Tag - Attorney Prospecting

Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #300. Topics include real estate referrals, propstream, lead follow up, and more

Probate Mastermind Podcast Episode 300: 5 Ways To Get B2B Referrals; PROOF You Can Convert “Dead” Leads; Using PROPSTREAM’s Mobile App; and MORE Live Q&A.

Probate Mastermind Episode #300 | Recorded Live on October 15th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to build motivation when a seller is uncertain about selling; how to get B2B referrals from multiple partners; how to decide if facebook ads, radio advertising, seminars, or premium marketing strategies are right for your business, and more.  We hear two success stories from Eddie V and Federico who took the advice they got on previous Masterminds and put it into practice!  An inside sales agent for a top-producing Keller Williams team reflects on her progress and personal development since joining the team.

 

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!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help

How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help. (1:06)

Eddie shares a story of a probate lead reaching out to him months later with positive feedback about his letters and credibility website.  The personal representative emphasized that Eddie’s marketing stood out and that he seems professional.  The personal representative is definitively stuck in ‘Probate Quicksand,’ and Jim, Chad, and Bruce guide Eddie on how to help him out of it.

See More: What is Probate Quicksand and How Can You Get Probate Leads Out Of It??

 

Preview for Podcast Segment Radio Advertisement vs. Facebook Ads for Probate Real Estate Marketing

 

Radio Advertisement vs. Facebook Ads for Probate Real Estate Marketing (9:50)

Eddie asks the coaches for their advice and insight on using Radio Advertising to market himself in the probate real estate space.  Bruce and Chad discuss the cash conversion cycle on this type of marketing, the audience reach, and a much more viable alternative.

See More: Facebook Marketing For Probate Real Estate:

  1. Check out the first two segments of Probate Mastermind #288
  2. Article: Ads vs. Organic Marketing: Are Facebook Ads Worth It? Navigating the Digital Marketing World As A Real Estate Agent, Investor, Wholesaler 
  3. Probate Mastermind 278
  4. Probate Mastermind 280
  5. Probate Mastermind 281
Preview for Podcast Segment Get Certified In Probate Real Estate (15:24)

Get Certified In Probate Real Estate (15:24)

Chad describes his Probate Mastery Course and what’s included with it.  Congratulations, Chad, for having the top-rated Probate Real Estate Certification Course according to fitsmallbusiness.com!

 

Preview for Episode Segment: Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling." (16:15)

Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling." (16:15)

Federico shares a success story! He followed Chad’s advice and got his foot in the door with a personal representative who initially said they weren’t planning on selling the property. All he had to do was refer them to a few vendors (who might now feel a sense of reciprocity about those referrals!).  After some time passed, the personal representative called Fed and said she was done - She wanted help selling or leasing the property and she couldn’t think of anyone better for the task than Fed.  This underscores not just the importance of follow-up, but the impact of leading with value first.

 

Preview for Episode Segment: Leveraging Asset Managers, Registered Investment Advisors In Your Real Estate Business (18:07)

Leveraging Asset Managers, Registered Investment Advisors In Your Real Estate Business (18:07)

Chad describes how large banks offer wealth management as part of their general customer service for wealthier client accounts.  At the same time, some of these wealth managers don’t prevent their clients from having to go through probate.  This creates a great opportunity for you to bridge the gap.  Chad describes how to find these registered investment professionals (RIA) and how to approach them for referral relationships.

See More: Segment One of Probate Mastermind 299: Leveraging Infinite Banking Strategies in Real Estate Investment Deals.

 

Preview for segment: Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups. (22:10)

Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups. (22:10)

An ISA for a top-producing team in Florida calls in.  An ISA is in a unique position to serve as an ambassador, almost an endorser, of the Agent/Investor they are calling on behalf of.  The ISA describes her calling process and her email follow-up strategy.  Her persistence has gotten her past a few of the “I already have a realtor I send referrals to” deflections.  Ultimately, she gets them curious about what exactly a Certified Probate Expert designation is.  She and Chad mastermind how to answer this question in a really impactful way and take her marketing penetration to the next level.

 

Preview for episode segment: ISA Perspective: Calling Probates Vs. Expired Leads (25:46)

ISA Perspective: Calling Probates Vs. Expired Leads (25:46)

Jim, Chad, and the ISA reflect on how she transitioned into her team’s real estate office after working in the Nursing Homes and Medical positions.  She describes how probate calls compare to expired calls and how she prepares herself to start dialing.  She describes a call that caught her off guard and really got her to re-evaluate why she’s making these calls and how she can make an impact.

 

Preview for segment: Propstream’s Mobile App: How To Use It To Find Vacant/Probate Properties while Driving For Dollars (28:58)

 

Propstream’s Mobile App: How To Use It To Find Vacant/Probate Properties while Driving For Dollars (28:58)

Sue says she’s struggling with call reluctance.  She is noticing several homes in probate around her community - a senior (55+) living community.  She knows there are a number of real estate and estate planning needs this community might have, but she’s unsure how to get the right contact information and open the door.  Chad describes how to accomplish this, and suggests using Propstream’s Mobile App to make Driving For Dollars (or, walking) extremely easy.

 

Preview for Segment: Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals (31:51)

 

Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals (31:51)

Chad and Sue mastermind on how to build a bridge between estate planning attorneys and the families that live in her community - many of whom have not planned for end of life asset management.  Chad advises on how to pitch a joint seminar to potential attorney partners and to the community members.

 

Preview for Segment: Promoting Local Events: Running An EDDM Direct Mail Campaign to A Target Zip Code (34:20)

 

Promoting Local Events: Running An EDDM Direct Mail Campaign to A Target Zip Code (34:20)

Chad, Tim, and Bruce discuss how to market a high-value local event through direct mail and how to productize a seminar so it can be used over and over again.  Bruce recommends Thinkify.com as a resource for creating courses easily.

 

Preview for Segment: Nursing Homes, Medicaid, and The Intersection With Real Estate. (36:33)

 

Nursing Homes, Medicaid, and The Intersection With Real Estate. (36:33)

Caller is interested in helping families get ahead of their asset management as they approach end of life.  Who or where should she look to find a point of contact with nursing homes, medicaid patients, etc..?  Chad advises.

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

 

Preview For Segment: Probate Books and Marketing Yourself As The Local Probate Expert (42:35)

Probate Books and Marketing Yourself As The Local Probate Expert (42:35)

Nahid is interested in using a Probate Guide book as a piece in his marketing.  Chad shares his perspective on books being a really great marketing piece, but they might make better premium marketing pieces because of their production and fulfilment costs.  Chad recommends David Pannell’s 2020 marketing interview - David shares the book he is sending, who he is sending it to, and the results he is getting.

 

Preview for Segment: COVID Market Impact and Probate Real Estate Needs (44:08)

COVID Market Impact and Probate Real Estate Needs (44:08)

Nahid asks for Chad’s insight on how Covid-19 has impacted the market and influlenced potential sellers/buyers’ motivation levels.  Chad describes that the significant impact is in areas where courts are backlogged and families are dealing with increased frustration and holding costs.  Chad gives advice on staying top of mind in areas where personal representatives are largely waiting for their letters of testamentary/court approval.See More: How to Use Facebook To Stay Top Of Mind With Leads Stuck In Court Back Logs: Second Segment of Probate Mastermind 283

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #300 Transcript

A.I. 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 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.  "

A.I. Narration: [00:00:25] Be sure to catch show notes at AllThe Leads.com/Podcast, and join our free Facebook Mastermind Community, All The Leads Mastermind."

Jim Sullivan: [00:00:34] Welcome successful agents and investors from across the country. Today is Thursday, October 15th, 2020. And this is Mastermind Podcast. Number 300. Can't believe we've done this 299 prior times, but we appreciate you all being here today. We've got a great attendance. We do have three in the queue. If you would like to actually participate live on the call, just hit star six and then hit one. And let's go ahead and go to our first caller. First up this week is phone number ending in five, four, six, four.

How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help.Eddie V: [00:01:06] Yeah. This is Eddie here in Kansas City.

Jim Sullivan: [00:01:09] Yes, sir.

Eddie V: [00:01:10] This isn't like a huge win, but I, it felt like a win for me. So I thought I'd share it.

I do have a question as well, but. I called the guy from a super old list. I, before I got on AllTheLeads.com, which I think I started in July, I've been manually pulling the counties around me, like every day for months and months. And so then after I got All The Leads, I skipped traced and I've been still sending them letters.

And so I I called this guy and he's like, Hey man, I've, I've got all of your letters. I actually went to your website. I checked it out and your video is super professional. Just not, at this time I'm not ready to do anything, but it felt. I don't know exactly what month it was that I pulled this lead, but it's probably six or seven months old.

And to see that he's still holding onto my letters, he went to my website, which is the first time I've ever heard somebody actually go to my website, and watch the videos that I have on there really just showed that, doing the follow up really is important.

It felt like a win. Not that I have the sale yet or anything, but, the guy was like super professional and he said he had lots of letters from other people, but, mine stuck out to him. Cause when I said my name, he remembered who I was

Jim Sullivan: [00:02:19] Awesome!

Chad Corbett: [00:02:19] Why is he not ready yet? Eddie?

Eddie V: [00:02:21] So there's two reasons.

One.  He was like, emotionally, I'm still grieving. He said the first thing that he had to do was his dad had inherited his grandmother's house in 2002. And hadn't done anything with that. So first thing that he had to do was clear out his grandmother's house and get that sold. So missed an opportunity on that front. He was like, my house is full of all of the furniture from my grandmother's house. so I tried to talk him in getting him to take a step: Let's have a, the estate sale person come over, see what she can sell of your grandma's and your dad's things. And, to get the ball rolling.

And he was like, he just said, I'm not ready to do that. That's all I said. I talked to him for probably 15 minutes trying to figure out a little bit more, a little bit more.

Was he showing any painChad Corbett: [00:03:12] points?

Eddie V: [00:03:12] No, I'm really not that great at digging out pain yet.

Chad Corbett: [00:03:16] Yeah, and always, I'm just like, that might've sounded harsh, but if you can stir up, stirrup pain points and then become the solution, obviously as the intent.

So he sounds to me like he's squarely on what we call what I call probate quicksand. So he's retreating to his comfort zone, just like his dad. It's probably a learned behavior, right? For 18 years, his dad knew what he should have done, but he wasn't . And it's usually, yeah, they need an emotional breakthrough to do what's in their best interest.

So if you can use logical examples to help them to help attach that emotion, to like the loss of money: Listen, Bill it sounds like you're in a similar situation that we help a lot of families through where they're just kinda overwhelmed and can't make the first move, but in an environment like this, where during an election year with an overinflated market. Then, things are volatile, so anything could happen. And by this time, next year, by the time you get So if I could show you a way to take away a lot of the stress and take some of this off of your plate and really, salvage equity for your family.

So not only are you, do you stand the risk of a market correction, you also have monthly holding costs, so someone's mowing the yard, am I right? Okay. And someone's paying the insurance, and someone's paying property taxes. So each day that this doesn't get done, it's not serving you or your family.

Okay. I'll back off. If you ever just say Chad, I told you I'm fine, but I do try to. Understand exactly why families aren't taking action, because I see a lot of families lose a ton of money just because they're uncomfortable. And really my biggest role here is to make you comfortable however I can. Hopefully that's by taking the stress of the situation away and adding more money back to the family.

So why don't we just meet on Friday and just talk, like I'm not bringing paperwork. I just want to come over and get to know you see the situation and you can ask any questions you have, I'll see if there's any way I can help right now. Maybe there's not, but I'm willing to come out on Friday and sit down for just a few minutes if you are.

And oftentimes they'll be like, ah, yeah, you're right. And you want to have paperwork in the truck because a lot of times they'll be ready once they feel comfortable, then they just have, they have the breakthrough and they're ready to go. But. Think about whatever your opinion of your, where your market's headed in the next 12 months, you can use that.

Like the risk of loss is great, in my opinion. The carrying costs are certainly, those are clear losses. So how many years? Like it's 18 years worth of carrying costs for his grandma's house to sit there and get in worse condition, how much money did it that cost the family and, just be willing to.

Offer him a solution. If you're going to dig up, dig up stuff like that. But anyways, it's a lot of folks. If you really believe in your heart, that it's in his best interest to move forward. My suggestion is to grab him by the hand and pull him out of the probate quicksand. Cause some people will sit for years and do nothing, and they end up costing themselves tens of thousands of dollars in equity that they could have had for the family invested, paying for college, knowing whatever you know, for retirement, whatever it might be.

Eddie V: [00:06:14] Yeah, kinda they don't really realize how much money they're spending. Cause it's just a little bit at a time, but if we can show them. What it would be like over months or years, maybe it could be...

Chad Corbett: [00:06:24] That's right. And you could also,  I would have to get a read on the guy and make sure he was a pretty stable personality, but you can show him the magic of compound interest and what his father lost by wasting 18 years.

