Houston, Texas area. My question relates to paperwork. Oftentimes I go out and after I schedule an appointment and I'm out at the property meeting with the PR, I think I know part of the answer that you might give me here, Chad, and that is, I think I'm probably not as prepared as I should be with paperwork in hand.

[00:41:49] I often just go to work on just establishing the relationship, looking at the property and then coming back later with a, solution, whether it be I'm a realtor. So whether it be me listing it or. connecting one of my investor partners, on the situation. So currently I've got a PR, representing her sister's estate and there's three houses.

[00:42:12]and again, I met him, I met the cyst. I met the PR out there. We toured. To all three properties, two of them were rented to tenants and the third one had a, her sister's son who is living in it. So they're all, they all, they all are in somewhat of a state of disrepair. They need work. So both myself and the PR are uncertain as to what the.

[00:42:34]The, the end game or the path forward is whether it be listing it or selling it to an investor. One of the tenants is interested in buying it. So there's this, at the time of the initial appointment, I don't sign any paperwork. I don't really tie up, the opportunity and, I just kinda go along from there.

[00:42:51]And I'm working on all three properties, currently. And, I guess my question is what is there, as an, I can't, even if I had a good price and I signed a listing agreement, I guess I could put a delay on before going to MLS or, and there's certain paperwork we can do with the Texas real estate commission to.

[00:43:08]to get something signed, but not put it in the MLS yet, but I wanted to get your opinion on how I can secure something so that when this PR gets approached by maybe other investors or other family members, there's a sense of commitment and I've signed something and I'm working with Wayne and, so I have more control over it.

[00:43:27]Chad Corbett (Coach): Sure. So it starts with a commitment like right here and right now that you'll never go on another appointment without paperwork. And unfortunately, I had the same bad habit when I first came from, I came from resort development. So I was selling brand new construction. And once I got the handshake, I would turn it over to an attorney.

[00:43:45] The attorney would write the contract. So my habit was to never do contracts myself because somebody else will do it while I was out selling something else. And I brought that in the residential and I, I probably cost myself at least $200,000 before my hard-headed ass learned the lesson. But. I will never go on an appointment without contracts.

[00:44:04] Even if I have, I leave blank ones in my truck, I've got one of those folding binders that fits in the map pocket in the back of my truck seat. And it as a standard Virginia residential purchase, purchase agreement, and a listing agreement and they stay there and I've actually had the, like the, I've gotten phone calls while I was out.

[00:44:22]There's no time to do the homework. It was moving really fast. And I'm like, you know what, let me run to the truck real quick. And I've literally pulled blank paperwork out of the back of my truck seat and bought houses. So I've had enough experience to learn my lesson. What I'd prefer to do is have a more controlled environment.

[00:44:38] Like I will pull the tax card based on the initial conversation and the tax card. I'll pre-fill as much as possible on both the purchase agreement and the listing agreement. That goes in the left-hand side of the folder and I teach you this and mastery, like I. I have a technique where I opened the folder up where it's clearly displayed.

[00:44:56] So it shows my intent. It shows it to me as importantly to them, but I'm here with intent. And my intent is to serve you and get paid for the service I'm providing. So I slide that folder in front of whichever person has the seemingly as the most social authority, even if that's not the administrator or the personal representative, if somebody else has stronger authority in the family, like in the walkthrough, then that gets slid over in front of them.

[00:45:21]And I'd play a game. Like when they pull the folder out of the paper, out of the folder and start looking through the contracts, then I know I'm done. So I would suggest that you just think about it a little bit and think, my intent is always to get paperwork signed, whether that's a letter of intent, a purchase agreement or a listing agreement, one of the three usually fits.

[00:45:40]Okay. Now, as far as when you're, when it's unclear, what sh what exact tactics you'll be using, choose a strategy, whether it's listing or acquisition, choose your strategy. And if you're unclear on the tactics, go ahead and sign the agreement. You can always amend just about any agreement, right?

[00:45:57]So you can in my listing, I really like this here. Cause I use it this way a lot. We have a listing date and we have a, a listing live date or we have a listing agreement date, and then a list, a live listing date. So it gives me two date fields that I can use and easily show my MLS that I was in compliance and our roles are, it has to be uploaded within 48 hours of the live listing date.

[00:46:20]So I can do it on the November 12th. And my live listing date can be January 2nd. and there's, nothing. So I'm protecting my interest in this property until I get it ready for market. if you don't have that built into your standard forms, just use the additional CaRMS and just figure out your language, additional terms.

[00:46:38] Number one, the effective listing date is X the listing live date that it will go onto. TX XMLs is this date. And as long as I can do that, we can do that. Yeah. That's what I would recommend, but always go with prefilled paperwork if it's an option.

[00:46:53] Wayne: And I'm not an investor, I have investor partners, so I don't have the letter of intent or a purchase agreement. I only get, wouldn't be able to carry, the listing agreement. So just use that to

[00:47:05] Chad Corbett (Coach): That's not necessarily true. If you want to represent buyers as a buyer's agent, then you can pivot and you can say, listen, that's fine. It sounds like you don't really need representation. It seems like you're a very intelligent person.

[00:47:17]I also, I represent buyers as well, and I have several investors that buy in this zip code that I'm sure would be interested. So could I, can I bring you in. Can I bring can I write an offer on the property? And if they say yes, as long as you have a good book of buyer business, like for me, like I could send a few text messages and, walk around and look at the gutter system for 10 minutes.

[00:47:37] And I would pretty much know when I came back around to the front door, whether I could present an offer or not. And you can DocuSign an offer off and do it like in real time, like that's extreme, but you could also go ahead and sign the listing agreement for, even if it's just for 24 hours or seven days, I've done this a lot to sign a listing agreement with a very short listing term.

[00:47:58]And then go out, send it through your cash buyer list. All those investors, get them to give you an offer, have them sign an unrepresented party, had done them. So in that case, you can play the role of the wholesaler, but with, a fiduciary responsibility, you can double in the commission without dual agency and everybody wins.

[00:48:16] So you can use your state forms the same way a wholesaler would use a contract and an assignment. you're getting, and you can do it as a flat fee. Like I was saying that earlier one, I did this on, I took five of $5,000 commission on a $25,000 house. And I knew I could sell it in hours and it took, I don't know, it might've taken 10 hours to get that one ratified.

[00:48:36]but I made 5,000 bucks in 10 hours.

[00:48:38] Wayne I'll, I'll jump in and say it years ago. I've learned that a lot of times as a seller, when you have an interested buyer, you can write a reverse offer to that buyer, especially if the buyer's on the fence. So I started making that technique several years ago.

[00:48:55] Bruce Hill (Coach): And when I meet with a seller and they say, Hey, look, we just want X price. I go ahead and write up the offer and have the seller, the owner, sign it. And I'd say, if I get you a buyer that meets these terms, signatures on the, on this document, the new buyer, they're just going to sign it and you're going to be under contract.

[00:49:14]So if, if you think that. They're going to be good with certain terms. And you think that you have a buyer that would jump on those terms. You can have them sign the purchase agreement ahead of time as well. Okay. That helps.

[00:49:25] Chad Corbett (Coach): I think something that's an important areas is disclose like your representation.

[00:49:30] Wayne: Okay. True.

[00:49:31] Jim Sullivan (Host/Coach): All right. Does that help, sir? Yep. All right. We have one more in the queue chat before we get to the last caller.

 

Real Estate vs. Probate Timeline: How Long Does It Take?

I just got a text question from a caller, like three, three callers ago. it was mentioned that in California, it can take 18 months to close the probate just in case we got any new people.

[00:49:47] We don't want them to think that they're not going to get ever get paid for 18 months. Would you just real quickly explain how you can get full authority in California and be able to close it sooner?

[00:49:56] Chad Corbett (Coach): Yeah. And just because probate takes 18 months doesn't mean that you're not going to get paid. I think that's a common misconception.

[00:50:03] Like real estate is not probate. Real estate is one asset within probate. So even in States where probate takes a long time, which, California, Nevada, Hawaii, like they, they have long processes. It doesn't mean the real estate professionals not going to get paid and the title's not going to transfer.

[00:50:20] So the first thing is understanding that the next thing is understanding, but not all attorneys are created equal. Some are way better than others. And some are way more, proactive, which makes their process more efficient, which shortens the timeline. Great drastically. If they haven't. Petition the court for full authority versus limited authority.

[00:50:39] That's one thing that you can nudge the attorney to do on their client's behalf. And what that allows them to do is fast track the entire process, especially the real estate sale. So in California specifically, and that is very similar when you have the contract and the purchase agreement is ratified.

[00:50:55] That's then submitted to the probate attorney who submits it to the court and that they then appoint a referee. I go out and give them a valuation. Then you wait for the next hearing. And then they open an over bid process. And then your buyer, if you're the buyer, you could be overbid by 10% and it's more like it's an option format.

[00:51:13]If you want to avoid that whole thing, you just need to petition the court for full authority. At which point it looks like it does. And just about, and the really simple States ratified the purchase agreement. Get us a title close. So it's you don't like if you were alarmed by that statement, it did certainly doesn't mean you can't get paid for 18 months.

