Tag - cold calling

How To Have Great Prospecting Conversations

How To Have Great Prospecting Conversations

How To Have Great Prospecting Conversations

The Questions You Need To Stop Asking.

When speaking with a potential client, what do you say? How do you break the ice? How do you deliver your sales pitch? How do you wrap up and go for the close?
I’ve learned something important in my near decade’s experience in sales, and this one thing has consistently been my “best lesson” whether I was dealing with consumer or B2B, in-person or over the phone, or inbound or outbound selling. This lesson goes far beyond real estate, too.

The questions I opened this article with are the wrong questions.

While these questions did help me settle my nerves and feel a little bit more prepared to speak with prospects, asking them at all shifted me into self-centered mindset. 

The Lesson: The center of great sales conversation isn’t you, it’s your potential client, and if you go into a conversation focused on what you feel like or what you sound like, then you’re never going to say exactly “the right thing.”

 

 

What Happens When You Start With The Wrong Questions:

Pre-calling nerves used to have me asking myself: “How exactly do I build trust with someone I’m talking to for the first time? That I might only talk to for like, 30 seconds?”  Take it from me,  these types of questions lead people to:

  1. Get tangled in small talk – This is especially true when initiating a conversation in person, where physical and environmental cues like a sports team t-shirt, posters on the wall, and other objects are available and begging to be fixated on.  But have you ever felt yourself stuck in small talk, waiting for a sales person to just get it over with and tell you what they want you to buy? Did you trust them?
  2. Jump into a hard-sell of a product or service – Not going to lie, you might get lucky from time to time with this, especially if you make a lot of calls.  But by jumping straight to your sales pitch, you’re freezing your window of opportunity to right here, right now.  I don’t think it needs to be said how many decisions will not be made in that timeframe. 
  3. Roll out a laundry list of self-flattery: You know you have competition, and you know you need to make yourself worth choosing, and you’ve got like 30 seconds to squeeze as many words in as you can, right? Chances are, if you feel nervous or uncomfortable talking about yourself, your prospect feels twice as uncomfortable listening to it. 

Your cold calls will go this way when you’re too focused on saying the right thing, so you really need to stop asking yourself ‘exactly how’ style questions: You can’t know exactly the right thing to say, on every call, to people you have zero relationship with. You just need to focus on people and building relationships with them.


Connection and Credibility: Establishing Trust

In the beginning of any sales relationship, building trust is critical. In strong relationships, connection and credibility both contribute to a prospect’s level of trust in different but positive ways.

Trust that comes through connection building is personal trust.  Are you likeable, relatable, and genuine? Do you have a sense of humility, accountability, and vulnerability? Building personal trust is as simple as sharing your why. Why do you do what you do? 

On the other hand, credibility relates to professional trust in your skills, knowledge, and ability as it relates to a specific objective.  In other words, establishing credibility requires an understanding of what you can do for somebody.  Ask your customer about their goals, and then ask secondary questions about anything that might be getting in the way of these goals. You might also ask prospects “which goal is most important to you?”

 

Figuring Out The Right Questions To Ask:

Questions can be powerful tools for creating connections, driving credibility, increasing urgency and motivation, and confirming value. But to use questions effectively, you must understand your prospect’s situation, their role in that situation, and their goals in navigating that situation.

 

To prepare yourself for cold-calling, spend 10-15 minutes brainstorming questions you can ask to help you understand:

  • Your prospect’s situation
  • Your prospect’s role
  • Your prospect’s goals
  • Any obstacles in the way of those goals.

 

Then, ask yourself why you do what you do. What’s your role in solving the problems your prospects commonly face? What can you offer that can make your prospects’ goals attainable?


Instead of trying to fit every conversation into pre-determined script, this exercise will help you create a framework to have meaningful, authentic conversations with anyone you speak to.  

 

Conclusion

Take it from me: Prospecting isn’t just calling someone, following up with them (“It’s me again!”), and using sticks and carrots to walk them into a purchasing decision. There’s no logical reason to get caught in analysis paralysis trying to lay out an entire conversation before it even begins.  If this is the way you approach sales interactions, you’re going to blend in with your competitors and miss out on anyone who isn’t ready to buy the moment you happen to catch them.