Say: Listen, at a 6% return, for 18 years, look how much money if your dad would have just sold that house and just put it into a brokerage account or just drop it into a 401k, Or something like, look at how much money your family would have now versus then. Now, do you want to do what your dad did or do you want to do with right generation?

Jim Sullivan: [00:06:56] I was thinking along the same lines, if it's been empty for 18 years, is someone cutting the lawn? What are you paying a hundred dollars a month for the lawn? Do you realize, your dad spent $20,000 over the last 18 years since a couple on, it's, that's a pain point, wasted money. also, probably and insurance, some short term pain points, just, it's possible.

It's been sitting there. 20 years without valid insurance, who knows the no trespassing is valid.

If they're not ready to do something to sell the property now, the longer it sits empty, it seems like it could be code violations. there could be issues that he's not even aware of.

Eddie V: [00:07:29] Yeah, this is a different house. It's a different house that his dad had that he sold the one that was sitting for 20 years, but..

Jim Sullivan: [00:07:37] Oh, okay. Got it. Got it.

Chad Corbett: [00:07:39] You can still use that example. Like you can still show him how much money the family as a whole lost by his dad's behavior because of his behavior.

Eddie V: [00:07:48] Okay, it's true.

Bruce Hill: [00:07:49] I would probably say take someone like this by the hand and leading them in to that deeper conversation. I'd probably start by. Having them enlighten starting with a question like that.

How long have you been thinking about selling? Okay. Someone like this, probably been thinking about this for a while, and I want to know how long it's been a casual inconvenience for them that they think about once every week or two. And then say, tell me a little bit about the maintenance process.

what goes into actually holding on to and maintaining this house? Okay. How much of an inconvenience is that? And get them to reveal some of the answers to themselves. With some personalities, getting them to reveal a few of these answers gives you a wide open door to be able to go ahead and grab their hand and pull them through a few of those answers themselves and recognize the inconvenience they've been putting on themselves.

Eddie V: [00:08:39] Okay

Chad Corbett: [00:08:40] Eddie. I just did the math. if you compound 6% interest over 18 years on a hundred thousand dollar house, he lost $185,433 an opportunity by not selling that house for 18 years. Yeah. if they would have, if they would have sold the house and I just chose a hundred thousand, I don't know what it was worth, but is that house were worth a hundred grand and his dad would have sold it when his father passed, the family would have $185,000 more in the current bank account.

And so you can do things like this to show them. Cause most people, we don't really get a fair financial education and most people aren't thinking about it this way, but this is where we can make a massive difference. $185,000 is a hell of a lot of money for the average family.

Eddie V: [00:09:24] Yeah. I think that would be a good approach because he mentioned he was like, I follow the market really closely.

So if he does that, he knows about compound interest and what it could do. So I think there's a good strategy, to take with this guy.

Jim Sullivan: [00:09:38] Perfect. And, by the way, you're right that is a win. It's an example in every market in the country, the older your leads get the better, the more opportunities there is there. So good for you working old leads, keep it up.

Radio Advertisement vs. Facebook Ads for Probate Real Estate MarketingEddie V: [00:09:50] I have one question and I hope it's a short, it's just a short answer.

What are your thoughts on doing radio advertisement for this? I know you talk about the return on investment per dollar spent with probate leads. I was just thinking if there was a way you could just have some sort of in the subconscious, most people don't need it all the time, but if they heard it for long enough, then when they get the letter, they're like, Oh shit, this is the guy that it all the time I should call him.

I don't know. I don't know if you've tried it just want to Chad. You're okay.

Chad Corbett: [00:10:23] Oh, I'm going to give it to Bruce for the first one. I say before, Bruce gives you the advice on radio, cause he has way more experienced than I do. And actually working with rates and Matt Wagner's team, but I want you to continue or social media for w and the phase of getting this in the phase of this, that you're in radio is expensive and it has a 10 to 12 month cash conversion cycle.

And my experience. Social media can have an immediate cash conversion cycle. You can literally put ads out for a fraction of what it costs to do broadcast marketing, and you can get them like, get an appointment today. Like you get an immediate return. So like when we were doing, when we were doing for you guys,

We were averaging 12 to 25 impressions per day for, just a few cents per impression. So it's the same thing. It's just re repetitive brand impressions over and over every time they thumbed their phone, no matter where. So I would. Personally, I would rather see you find the right agency to help you run very specific, very local Facebook ads and retargeting campaigns, because I think you're going to get, it's going to be a way less way, less of a cost for you and a bigger impact.

But I want to hear Bruce cause he's done a lot of radio everyday.

Bruce Hill: [00:11:34] The short answer in the probate space is, no, don't do radio. I'm a massive believer in radio. Literally spent hundreds of thousands of dollars on radio over the years. And when it doesn't work, it will sink you, when it works, it's amazing.

But again, it takes, like Chad said a really long cash conversion cycle. We were seeing about a six month cash conversion cycle, but that conversion cycle is with people hearing us on a morning drive. What felt to them like every single morning that they were driving in and it's the accumulation that really works.

So in the probate space, I would not do it.  Not even a question in my mind, I would stay away from it. To Chad's point. Facebook social media advertising, maybe even throwing banner ads at geo-fencing. Some of the PR addresses those things are going to have a much more substantial and more affordable impact on just creating awareness presence so that when they see your letters, they've already seen you a hundred times in the last month.

And understand why, for everybodyChad Corbett: [00:12:41] listening. Like you're trying to broadcast. And most radio stations are hitting a half a million people. at any given time, about 1% of them will be associated with a death in the family. So you're paying the same price as everyone else, but you're only marketing to 1% of that audience.

So it just doesn't make sense. It's broadcast versus focused targeting. And with Facebook, we can take your leads, upload them into a custom audience and get about a 90% match rate. So you're only spending money to show up in front of those specific people. So it's like using a. a laser versus a whatever's broader than a shot go scatter cannon.

so on your lead costs, the reason we can't do it, we stepped back from it. We were getting the impressions very easily. We built the system, but you have to have very specific local creative. And what we find the work the best is a video ad of you in front of the courthouse on a quiet day. Just talking directly to them.

So it's the interruption is Holy crap. This guy's at the he's at the, he's Kansas courthouse. I was just there last month. So you're going to in their brain, you kind of short circuit, they see something they're familiar with. So the reticular activation system says, Whoa, stop.

That's something that's relevant to me. And then you have closed captions on. So even if they don't have audio on, but if they keep it seeing that over and over. It's only going cost a couple of pennies per impression, but it goes a long ways and you can, so you can market to these people for two years, just like you're going back through the old lady.

That's right. It's awesome. I love that you're doing that. You can use social media to follow them or months or years until they're ready and when they're ready, you'll be there every day without, without having to manage the campaign, you set it up once and let it run. as much as I would love to say, I have an agency for you to call, they'll set you up.

I haven't been able to find one that, comfortable, like comfortable with, but if you look for, or, social media professionals in your market, sit down with them and say, here's what we want to do. We've talked about it several times on these calls. You can search, if you use the search bar in the top of all the leads.com put in Facebook marketing, and it should bring up several mastermind calls where we've had lengthy discussions about this, you could give the agency that and say, I don't know what this guy's talking about.

Can you guys do this for me? There's probably someone in your markets that it can help you get it in place, but I'd much rather see you spend your money on that.

Eddie V: [00:15:08] Okay, I appreciate it.

Jim Sullivan: [00:15:10] Alright and congrats on working in the older leads. Keep it up. All right. Next up, we have three in the queue guys.

We've got room for more it, star six and hit one. Next up is phone number ending in 1963. You're up next.Get Certified As A Probate Agent - On Demand.

Caller 1: [00:15:24] Hi, I'm new and looking into, getting certified as a probate agent. So I'm asking like, what's my first step.

Chad Corbett: [00:15:36] So if you go to AllTheLeads.com in the top menu, you'll see the complete probate system and education and training is in that menu. That'll explain what the probate mastery course is, how you get certified.

We just finished the October class. So if you sign up today, I'll send you, we'll send you the recordings. I'm saying that was the best class I've ever taught. So it's a good month to get. So we'll give you the recordings for that immediately. And then in, when I set the November class, you'll be registered for the live version of it.

Caller 1: [00:16:07] Okay. Thank you.

Jim Sullivan: [00:16:08] All right. Appreciate it. Good question. Next up is phone number ending in eight two one three. Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling."

Fed (or Sal): [00:16:15] Good afternoon, gentlemen. How are you?

Jim Sullivan: [00:16:18] Doing good. That sounds like Sal

Fed (or Sal): [00:16:20] Fed. Sal, Salvatore is the last name, but Sal is the first three letters. So all good.

Jim Sullivan: [00:16:25] Yeah, there you go.

Fed (or Sal): [00:16:26] Good. All right.

Yes, sir. I have one win. And one question please. So the win is, I called someone from, my leads about a month. A month in Chicago and the call went this way. She essentially said, look, we don't, we're actually not selling anything. we do, you have two properties, but we're not selling anything.

so obviously I tried to keep her on the line and then, I asked her, is, are any of the properties vacant, all that stuff. She said one was so from there I said, all right, look, I understand that you're going to keep them and you're going to manage them yourself. just while they're vacant, please make sure that you have a vacant home policy right from there.

Then she started asking, okay, what does that do? All that stuff. And, I asked her, just try to see how long it was going to stay vacant. She told me it's going to be vacant for a while. So at that point I offered some vendors. I said, look, is there any. Deferred maintenance on the property. all that stuff.

She, I ended up needing practically. Yeah, everyone, a roofer, a GC landscaper, all that stuff. So I provided that to her. And a few days later, I called her back to see if the vendor's right. I reached out to her. They did. So she said, thank you. Look, I said, look, please keep my number. If you ever need anything, all that stuff.

Long story short, she called me yesterday and she said, you know what? I want to take you up on your offer. Can you meet me at the property so that we can discuss, we may either want to it or lease. So that was the win. For the week. So I'm happy. Cause you know, you guys gave the suggestion and about the creating the team and all that stuff.

Leveraging Asset Mangers, Registered Investment Advisors In Your Real Estate BusinessSo thank you guys. My question is. So last week, Chad, you brought up to reach out to my sphere of influence. Cause I had asked you how to get a hold of attorneys and how to make sure that they feel that it's a win. So the suggestion was to reach out to my sphere and see who could start, who, who could benefit from speaking with an estate planning attorney and formulating a trust in order to avoid the cost of probate in doing that?

One of the people I spoke to yesterday works with a family who has. Various assets and therefore having an asset, man. So my question is I was thinking that perhaps I can also reach out to asset managers because often, and they, if they in the back of their head, if any other, clients or anything like that have.

They know that a family member is maybe sick or ill or maybe close to passing, knowing that they have someone who can take care of everything ahead of time may be a benefit to them, even costs wise.

Absolutely

What would you suggest the best way I was trying to, I see, how would I reach out an asset manager?

Is that something that you might we look up on LinkedIn cause I feel like maybe it's almost like you're one step ahead, so you get them to save money.

Sure. Yeah. In mastery, Chad Corbett: [00:19:32] if you remember, I teach you how to find registered investment advisors, which is a higher class of, financial professional.

So they have a fiduciary responsibility to every client. They tend to not be the bigger names and they work with smaller accounts, but they also have very wealthy times. so that's the first step is, at least get one, like at least get to know some RIA. Like RIA firms or RA visors in your market.

The other thing he can do and it's, this is going to be a slow, a slow build because some people will be some, but there are our wealth managers that in banks and oftentimes you'll see, like here in Roanoke, like I've had Wells Fargo and SunTrust show up as the personal representative. And what that is they built this person as they built wealth and accumulated over time, the bank offered, for their million dollar net worth and above clients they'll offer wealth management services so they can buy insurances.

They can make investments, they can open brokerage accounts. So the bank essentially like more established banks basically have, financial services built in as customer service. So I've oftentimes seen. Were those wealth advisors were, they trusted that person so much. They made them the personal representative on the estate.

Now my opinion is if they were a true wealth advisor, they wouldn't have let this guy go through probate in the first place. So they're not doing a great job, but they do have access that's and they do have trust with these families already. just every time you're out driving around and stopping a bank, like the headquarters, not a branch.

But go to the headquarters of each regional or larger bank in your market and say, I'd like to talk to your, someone in your wealth management division and just get to know those folks. And you're absolutely right. Just like with nursing home employees, senior moving companies, estate sell companies and registered investment advisors, your way upstream, but the team we've built is vertically integrated service.

It's just as valuable for a family. Who's. End of life planning versus dealing with the debt because we can help liquidate it. Yeah. Assets in a short amount of time for the most amount of money and get an improve their living situation. And their most important years are last years. So the more people in the community that have contact with people in the late life phase, That understand what we do and what we can do for their clients, and that we will extend their, that fiduciary responsibility and make sure that we're always putting their interests first.

the more people in the community understand that the more inbound leads you're going to have. Okay. And you'll start doing a lot of pre probate business. Okay. Yeah, that sounds good. Thank you. I really appreciate that. Yeah. Thank you, sir. Appreciate it.

Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups.Jim Sullivan: [00:22:10] Alright, next up is phone number ending in zero one five five.

Are you there?

ISA for Virgadamo Team: [00:22:16] I'm there. My question's already been answered, but thank you. Yeah,

Jim Sullivan: [00:22:20] Good. We took it with a, you get a buy one, get one, answer one question and help two people out. Anything else we can help you with?

ISA for Virgadamo Team: [00:22:26] No. I've just been, I am the inside sales agent here in Palm Harbor, Florida for team ergonomics or Williams.

And so I do all of the probate expired and canceled, and I just find, I'll just give people a tip that what helps me. And I'm not, I plan to go through the class, but I'm not the certified probate, specialist, my bosses, the owner  and what helped them. When I emailed her attorneys, his certificate and explain what that means.

We have a template letter and I do get a lot of activity that way.

Jim Sullivan: [00:23:01] Nice. Did Denise take the class also? That's Paul and Denise, right?

ISA for Virgadamo Team: [00:23:05] Yeah, I think it's just Paul, to be honest with you.

almost every day. And attorney writes me something like I got one yesterday, it says:

"What is a certified probate expert, exactly? My first time hearing anything like that. I only work with real estate agents that also send me referrals. I don't respond to emails, voicemails, text letters, et cetera, but you've got me."

Jim Sullivan: [00:23:28] Yeah!

Chad Corbett: [00:23:29] That's awesome! So what you're doing, just so I understand, you're emailing a PDF of your CPE certificate, and then you're following that with a phone call.

ISA for Virgadamo Team: [00:23:37] Oh no. I'm calling and emailing. And I must've emailed them something just to the effect, like just explaining I just did one that isn't a template. Like I've tried to reach your office, you have four homes in probate. Do you have somebody that you work with. I just wanted to mention that certified.

And I do that. It's the same thing but I don't have a template for it. And then people usually reply, like I'm using this agent or I always work with the same two, but a lot of times they asked me, what does that mean? And so Paul finally drafted a letter of what that means, because I get that question so much.

Then I send over the certificate because I don't want to be too pushy, but..

Chad Corbett: [00:24:17] You guys take this a step further. This is good. it's a good strategy. Take it a step further and have Paul make a video explaining it.

ISA for Virgadamo Team: [00:24:24] I know he sends them like our letter and I can send it to you if you want to see a but..

I know he links our website. I'm going to ask him because I don't know if on our website, obviously I've seen it a million times and you know how you just cannot think of it right now- if he goes through that on the website on video, but that's a really good idea. I'll let him know. He went...

Chad Corbett: [00:24:44] But imagine if in your email signature, everyone that gets your email, it says what is a certified probate expert?

And that's a clickable link out to that video. so every time you email an attorney, Cause you're finding that curiosity. So give them every, you have them give them multiple ways to get the information. And if you haven't done the video, put it in your, enter your email signature. What is a probate expert?

A certified probate expert?

Okay that's a great idea! Is it for ISA for Virgadamo Team: [00:25:12] me? Because this is my sole job here and I'm always inside like, I have to keep going. I don't have a choice, but I want to keep my job. Cause I just can't say okay, we use another agent. I have to send an email saying, I know that you said, but....  Because if I don't have enough leads, work to keep me busy....

So for me, it's anytime they say no, I just always try to think of something else. Like send an email or something saying, I heard you I'll take you off our contact list, but. Because it seems for me to work. I don't know.

Chad Corbett: [00:25:42] Yeah, that's great. That's a great tip for everybody.

ISA Perspective: Calling Probates Vs. Expired LeadsJim Sullivan: [00:25:46] Great attitude! I'm curious. I remember Paul and Denise, I personally signed them up and they were already a very successful team, very high analytical and know they ask a lot of questions and they really dug into it. Are you doing other types of prospecting for them or just probate?

ISA for Virgadamo Team: [00:26:00] I only do probate. Expired and withdrawn.

And I've only started like a month ago. Might be too soon to answer that the 600 in this, Keller Williams. They're the third producers year to date and month to date.

Jim Sullivan: [00:26:15] I'm curious. how do you find the probate prospecting, versus expired and the other sources that you do?

Do you find it more difficult, easier, and how about the results?

ISA for Virgadamo Team: [00:26:27] I am find it just as hard as the expired when we saw it. And I find it just as difficult, they'd had the position over a year, so they know the numbers. So the person prior to me, she had an emergency, I see, and had to leave a family emergency, but I will say as of yet more into the job, there's just certain things like, of course I use script, but I'm getting better at being compassionate because.

I used to run nursing homes and work in medical, and that's why they hired me. And I honestly said no to the job because I was like, I'm not going to work in real estate, but it does help out because I try to put my album to the side and I try to make a picture of the person. And I used to just hit the dialer and still hit the dialer.

But I put two screens up now. And on my other screen, I always have the MLS, all the leads and, Mojo up another mojo. Then I have mojo on the right side. my dialer. And what I do is I try to quickly when I know somebody is picking up or just picked up, put them in, make sure, of course that's not me analyzed, but usually I've already checked that.

But then I tried to see how, like how soon that wasn't just trying to get an idea of who that person is. Is it their wife? And they're living in that house. Sometimes I Google search it. Because for some reason, I've learned, if it's a spouse and they still live in that house, that's a completely different conversation.

if it's your child and their dad, and it's only been three weeks, that's a tough conversation. And so sometimes things come out from it, the probate, but it's been years and that's an easier conversation, but I try to just change up what I'm saying. I researched them a little better because before I was calling, I was using the same script all the time.

And I felt so bad. Cause some people would, I don't know. Some people would just react differently. I got somebody who asked me and this has only happened to me once, but somebody asked me like, what did you just take the omits? And, I had to really improvise, but I felt so bad cause it was obviously his dad.

And I was like, I just noticed you're out of town and I'm so sorry if that's how you fell. They just thought maybe you needed help since you're so in Florida.

Jim Sullivan: [00:28:39] Perfect. I would say Paul Lindsey's hired the right person. Sounds like you're doing an awful lot, congratuations. You're very welcome.

ISA for Virgadamo Team: [00:28:45] They're great trainers. They really are

Jim Sullivan: [00:28:48] Good! Thank you so much for sharing. We appreciate your input.

We have four more in the queue. Next up is phone number ending in two five, one seven. You're up next.Driving For Dollars - Propstreams New App and How To Use It To Find Vacant/Probate Properties

Sue: [00:28:58] Hey there! It's Sue. I've been struggling with a lot of call reluctance, which is on me.

But I live in a 55 and older community, and there's a number of homes that are in probate in my community. And I was just wondering if you had any tips for looking up these older probate, because some of them I know are over a year or two old and the homes are just sitting there and I thought it might be an easier.

Start for me to call people because I live in the community.

Chad Corbett: [00:29:28] You obviously know the address because you're in the community. You can look up the address and then skip trip, go to the tax records and then skip trace to get their phone numbers and reach out to them. Or you can look, just send a letter to the tax mailing address. So if you go out and make your list of houses and easier way to do it is if you I've never used propstream it's $97 a month and they now have a mobile app.

So you can literally go out and have a walk around the neighborhood and use the drive feature. And when you walk, when you're standing in front of the house, you simply touch it and save it as a favorite. And then when you get back, you'll have your list will be right there in your prop stream marketing list.

And you'll have all of the information on if there's any mortgages, tax information, MLS history. everything you can imagine will be right there. and you can't send letters, but you can send postcards through their system, but even if you don't, if you don't, we use our postcards at all, you can export that list and then use that as a direct mail list.

And we can help you fulfill that order of letters to them. You can also skip, you can also skip trace within their system. So you're likely going to come up with, the phone number for the decedent, but maybe somebody has that number forwarded like who at whatever family member has taken charge,  It's skip trace. It's 20 cents a number. So you're not going to spend a ton on just a handful of houses, but that's the most effective, efficient way I know to build a list like that now is using the prop stream mobile app.

Sue: [00:30:58] Skip Trace is that the, like, like a reverse lookup?

Chad Corbett: [00:31:01] Yeah, they're going to use a double match point. So first name, last name and address. And if they can find a phone number with the address and name matching, then they'll return that number to you.

So you can, let's just say it's 12 houses. You walk around, you create your marketing list by saving them as favorites. You close out that session. When you get back to the desktop version, it will be there in a marketing list and you can click export and it'll export with all the real estate information, all the contact information and their team will walk you through it.

If you need help, figuring out how to use it the first time. That's the easiest way. So do this manually using lists source and MLS and skip trace services. But now I wouldn't even no way I suggest that just right. Propstream gives you I believe a seven or 14 day trial. So you could do this all on the seven day trial period  and a get your exercise.

You can go walk around the neighborhood and try it out. Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals.

Sue: [00:31:51] Okay. My other thought was - is there have been people who have bought in here. This is Tucson area and they'll buy it for a winter home. They've actually bought a home, never lived here, died and the property has gone into probate. So I was thinking I could get the community to work with an attorney, like kind of start building those relationships that he could do some type of a seminar, probably zoom at this moment. Or maybe he would get some business from people who haven't really set those things up. I got this one here.

Chad Corbett: [00:32:22] Is there a clubhouse? Is there a clubhouse in the community?

Sue: [00:32:24] Yes.

Chad Corbett: [00:32:25] So here's what I think you should do. You should get that estate planning attorney to commit to a seminar, which he will, because he's not allowed to directly solicit. Then he can legally do this and you should rent the clubhouse, send out an every door direct mail or EDDM campaign just. Take the whole postal code, everyone in that neighborhood and drop an EDDM, put a flyer in every mailbox and invite them to that seminar.

And I would, if it works, then I would set it up as a recurring quarterly function. Every quarter you do this for the community and you could maybe even rotate. So you do a financial advisor, you do an estate planning attorney. you do, a longterm care planning. like a care management company and bring them like most people would, life insurance is a great example.

It's one of the hardest things in the world to sell here in North America, because we have such an unhealthy culture around death. We don't want to think about it much, less talk about it or plan for it? What are you crazy? So that's why many people aren't, that's why, where the sense of urgency comes from with these families, the lack of planning and the lack of liquidity.

And the surprise change in health and the surprise medical bills, it flips people upside down. So they're unlikely to go find that on their own, even though they might've made it to 55 or 60 years old, most people don't have a proper estate plan. Most people don't really understand how to best optimize their retirement and to mitigate risk.

And so you can just create a little senior mastermind where you use the club house and every month or every quarter, you have some expert from the community. It can be an, those people that I mentioned, someone that can bring immediate value to that community.

And this is another idea of how you're going to get upstream. You're going to be using the team you've built and the methodology you've learned, but nobody has passed away. It's even better. We're helping them transition into their late-life phase and minimize stress and maximize equity and the money available for the rest of her life.Running An EDDM Direct Mail Campaign to A Target Zipcode

That's what I would do if I were you, because you've got a really good opportunity with a captive audience. That's, the demographic. So in order to live there, they have to be an ideal customer for you. But something you could do, that's a low cost, but high perceived value.

I would recommend doing that. Look at the EDDM like probably that neighborhood a single postal code. So you can blanket the whole neighborhood for not much. I think it's 16 cents a flyer, I think is all you pay for that.

Sue: [00:34:46] Yeah. And if it goes outside, it won't matter.

If I get a few extra people, I wouldn't complain.

Chad Corbett: [00:34:51] Sure. Yeah.

Okay!

Jim Sullivan: [00:34:52] Great idea! Outside the box.

Chad Corbett: [00:34:54] After doing it. After doing it one or two times, your biggest challenge might be finding a large enough space, but like you said, it's probably right now, it's probably best to do it as a zoom. Or if you could do it outdoors, just where people feel more comfortable.

I know the weather's favorable in your area right now. You could do it out on the front, lawn at the clubhouse or by the pool,

Tim: [00:35:15] The EDDM side of that. Is obviously something that we can help you do. We can help you pick the route, tell you exactly how many people it is, nail it down to the specific cost based on that zip code alone.

And we can help you put all that together We're a postal service partner.

Sue: [00:35:30] Okay. Thank you.

Jim Sullivan: [00:35:31] All right. Great idea. Great. Please report back. Let us know how you did Bruce. You had a comment too?

Bruce Hill: [00:35:37] Yeah, another resource you could use. You've got zoom. This is a little bit more advanced, but it's pretty easy it's set up, there's a site and called ThinkIfic I think if I, I K and you can build quickly and easily, you can build courses with modules in there. if you record any of your content with your attorney. You can build those and people sign up and they get clicks through your modules and your lessons.

And you can basically leverage your time record at once. Let people watch it, whatever they want and turn it into an evergreen class that generates leads for you.

Sue: [00:36:10] That's great. What did, what was the name of that site? I felt like it cut out or my phone cut out.

"Th nk: T H I N K IBruce Hill: [00:36:17] F I C  dot com.

Sue: [00:36:21] Thank you.

Jim Sullivan: [00:36:21] Unusual name, great service. All right. we have three more in the queue that should take us up to the top of the hour is phone number ending in one, four, four seven.