[00:51:31]But you can, by understanding the local process and being very familiar with it, you can find ways to help the clients. If the attorneys not, you can help push them through. And what you'll find when you do this and get to know a few attorneys, really good probate attorneys, don't allow their clients to have limited authority because it's not in there, but it's not in their best interest.

[00:51:51]but unfortunately they're not all really good. So sometimes we have to help them along.

[00:51:55] Jim Sullivan (Host/Coach): Perfect. Thank you. we have, we're making up for the short call yesterday with a long one today. We'll one more caller in the queue. Last up this week is phone number ending in six, three eight, eight year up last.

 

How To Find An Investor-Friendly Realtor and Get Paid For Finding Them Listing Opportunties

[00:52:07]Ron: Hi, thanks for taking the call. This is Ron in Arizona and I'm new. I got, a couple of things, first of all, my County is two hours away from me. It's not going to be easy for me to drive down there all the time. I want to work with a realtor. There's a realtor there that I respect. I'm not sure how to frame the relationship.

[00:52:28]And I'm also, the second part of the question is I'm not sure what to do to, get some momentum, get the things moving. I'm in a mental framework where I want to know the whole stretch of how things are going to work before I take a step and I'm not getting anything done that way I have to move forward somehow.

[00:52:48]Chad Corbett (Coach): So are you clear on your offer? Like all the ways you can help these families?

[00:52:52] Ron: Yeah. I think I'm clear on that. What I'm not clear though, is, how many to work with their real estate agents? I'm aware that she may be tempted to try to take, what could be a wholesale or a creative finance deal from me and make, turn it into a listing for her.

[00:53:10]And I want to try to, frame the relationship in a way that's not so tempting for her. That she would really value the relationship more than anything. So that may mean that I'm going to have to pay her more for wholesale now.

[00:53:23] Chad Corbett (Coach): You won't cause she's going to get more opportunity than you are. There are more listings in most cases, there'll be more listing opportunities then than acquisition opportunities. It sounds like you're doing creative financing. So you're going to have a higher close rate, but my suggestion is make the two hour drive. Go, take her to somewhere or her choice of where she would like to meet for drinks and, settle in for a couple of hours and really just talk this through and set proper expectations.

[00:53:50]And if you're comfortable with this and she is, I would recommend that you end that meeting with a pledge, like just, it can be the back of a napkin or something you type up and whatever that might be. But yeah. Is, make sure the things that are important when I coach investors to find the right realtor, you need to make sure they understand your strategy.

[00:54:08]So if your strategy includes long-term buy and hold wholesale fix and flip and creative financing. They need to understand those things. Cause they won't know when they're getting out of their lane unless they do. So you guys need to have like standard operating procedures for when somebody is at this level of motivation or this price point, then that's my appointment when they're at, different than it's yours.

[00:54:31]and figure that out. If in the beginning, you may to help build these like procedures, you may actually want to go on each appointment together. So you guys can, you can kick her under the table and be like, no, we're buying this one. What's key is setting proper expectations and getting all the, what ifs up out upfront before anything bad happens and any money gets lost or, it ends up putting the wrong pocket.

[00:54:55]so I would recommend, sit down and really build that relationship, like a bottle of wine, Get a restaurant close to the hotel. Like you sit down and really flush this out and until everything is said, and then that should eliminate any conflicts or confusion.

[00:55:07]Ron: Okay.

[00:55:08] Jim Sullivan (Host/Coach): And then probably want to recommend two rooms right Chad so we don't, it doesn't get too confusing. Okay. Okay. Go ahead. We're running short on time, but you have a follow up question.

[00:55:17] Ron: Yeah. If it turns into a listing for her, is can I ask her for a, a fee on that? Yup.

[00:55:23] Chad Corbett (Coach): She needs to account for income tax liability because she can't legally pay you pretax. unless she has a, unless she holds her license in entity, then she can, but she can pay a marketing fee to you. What might it be cleaner way? And I'm sure her broker would be more comfortable with it is if you actually just split the cost.

[00:55:41] So maybe you pay for the leads. She pays for the male or vice versa. or something like that, if not having the payment tied to a specific piece of real estate is wise, because that way it can't be construed as a commission or perceived as a commission. So if you have a retainer that she pays you a monthly marketing retainer as a marketing fee, then it's, you can clearly say, listen, here's the invoice from the last three months, it's always the same amount.

[00:56:08] That's obviously isn't associated with business activity or any certain the parcel ID, this is just a business arrangement between the two businesses. Or you can just split your credit cards, her credit card on file for mail and yours for leads and see how that equals out.

[00:56:24]Jim Sullivan (Host/Coach): All right, sir. Does that help?

[00:56:25] Ron: Yeah. Yeah. All right. All right.

[00:56:27] Jim Sullivan (Host/Coach): All right. we appreciate all of you guys. Thank you for it was a marathon call. We had great participation. I want to challenge each of you: take one thing, one thought, one idea that inspired you on this call. Go out and put it into practice and please come back next Thursday and share your results with the group.

[00:56:45]Have a great week. Stay healthy, stay productive, and we will talk to you. Same time. Next Thursday, take care everybody. Talk to you soon.

 

Read more

Join the All The Leads Mastermind Group on Facebook. Networking, Accountability, Masterminding, and more!

Join Now

New Uploads Weekly, featuring live Q&A, Tips From The Trainer, Interviews with Industry Experts, and Success Stories to Keep You Motivated

Jump In

Stay in the Loop With Industry News and Grab Consumer-Facing Content to Share With Your Audience, curated by All The Leads.

Get Connected

Preview for Probate Mastermind Real Estate Podcast Episode 297

18 Live Q&A That Will Up Your Real Estate Business Game. PLUS: Free house using Sub2 Financing?! | Probate Mastermind Podcast #297

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Probate Mastermind Episode #297

Recorded Live on September 24th, 2020 (Join Us Live Every Thursday)

 

In this episode of the Probate Mastermind Podcast, you’ll learn best practice tips for setting a prospecting schedule and sticking to it; scripts for voicemails and callbacks from prospects; and how to write a value proposition/USP for leads vs. attorney prospecting.  The coaches from All The Leads help put transactions together with live deal analysis, breakdown the differences between taking the short sale vs. Subject To route, and help advice an investor on relocating an occupant so the forced sale of a divorce home can proceed.  Other topics include delivering price options during an appointment with a seller, structuring your real estate business for brokerage and investment, how to use Google My Business for Lead Generation, and how to find a property owner for driving for dollars properties when skip tracing doesn’t work.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country, and can be found at AllTheLeads.com/Blog or in the “All The Leads Mastermind” Facebook Group. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Detecting False Positives in Big Data (1:16)

Jim Forsythe (Mobile County, TN) has a lead in his Probate Plus+ file that shows 3 ancillary properties in Colorado.  However, the deceased has no primary property.  What would explain this? Chad and Jim discuss.

Sticks Vs. Carrots: How To Relocate Occupants Before Forced Sale Of Home in Divorce (3:43)

Janie Howard (Colorado Springs) is just getting started with All The Leads.  She already got a call from an attorney offering her a divorce lead because the attorney learned about Janie’s probate training.   The client is in Virginia and the court has ordered that the house in Colorado Springs be sold.  The wife lives in the house with her boyfriend at this time, and has no intention of moving out.  What can Janie do? Chad and Janie discuss approaching this situation with sticks vs carrots.

Chad also recommends ProbateCash as a contingency option. Grab The ProbateCash Summary and Contact Info

How To Find Social Workers For Sensitive Real Estate Relocations? (8:42)

Chad provides tips for finding a social worker that works locally to help with sensitive situations, such as real estate relocations and evictions, and the situations that might make moving difficult for an individual.

See More: Unexpected Places to Find More Listings and Deals – Probate Referrals from Medicaid and Social Workers

Live Deal Analysis: How to Get A Free House with Subject To Financing/Sub2 vs Short Sale (9:24)

Josh (Pennsylvania) has a SUPER motivated seller that’s dealing with a reverse mortgage.  The ARV value would cut out all the equity in the deal.  Jim and Chad breakdown going the Short Sale vs. Sub2 route.  Next, Josh asks how to present this. Chad details how to educate the seller on both options.


Short Sale Help: Pam Sullivan 954-584-0000

Chris Fontaine: Real Estate On Your Terms

4 Price Options You Should Offer Every Seller, Whether You’re in Brokerage or Investment (14:24)

Caller asks for a summary on the different price options Chad laid out on episode #296.  Chad summarizes the four options and how he defines them.

See More:

How to Walk Out of Face-To-Face Appointments With PAPERWORK SIGNED – Whether You’re An Agent, Investor, or Wholesaler. https://alltheleads.com/tips-winning-face-face-appointments-start-finish-probate-real-estate-training-top-plays/

Probate Mastermind Podcast Episode #296 https://alltheleads.com/probate-mastermind-real-estate-podcast-296/

Best Probate Training: Chad Corbett’s Probate Mastery vs MTI’s Probate Course for CPE/CPRES Real Estate Designation (15:16)

Tanya is looking for a probate certification course and is curious what the difference between the CPE and CPRES designation is.  Also, Tanya is trying to learn everything she needs to know about Probate to best help the people in her area that are going through the process.  Chad breaks down how he designed the 3-day Probate Mastery course, and how if you watch it on-demand you can get started full-force in probate in just 3 days time.

Older Leads, Small Estate Exemption, and Texas Muniment of Title (24:54)

Kathy is doing follow-ups with older leads, but some of them are showing “dropped” in the probate case filings. Why is this? Chad describes something unique to Texas probate called Muniment of Title.  With Muniment of Title, real property can be carved out of the estate.  For families where the house is the biggest asset, removing it from the estate often qualifies the estate for the small estate exemption and probate no longer needs to be filed or completed.  Chad and Kathy discuss how these are still great leads to call (especially since nobody else is marketing to them), and that your approach should really be no different.

Ringless Voicemail Risks and Alternatives 2020/2021 (26:51)

Dave is interested in using ringless voicemail.  How risky is it to leave automated voicemail drops; can you get sued? Chad explains why the litigation risk of ringless voicemail is growing in 2020 and suggests an opt-in strategy to protect yourself.

Voicemail Scripts for Probate Real Estate Calls: What if a relative, spouse gets the message? (28:24)

Dave is looking for a voicemail script that can be used for any number he dials.  Some of the numbers belong to a spouse, relative, or household landline associated with the personal representative.  This means the person listening to the voicemail won’t always be the executor of the estate, but a person with a secondary relationship to them.  How can Dave leave a voicemail that works for any recipient? Chad gives a short and simple voicemail script that has always worked for him.  Next, Chad leaves Dave with some advice on handling inbound return calls from people who have received his voicemail.

See More: Should You Leave Voicemails When Calling Probate Leads? What to Say and How Often: https://alltheleads.com/leave-voicemails-cold-calling-probate-real-estate-leads-tips/

Structuring Your Real Estate Business as an Agent-Investor Team: Liability, Subagency, and Disclosure (30:27)

Isaiah is an investor and his wife is a real estate attorney.  His wife is about to get her sales license.  How should Isaiah and his wife structure their business in a way that he can handle most of the day-to-day tasks of prospecting/admin work? Chad breaks down two strategies to reduce her workload down to agency (pricing, listing conversations) and closings, with Isaiah handling the other tasks.  Chad gives critical advice on avoiding subagency and liability issues, as well as a tip for seamless disclosures.

Can I Make Money With Probate Real Estate Investing Part-Time? (35:07)

Yes! Chad breaks down time management for effective prospecting. The goal is always to work smarter, not harder, and you can make a lucrative pillar in your business through probate real estate with just a few productive hours every week.

Success Story: Winning B2B Relationships With Attorneys (36:35)

Isaiah discusses a relationship he’s developed with an attorney, and how he got his foot in the door to start co-marketing and sharing referrals. Chad discusses this strategy all the time: Isaiah put it into practice and now has a great B2B relationship on the books!

Using Google My Business For Local Real Estate Lead Generation (37:50)

Isaiah offers advice on using Google My Business for Inbound Lead Generation. He shares how he set up his business and location and what types of leads are coming in from this channel. Awesome tip!

Your USP for Prospecting Personal Representatives vs. B2B Relationships  (39:34)

How can I leverage my CPE probate certification when prospecting attorneys for B2B business? Should I use the same USP and title when introducing myself to attorneys that I use when speaking with families going through probate? Chad, Bruce, and Jim share tips on crafting a value proposition for attorney prospecting.

Real Estate Scripts: How to Answer A Call-Back From A Prospect (41:56)

Dave from Colorado jumps in.  He might be interested in buying the property Jim Forsythe mentioned at the beginning of the call, and if not, will point him to an agent who can get it sold.  Dave asks a question on handling a call back from a voicemail, where the lead is abrasive and asking why you’re calling them.  Chad runs through his one-line script for handling this objection and what your objective should be for these types of call backs.

Skip Tracing Vacant Probate Homes to Find Heirs, Relatives: Driving For Dollars Tips (43:22)

Derrick is going the extra mile to find the owner of a house he found while driving for dollars.  He found out the owner passed away and was an orphan.  The taxes are being paid, but the grass is incredibly overgrown.  Derrick wants to contact whoever is in charge to discuss buying the property. Chad gives advice.

Prospecting Success Story: How I Got Motivated To Make Phone Calls (46:04)

Eddie jumps back on to share his success with applying the 90-90-1 rule. This was the missing link in his days! 

Prospecting Schedule: Best Time To Prospect Attorneys for Business by Phone? (46:51)

Eddie is trying to set an effective schedule.  What time should he block off and dedicate to cold calling attorneys for B2B relationships? Chad shares his tips.

 

 

 

Ways To Catch This Episode of Probate Mastermind:

Apple Podcasts

Spotify

YouTube

Download MP3 from Dropbox

Browse More Podcast Options

Episode Transcript

Probate Mastermind 297 Recording

Episode Intro: [00:00:00] Welcome to the Probate Mastermind Podcast. In this episode, you will learn best practice tips for setting a prospecting schedule,  leaving voicemails, answering callbacks, and prospecting attorneys for B2B relationships.  The coaches from All The Leads help put transactions together with live deal analysis and discuss strategies for relocating occupants, presenting Subject- to as an alternative to a short sale, and presenting price options on appointments.  Other topics include how to structure your real estate business for an agent-investor partnership,  how to use Google My Business for Lead generation,  and how to find a property owner when driving for dollars if skiptracing doesn't work.  These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors all across the country, and can be found at All The Leads.com slash Blog, or in the All The Leads Mastermind Facebook Group.  Thanks for tuning in, and don't forget to subscribe to future episodes.

Jim Sullivan: [00:00:59] Welcome remarkable agents and investors nationwide! Today is Thursday, September 24th, 2020. And this is Mastermind Podcast #297 coming up on 300 times. We've done this guys and we couldn't do it without you.

Jim Forsythe: [00:01:17] I've got two questions

Jim Sullivan: [00:01:18] Perfect. Jim, go ahead.

Jim Forsythe: [00:01:19] Okay.

I think, you know the answer to both of them, Probate Plus questions. Just got some new leads in Mobile County.

And one of the properties has three properties, but they are all in Colorado. And

now the attorney is in mobile, but there's not a primary residence or a secondary home in mobile County. Just wondering. What the reasons for that might be I'm sure I know, but...

Chad Corbett: [00:01:44] It could be an investment property. So they may have sold their primary residence and they were living in a nursing home or renting or living with a family member, but they held the portfolio on Colorado.

So you've got an ancillary probate happening in Colorado where their real assets were

Jim Forsythe: [00:02:00] Well, add a little bit to this. The Colorado primary residence is 2.5 million dollars.  So, would be a hell of a referral.

Chad Corbett: [00:02:08] What part of Colorado? What market?

Jim Forsythe: [00:02:11] Denver.

Chad Corbett: [00:02:12] Okay.

And is it commercial or residential?

Jim Forsythe: [00:02:14] Residential. Yeah, 9,015 square feet. Home built in '62. 10

bedrooms. But get this, one bathroom.

Chad Corbett: [00:02:24] I'm betting....

Jim Forsythe: [00:02:25] ... That doesn't sound as kosher with.... Okay. I that's kinda what I figured, something like that. We'll still be making calls to it. The second one is,

Chad Corbett: [00:02:35] and Jim wants you to remember, we've got a few subscribers in the Denver Metro market, depending on which County it is, I'll introduce you to. Just let me know whenever you make contact with them.  We'll get them set up with the right agent for that property type

Jim Forsythe: [00:02:48] Absolutely

Jim Sullivan: [00:02:49] Obviously that referral fee could, pay for your marketing to leads for years. That'd be great.

 

Jim Forsythe: [00:02:55] I've already put a pen to that one.

Jim Sullivan: [00:02:57] Oh yeah. Good

job, buddy. That's great.

Jim Forsythe: [00:03:00] Yeah.  The second question - this is the second time he's come up in the last couple of weeks - have a property with a same address,  same city, state, everything, but one of the addresses is North and one of the addresses is South and I've not made the call to either one as of yet.

Could that be an accident, or just something across the street from each other?

Chad Corbett: [00:03:21] I would guess that one of them is a false positive.

Jim Forsythe: [00:03:24] That's what I figured.

Okay.

Chad Corbett: [00:03:26] The only way to really know what you want is to give 'em a call

a

Jim Forsythe: [00:03:29] Yup. Yeah. Okay. Very good guys.

Y'all have a wonderful week

Chad Corbett: [00:03:34] You too. Thanks, Jim.

Jim Sullivan: [00:03:35] All right,  Jim.

Good job buddy. And stay healthy, man. Under the

Chad Corbett: [00:03:38] circumstances. Good. Good for you, man.