You're up next. Nursing Homes, Medicaid, and The Intersection With Real Estate.

Hello, I'm calling from Ohio. I am part of your group.  The last three calls touched on what my question is,

Nursing homes. Speaker 2: [00:36:43] Do we have any instruction on how to get into that system? Whose house will be taken by the state and controlled by the state because they don't have assets. Do we have a function with handling that? Those going into nursing homes who are not wealthy. Probably the, asset they have in value is their home. Who do you contact for that? Do attorneys generally handle that?

Is it. I just don't know where to begin.

Chad Corbett: [00:37:11] Yeah, one place to begin as we talked about part of your building, your referral network is getting to know the point person who has the initial contact with families at each nursing home facility and you and your area.

Their job is to show them the amenities of the community, look at their finances and, share with them what it costs to live there and look at their finances and see if they can find a way the average senior citizen in the United States told you 50 to 80% of their net worth and their primary residence.

Those on the lower end of the income scale, or like 80% and those in the upper middle classes, they're more like 50%, but it's still usually the most significant. assets that they have. So a lot of times those folks have to sell those homes in order to afford to move into longterm care because they didn't have a longterm care plan or insurance.

So having that nursing home employee know that, listen, you can make one phone call and this family will get. All the service under one and one phone call, we will help them sell the personal property that they can no longer keep. We will use a white glove, senior moving service to get what they are keeping over to your facility.

We will maximize every dollar that we can of the personal property, but that money back into the real property and maximize every penny of equity. Maybe we can when selling this home. And all you have to do is let me know when you meet a family that needs that help, I'll handle everything. So if all the nursing home employees in the community know that there's this team that just so think about it, they're being paid on commission, they get a base plus commission.

So a head in a bed equals a paycheck. So they're highly incentivized to liquidate this person's assets to free up cash so they can move into their facility so they can get paid. And so there's, it's a symbiotic relationship. Like there, you're going to get a higher price for the assets.

Statistically than they would selling them on their own. And you're going to get it done probably months faster than they would. So the nursing home employees are your, you're their best friend because you helped them liquidity that puts heads in beds. It gets them paid. as far as the people who are already in there, a lot of times, if they're.

You can contact social workers. So if someone had to go in the longterm care, but they didn't have time to sell their house now, and that probably has a Medicaid lien attack. And with that Medicaid dictates how at what price and how those are listed and marketed. And my trick for that is you can talk to a social worker, find out who's in that situation or let them know when somebody finds themselves in this situation, please call me. We have a strategy for getting these homes sold at market value. So what they dictate is that they make you list the home at the tax assessed value for at least 12 months before you can price down to market value. Oftentimes these homes are over the tax assessments high on them because no upgrades have been made.

They have a lot of, Not always deferred maintenance, but just functional obsolescence they're dated. So what I do is I get the social worker involved. So she becomes my liaison between before Medicaid. So I don't have to sit on the phone with Medicaid. and then as soon as I get the property listed, I go straight to the tax assessor with a comparative CMA, or even better, a market absorption analysis or BPO, and just say, listen, this family.

They're in longterm care. They're not coming home. It's important that we liquidate this asset. Can we please change the assessment to a realistic value? And they'll in my, I've always been able to get this done. They will drop the tax assessed value. So therefore I can do the MLS change form, drop the price, get that to the social worker and get offers almost immediately.

Most realtors haven't figured this out and you can get the social worker on your side because it's in their best interest. It's in the consumer's best interest to go ahead and get the home sold instead of just letting it sit there, empty with a Medicaid lien against it overpriced, and the family has to deal with it.

So everybody wins in that scenario. The best way I know to find people in that scenario is talk. The folks that the people from the nursing home would send people to me. Like the patients, I would get calls because they're like, Hey, listen, I talked to the lady at the front desk. She said that you would be, you understand what's going on.

And once you talk to them once, they're just kind of like, yeah, I don't really care. Do you have this? Can I quit worrying about it? And it's such a peace of mind for them. So it was really me, the social worker and the tax assessor would get it done. So you can create a ton of value for everybody involved, by getting into that situation, the best way to find them is through, the nursing home employees and social workers have, they deal with this every day.

Speaker 2: [00:41:48] Okay. with regards to the social worker. Cause that's a blanket term. How would I know which social...

Chad Corbett: [00:41:54] Start with, if you just Google, Cincinnati social services, and then just pick up the phone and start asking. You have federal, state, and local programs and social workers.

It is a very broad and ever-growing, Space, but I got really lucky. I Googled Roanoke city, social services. I called, I talked to April and she's been my one point of contact the whole time. And she is phenomenal. So hopefully you get really lucky and you get the right person on the first phone call. I did so

Okay, Very good.

Jim Sullivan: [00:42:27] All right, excellent stuff, guys.

We have two more in the queue. Phone number ending in three five, two, four. You're up next. Probate Books and Marketing Yourself As The Local Probate Expert

Nahid: [00:42:35] Thank you very much how are you? This is Nahid.

Doing good!

Yeah. two questions, one. I see emails saying, Hey, listen, expired book, send your expired book, to the expired listings.

You think we can do a probate book and send them to the, probate leads. Perhaps they can read it on their spare time and the family members can read it. And, that can be, to establish that, the real estate agent as an authority in the area. What do you think about it?

Chad Corbett: [00:43:04] It's very effective, but it's also very expensive.

So what a lot of folks do is they will go through and do the first letter and the first round of phone calls and then the people who have real estate and have an intent to sell or are uncertain, then the follow up piece becomes the booklet. David Pannell shared a video of the one he had designed. If you look in All The Leads Mastermind.

And search, just search David's last name, P A N N E L L. He posted a video of him leaving through his piece. It's like a 30 page, eight and a half by 11, 30 page. really nice booklet that he made, but he treats that as his premium piece. if you look on alltheleads.com and search the same thing at the top right?

Put in P A N N E L L. He actually shows on the latest interview that I did with David was in, I think, August. And he actually shows you that piece and tells you exactly how he uses it. So you might get some inspiration there. And once you settle in on what you want and how you want to use it, give us a call or email support, and we can help you design and produce that and ship them right to you.COVID Market Impact and Probate Real Estate Needs.

Nahid: [00:44:08] Wonderful. That's so great. All right. And I'll just say, another question is, on the market right now. we always get this questions, what is the market like? And we have a market stats that we do give them, but what are you experiencing? What are you generally experiencing with the COVID market right now with the probate?

Are there more leads? Are the people more acceptable? Are they ever looking for more help this time around?

Chad Corbett: [00:44:31] I don't think there's been much of a shift and most markets, obviously the places like Los Angeles, where the courts have massive judicial backlogs. It's very problematic for the families and places like New York, New England.  like everything has came to a grinding halt, so people, or have the mindset of yeah. We'll deal with it later. There's nothing we can do. So there's more, complacency. And on these calls we've been talking a lot about, the Southern California scenario, how you help people.

If they aren't going to get their letters testamentary for three or four months, how can we still find the way to help them? And build that relationship and trust. So when they do have letters, testamentary, and have the authority, we're the only phone call  they make, It's the only real shift.

Otherwise the level of motivation seems to be there, in the markets that are unaffected by the court.

Everybody seems to be just proceeding through as normal. And the good thing is, and Jim often make this that's a good point. Like most of these homes are vacant. So showing them isn't really a contentious issue for the families that are not as health-conscious as someone who's living in the home.

So they're actually easier to sell than an occupied property right now.

Nahid: [00:45:35] That's right. Yeah. That answers my question. Thank you very much. How To Get In The Door With Estate Planning, Probate Attorneys

Jim Sullivan: [00:45:38] All right. Perfect timing guys. Last one up this week is phone number ending in zero nine three five. You're up last,

Caller 3: [00:45:47] Hey guys, this is my first time actually calling and a lot of great information.

You probably answered this 100 times, but, what is the best way, to reach out to probate attorneys, and actually be able to provide value, without having something to bring to the table. I'm sure they'd get, tons of calls with different, investors reaching out. I'm just trying to think, you know, ways to stand out and actually provide value, not to say, Hey, send me what you got.

Chad Corbett: [00:46:10] So do you know where to find these calls? These are the recorded versions of these calls?

Caller 3: [00:46:14] I actually do not. I get the emails and then, like I said, this is the first one I got on. I was able to get on

Chad Corbett: [00:46:19] We went pretty deep on this one last week. I'm not, don't just want to defer your question, but I think the best answer was last week, we talked about it for maybe 20 minutes with Fed.

if you go to alltheleads.com/podcast and you'll see the mastermind and roleplay trainings. We archive every single call here. You can also find it in our YouTube playlist or on your favorite podcast platform. so I would point you back to there, but the idea there's two, two specific  ideas that we really talked about in long form.

I think it was Jim, was it last week on the mastermind call?

Okay. I think it was week before if I'm not mistaken, but it was recently. Yeah. Yeah.

And in the last two calls, we actually went long on that. So you'll get the full. Yeah. But one idea is find a way to generate referrals that are ready to  establish an estate plan and approach them with a ready to meet referrals. Fed, who was on earlier, he mentioned that's where he started.

I mean, you can go through your sphere of influence past clients, family, friends, wealthy. neighbors, whoever, anyone who has more than a hundred thousand dollars in assets should probably have a living trust.

So if you can get the people in your life to raise their hand and say, yeah, I'd love that a free hour with your legal team to discuss that. Then you take, you decide if you want to give one guy five, or if you'd rather give five guys, one referral and what's most effective is just showing up like the face to face office visit.

But in this environment, depending on what it's like, where you are, you may or may not be able to do that. You can still get through on the phone. the other idea, just in summary, and I'm assuming you're going to go back and listen to the previous call to get the full version. But the other idea is to sit down with the attorney, approach them saying, listen, I understand you're not legally allowed to directly solicit these families for business, but we notice every month, 20% of them are pro se or don't have legal representation and we know they're going to need it eventually. So what I'd like to do is sit down and design a marketing piece where that's very useful for the family, but the ones who haven't chosen an attorney, your name will be square on the bottom of that sheet.

So we're going to make a checklist or a timeline where all the legal aspects are red and everything else is black and white. But it's going to be a useful piece because probably their attorney didn't give them that most don't or the ones that don't have an attorney certainly don't have it. So it becomes a probate roadmap or checklist for the family.

And when they get stuck, there's a firm's name right at the bottom. So you can, co-brand that marketing piece with the firm, have them produce it with you. And that's going to result in you sitting in a room with them for half an hour to an hour having an organic conversation. And they're going to be, they're going to say, you know what, wait a minute.

What exactly is it that you got do? And there's your pitch? So you get them to ask you what, you know, how you can provide value and either scenario, what you want to do is think of the attorney as a small business owner, not as an attorney. What's your parents and teachers, and everyone else told you, just forget that.

Look him in the eye and say, this is a human, this is a human that owns a small business. I'm a human with a small business. How can we benefit each other? And get rid of that. Like the intimidation of trying to prospect an attorney. Cause that's where most people get wrapped around the axle is they make an attorney bigger than life.

Like they're an icon and then they get nervous and they don't do it or they do it poorly. So just remember you're a one small business owner, figuring out a way to benefit another small business owner and your community. And that should be the mindset. you approach this with.

Caller 3: [00:49:42] Awesome. I appreciate it!

Jim Sullivan: [00:49:44] All right, another crazy. Oh guys. Call number 300 was a good one. I want to thank each. And every one of you for being here today, I want to particularly thank the seven or eight of you that actively participated. And I want to challenge each of you: take one idea. One thought, one thing that inspired you on this call.

Go out put it into practice and come back next Thursday and share your results with the group. Stay safe, stay healthy, stay productive. We will talk to you same time next Thursday, everybody take care.

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Wraps, Sub2, Lease Options, B2B Prospecting, and More | A 500-Level Real Estate Mastermind in 50 Minutes | Probate Mastermind Real Estate Podcast #299

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

Probate Mastermind Episode #299 | Recorded Live on October 8th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with an Infinite Banking subject matter expert.  This special guest worked as a Medicare Broker before entering the Be Your Own Banker space.  With a deep understanding of the intersections between Medicare/Medicaid, Estate Planning, and Real Estate Investment Strategy, this Special Guest is someone you’ll want to hear. Make sure you are subscribed to alltheleads.com/blog to get notified when it publishes.

 

More Content Published This Week: October 2020 Updates: Social Media and SEO News For Real Estate Agents and Investors

 

Summary: In this episode of the Probate Mastermind Real Estate Podcast, Chad Corbett discusses advanced real estate investment and infinite banking strategy.  Topics include helping a family pay off Medicaid liens and earning that capital back by leveraging life insurance policies; using lease option to acquire or wholesale probate property; becoming your own banker and turning your SOI into private lenders for real estate investment deals; accessing funds/financing for repairs to maximize equity when a seller has no liquidity or credit, without using your own capital.  Other discussions include winning B2B relationships with real estate attorneys and adjusting your marketing strategy to combat the telesales impacts of COVID-19.