Jim Sullivan: [00:03:40] All right, next up is phone number ending in zero four, two seven. You're up next.

Janie Howard: [00:03:45] Hi there. This is Janie Howard. I'm in Colorado Springs. I am brand new, and Chad, I need your guidance.

I got a call from my attorney about an hour ago. He knows I'm pursuing probate business and he offered me a divorce lead. He said that his client is in Virginia and the good news, the court ordered that the property here in Colorado Springs, be sold. but the bad news is his wife is still in the house. She's an alcoholic in pretty bad shape and lives with her boyfriend. And I understand that she's not leaving. Apparently there's an agent involved, but nothing's been signed. The agent gave, it sounds like an 80% offer to the.

client who's in Virginia. And he's not very pleased with that. My attorney asked me if I was up for this, and of course I said, I am, this is what I've been trained for!

He's asked the husband to connect with me and I have his number as well now. So I need your coaching on what my first call should look like.

Chad Corbett: [00:04:52] Well, you're thinking you're going to refer this, correct

Janie Howard: [00:04:57] No, I'm in Colorado Springs and the property is in Colorado Springs.

Chad Corbett: [00:05:01] Oh, I misunderstood. I thought the property was in Virginia. Okay. I understand. Okay. So what do you need help with? Like how you get her out of the home?

Janie Howard: [00:05:14] Yeah. How would I approach him suggestions on how I would get her out of the home.

Absolutely.

Chad Corbett: [00:05:20] Sure.  You probably heard me talk about it before. There's the carrot and there's the stick and we always try the carrot first.

So my first question is anyone willing to pay her moving expenses and help her find suitable housing and the family?

Janie Howard: [00:05:33] Okay. So that would be one of my questions for him.

Chad Corbett: [00:05:37] If he's willing to advance her the money, then you can contact a property manager, find her a suitable place to live. He can pay for it. Find a moving company. He can pay for that. If he's unable or unwilling to do that, then the next step would be, can you do it through social services?

Can you contact the housing authority? Can you contact a social worker and can you find suitable housing before you make contact with her? So if she's in that situation, she's probably not in the most stable mindset. So showing up saying, you know, we're gonna, we're going to find a place for you to live is going to scare the hell out of her.

And she's probably behaving erratically anyways. So it could blow up really quickly. I would rather you approach her and say, you know, listen, I spoke to your brother. It's very important to him. And also to me that we know that you have, we improve your situation. So we've actually made contact with a property manager.

We found this house on this street and we've got a HUD voucher to pay for it. and all you would have to do is, you know, make sure you can get your stuff moved by this date. So it's gonna land way more softly on her because she doesn't have - her brain doesn't have to go into that " oh my God, I'm going to be homeless!"

Because you're presenting it to her as a solution, not a possibility.

This is where, you know, this is why you have social workers on your team. You don't get monitored, you don't monetize that partner, but they can do some really difficult, really valuable work that we're just not gonna be able to do.

So I've helped people in these situations. Like sometimes alcoholic can even go into longterm care facilities or rehab facilities as part of a social program. And then when they come out, they'll have, you know, they'll have a HUD voucher and more suitable housing than they had to begin with.

Janie Howard: [00:07:17] Okay.

Chad Corbett: [00:07:17] I would find out if there's a willingness for the family to help and pay for those things. And even they could even take that back in the final accounting for the court. It's not that they have to pay for it. They just need to advance the money.

The other alternative,  is she an heir? The occupant?

Janie Howard: [00:07:33] Well, it's the wife of the husband, who's the client of my attorney. So it's his wife alcoholic living there with her boyfriend.

Chad Corbett: [00:07:43] All right.  This is a 2020 deal if I've ever heard one,

Janie Howard: [00:07:50] ..Right!?

Chad Corbett: [00:07:52] Yeah. So I would say step one, see if there's the wherewithal and the willingness to get her into a more suitable situation to get the house vacant. And if not, then I would go the social services route.

There's also the possibility that you could connect her with ProbateCash. One of our kind of preferred partners, they do a state advanced lending. So if she's due something from the inheritance, let's say she's due a hundred grand they'll loan her as much as 25 grand.

Bruce Hill: [00:08:17] This is not a probate. Is it? This is just strictly divorce

Janie Howard: [00:08:21] No, no, this just a divorce. Yeah.

Chad Corbett: [00:08:22] Okay.  You can also advance people money in the event of a divorce. You could leverage, hard money lenders, real estate investors and pawn shop owners are deal makers. if you can say, you know, listen, here are the assets she'll be due in the divorce.

Can you advance her this cash then that I would say that's your solution C.

Try and be first.

Janie Howard: [00:08:43] Okay. And a real basic question. I just contact, the County here for a social worker

Chad Corbett: [00:08:50] Yeah, you can usually just Google social services, Colorado Springs, and the number will pop up. I got really lucky in the first person I talked to is amazing.

She's helped me with several deals. You may have to bounce through two or three different people, but they tend to be people who gravitate toward that career are very compassionate and very helpful usually. So it's pretty easy to connect with the right one.

Janie Howard: [00:09:13] Well, awesome. Chad, this is really helpful. I didn't expect to have such a challenge before my letters have even gone out.

Jim Sullivan: [00:09:21] No, that's a terrible problem to have! All right. Thank you so much. Next up is phone

number ending in zero four five six.

You're up next.

Josh Schoenly: [00:09:31] This is Josh Schoenly. I'm in central PA, Harrisburg, Mechanicsburg area. I am trying to figure out how to help a seller that I met with earlier this week.

She's super motivated and ready to go. It's a reverse mortgage.

The balance is like 137, 135, somewhere in that neighborhood.

The problem is: To flip it, the amount of renovations it would need, there would be no equity, in the deal. To rent it, it certainly wouldn't need quite as much.

Just I'm racking my brain for if or how I could potentially help

this person. she's already moved on in her mind. She's got a place in Florida. She's been battling illnesses. She just wants to be done with it.

Jim Sullivan: [00:10:16] If I may, let me ask you a couple of questions before we all answer: Is the condition it's in, would it appraise for more or less than what's owed?

Josh Schoenly: [00:10:24] Less.

Jim Sullivan: [00:10:25] Okay. Then that's a reverse mortgage short sale. That's not, we've seen a number of those,

What I would

strongly suggest and you set the executor is cooperative, right? She doesn't want anything out of it.

Josh: [00:10:36] It's not a probate. It's not a probate.

Yeah. It's just a motivated seller, but I knew you guys would bring, bring some great, perspective.

Jim Sullivan: [00:10:46] That's a classic short

sale. And

one of the reasons I jumped in. Before probate, my wife and I started a short sale l company about 15 years ago. She's still doing it. She's done over 2000 of them.

So I'd reach out to Pam. It's probably a coin flip, whether you're going to be able to get it enough under appraisal to make it worth it for you or not. Are you a realtor also or not?

Josh Schoenly: [00:11:06] Yes. Yep.

Jim Sullivan: [00:11:07] Okay, good. Well, either way then, you know, even if you sell it, you have to sell it for market value as a realtor.

You know, if they, if Pam can negotiate enough of a low price, that it's worth it as an investor, then you jump in. If she can't, then at least you get your real estate commission, you know, one way or the other, but she'll handle the whole thing for you and start to finish. Do you have her contact info?

Josh Schoenly: [00:11:27] I don't,

Jim Sullivan: [00:11:27] Give her a call.

It's Pam Sullivan. And the number is ( 954) 584-0000.

And I'll give her just in case you miss each other. I'll give her your number also.

Josh Schoenly: [00:11:39] Perfect.

Chad Corbett: [00:11:40] Josh, If you want the house, there is an equity play. You're familiar with how reverse mortgages work and how the foreclosure process works?

Josh Schoenly: [00:11:47] Yeah, well, I guess somewhat,

Chad Corbett: [00:11:49] So you know the payoff, do you know when the house, when was, what was the date? The house was vacated?

Josh Schoenly: [00:11:55] Well, it's not vacant yet.

Chad Corbett: [00:11:56] Oh, perfect. So you have a six month window to take this as a sub-to, do your rental rehab, stabilize it and refinance it with a community bank. Boom.

You get a free house.

Jim Sullivan: [00:12:06] But with Chad, he said that it would have ...

Chad Corbett: [00:12:08] You HAVE to refinance it within the six month window. After cap X, he's going to have a higher appraisal; it'll appraise at 150, 160, probably.

Josh Schoenly: [00:12:16] I gotcha.

Chad Corbett: [00:12:16] Through a community bank, you'll be able to get 80 to 85 LTV on the commercial side.

So by the time you do your CapEx and put a tenant in there, you'll be able to get your cash out refi and probably come out of it with a little bit of cash. But you'll definitely have a free house

..And a tenant.

Josh Schoenly: [00:12:32] Would you present both options or would you,

how would you personally approach it? Would you try that as option one and that's

Chad Corbett: [00:12:40] I always try to let the consumers outcome decide the strategy and it costs me money sometimes, but I have no trouble sleeping.  In this, you can both win because in my opinion, the best strategy for her is to get out of this quickly.