 

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!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment on Learn how to become your own banker, help families with medicaid property and estate planning, and regain real estate investments through infinite banking

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties (0:47)

Eddie is working with a seller who is about to lose inherited property due to a transfer on death to Medicare.  Eddie describes the situation and Chad explains what’s happening and how the situation got to this point.  Then, Chad describes an advanced investment strategy stemming from the Be Your Own Banker (BYOB) philosophy.  This strategy can help settle Medicaid debt out for a much smaller amount, let surviving family members remain in the house, and become a solid financial investment for all parties involved. 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with subject matter expert on this subject.  Make sure you subscribe to the alltheleads.com/blog (at the bottom of any blog post) to be notified when the episode is published.

 

Preview for podcast segment on the 1% rule in real estate investing

 

What Is The 1% Rule In Real Estate Investing?(7:06)

Joyce is interested in learning more about the 1% rule for property valuation. The 1% rule is something some investors love and others hate.  Here’s a simple explanation of the 1% rule from the Bigger Pockets Blog.  

Preview for podcast segment on transferring property to family members for trusts and probate

Intra-Family Transfer and Quit Claim Transfer (7:40)

Joyce asks about Intra-Family Transfer and to what extent family members are able to go this route.  Chad describes how Intra-family transfer is really a quit-claim transfer so whether an extended family member is eligible for intra-family transfer or not, quit-claiming the deed is always an option.  In most states, this will be a zero-dollar tax transfer.  

 

Preview for podcast segment on Help your real estate clients with Medicare liens and bills

Helping Real Estate Clients With Medicare Paperwork (8:28)

Danny’s working with a potential probate seller who’s biggest obstacle right now is handling Medicare paperwork.  Chad lists a simple step for finding a social worker or care manager in your area who can help with any of these situations.

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

 

Preview for podcast segment on attorney referrals for real estate listings

Top Strategies For Building Referral Relationships With Real Estate Attorneys (10:22)

Fed is having trouble getting through the receptionist when calling attorney offices.  How can he get further with his B2B prospecting efforts? Chad describes the two strategies that have always worked well for different personalities, different markets.

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

 

Preview for podcast segment on lease option for wholesaling probate

Lease Options for Wholesaling Probate Property (21:17)

Patrick wants to get started with Probate Leads.  Is Lease Options/Lease With Option To Purchase a viable strategy to start wholesaling probate properties? Yes. Chad describes his 95% close rate with lease options and probates. He describes a situation with a VA Loan to make his case.

See More:

Joe McCall - How to get 95% of your lease option tenant-buyers financed with Chad Corbett 

Shift Happens Session 4: 7 Different Creative Financing Strategies 

 

Preview text for podcast segment on wraps, sub2, liens, equity, and annuities

Wraps, Sub2, Liens, Annuities, Liquidity and Equity! How to Help Homeowners with Financial Urgency Now (25:15)

Ellie and Patrick describe a deal they’re trying to work out.  The seller is an senior who has a cash urgency.  Chad helps Ellie and Patrick do some deal analysis on the spot and gives them a brokerage and investment option for helping the seller get the most out of her equity in the fastest time.

 

Preview for podcast segment on how to Finance home repairs and remodels without cash or credit

 

How to Pay For Repairs and Improvements When A Seller is Tight on Cash (28:08)

Caller is looking for advice on how to help sellers fund and finance repairs when they don’t have the cashflow themselves.  Chad offers different strategies for accomplishing this without having to risk your own capital.

See More:

Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Capital On The Line

5 Ways To Access Equity for Improvements When Traditional Financing Isn’t an Option

How to Get Your Clients Cash UPFRONT When Inheritance Is Tied Up in Probate – Estate Advance with ProbateCash

 

Preview for podcast segment on how to Buy abandoned house next door in probate with late mortgage

 

I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title? (37:58)

Ryan’s neighbor passed away and Ryan is interested in buying the house himself.  The kids were living there for a while, but they got tired of dealing with it and left  The house is about $8000 late on mortgage payments.  There is only one mortgage. Ryan knows how to contact the kids.  What does he need to do to make sure title can be transferred, and how can he motivate the kids to get out of Probate Quicksand?

 

Preview for podcast segment on Cold Calling Tips for Virtual Wholesalers

 

Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors (40:55)

Dave is interested in an ancillary probate property that he wants to wholesale virtually.  The property and the surviving spouse are in Brevard County, Florida. The seller is wary of cash offer prices and wants to meet Dave in person.  Dave lives in another state and is wholesaling virtually.  How should he proceed? Chad offers two solid strategies for leveraging a contractor partner and/or earnest money deposits in this situation.  If those don’t work, Chad offers a trick for getting the neighbors to help nudge the seller.

 

Preview for podcast segment on Landline phone use 2020 covid impact cold calls and telesales

 

Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact (44:58)

Stefan is in Northern California and is running into a good amount of disconnected lines while making calls.  In particular, the first and sometimes second column of numbers is seeing this happen more often.  Are court delays and economic impacts from COVID-19 impacting prospecting?  In other words, are people making different financial decisions, such as shutting off a landline to save on monthly expenses?  As the nature of telesales changes, how should you adjust your overall marketing strategy? Chad and Stefan discuss.

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #299 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast!

These episodes are recorded live once a week and are hosted by the All The Leads.com coaches.     Agents, Investors, and Wholesalers join the coaches 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.  "

A.I. Narration: [00:00:25] Be sure to catch show notes at All The Leads.com slash Podcast, and join our free Facebook Mastermind Community, " All The Leads Mastermind."

Jim Sullivan: [00:00:34]

Welcome prosperous agents and investors nationwide . We do have five people in the queue. So let's go right to our first, our first person up this week is five, four, six four you're up.

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties.Eddie V: [00:00:47] Hey, what's going on. It's Eddie, Kansas city. I'm doing probate mastery and, I was on the phone call yesterday, but for some reason, Chad couldn't see me. And I had asked the question about, somebody who's losing their house, in a property that was transfer on death to Medicare, contract for deed on the property. So they have somebody living in the house and the attorney for Medicare told the purchaser, the contract for deed, that they should stop paying the person that inherited the house and not to do anything. So anyway, they had hired an attorney who spoke with the attorney for Medicare and basically said, Hey, we can't do anything.

Chad, in the Mastermind or in Probate Mastery said without more details, you can't really give anything.

Chad Corbett: [00:01:32] I'd I think I understand now.  So what it sounds like to me is that you put, they've put a contract in place as a first position lien . Then this person went into longterm care, racked up a massive medical bill. And then the Medicaid lane subordinated that first position.

So if an attorney has already looked at it and already spoken with their counsel and says, there's nothing they can do, I would say that they probably should just cut their losses, live there as long as they can and move on. Medicaid is not really known to negotiate their liens, typically with medical liens, like with hospitals, you can oftentimes negotiate those for pennies on the dollar, but with Medicaid and IRS, it's pretty tough.

Now there are debt attorneys that. Specialize in negotiating with government entities. If they wanted to try something else, I think the only suggestion I have would be contact a really good, debt negotiation attorney, and have them go after Medicaid to see if they can settle it.

Do you know how much the Medicaid lien is for?

Eddie V: [00:02:27] The Medicaid lien is for $120,000. Okay. And the property you in that house is about 120,000.

Chad Corbett: [00:02:35] They might negotiate it down to 60. Does the family, they probably don't have any other cash.

Eddie V: [00:02:39] I think they have cash and they were told that they could purchase the property for three fourths of what was owed.

Chad Corbett: [00:02:46] So since they transferred title, there's a rule. If you can find somebody, this is one of the more advanced things we might've touched on it yesterday:  You can pay Medicaid that three quarters of what they're due , and the person who steps up to do that can buy a life insurance policy where they are the beneficiary on the insured.

For example, if you, this is common with kids and parents, like savvy families will do this. If you move the property over into the kid's name or into trust, whatever it is, you transfer title out of the parent's name - that starts a five year window. If they have to go into longterm care and Medicaid as to pick up the tab, you can pay three quarters of the property value.

The market value at the time of transfer and Medicaid will release all claims and pay a hundred percent of the medical costs. Now, what you can do to recover that capital is you actually buy a life insurance on your parents and it's, the insured, you are the beneficiary for whatever the face amount that you had to pay Medicaid.

So whenever they do pass away, you get your full principal return. And if you want, you can buy a bigger policy and you can actually make money. Sounds dark, but it's just an estate, an advanced estate planning tactic; one that I've used in my own family because it allows you to move assets around and if your parents didn't plan for longterm care and they simply can't afford that, but they're likely to need it, it's something you can do after the fact, because you didn't start early enough in their life. So that's, if you can find somebody that has the $120,000 to step up and then whoever the mortgagor is if that's the kids or the surviving spouse, they could buy a whole life policy on that person.

And eventually they would be reimbursed. Now whether the numbers work for them, for the people you have involved or not, that will work if you have the right people.

Eddie V: [00:04:34] Okay.

Chad Corbett: [00:04:35] Does that make sense?

Eddie V: [00:04:36] Yeah, it does make sense.

Chad Corbett: [00:04:37] So somebody writes Medicaid a check. It could even be a third party investor. But somebody writes Medicaid check to get them out of the picture. The first stays in position. The contract for deed goes on, the buyer is protected. And then whoever wrote that check buys a life insurance policy on the mortgagor whoever now holds title to that property.

And when they pass away, then they get paid back the death benefit.

Eddie V: [00:04:59] Got it. Okay. That makes more sense. I didn't know who the life insurance policy was going to be put on.

Chad Corbett: [00:05:04] I don't either. And that's, it's, whoever's on title that wrote the contract for deed and holds that first lien position is who you should have the insurance on it.

If that person is 25 years old, it's probably not gonna make sense to pay premiums for 40 years for an investor. If that person is 70 years old, it may make a whole lot of sense to do this deal this way. And you can, everybody can win. Medicaid gets, they settle for what they're willing to take your investor gets, it, they would, it would be a long position, but for example, if that was a 70 year old and they bought a whole life policy and, statistically there might be eight to nine years on that investment.

just demographically. Then they could buy it where it's, let's say they pay 120,000, but they buy an insurance policy for two 50. Now they have to pay the premiums during that person's lifetime, but they could get a massive return on investment if they do that. And there's actually, it's an advanced development, finance strategy.

I've seen $150 million developments built on these type of agreements where you buy life insurance. You're the beneficiary. You give them a cash advance, then you cross collateralize your position to get development financing. So there's a whole world behind the curtain of things like this.

It's legit, it's above board. It's just not talked about that often.

Eddie V: [00:06:16] Okay. Sounds like I just need to get more details from them to what they want to do.

Chad Corbett: [00:06:21] Yeah. And I don't, what state are you in?

Eddie V: [00:06:24] Missouri. This property is in Kansas.

Chad Corbett: [00:06:26] There is a company in West Virginia, that just does what we're talking about.

They walk families through it and help you get the proper insurances and make sure everything's structured correctly. Like there are professional service companies that do just this to help families out of this position. So you can probably find if there's one in West Virginia, that's probably one everywhere.  If you talk to some insurance friends, or some savier finance guys, or potentially some estate planning attorneys, they should know what I'm talking about.

Eddie V: [00:06:53] Okay. I'll give an estate planning attorney call and see what he can tell me about it.

Chad Corbett: [00:06:58] Okay.

Jim Sullivan: [00:06:58] Alright, good luck! Get back to us and let us know how it turns out, please. Next up is phone number ending in six, two, four eight. What Is The 1% Rule In Real Estate Investing?

Joyce: [00:07:06] Good morning! It's Joyce Arnston Morris in Orange County, California. I want to tell you that mastery is wonderful, but I do have a. Two short questions. Chad, you talked about the 1% rule yesterday and I don't.

find anything in my notes about 1% rule.

Chad Corbett: [00:07:23] So it's the way a lot of investors will value rental real estate. As it just a quick measure, I would point you to Bigger Pockets, and put in 1% rule; it's going to bring up podcast, blog posts and forum conversations.

And that'll be way clearer than me trying to explain it. It's a simple, quick valuation metric. Intra-Family Transfer and Quit Claim Transfer

Joyce: [00:07:40] Oh great. And can you tell me which family members can be in an intra family transfer?  I think it's,

Chad Corbett: [00:07:48] I really don't know what the limitation of that is. Obviously immediate family is, it's a quit claim is the same as an intra-family transfer.

So even if it's not booked as an intra family transfer. It can be booked as a quit claim transfer. So if I were to give them my property to a trust, I would quit claim that out and there wouldn't be transfer tax and my state, and I know like Pennsylvania would charge a transfer tax, but most States don't.

So either way, intra-family, I think is reserved fo immediate family. I may be wrong on that. It may go to extended family, but either way, they get the same result with the $0 transfer.

Joyce: [00:08:24] Perfect. Thank you so much. See you at 12.

Chad Corbett: [00:08:27] Alright. See ya.Helping Real Estate Clients With Medicare Paperwork

Danny: [00:08:28] Hey guys, So I ran across someone and I asked him a question, okay, what's been the most stressful thing for you. And he told me that the biggest thing for him is he needs help with the Medicare paperwork.