So the sub-to closing is going to happen in -  I don't know - five to seven business days? And a short sell closing is going to take three to six months.  She can get the house closed, faster and move on with her life.

You can get a free house.

Everybody wins.

Josh Schoenly: [00:13:09] It has been so long since I did a sub-to.  Where would be a

good place to start to figure that out in PA. it has been twelve years.

Chad Corbett: [00:13:15] Chris Prefontaine

wrote a book called Real Estate On Your Terms, about a four and a half hour audio book. And he also sells a creative financing course, if you need more than that.

But if you find that good savvy real estate attorney, who's working with investors, they'll help walk you through the purchase agreement. Before you go on the appointment and just say, you know, what  let's pre-write our sub two clause and make sure it's correct.

But you just need to be well aware, you should close the house into a land trust as well. I think in PA you still have to pay transfer costs, transfer stamps up there, but if you close it in the land trust, the lender sees it. They're going to see it as an estate planning move.

Even if they do call it, due it on sale, you still have whatever your foreclosure process will afford. Probably three months to get your rehab and refi done.

Josh Schoenly: [00:14:00] Yeah. Okay.

Jim Sullivan: [00:14:01] Yeah, I would say too, it depends on how much you're going to put into it. Cause you know, the risk reward, if you're going to put the money into it, just make sure that you're going to be able to get it back out.

That's what I would look at.

Excellent. Did that help?

Josh Schoenly: [00:14:12] That was fantastic. Appreciate it.

Chad Corbett: [00:14:14] One last thing. When you talked to Bob, we needed to get back on the phone and pick up where we left off.

Josh: [00:14:18] Yes. Agreed.

Jim Sullivan: [00:14:21] Alright, next up is phone number ending in two zero seven five. You're up next.

Caller: [00:14:26] Yeah, thank you.

Last week. I think it was, Chad had said that when he went, I went out to meet with a prospect and went out as a real estate agent. He would give them the price of full market value, wholesale, and there was a third option. And what was that third option?

Chad Corbett: [00:14:47] As-is .And my personal definition of as is what can I, what price can I guarantee I'll have a ratified contract in seven days and a closing in 30 days.

Caller: [00:14:57] So As-is, full market value, and then is there a third option?

Chad Corbett: [00:15:01] Cash or wholesale.

And then the fourth option could be, you know, renovated retail. So if you're gonna do a complete renovation and sell it for top dollar.

Caller: [00:15:11] Okay. All right. Thank you.

Jim Sullivan: [00:15:12] Alright, appreciate it. good questions today.

And they're short and we're getting through a lot of people. I love it. Next up is phone number ending in seven six five two. You're up next.

Tanya: [00:15:22] Hey, my name is Tanya and I live in Charlotte, North Carolina, and, I'm new to this, probate real estate way to get leads.

I'm interested in the mastery class. And so my. The certification that you get through that class is, what is it? Certified probate expert.

But then I was looking online. There are other certifications that I see other realtors using CPRES. So I don't know like what the difference is.

And if you use that CPE on documents and marketing materials, does that hold as much weight as the other?

Chad Corbett: [00:15:53] So  it is accredited through us, not through NAR or the state or anyone else. So any pretty much any designation you get is accredited through whoever is offering that coursework.

With probate mastery. I designed it largely around  psychology people in situations.  It's not so much focused on law and logistics because you don't really need to know all that. We give you a basic understanding of the probate timeline and process.

Other courses tend to focus more like they're educating attorneys.

They teach you all about every little intricate detail of probate, but they teach you less about how to deal with the people in the situation.  So probate mastery is it's built to help you learn how to attract business, get engagement, hold engagement, build rapport, and doing the right things in the right order.

Other courses are more laid out to help you understand everything about probate, but it's not as how-to .

So I would say that Probate Mastery's... It's designed to beat the learning curve down to a matter of days or weeks versus learning about probate, everything about probate, and then having to go learn the people's side of it yourself.

So we're very focused on the human side of the probate

Tanya: [00:17:02] I feel like I need those aspects, so does the Probate Mastery offer some technical training too? Because I don't want to sound like a fool going into it.

Chad Corbett: [00:17:10] Yeah. In session one, I'll take you through the overall numbers.

So why this is a big opportunity over the next 45 to 50 years? We'll actually look at the sheer numbers of people that have gone through probate, and will go through,  why that's an opportunity, why it creates so much urgency, how the lack of estate planning and so you'll understand...

If you look at the logos for mastery, that weird symbol is the international symbol for empathy.

So I'll take the logical side of it and then show you the human side of it. And that as a result is an empathetic understanding of why these people need our help and why it's such an urgent situation. From there we go into, from the moment somebody passes away, until probate filed, to the confirmation hearing, until they get the documents, when they have the authority.

I'll walk you through the entire timeline and process and explain to you. I don't need you to be a probate attorney. When you come out of the course, I need you to speak confidently about the process and make those people feel comfortable with you and your level of professionalism.

And you'll absolutely get that.  So that's session one. Session two is more on what is your specific strategy? You hear us talk about the call, we just talk you know, Josh, that's more of an advanced tactic. We teach those things like even to the level where you partner with the estate and you guys split the equity that you build into the property.

So we'll go from basic: Here's how you take a listing

to: Here's, how you do more advanced things to really maximize equity for your business and for the estate.

And then session three is all about people.  So we're focused on how to get the engagement in the beginning of a phone call, how to build rapport, get all the information that you need to offer these options and keep them engaged without wearing them out.

And then also how to handle the appointments. So it ends up being, about two to three hours of instruction and then.

Three to four hours of open Q&A. So the course is running anywhere from typically 12 to 16 hours, over three consecutive days

With other people, you're going to pay twice as much and you'll get about five hours of content.

So I'm as thorough as I can be. I literally teach you everything I've ever learned about it.

Tanya: [00:19:13] Okay. And then let me ask you one more thing. Thank you for that. so in terms of like timing and signing up for the leads and sending the initial letters and doing the initial phone calls, do you recommend, like for someone in my position that doesn't have a lot of experience with this to wait until you take that so that you can position your so that you can be in the best possible position to win and convert the leads

....because I want to get started, but on the other hand, I don't want to... not do right by the people that I'm going to be calling, you know, cause that's gonna make me

Chad Corbett: [00:19:44] best of both worlds. So because the class is only taught live and only once a month, if you sign up today, you'll get the recordings from the previous class.

So you'll have access to you'll have access to the full course, you can listen to the Q and a from last week, month, and then  we'll register you for the last class and you can come back as many times as you'd like. Joyce Morris holds the record 39 months running.

She's been back 39 classes in a row. So you can come back as often as you would like to get a refresher.

You can watch the recording starting right now, today,  and be through that by Monday. You could be, you know, where you needed to be.  And then you'll have the live class coming up on October 6th.

Tanya: [00:20:23] Okay. Okay. So that makes me feel better. So I can go through the archives, learn the basic information. Well learn basically all the information is what you're saying, because we'll have access to all three classes. And then that way, when I start talking to people, I'm sounding more educated.

Chad Corbett: [00:20:38] Yeah.

And it's recorded. I mean for this reason, but also you'll probably have to run through the course of time or two because it's drinking from a fire hose, for sure. I mean, I move very quickly because it's recorded and you can always come back to it. So you'll have the recordings to refer back to as a, you know, your training wheels, but you could be started as soon as Monday for sure.

Jim Sullivan: [00:21:00] And Tanya, I just wanted to add to that.

All three of us are real estate coaches. And I think one of the most common mistakes I think we see people make is they want to know everything before they do anything. And, I would say, as intricate and as detailed as probate mastery is, most of it you're never, you know, on your average transaction.

It's usually relatively pretty

simple. You're reaching out to a motivated absentee owner that needs help. It's not, you know, you don't have to be an, a probate attorney to get started. The probate mastery course will pretty much prepare you for any situation that could ever come up. But, you know, don't.

Oh, the T if you listen to the course, if really, if you just go through the fast track training that we provide, you're pretty much set to start contacting the sellers. And if you do that and mastery, and then order the leads, you know, it usually takes a couple of weeks to get your leads. you'll be more than good to go by the time the leads come.

No, don't, don't be afraid. You're not going to know the answer to a question. You can always tell people, Hey, you know, I've got a great coach.

I'm part of a group of, you know, 11,000 people that specialize in this. Let me find out and I'll get back to you. just a point I thought was worth mentioning.

Okay.

Tanya: [00:22:06] Well maybe you've picked up a little bit of the anxiety that was in my question.

Jim Sullivan: [00:22:10] I did. I did. Yes, I did. Exactly.

Tanya: [00:22:14] I want to do a good job. These people are already going through enough. I don't want to waste their time. You know what I mean? Like I just want to be in the position to. To answer. And even if they don't end up using me, you know, at least it was a valuable conversation, like that's where I'm coming at it from.

Okay. So I'm going to bring to the record, I'm going to sign up and start listening to the recording. So thank you.

Jim Sullivan: [00:22:33] Awesome.

Chad Corbett: [00:22:34] I have a feeling, Go ahead, Bruce.

Bruce Hill: [00:22:36] if I may, I've been doing this as Tanya, this is Bruce I'm in the same state as you are. I'm up in Raleigh.

The very first probate deal that I did, I didn't know anything. And, I called the attorney. Yeah. I just took a regular old listing. And it was probate. And I called the attorney every week and I say, Hey, how's everything going on your end? She'd say, good. I do need this form though. And she'd send it to me.

Yeah. I'd ask her every week through the process, what was going on? I didn't know anything. I was learning the whole time, the whole way through. And at the

end of the deal, the attorney gave me a review that said that I was the most knowledgeable probate real estate agent she'd ever dealt with.

Dave: [00:23:16] And, she would

Bruce Hill: [00:23:18] have no problem

referring future

Tanya: [00:23:20] estate clients to

Eddie V: [00:23:22] me.

Bruce Hill: [00:23:23] the thing was, is

I didn't know anything I called and I asked good questions.

I knew nothing. Chad's class probate mastery didn't even exist at the time. And

What a lot of times I see our subscribers struggle with is they do want to know everything. And in reality, you don't have to know it all.

And you really don't have to know a whole lot when somebody asks you a question, well, how soon can I sell the house? The

answer is; well, how soon do you want to sell the house? That's the answer.

You don't have to give them the legal answer. You find out what

their motivations are and okay.

Well, why don't you connect me with your attorney and I'll ask the attorney. If that's something that can fit in the timeline.

You did give a probate expert answer there. And the overwhelming majority of the questions and conversations you're going to have, will not put you on the spot with something that you don't know.

Tanya: [00:24:14] Okay. That's good to know.

Bruce Hill: [00:24:16] And as you're doing this, and as you become

a subscriber, definitely use, on top of the mastery class use an implementation coaching call with me, it's on the website and the subscriber portal. You just log in and you go to training and schedule a free coaching call, and I'll walk you through a few of these basic things that'll get you started as well. If you're still working through or waiting on mastery.

Tanya: [00:24:38] I appreciate that so much. That makes me feel a lot better. Thank you.

Jim Sullivan: [00:24:41] Alright. Excellent. Well, now all of a sudden we only have three left in the queue. We're just tearing through the queue today. So if anybody else wants to jump in it, star six and hit one in the meantime, next up is phone number ending in three, zero four zero.

Kathy: [00:24:57] Hi, good afternoon. Kathy here in Houston. I'm calling because, What I find on some older leads is that,  I'm able to find out what's going on with the probate case.

And I see some of these cases have a drop order. And I'm not really sure that means that the probate is ended.

However, I do see that there still is property for sale or outstanding in the state and it's still in these d So I'm just wondering how do I handle those?

Chad Corbett: [00:25:30] I think this is a Texas. This came up a couple of calls ago. My best guess at it is you have a specific scenario in your state called muniment of title.

And if the house is the most valuable asset, they may file probate in the beginning. And then they learn later about muniment of title. So then they petitioned for muniment of title. The house is then cut out of the probate.

Which drops the overall estate value. So the estate then meets the small estate exemption.

So they close probate. It becomes a simple estate settlement. So the house is still in the name of the deceased, but it's been released from the probate.

And this is a Texas specific provision that it's your state is the only place I've ever seen this. It pretty much has to be that.

The thing to remember is even if it's a property held in trust that shows up in probate plus, or however you found out about it, the human factors are typically the same, regardless of your level of wealth. you know, we all have the same challenges with losing a family member. How do we get the house empty, cleaned out?

Sold, what's it worth? You know, all the social motivating factors are the same.

It's just a more efficient process.

Kathy: [00:26:37] Alright, well then I guess I'll just keep sending them letters then if that's the case.

Thank you very much. Alright ,

Jim Sullivan: [00:26:45] Next up is phone number ending in zero six nine three. You're up next.

Dave: [00:26:50] Hey, good afternoon. This is Dave and Shelley Coates. Actually have a couple of questions for you guys.

Jim Sullivan: [00:26:55] Sure.

Dave: [00:26:56] One, we have a, lender who uses the ringless voicemail. And we're curious about using

it, but I don't want to violate any laws and get sued

Chad Corbett: [00:27:06] Don't violate any laws and get sued!

Dave: [00:27:09] Yeah,

Chad Corbett: [00:27:09] Literally daily, it's becoming more likely that you will get pinched. And using that - we certainly have a lot of people that have had a lot of success, but they're clearly violating

the telephone consumer protection act.

So you just have to look at it and assess your own risk and decide if it's worth that.

It certainly works, but there is a certain amount of liability with it, especially when attorneys are,

you know, their business is down just like everybody else's. So they're looking to shake people down for quick settlements.

So just know that there's attorneys in some markets running radio commercials, and if they can get one person to forward that to them, then they can They can drag it into a class, subpoena your records and then shake you down for quite a bit of money.

Dave: [00:27:49] Okay. But even if you're like following the guidelines of not calling DNC, and these are just like,

Chad Corbett: [00:27:55] if you read TCPA what it says, i you have to have express written consent, So they have to be opted in and they have to agreed to that.

If you mail them a letter first and you get them to text a number that says, please text for more information, text, you know, 72845, and that has a terms and conditions, and they accept the terms and conditions. Then you can send them ringless voicemail for 90 days.

Dave: [00:28:20] Wow, they really handcuff you to that, huh? Okay.

Chad Corbett: [00:28:23] Yeah.

Dave: [00:28:23] Alright. And then my second question is it seems like there's more secondary people are people that are associated with the personal representative on the list than personal representatives.

Is there a good generic voicemail for those that are associated with a personal representative?

Chad Corbett: [00:28:41] Meaning when the phone number name does not match the PR name?

Dave: [00:28:45] Correct.

Chad Corbett: [00:28:46] Yeah. Just, you know, hi, this is Chad. I'm trying to reach John DOE. could you please pass the message along and have him call me at (540) 999-9999.

Dave: [00:28:56] Okay.

Chad Corbett: [00:28:56] And you don't have to sell anything. You don't have to disclose everything.

The reason you're calling, the only reason to leave a voicemail is to get a call back.

So be vague. Just understand, you know, when you get the inbound call on that, you may have to disarm them because they might be like, you know, you asked this obscure message, who the hell are you? What do you want?

Just be prepared to stand up to that and just know that people might be on guard because you were vague and in your request to collect for them to call you.

Dave: [00:29:25] Okay. So that helps. Thank you.

Bruce Hill: [00:29:27] I don't run into a lot of people that have voicemail set up anymore these days, and if they don't have a voicemail set up, and, you know, you're going to hear me and Chad maybe disagree with each other here, but I would, I would just call and pretend that you're leaving that message and really think that it's the PR .

Jim Sullivan: [00:29:44] Yeah. A lot of times it'll just be thank you for calling and the phone number. I see that also, thank you for calling eight seven five six two eight.

That's more common than it used to be.

Bruce Hill: [00:29:52] If we're working down a list and the person answers, especially if maybe the PR's a male and the person that answers is a female or vice versa.

That person answers and one of my disarming ways of going about it is just

"This doesn't sound like Tom.  And you get a little chuckle and break the ice and then can go in. You could really use that same approach on voicemail, especially if it's a generic voicemail and just pretend like you think that you're really calling Tom.

Jim Sullivan: [00:30:20] Does that help? You got two options?

Dave: [00:30:22] Yeah, it helps.

Jim Sullivan: [00:30:23] Okay. Thank you. All right. We got three more in the queue. Next up is phone number ending in four six, seven four.

Are you there?

Isaiah: [00:30:30] I am . I've got a couple of short questions. I've been really excited to get on the call.  The past couple of weeks. I've missed them. I asked a question about my, existing arrangement. when I initially did probate mastery, my main goal was investing, real estate investing and actually making purchases myself.

And my fiance at a law firm right now.

and she has an interest in real estate. So we basically made the arrangement. She's almost about to get her real estate license and we'll be working in a team. And I don't know if you've seen that before. I don't know if it limits liability in some sense.

I don't know if you'd have any recommendations on that arrangement. And, so my main question is, you know, can I bring a pre-signed listing agreement to the meetings that I go into, and if they sign it's legally binding between them and my fiance, wherever she decides to work?

Whoever she decides to work with whatever brokerage. And then if you have any other tips for that arrangement to make that work.

And then I have a followup unrelated question after this.