It was new for me. So I wanted to come on here and ask you guys a quick question about like how I could, provide some value and get back to him on like how he can, Basically get that solved that I don't know how to

Chad Corbett: [00:08:51] so this is Danny. Have you been through mastery?

Danny: [00:08:53] Yeah.

Chad Corbett: [00:08:53] Yeah, you can go back and listen to the recording, but that's where social workers can come into play and be very valuable as a team member.

There's also an emerging field called care managers and those people can help with that as well. So I would start with just Google social services, your city. And have a conversation with one of the social workers and say, here's, we need someone to help this family with Medicaid paperwork.

Is that something you guys do in your office or can you connect me with care managers? And they'll be able to tell you who in town is the best to serve their need.

Danny: [00:09:24] Awesome. Okay. Perfect. All right. I just wrote that down. All right. And now give echo shy on that too. I think we do have someone possibly that can do that.

Okay, then that was pretty much the only question I had. It was just something new that I ran into the first time.

Chad Corbett: [00:09:37] Yeah. Like I said in mastery, it's one of those team members you won't know you need until you need it. And you won't realize how valuable it is until you've used it the first time.

And I've helped many elderly people get, basically save them financially, help them from becoming homeless. Your social worker will make a massive difference in the impact you have eventually. So for everybody listening, if you haven't considered that as a team member, you might not need them today, but it won't hurt to go ahead and make that connection because typically when you need them, it's an urgent situation.

So it's good to have already established that relationship and understand kind of the scope of what they can do as a member of your team.

Danny: [00:10:13] Perfect. Alright, thank you. Appreciate it.

Jim Sullivan: [00:10:15] Alright, thank you. Next up is phone number ending in eight two one three. You're up next.  Creating a Two-Way Referral Relationship with Real Estate Attorneys

Fed: [00:10:22] Hey guys. It's Fed. Good morning. so I wanted to, I want to make sure I reach out to attorneys.

And I'm having a little bit of a challenge. I listened to the interview that Chad did with, I forgot his name. He was an attorney from, San Francisco who also a realtor. So usually when you call, you usually get the gatekeeper, so secretary or front desk, and some I'm trying to figure out what the best way to  jump that hurdle is since I've called numerous ones asking to you speak to the attorney. And for example, one way I tried is I try to look up the docket number on the leads and, I said, hi, I'm trying to speak to, for example, Mr. Corbett, and then they say, what is this regarding? So it's regarding docket, blah, blah, blah.

and I never got a call back. Or I haven't got a call back yet. So I'm just trying to figure out A: What you guys suggest as to how to get through to the attorney. And B: Perhaps what the conversation is. Cause obviously my, from my understanding doing a mastery and other calls is that obviously we want to make sure that we provide them value and an, and let them understand that we're not calling them just to obtain a listing, but instead to work together and generate a referral back and forth, referral to one another,

Chad Corbett: [00:11:43] You're not in Mastery this month, are you Fed?

Fed: [00:11:45] No, I'm not, I actually, I've been wanting to come back in a, I'm probably going to sign up back, but, I'm going to do it again. This coming month.

Chad Corbett: [00:11:53] So I unpack this pretty lengthy yesterday, there's two main value approaches that I suggest, and both have worked for different personality types and Metro markets, rural markets.

You can decide which one's right for you. The first is find a way to bring them qualified referrals. you got to first understand an attorney is a struggling small business owner just like you are, just like every small business owner is. They're unemployed every morning. But unlike us, they have anti-solicitation laws that they have to deal with as part of their code of ethics.

So it's harder for them to gain business than it is for us, because we can do these things. we come here and talk about direct mail and hammering the phones and they're not allowed to do that. So they rely on referrals and that's why a lot of estate planning attorneys do probate because it fills in the, the it's just another stream of revenue.

They would prefer to do estate planning business because in a couple of weeks they can make a couple of thousand bucks versus making a of few thousand bucks over nine to 12 months.

Fed: [00:12:49] Yeah.

Chad Corbett: [00:12:50] Think about it from an business owner to business owner perspective. What value can you provide to them as a business owner, quit thinking about referrals for yourself, and you want to open the door with something of value to help them grow and scale their business and make their life easier.

One of the best ways to do that is to give them qualified referrals. So the people in your family, the people in your neighborhood, the people in your mastermind groups, your past clients, anyone that you ever worked with in the future: If they don't have a living trust, if they have over a hundred thousand dollars in net worth, they probably should.

Because probate costs three to 8% of the gross estate value. A trust for most families is 1500 bucks, 2000 bucks. So it's considerable savings. The hard part is getting those people to think about much less plan for their own demise. So if you can do a sphere of influence campaign, a past client campaign and say, guys, listen, 2020 has given me an opportunity to really take a step back and realize I'm not providing the highest level of service that I could have been all along.

So I've added the team member. We now have estate planning attorneys on staff, and I'd like to offer you free hour consultation with one of our attorneys. please let me know, book yourself into this calendar and put a Calendly link in the email. And let them book directly in just don't put your phone number in there.

Don't tell them who they're going to be meeting with. That's a good way to gather preset appointments. When you walk into an attorney's office, or I would prefer if you would walk in, but if you have to call because the COVID environment, I understand, but if you call it and say, listen, I'm trying to reach John DOE what's this regarding? Actually I have, I have uh, threw myself into the fire. I've got five clients that need an estate plan, and we helped a lot of families and probate. And we see your firm name and especially John Doe's name. And it just seems like you guys are really active and a firm I could trust. Could you put me through so I could see if we're a good fit?

And if they don't they're damn fools. So you're giving him pre-qual, like pre-vetted ready to go a state planning referrals, and he will, no one's ever done that for that attorney and everyone else is like:I'm an investor, I'll have cash. I close quickly. I'm a realtor, look at my listing presentation.

Isn't this flyer nice? And everybody's me, And it pisses the attorneys off. Talk to them. They'll tell you, listen, dude, I don't open that damn mail. No one's allowed my receptionist will be fired if she lets realtors come through the line and it's because they're saying the wrong thing, she won't really be fired if she lets you through.

She'll be commended for letting you through because you just brought $10,000 in revenue to the business with five referrals. So that's approach number one. And that one takes a little bit more, a little more work and you have to have kind of a sphere of influence built the other approach.

It is an exercise that I use for two purposes. One to build your local probate knowledge, the other, to impress the hell out of an attorney and start a good relationship organically. As I said, they have anti-solicitation laws, so they can't direct mail people on a probate list. We know that about 20% of probate at the petition, when it's recorded, they're pro se meaning they're representing themselves.

And there's a lot of the misconception that every probate has to have an attorney. That's simply not true. The state of Texas is contentious in debating that, but it's just not true. So that 20% of people take that they think they're getting off easy and not on saving money. Most of them will end up hiring counsel to clean up the damn mess they made before the probate's over.

So it ultimately cost them more and takes more time. So it's in their best interest to have legal representation for a. an overly complicated kind of bureaucratic process. We want to get them attorneys. We want to also use that as an opportunity for us to get to know the attorneys so we can approach the attorney and say, listen, we have a team of people here locally that help families going through probate.

As part of that, we meet with the clerk every month to make sure we know which families we should be reaching out to. One thing I keep noticing is like 20% of them aren't have no legal representation. And you, and I both know that's a bad idea, right? So also I've come to learn that you're not allowed to directly solicit these people.

So I'd like to propose that we collaborate and let me pay for your marketing and let's get these people to the counsel they need. So if you can sit down with me for 30 minutes and design a checklist or timeline, we'll color everything legal in red. Everything my team does in black and your firm name, a website, email address, phone number, whatever you want.

will now be included in every mail piece I send. So have you got an hour? Have you got an hour? We can sit down and do this. And they make the time they will go to the conference room. And just like if you can trust me on this and just do this, I've yet to have a single person fail at either of these techniques.

And what does, what usually happens is they immediately get divorce referrals. And then shortly after they start getting probate referrals in a month or two, but don't be surprised if you start, if you become a divorce specialist, because you're doing these two things. Almost everyone who does it well ends up getting divorce referrals within a month.

 

Fed: [00:17:39] I'm a hundred percent in! Chad, question hovering above the first suggestion, how you were saying go to go through your sphere and just see who has a net worth, over a hundred and, advise them to get a trust. How do you pitch that to your sphere? Does that know your story or

Chad Corbett: [00:17:56] Tell your story.

So my name's fed this year has really taught me a lot. One of the things it's taught me, I've helped many families going through probate and I've seen how expensive and stressful it is. What I've come to learn is a living trust is about a fifth of the cost of probate.

And in the toughest time your family will ever go through, the court is not telling you what to do. Your family's wishes will be carried out by a trustee. that was told what to do in a controlled environment by everyone. So there won't be any infighting. There won't be any government intervention. There won't be any excessive expense. because I now understand this, I have set up and established my own estate plan, even at 30 years old.

My next step is to make sure everyone that I have the privilege of working with has the same opportunity that I did. So I've retained the local legal counsel to give one hour consultation that won't come at a cost to you. It's something my business will provide. And all you have to do is click here to get scheduled.

And then the calendar, please give us at least 48 hours notice. You change your Calendly setting, where they can't book within 48 hours. They can only book 48 hours out and beyond. That gives you two days to be the clearing house and get those out. And you might give one to each attorney. You might give five to, you might give one to 10 attorneys or five, two to five attorneys.

You'll just have to see what comes back. But if you have a sizeable database and the other thing that I would recommend, you have a blog, you have a WordPress site?

Fed: [00:19:19] I do not know. Okay.

Chad Corbett: [00:19:21] You have social media for your business? Like you have pages.

Fed: [00:19:24] Yes, sir. Yes, sir. Yes, sir.

Chad Corbett: [00:19:26] I would recommend you write the copy as I just suggested, but you also do a video, same exact thing.

Give them more than one way to consume it. Some are going to see it on Facebook and watch the video. Some will see it on your YouTube channel. Some will click the email and they won't click the video to see it, but they'll read the copy. Just do it in multiple formats so you can gather as much interest as you can.

Once you've done that. The next step, if you really, if you want to take this to the next level is take the five that actually followed, took your, took you up on the opportunity, established a proper estate plan and had a good experience, and then start doing interviews with them for future content. And if you don't have a blog, it's okay.

You can put that on YouTube. You can put that on Facebook as a native video upload, Instagram, wherever, but start getting that word out. Look what this guy does for his past client. It's not going to hurt you and your conventional business. It's sure as hell going to help you in your probate business.

Fed: [00:20:19] Absolutely. Thank you. I really appreciate that. I'll start that today.

Jim Sullivan: [00:20:22] Awesome. And Chad it reminds me, yeah, whether it's a personal story or one that one of your clients experience, it reminds me of the roleplay yesterday where the roleplay, I think the Danny did, where ran into a guy where he had taken care of his mom for the last 10 years of her life.

And she wrote out a handwritten will left it with him. It wasn't notarized or witnessed. So now the court was getting involved in telling him that he had to sell the house and split it up with the sisters that hadn't been there in 20 years. Anyway, it was a difficult story where it was not only going to cost the family a lot of extra money to do it that way.

But his mom's last wishes weren't being respected. So as your prospect, you're going to come across stories of that all the time with people that didn't do it the right way. Maybe didn't even file the probate the correct way and use those stories and, the consequences to other people and, and how it affected them as you go through, both the attorneys and the executors.

Fed: [00:21:15] Thank you. Thank you so much. Lease Options for Wholesaling Probate Property

Jim Sullivan: [00:21:17] All right. Well, we only have two in the queue guys. Come on that we need our win of the week, hit star six and hit one. In the meantime, we'll go to our next caller, which is anonymous. You're up next.

Patrick: [00:21:28] Hey, good afternoon guys. Quick question. Good afternoon.

Jim Sullivan: [00:21:32] Is that your real name? Anonymous. Okay. it could be, I'll tell you, but then. Okay, go ahead.

Patrick: [00:21:37] This is Patrick.

Jim Sullivan: [00:21:38] Hey Patrick,

Patrick: [00:21:38] We spoke this morning about doing some of the probate, but also, or wholesaling it, and some of the, advertising to get lease purchase options from the other side. Have you figured a way how to get that done or is it possible.

Chad Corbett: [00:21:51] Yeah. My first probate deal was a lease with option to purchase. What you need to be aware of is how title transfers. So  if real estate was titled and for spouses or partners, If real estate is titled as tenants in the entirety with rights of survivorship, then oftentimes it's essentially a transfer on death clause.

Sometimes that'll re require a spousal property petition, but it'll go from John. John does Jane DOE to just Jane DOE. And at that point, Jane DOE can sign a lease with option to purchase. and that's the very first one I ever did was a surviving spouse. I ended up mailing her off of a high equity list.

It was before I was even. It was my second probate, I think. But, it came together beautifully. I was able to meet him. It really works like in her situation. I tell this story in the beginning of mastery, cause it's probably one of the more complex deals I've ever done. And it was a first "aha!" moment. But they needed as much money as possible and they needed it as quickly as possible.

So we ended up doing it as a lease with option to purchase, even though it was a free and clear asset because we were able to sell at a premium price, take a 4% option fee upfront and a market rent until we got it closed with no rent credits. We credited back to 4% in closing. And I have a 95% close rate on lease options.

If you want it. The only place I've really talked about my system publicly, if you go on YouTube and look up Joe McCall, Chad Corbett, Joe McCall was on the guys that inspired me way back in 2011. When I first got into residential. And, it was an hour or two podcast where I just paid back by showing him, what I did.

So you can check out that and Katt can link that in the show notes, but you can absolutely do these. and back in March on our YouTube channel, there's a playlist called shift happens, and episode four will actually walk you through seven, seven distinct, creative financing strategies that will work on these deals.

And I show so it's lease wrap. So to a contract for deed land contract. There are seven different strategies that I've used on probate leads. That's about two hours long. It's not, it goes wide, but not real deep, but, start there and then look at that and that'll help you get a better understanding of when you can use which strategy of creative financing and probate , episode four of shift happens.

Patrick: [00:24:07] Now, how did you, if they're doing Elisa, how'd you get the money to them quickly,

Chad Corbett: [00:24:11] So I take a 4% option fee on the front first month's rent and last month's rent. So on that deal, we were able to get a 10,200 bucks on the day of signing.

And that was enough money to get her mother out of the hospital and into a rehab. and then, she made $1,100 a month until the buyer's closed, which only took us, I think, six or eight months on that it was a pair of retired Navy, but forgotten to pay utility bill. So they had a 90 day late on their credit.

We just had to clear that and we closed. And so we sold for full price, no commission, no. it was no contingencies and we actually did it just to show you how possible this is. It was with a VA loan and we did the VA appraisal before move in. I documented the source of funds on the front end.

I documented the VA appraisal and put that in the lenders database. And I had my fingers crossed terrified when they exercise their option and the VA underwriter took it. So we proactively did things. that's, just showing you that today demonstrate even one with a government entity that we were able to get this closed.

So it was a probate, it was a lease option. It was done with VA financing. Wraps, Sub2, Liens, Annuitys, Liquity and Equity! How to Help Homeowners with Financial Urgency Now

Ellie: [00:25:15] Okay, great. Hi Chad, it's me, Ellie. Here's the deal? Okay. I have a property that a senior needs to sell. She really needs to get out of there, but the property in order to be I'm being telling Patrick, basically to go with the flow and try to do the lease with option to purchase.

I have multiple people during this time that don't have the best credit. And it's kind of the opportunity to jump into it. Maybe I'm wrong on that part, but the thing

Chad Corbett: [00:25:45] Let me ask you how much equity is in that. Is there equity in the home? The property.

Ellie: [00:25:49] Yes.

Chad Corbett: [00:25:50] Okay. Is there, are there any debt?

Ellie: [00:25:52] How much does she owe?

Patrick: [00:25:54] 40% equity,

Ellie: [00:25:55] 40% equity on the property.

Chad Corbett: [00:25:57] Okay. So you have a first mortgage at a 60 LTV?

Ellie: [00:26:00] Yes.

Chad Corbett: [00:26:01] Okay. And what's her urgency. Is it? She needs cash now, or she needs relief from the debt.

Patrick: [00:26:06] Pretty much cash now and to a little bit now.

Ellie: [00:26:09] And she needs to have some kind of income for her to have the rest of her life.

This property next update built in the nineties.

Chad Corbett: [00:26:17] You could do this as you could do it as a broker and sell the home as a wrap where they take title subject to the first lien remaining in place. The seller takes a second lien for the other 40% and you get her immediate debt relief and you basically turn the house into an annuity.

It's almost like a reverse mortgage, but in her favor,

So you're going to, you're going to minimize the tax consequences. You'll give her a consistent monthly payment. If she doesn't need a lump sum of cash right now, if she would rather have more money over more time than less money upfront, then that structure would work if she needs a lump sum right now, you guys can take it sub two.

Then you could sell it on a wrap as an investor and take a heavy down payment from one of your poor credit buyers. Give that, pass that heavy down payment through to them, or use that to replace your principal that you gave her. Either way, the wrap will work. It's just one way. You don't have to come up with a lump sum the other way you do.

And one way you're acting in brokerage. The other way, you're acting as an investor.

Ellie: [00:27:19] You understand?

Patrick: [00:27:20] Okay. All right.

Ellie: [00:27:21] Thanks you guys.

Jim Sullivan: [00:27:23] Alright. You're very welcome. We only have two more in the queue guys. We're still looking for our win of the week. Yes.

Chad Corbett: [00:27:29] Who, who set this up as a 500 level class today?

What's going on?

Jim Sullivan: [00:27:33] No, we haven't had, we haven't had a simple, it's funny the call yesterday after you hung up, somebody from West Virginia said. What's wholesale. What's probate. The most basic question we ever had, these are really in depth, the complicated questions today. Hey, we're here for whatever you guys need help with.

And there's over a hundred of you on the call. We're still looking for our win and we only have two more in the queue guys. So we got plenty of time left, hit star six and hit one in the meantime, next up is phone number ending in one, four, four, seven. You're up next.

How to Pay For Repairs and Improvements When A Seller is Tight on Cash Are you there are Youngstown, Ohio.

Caller: [00:28:11] I'm sorry I had you on mute. That's okay, go ahead. Yesterday regarding one of the role plays that was done, it was really good. It dealt with,  two brothers. they worked in a restaurant and servers. They needed to sell the property when one brother wanted to live in it.

The other one wanted to sell it. Do you recall that one? Yes. Okay. All right. My question is apparently they didn't have. Cash available. and the house, if they were to sell it, there were some things that needed to be done on roof and miscellaneous other things, titles. I think my question is if the descendants have ready and available funds, How do they get the repairs done or you're supposed to be the people that, take the ball and run with it and show them how to get things done.

But where does the money come from? L

Chad Corbett: [00:29:10] Lots of different ways. Katt, remember to link this in the show notes. There's a tip from the trainer posted. I did a couple well years ago. That's five ways to basically fund improvements, I think is what it was. so I'll spare you that you can watch that.

After this, if you go to all the leads.com and search five ways to creatively finance repairs, I think might've been the name of it. Post. You can use a contractor by turning them into a lender. So typically a contractor is going to be cost plus 15 cost plus 20. You can allow them to add a premium to their invoice, 10%, usually reasonable and standard so they could make cost plus 25 on this job, they would carry the invoice through to.  The closing. They have three layers of protection. They submit an invoice to escrow. They submit an invoice to the court and they're authorized to record a mechanics lien against the asset. So there's three different ways. I can three different layers of security for them as a lender.

And you give them a premium. That's why I tell you to find contractors who are running a business, not working a crappy job. These are the guys that have cash reserves, very professional business. They typically have strong cash reserves. They're oftentimes they're flipping houses, holding their own rentals, these kinds of things.

You can even do things with local real estate investors, pawn shop owners. The we buy gold guys. We buy junk cars. We buy mobile homes depending on what ground work at your end. These guys, these are all they're they're high yield debt investors. So most people don't think outside of the box, I think, Oh, a pawn shop guy.

He's he's not, he's just a savvy small business owner and he's providing a service that's needed in that community. So they typically are flushed with cash. They're looking to make short term high risk loans. This is the safest. if someone's going to advance a thousand bucks on a Ford Mustang, what is it like with, at an appreciating asset?

And you give them an opportunity to make 10% on their money, on an appreciating asset where if you screw up or someone screws up, they double their money. That is a, one of the best deals ever. So you can look at other investors and cash, rich people in your market and your sphere of influence, the easy button way.

Is you simply go to an estate advanced company, the preferred partner that after two years of vetting these companies, we finally found one we're comfortable with and it's probate cash. So probate cash compound, no space. And if you go to all the leads.com again, the top, right where you can, if you're listening to this after the fact, you can see it in the show notes.

Okay. just search probate cash and it'll bring up a, an ask the expert series that I did with the two founders of that company back in, I don't know, July, I think. so that's three there's five on that video, but those three ways, the other ways are you can get a HELOC. You could also do a reverse mortgage. If it's a surviving spouse situation, those two would work. You can use more conventional methods, but. there are a lot of different ways you can do it. I would suggest watch that blog post to watch the probate cash thing. And, you'll have more than one arrow in your quiver whenever you encounter this.

Caller: [00:32:11] Wonderful. Thank you.

Chad Corbett: [00:32:13] The one that I didn't, the other one is you turn yourself into a JV partner. So if you see that this house needs 50,000 work and it could sell for 150,000 more, you have an opportunity. And I would say you have an obligation if you ha, if you are an investor and you know how to do fix and flip, you can step up, establish a basis value for the assets today. Form a fresh LLC, a joint venture, a limited partnership, or a land trust and address the basis value and the control of sale. In that instrument, whatever your attorney's comfortable with, you go bring your contractors in. You pay for the construction and you get a higher listing commission on the way out, which is above the net.

And then whatever's left after you're paid your commission. Whatever that net is, you guys split 50 50, so you can create another, an additional $50,000 in equity for the family and an additional $50,000 in revenue for your company. It's called flipping a free house.

 

Bruce: [00:33:12] I'm going to throw in there, Chad and mention another way for the agents or investors.

it's specifically probably for the agents who don't have the cash to do what you just mentioned. Most of us have clients. that are sitting on cash and they want to be in the real estate space, but they don't have enough to drop into a flip or maybe they're just there, they're waiting.

And for example, I have three or four people that, will fund up to 20,000 in repairs under the same terms that you just mentioned, Chad, I'll take a higher commission. That's my fee for quarterbacking, the repairs, the upgrade. and then they'll take 50% of the, the gain.

So there are lots of ways to do this. Even if you don't have the money or don't have the pawn shop relationships. We have clients all over the place that have a little bit of extra money and want to be involved in real estate investment in one degree or to one level or another.

Caller: [00:34:06] Okay I wasn't

Jim Sullivan: [00:34:08] Awesome. I feel compelled to mention something, Chad, you said this is a 500 level call. If there's anybody on this call that is brand new and has just decided that this is all way too complicated. There's a good chance you'll go your whole career and never use any techniques we've talked about. The beauty of taking mastery is you can make a deal almost any situation, but the vast majority of probate, 90, 95% of them are just motivated absentee owners. They want to cash out. So don't, if you don't understand anything we've said so far, don't be intimidated.

These are very, the advanced techniques that we're talking about today. Good to happen in your quiver. You understand that,

Caller: [00:34:44] Okay, good. No idea. And I hadn't, I wasn't thinking outside the box.

Bruce: [00:34:49] Yeah. Perfect. I'm to, I'm going to throw in one more time. Cause what started this part of the conversation was the role play yesterday, where we went, where we were taking Danny down a pain funnel.

And if you guys didn't listen to the roleplay, go listen to it from yesterday. that particular example. Was a good opportunity to not only find a way to fund repairs for, for a client for a personal representative, but it was also a great opportunity. if you're an investor to go down the pain funnel, dig into the pain, dig into the need.

And make an offer. it was clear on that role play call that, that Danny was not going to be able to, fund some of these repairs himself. So if you don't have the relationships that you have the means to be the investor, Except asking better questions and accentuating that pain, just position the PR to be in a position it'd be in a place mentally where they're ready to actually let the property go as an investment.

Caller: [00:35:49] Okay, great.

Jim Sullivan: [00:35:50] Perfect. We have two more in the queue that should take us nicely up to the top of the hour. Next up is phone number ending in seven seven, seven, seven. You're up next.

Angelique: [00:36:00] Hey, my

Jim Sullivan: [00:36:00] name is

Angelique: [00:36:01] Angelique. I'm

Jim Sullivan: [00:36:01] in Tampa,

Angelique: [00:36:02] Florida. It's my first time actually on the call. And, you are talking about, actually a gentleman was talking about approaching attorneys and you gave  him a nice spiel, but I wasn't able to write anything down because I was in the car.

Is there a way as the, you're able to share that the, the, the information email or anything.

Chad Corbett: [00:36:24] So these are always recorded and archived. So you can find this as soon as tomorrow on our Facebook page, on our website, alltheleads.com or on your favorite podcast platform. Oh, on Facebook.

Where's it at?  it's an, all the leads mastermind has our private Facebook community. We have a, we syndicate to almost every major podcast platform and you can always go to all the leads.com and, in the menu at the top, you'll see the complete system and you'll see role play and mastermind archive, and their every single call we have close to 700 hours of these conversations archived there.

Okay. And you said all the leads.com and I'm looking at the website right now. where is it supposed to go even? I'm so sorry.

so if you go to yes, and YouTube is the other place I forgot to mention. so if you go to all the leads.com. You'll see in the top menu, you'll see ATL success systems and the third or fourth button down thing is this like second or third button down. You'll see mastermind and role play conference archive.

There's a podcast player at the top. The most recent call will be shown in the podcast player. Or you can go down and click into the year, the month and the specific call. Okay.