Chad Corbett: [00:31:27] Well, I think as far as the pre-sign listing agreement, I think her broker would agree that's subagency and with you not having a license, that's not, it's not legal. And it creates a lot of liability for you. You can take her on the appointment with you and there would be no problem. as far as as far as having investor and brokerage activity under the same brand or the same roof, like. as long as you're an ethical person, when you're just you're properly disclosing there's no liability. There's only upside.  You're retaining all the commissions that you're currently paying. I would recommend that your investment activity is contained in one entity with its own banking and EIN and credit card. And your brokerage activity is in a completely separate entity. So in the event that someone ever would point a finger at you. You have a firewall, because courts oftentimes side with the consumer. And even if you didn't doing anything wrong, so still have that liability firewalls having the entities and the activity separated. I would recommend that you guys reach out as a brand like You know, the Pittsburgh probate team or the Pittsburgh life transitions or whatever that might be. And then in there in the bottom of the letter, you can disclose her license status just on a, you know, I use like a number eight light gray font that has my brokerage name, address, phone number.  And then I add in, asterisk "ethics are about most important to us. If you currently are in a, if you're currently in an agency relationship with a licensed salesperson, please disregard this letter." And that's been enough to protect me. I've done, you know, brokerage and investment activity ever since I moved here and started in residential real estate and I've never had a problem.

Isaiah: [00:33:03] Is there any way to make that work without me? Cause I, you know, I was, I wish I had this well in advance. That's not the answer I was looking or hoping for. but is there any way to make that work? I know she's working basically full time right now , and so I was hoping she could just show up to the closings and I'd be able to do all the other activities. But is there...

Chad Corbett: [00:33:21] You can sit down and talk to her broker and see what they're comfortable with. but, brokers tend to be pretty conservative. I don't think any would. I mean, what you can do is you can, rather than taking it pre signed listing agreement, you can, you know, have the conversation, build rapport, get, you know, And to say, okay, well, listen, it sounds to me like the best way to serve you guys is going to be through our brokerage division.

I want you to check your email within the next hour. You'll see a listing agreement through DocuSign, and you could do that and then just text your wife and be like, Hey, fire. Our DocuSign listing agreement to this couple at this, you know, email address, you can handle it that way. You can still, you can handle it virtually, but she needs to be the one having the pricing conversation, you know,  .Any agency activity, you don't want to be talking about it because if that person, you know, decides that they want to back out of a deal and they point a finger and be like, well, this guy told me he was going to list it and he's not even licensed.

Then you've got to answer to the state. And there are financial and criminal penalties.

So ...

Would I be able Isaiah: [00:34:21] to handle some of the other tasks like taking, you know, or at least just managing the other tasks? As if I could I get hired as an assistant quote unquote for her, you know, from her brokerage and then be able to manage the photo process, any of the other tasks I don't, you know, I don't want her to feel like, you know, obligated to this venture.

Chad Corbett: [00:34:38] Yeah, you can certainly do that. Like she just, as far as the agency, relationship, conversations, price, or strategy, she needs to be the one, having those conversations, not you, once the listing agreement signed, you can be her assistant or you can do whatever, anything like that, which you want, you can help get the homes cleaned out and get them stage.

You get photography done. You have no worry there. It's just the anything that has to do with a contract or a price discussion you want to avoid.

Isaiah: [00:35:06] Okay. That makes sense. My next question.  I was wondering. I've got my tone, a bunch of different things, and I've set up. I like to call them traps because I've got skills. I can help people. And I've got  virtual teams to subcontract, like web development.  But my question is: Can this be successfully executed spending 25 hours a week on  as long as the time spent effectively.

Chad Corbett: [00:35:29] Sure So the beautiful thing about a lot of these, doyou know, how many leads are in your market?

Isaiah: [00:35:35] Yeah, I've got in the two counties that I'll be working at

Chad Corbett: [00:35:38] So you're gonna, like when you're prospecting, you'll hold a call pace of about 12 per hour. And if you have 12 hours a week to prospect and 12 hours a week to handle appointments and admin, absolutely. You can do this. that's more, quite frankly, that's more than most people put in. So you can easily do it.

And what we teach is, you know, you want to appear as a vertically integrated solution, but not be doing all the work. We teach you to build your vendor team. So you get the social credit for bringing a one stop solution, but you don't actually do it, the execution: the home-stager does  his part;  the estate sale company does their part; the social worker does their part. So you're the quarterback, like you're coordinating this, you're not doing this. But you get the credit for it. And from a marketing standpoint, we want it to appear like this giant business under one roof. But from a business standpoint, we want you to work smart, not hard.

So with 25 hours, you can absolutely make this a pillar in your business.

Isaiah: [00:36:35] Okay. That's really helpful to know. Do you mind if I share it in one minute, just some recent success I've had helping people just for the group to hear.

Jim Sullivan: [00:36:44] That'd be great. What's your first name again, sir?

Isaiah: [00:36:46] It's Isaiah. Okay,

Jim Sullivan: [00:36:47] Go ahead.

 

Isaiah: [00:36:48] Yesterday actually I set up an appointment with this attorney I was working with, I took him out to lunch and was like, Hey, would this be, you know, do you see this being able to help families? I told them I was really excited. I was like, do you see this as a solution to help some of the families you've worked with, in unison with your team handled and he was loving it and all that. And so I refer, I've been able to refer a couple of people over to him. And then recently, just two days ago. He had the first really meaningful, really successful "it's really hard for the family" conversation. And I got him on the phone and I told him I couldn't really help them, with the property and that type of stuff, just because of the nature of the property and the situation they were in.

And I said, the only thing I really think that should be your priority is talking to this legal professional to talk about a living trust. And this is why. So they finally came around to it and they had a really successful call and they have a followup call booked. So that's just, you know, an attorney reached out to thank you so much for sending them my

way.

I have some lunch and I'm going to do some co-marketing with him. So I just thought that was great. A big momentum builder,

but

what I was going, I say, how I got this and this might be helpful unless you would recommend otherwise. But, I found Google my business to just be an amazing local tool.

And, I have set up it's, it's actually, just a separate entity, a separate LLC, but it's called Jacksonville buyers, which is the market I'm in. And I set it up as a fictitious name. To be Jacksonville buyers, state, clean outs, liquidations, and, you know, whatever. I don't know whatever the other keyword is.

And the reason I know keyword stuffing, you can't keyword stuff. and I know, you know what, that is that you can't name your Google, my business. Something that it's not legally named, which is why I make the fictitious name, include the keywords and the location. And I've gotten probably 10 or 15 inbound calls so far in the last few weeks.

And. I'd say about half the time. There are these people, you can help them just by giving them some tips on where to go. If you can't directly help them sell the property or connect them with one of your, one of your other, partners. But a lot of the times, like I have a meeting on Friday, it's a woman who's downsizing and she owns the real estate and she's, you know, so we're going to discuss that. I'll, I'm gonna make an offer for everything, but. Half the time. There's like an, either an end of life downsizing transition or a probate type situation. And so I just found it really, it's just like you come right up to the top if you use those keywords in your market. And so anyways, I just wanted to share that as a little bit of a tactic to get inbound stuff. I know outbound is the way to go, but, to set a little trap or a feeder out there.

You know, I found it to be really effective.

Chad Corbett: [00:39:26] That's a GREAT tip. Thanks so much.

Bruce Hill: [00:39:28] Yeah!

Jim Sullivan: [00:39:29] Appreciate it. Hey Chad, that queue is overfilled. Can we go a little bit over or do you, or do we have a hard cut off two today?

Chad Corbett: [00:39:37] No, I'm good though 2:15.

Jim Sullivan: [00:39:39] Okay. We'll get as many of you in as we can. I don't think we'll get you all. If we don't get to you right after the call, feel free to reach out to us directly. Next up is phone number ending in one seven one seven. You're up next.

Caller: [00:39:52] Hi. My question is I didn't get the certificate yet from the class, but can you tell me what it says on this certificate?  Like, do we have a title or what is what we are that we're, now that we took the mastery class, because I want to know how I can represent myself.

Jim Sullivan: [00:40:08] I think it's master of the universe. Yeah, master of the universe. Chad,

just kidding. Go ahead, Chad. I'll let you give a serious answer.

Chad Corbett: [00:40:19] Did you just tell a He-Man joke.

Jim Sullivan: [00:40:21] I think I did. Yes, sir. Go ahead.

Chad Corbett: [00:40:24] it is certified probate expert or CPE.

Caller: [00:40:27] So now when I'm talking to an attorney, I feel uncomfortable saying that because really they're the probate expert, not me!

Chad Corbett: [00:40:35] That's okay! Just, hi, my name's Chad. I have a team of people that help families going through probate, and I'm looking for, you know, some, a good attorney to fit on the team.

Have I called the right place?

Caller: [00:40:46] Okay.

Jim Sullivan: [00:40:46] Pretty simple.

Caller: [00:40:48] Yeah. Cause obviously they always will know more about probate than me.

Bruce Hill: [00:40:52] Attorneys can't call themselves an expert in probate if they haven't taken a class. There are many estate attorneys and probate attorneys who can't call themselves probate expert until they've taken a class that's about as hard as the bar and they don't need you to give a title.

They need you to, tell them what you do and how you do it.

So when you're calling with your certification carries more weight with the family than with the attorney.

Caller: [00:41:20] Yeah.

Yeah. I'm fine saying that I'm a certified probate expert, you know, expert to the families. It was just when I was also soliciting the attorneys

Bruce Hill: [00:41:29] ...and to Chad's point, I agree with that you don't need to tell them that you're an expert. you need to tell them that you work with and help families going through the probate process and then simply follow it up with, do you have a quick second for me to tell you how I do that?