Remember the Facebook community, be sure to request, to join all the leads mastermind. There's about 11,000 of us in there. And then also on YouTube, be sure to look up all the leads. You'll be notified as soon as these calls are published.

Jim Sullivan: [00:37:54] Perfect. Next up is phone number ending in four seven zero one.I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title?

You're up next.

Ryan: [00:37:59] Hello. Can you hear me okay?

Jim Sullivan: [00:38:01] Yes, sir.

Ryan: [00:38:01] Great. So my name is Ryan I'm from, Pennsylvania Philadelphia area. so I'm looking to buy this house that is next door. The original occupants owners, passed about a year or so ago. And at the time it is a year, their children walked away from the house.

So really just  I know how to get in touch with the kid.  there doesn't sound like they had a will when they passed, so I'm not sure what the next step is on how to approach them on, getting this house

Chad Corbett: [00:38:30] Well, it's very likely to have to transfer through probate.

Have you done the research on the home? Is it as, are there liens against it? Are there any mortgages?

Ryan: [00:38:40] Only one mortgage and it's several months behind. Okay. You know what the balance is? Is there equity in the home?

About 8,000

Chad Corbett: [00:38:49] The balance is 8,000 or the missed payments are 8,000.

Ryan: [00:38:53] The payments

Chad Corbett: [00:38:54] are 8,000 behind.

How much equity do you think is in the home?

Ryan: [00:38:58] Probably a good 70,000.

Chad Corbett: [00:38:59] Okay. So what you're going to have to do is make contact with the kids. If they haven't petitioned the court for probate, they need to, you might want to call and introduce yourself to the probate clerk and get familiar with the local process first.

Then when you make contact with the kids, yes. Speak confidently. And they will trust that you're going to guide it them through and connect them, get them phone number, email address, office address, and even directions to the office. Once inside the courthouse, go the extra mile before you pick up the phone and talk to the kids and I've had to do this before.

A lot of families just, they just check out and they just walk away. And I've had to take people to the courthouse and help them petition for probate so I could help them. Because that's the first step in the process. Someone has to have the authority to sign the purchase agreement. So one of the family members, or one of them, one of the family members have to step up or a fiduciary has to be appointed a public administrator.

And the first step in that is petitioning. Whoever's going to step up needs to petition the court for probate. Once that happens, you can make them, you can sign a letter of intent with them now to just to protect your position. But once they had the letters testamentary, then they can sign a purchase and sale agreement and you can see, I'm not sure in Pennsylvania, if you have to have court confirmation, you may be able to just go ahead and close.

You may have to submit that to the court for confirmation.

Ryan: [00:40:20] Okay. Her transferred title.

Chad Corbett: [00:40:23] unless the house, it sounds like they have enough equity. They're not going to qualify for the small estate exemption, so they will have to probate the estate. And that's the only way you're going to transfer a title. And I would say time is of the essence on this because the equity is just getting chipped away a day at a time, So that's why I'm suggesting you. Proactively basically hand it to them on a silver platter. Don't make a suggestion to bring a solution.

Ryan: [00:40:47] Okay.

Jim Sullivan: [00:40:48] All right. Get back to us. And if you need any help, offline, just reach out to us and get back to us. Let us know how it goes.

Ryan: [00:40:54] Alright, thank you.Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors

Jim Sullivan: [00:40:55] Alright, next up, Chad, do you have to leave for mastery? Are you good? No, Mastery's at three today. Okay, good. We have two more in the queue. Then next up is seven four, two eight.

Dave: [00:41:06] Oh, Hey guys. I was just calling real quick. I had a old lead I, that's where I'll leave. I decided to do a text message campaign on, just to see if I get some response.

I did get a couple and one in particular was very interesting. It's the reverse of what you typically think. she wanted nothing to do with talking on the phone. She wanted a text. And then went at it more as an investor

Jim Sullivan: [00:41:32] offering to buy, see

Dave: [00:41:34] if she would be considering we'd consider an offer on the property.

She said, sure. she kept pushing for a price. And so I threw something over, and I think, I just needed to get on a call with her or zoom or something. Her initial response actually was, a little bit suspect. I want to meet you in person.  and I said, I'm remote and zoom call. And she's no, if you're interested in sending an offer, go ahead.

And, so now it's stalled out. I gave her a number. She said, send me pictures of houses like mine you bought at that number. I guess I'm wanting to really understand before I put a whole lot more time into she's really looking to sell or she's just dragg ng me along. It's a little bit of a concern.

Chad Corbett: [00:42:18] Is this on Brevard County, Dave?

Dave: [00:42:20] It is. Yup.

Chad Corbett: [00:42:21] Do you have someone that can go by and meet with her? Let me ask a better question.

Dave: [00:42:25] Is she in

I haven't gotten there. Apparently. She must be if she's wanting to meet personally, she's got to go in her life, phone number and, yeah, I've never come across this one.

I'm assuming she is there because of that admission.

Chad Corbett: [00:42:41] You have a contractor on the ground?

Dave: [00:42:43] I do. Yeah.

Chad Corbett: [00:42:44] I think what I would do here to get her attention, because she's probably shopping you as my opinion. And I'm sure I'm telling you what, you already know. You don't have rapport and she's trying to hold you at arms length because she's afraid you're going to take advantage of her based on the experience she's had with somebody else.

Dave: [00:42:58] Sure.

Chad Corbett: [00:42:58] If you can get your contractor over there to meet with her or caretaker and he can do a video. And then I would overnight her, or at least send them a priority express envelope, a legitimate purchase and sale agreement with a fat earnest money deposit. Are you going to close on this one?

Dave: [00:43:14] Probably not. I got a couple of buyers straight there that are ready to go.

Chad Corbett: [00:43:19] Okay. A trick that I've used and situations like this pump the earnest money up because everyone else was offered a hundred bucks in earnest money or 10 bucks in earnest money. So if you can show her in good faith, you had a guy go over there, you looked at it.

You're not bullshitting her. you have had a partner put eyes on the house and give you a construction estimate and you can enclose that construction estimate so she can see that it's legit send her a purchase agreement. with everything, but the price filled in. and, put a post it, note on it and say, I've done my research to let you know I'm serious.

And then I, that I, and, she'll see an earnest money deposit, let's say 50,000 bucks, or maybe 20,000 bucks make it surprise her, but I wouldn't go over 20% in case a guy's using financing. you don't want to have to deal with that. So maybe 20% earnest money. And then just ship it off to her in an unconventional way, like a FedEx overnight, or a USP S express priority.

And you can just on the post it note, just say, I don't know how to finish this without talking to you. So please call me when you're ready to speak and put the ball in her court and show her that you're serious, that you're gonna, you're willing to step up and you have already, and you'll probably get a call back cause no one else is doing that.

I bet.

Dave: [00:44:31] Okay.

Chad Corbett: [00:44:32] The other thing that if you don't get a response and, in addition to that, the other thing you can do is have your contractor take a Manila envelope with him and seal it and tape it inside the front door where it can be seen from the street. Neighbors will be calling her saying, Hey, someone posted something on the house.

there's this yellow envelope. Should I go get it? Do you want me to get it? Do you have a key? And you'll get her attention that way too.

Dave: [00:44:54] Okay. Good stuff. Thank you. Yep.Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact

Jim Sullivan: [00:44:58] Last step is phone number ending in one seven five nine. You're up last.

 

Stefan: [00:45:03] Hi, I'm Stefan  out in Northern California. I'm just getting started on the weekly calls after sending out my letters. And the last, I did about 20 calls, yesterday. And, about 50% of the leads, the numbers have been disconnected and the email addresses are no good.

And I'm, since I'm just starting, I'm not sure. Is this normal or is it is a COVID because I noticed the death date on a lot of these leads is back in March or April, and I'm just getting the lead, now, That's quite a delay between the time of the passing. me getting it, getting the lead.

Chad Corbett: [00:45:38] Sure. We're at the mercy of the court on that. So there wasn't much we could do as far as the numbers, like that's an extremely high rate of disconnected numbers. Typically, we have 80 to 90% accuracy and connectability on our numbers. If you could email support and let us know which specific list you're talking about, what we'll take a look at it and see, if we can figure anything out about it, it may just be the nature of your area.

Jim Sullivan: [00:46:04] Chad, I was just going to ask, is it the second, third and fourth column of numbers? It's mostly disconnected or is it the first and second? Have you noticed?

Stefan: [00:46:12] Oh, I usually start at the top with the first number and then I work my way down and usually it is the first and second number. A lot of times that are disconnected. Okay. Yeah, so many people are, abandoning their landlines. So there could be part of it, I just connect to my landline in my house cause they never use it. I just use my cell phone.

But, that might be part of it. I don't know. But I was just wondering, cause I'm just getting started. So yeah. So I thought it might be unusual and it's probably partially due to the virus thing going on with the delays.

Chad Corbett: [00:46:41] I'm really curious if it's because of kind of the economic uncertainty and people trying to

preserve as much cash as possible. I wonder if a lot of people have started to shut down landlines. Cause it's just one expense they've been thinking about getting rid of, but this was finally the last straw and they said we can live without it.

Stefan: [00:46:59] Yeah, that could be part of it. Cause I know there's a lot of them, after you've been in sales for a number of years, you can start recognizing. A landline, They looked different than cell numbers. I thought one, I could send a letter to the people who I couldn't reach the phone and just say, Hey, listen, I tried to call you, but your line, your numbers disconnected.

Did you get my letter?

Chad Corbett: [00:47:18] Yeah. If you're not, you should be sending letters to all of them. If you're not doing that, you're definitely losing a lot of opportunity.

Jim Sullivan: [00:47:27] I've got to say also that there that makes the win. If the first and second are disconnected, it really makes that third, fourth and fifth phone number more valuable because probably most people aren't going to go the extra mile.

It might be a relative of the person you're trying to look for, but. I would call all the way through all the numbers and see maybe if you get better success with the, what, the ones that are related to them. And Chad said, yeah, do send them letters also.

Stefan: [00:47:52] So how often, would you say send the same letter again in a different letter? Switch frequency?

Chad Corbett: [00:47:59] Ideally it's, with direct mail and probate, it's more about being there when they're ready. Some will be ready immediately. Like the day as a day after filing, there'll be ready to sell. Others will take two to three years. And in your market you have long judicial backlogs right now.

I mean there's people waiting three and four months just to get to their next hearing. so they've been. Paying, paying for the property insurance and all the caring expenses and everything. So it's a lot of those older ones are even more motivated now. And a lot of the newer ones will become highly motivated after they sit around and do nothing for several months.

So all that said, if you have a budget to support it, you should be marketing for at least a year. if you really want to do well with this and extract every bit of opportunity, stretch it out the two years, we found a lot of success of the 24 months. You can get a pretty decent conversion rate.

So it's what your budget will support. But I would, as a absolute bare minimum is three months of letters. One letter per month for three months on each one, followed by a phone call. But ideally like our most successful subscribers, they're continuing to mail until they've spoken to everybody.

They're continuing to call until they've spoken to everybody. And there's no surprise. Those are the people that are in seven digits of revenue with this one single strategy and one single County. Huh. All right. good take. Yeah, I guess I'll probably, what do you think about, I don't know. I think maybe I should send a different letter every time I thought that I tracked pretty meticulously my first 12,000 pieces of mail.

I had six return to senders. I had about a 2% conversion rate and most, all the letters that are available to you. I was shuffling through doing sequences, Doing the same one over and over, and it really didn't change it wasn't, it was barely measurable the difference the content on the letter.

It was more about the time that it got there. It just went on when they're ready and they will call. And, there's a common theme between all of our letters. I'm not proposing that any old letter will work. I'm saying that the letters we've provide to you guys have, are backed by. Tens of thousands of dollars of button, budgets to prove they work.

So it doesn't, as long as you're choosing it from that, from our letter, poor mailbox motivated all of those work and they've all worked in various types of markets. So don't overthink it. And, it's I found ultimately after doing this for awhile, what worked for me best was to send the same letter three times on autopilot and never looked back.

And I was able to maintain 6% conversion rate over time, sending the same letter over and over because by the time a month passes and they've gotten letters from other people, they don't even recognize the redundancy, but. When they're in the right mindset and they get your letter and see the contrast of that to all the other ones, they don't even need to remember.

They've seen your letter before. They just need to know that you're different and they're going to call you first and probably only you.

Stefan: [00:51:01] Alright. Okay. thanks. I appreciate that.

Jim Sullivan: [00:51:04] All right, sir, we appreciate you. Anything else?

Stefan: [00:51:07] No, that's it. Thanks.

Jim Sullivan: [00:51:09] All right, guys, that you are the last caller of the day.

I want to thank each and every one of you for being here today. I want to particularly thank those who actively participated. I want to challenge each of you. Take one idea. One thought, one thing that inspired you on this call, go out and put it into practice and come back and share the results with the group.

Next Thursday, stay healthy, stay productive, and we will talk to you. Same time. Next Thursday. Take care, everybody.

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