Jim Sullivan: [00:41:46] Attorneys don't tend to have small egos. Let them be the

expert. You know, you just be somebody out there trying to help the executors. All right. Next up is phone number ending in seven four, two eight. You're up next.

Dave: [00:41:58] Oh, Hey guys. This is Dave out here in Colorado and heard  Jim's contribution earlier. Would love to connect with him and help out either, as a buyer or connecting with a good, solid real estate agent in the area. And had a quick question. Bruce reminded me of something I think Chad had said,

Someone has answered the phone and you

ask if it's the person you're looking to contact and they're evasive and just say, well, who's this. And to not assume that it's them or not them.  What's that next kind of follow up suggestion there.

It Chad Corbett: [00:42:33] really depends on the reaction, Dave. I like if typically, you know what, I'm trying to reach Dave. This is Sam, who is this? It's something like that. Well, Sam, listen, I'm glad I caught you. my name is Chad. Yeah, we've got a team of folks here that help families going through probate and I noticed that Dave was the personal representative of an estate. Is there a number you can Give me that I could reach him at?  we can role play it if you'd like. I know, Bruce, we'll have some input here and if you want to jump on his calendar to specifically role play that you can,  If you get a hold of the wrong person, you know, the objective is to try to get the right person on the phone. So I'm asking for their cell phone number or their email address. and I'll briefly explain why I'm reaching out.

Dave: [00:43:13] Sure.

Jim Sullivan: [00:43:14] Does that help? Yeah that's great!

Alright.

Alright. Thank you, sir. Next up is phone number ending in five six, eight

one. You're up next.

Derrick: [00:43:23] Hi, yes, this is there. I had a question. I have a home that I have been driving by quite a bit. grass has grown up over quite a few months now. I actually, we have been trying to research and trying to find it.

Found out that the guy died a

few years ago. yet I still have not been able to, get in contact with anyone. I used to skip tracers and try to find a family found that he was an orphan. You know, so I've been trying to do research, on how to actuallyinquire on who has the property now and how to acquire the property now.

Just wanted to know if you had any tips or what do y'all think on how to go about, still, finding someone that knows more about the property. It's just sitting there.

Have the taxes hasChad Corbett: [00:44:06] been paid?

Derrick: [00:44:07] It has in the mortgage is still, it's still good on it.

Chad Corbett: [00:44:11] There's either a mail forward or somebody checking the mailbox.

Derrick: [00:44:14] Okay.

Chad Corbett: [00:44:15] So direct mail is your best chance here because if they're paying the taxes and they're paying the mortgage, someone's getting the tax bill. Well, it might be escrowed  when was the mortgage originated? Do you know?

Derrick: [00:44:26] Not right off the bat.

Chad Corbett: [00:44:27] The taxes might be paid out of escrow. So it's being paid as their mortgage payment, but chances are, if someone's paying a mortgage, they probably have a mail forward or they're picking the mail up. So direct mail is probably your best shots since skip tracing's not working for you.

Derrick: [00:44:43] Okay. Okay.

I'll try it right there.

Bruce Hill: [00:44:45] Did you say that the heir was, is an orphan and that they're under age?

Is that what you said?

Derrick: [00:44:53] No, he was over age, but I was just researching and trying to find, you know, family members. someone that may be able to get in contact with and found out that he was an orphan, So I did, find, foster parents too, but haven't been able to get in contact with them.

 

Chad Corbett: [00:45:07] The other thing you can do, that's been effective for me because nosy neighbors will help you here. Put your letter and a Manila envelope, throw couple of lifesavers in it. Cause they're light, but they give it some bulk and use four pieces of tape and firmly tape it, ideally inside of a storm door where it won't, you know, it won't get wet or blow away, but tape a Manila envelope where it's visible from the street and that gets attention.

The lawnmower whoever's there mowing. Well, you said nobody's mowing the lawn, but the neighbors probably know you can door knock the neighbors. You can tape a manilla envelope that's visible from the street. And all you need is someone to talk to you about it and connect you with the right person.

So even if it's a neighbor that calls you, typically neighbors know the story. So you might start with door knocking the neighbors and take them, take your letter in a Manila envelope on that trip. And if nobody knows anything, tape it to the window and wait for the call.

Derrick: [00:46:00] Okay. Will do. Alright.

Jim Sullivan: [00:46:02] Phone number ending in eight,

Dave: [00:46:03] two, one three. You're up next.

Eddie V: [00:46:05] Hey guys. Good morning. Well, I think it's morning for you guys. I'm not sure. But good morning or good afternoon.  So I wanted to thank you guys, actually for the, I think it was last week or the week before you guys brought up. I think it was Bruce. The 90, 9 about dedicating the first 90 minutes of every day. for 90 days to the most, the one most important thing, which is lead generation or in our case, reaching out to people that need our help. I noticed that I think that was the missing link in my days, essentially.

I felt extremely lost every day. And I noticed that it's because I didn't have, or was not. respecting my daily schedule and by creating or starting to create a habit of doing it at the same time. I think Chad, you mentioned you prospect, I believe eight to 10 and four to six.

And then you do admin work in between.  So I wanted to thank you guys for that. It's really help my question is, I feel like since I signed up, I have not performed the way I should and that's on me because I wasn't doing it properly. I do want to make sure that, you know, I start being proactive about it.

So what are your thoughts on perhaps using Tuesday, Wednesday, Thursday for probate leads and then Monday, Fridays for attorneys. Cause I remember there was even something in probate mastery I believe that said that the best days to call were Tuesday, Wednesday, Thursday, but I'm just trying to make sure that I use my time effectively, especially since I also do expired calls a lot.

I usually do expireds in the morning, eight to 10, and I usually do probate leads four to six reason for that is because the expireds tend to be a little more aggressive.

So I try to do those. Yeah. When I have a little more energy in the room..  But I'm open to suggestions and truly appreciate you guys.

Chad Corbett: [00:48:10] I would recommend that you set your attorney block from, Tuesday, Wednesday, Thursday, one to four. One Oh four. Okay. Midweek mid day is the best time to catch an attorney is there's no guarantee.

They're busy. They're very busy and out of court at all different times, but typically if you can catch them right after lunch, they're far less likely to be in court.

So I still like the mid week, mid day, because a good attorney has taken some Mondays and Fridays off they're living their life. No. Got it. Okay. They're running their business at a high, you know, if they're successful there, they're probably taking long weekends and you're more likely to catch the midweek midday than ever.

So you could do your eight to 10 block and then do admin work until one. And then one to four is your attorney block. And then you go back into prospecting four to six.

Eddie V: [00:49:03] Okay. Okay.

Chad Corbett: [00:49:05] Mondays, and Fridays. Like for me, it's changed my business. I only went on appointments on Fridays and Mondays, and that made those Tuesday, Wednesday, Thursday become sacred office days.

It also creates a lot of urgency and you, if I didn't expect this . I expected to lose credibility, but I gained credibility by having, by my time being more scarce. So driving and driving the appointments only into Fridays or Mondays, had a really, really great unexpected result for me.

But the biggest thing was what happened in the office. Like it seemed like less fire started and had to be put out It was all blocked out. I knew when I was doing my admin work, I wasn't letting my business control me. I was controlling the business.

So you could try that and, you know, free up your Mondays and Fridays.

It's hard to get people on the phones on those days anyways and make that appointment days

Thank you.Eddie V: [00:49:58] Thank you guys.

Jim Sullivan: [00:49:59] Thank you, sir.

Eddie V: [00:50:00] Thank you. Thank you so much.

Jim Sullivan: [00:50:02] Thank you. We started the call with Jim Forsythe and we're ending the call with Jim Foresythe. This is our Forsythe sandwich. That's hard to say. You're last Jim, go ahead.

Jim Forsythe: [00:50:12] I was just going to say, I heard that, Dave was in Colorado.

I'm sure you will to me, but send me his contact info. And as soon as we make contact

PR or give him a call,

Jim Sullivan: [00:50:25] I already immediately after the call, I'll reach out to you.

Jim Forsythe: [00:50:30] Sounds good. Thanks a lot. Yeah.

Jim Sullivan: [00:50:32] Hey guys. I think it's one of our better calls. I really do a lot of variety, a huge amount of participation.I want to end this like I always do. I want to thank each and every 150 of you for being here. I want to thank the 12 or 13 that actively participated, and I want to challenge each of you. Take one of the great ideas that you heard on today's call, go out and put it into practice and please come back next year and share your results with the group.

Make it a great week. Stay productive, stay healthy. And we will talk to you the same time. Next Thursday. Take care everybody.

Read more

Join the All The Leads Mastermind Group on Facebook. Networking, Accountability, Masterminding, and more!

Join Now

New Uploads Weekly, featuring live Q&A, Tips From The Trainer, Interviews with Industry Experts, and Success Stories to Keep You Motivated

Jump In

Stay in the Loop With Industry News and Grab Consumer-Facing Content to Share With Your Audience, curated by All The Leads.

Get Connected