Great prospecting is great relationship-building.  It’s about learning and keeping up with your prospects’ interests, needs, and specific situations.  Such authentic relationship-building will bring you greater success when engaging prospects, navigating any obstacles that appear during the transaction stage, and winning reciprocal business in the future as these same clients happily join your sphere of influence. Next time you pick up the phone, remember you’re calling your people to have conversations, not just to say exactly the right thing.

This Probate Mastermind Episode has two GREAT examples of relationship-building: Rodger Lecy and Bill Janiga Share Their Food-Gifting Strategy

Preview for Probate Mastermind Podcast: Role Play Episode 61

Probate Real Estate Scripts | Agents, Investors, and Wholesalers Role Play LIVE | Ep. 61

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

Real Estate Scripts Role Play Training #61 

Recorded Live on December 2nd, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Role Play Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

 

 

Thanks for tuning in, and don’t forget to subscribe  above for new episodes and more!

 

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Call Re-cap:

 

Preview for episode segment: How to close on the first cold call

How To Close On The First Contact (3:07)

Kathy is having trouble closing calls out cold calls with an appointment set on the first go around.  She role plays with Chad.

Notable Quotes:

  • “You have maybe, maybe a 10 to 22nd window to create so much curiosity. (7:49)”
  • “You stirred up fear about securing the asset, changing the lock. But you didn't directly offer a solution, stirred up fear about the insurance and you kept him engaged, but you didn't directly offer a solution. Had you done that…. You would have had a reason to be there this afternoon (12:31)
  • “I would encourage you to make a list, to two columns. One, what problems do they have? Two: What solution can not provide...That exercise will it'll force you to really think about. Empathetically all of the problems that you could uncover in this conversation. And it will also force you to know, like specifically what your action item is when somebody has that problem.(13:42)
  • “‘And it's an assumptive close. I'm not asking, I'm sorry. You need to do this. Your, your attorney did not address this with you, but I am’....I'm assuming that I'm going to that house in the next 24 hours. (16:43)"

 

 

No More Follow-Ups: Get Your Prospects to Call YOU (20:30)

Federico is evolving his prospecting skills and breaking barriers with probate leads who say they don’t need anything right now.  Federico and the coaches mastermind how to make sure a lead doesn’t forget you and isn’t too embarrassed to admit they need you when they realize you were right. 

Notable Quotes:

  • “We send you a copy of your own letters so you actually know when they arrive in your market… We find that it usually the letter warms up your phone call because it's very different.  And they're like, ‘Oh yeah, I remember your letter. It was, it was the only one that didn't say we buy houses or, you know, we're the best damn realtor in the world!’ - it stands out. (24:41)“ 
  • “Paint that picture, that ‘there's a good chance you're you got a lot to learn here and there's a good chance you're going to need help and I'll be here waiting when you're, when you need it.’ ….Plant that seed and get permission to follow up,  and truly nine and a 10 of them will find something that they would rather you deal with and have them deal with themselves. (28:07)”
  • “A lot of folks, they do underestimate what it's going to take and they do procrastinate for the first month or two or three. And then the pressure sets in on them. And the embarrassment sets in. And a lot of times they won't call people back who they've shut down because they feel embarrassed to do that….So just create a safe space for you to call him or him to call you and say, listen, you don't ever have to be embarrassed. I get it. I hope that you can do this on your own and it's assemble your thinking. But I, I, I've seen a lot of families underestimate it and we're always, we've always got your back. (28:57)”
  • “The next call that I had was a lady who told me that her attorney dropped them.
  • She's the PR and she said, ‘the attorney just disappeared and won't take the case.  there. So I'm now handling everything by myself.’ (30:11)”
  • “We're painting the picture. We're painting the picture of a vertically integrated solution - One phone call, everything dealt with.(31:59)”

 

Preview for episode segment: Prospecting probate leads for virtual wholesaling and investingProspecting Tips For Virtual Wholesalers/Investors (34:31)

Mike works multiple markets virtually and wants to know: “How do you suggest we distinguish ourselves considering that it's somewhat difficult to get to the property in person?” Mike sets up a role play scenario where the lead is hesitant to work with an investor.

Notable Quote:

  • “But what I was doing was, was staying away from a very raw subject for them. They, the, you were, you know, you were showing me that you're perceiving me as just another guy that's trying to take advantage of you. So in that scenario, I'm going to stay the hell away from the real estate conversation. All I need to know, and all I care about is there is real estate. Now I know statistically there's about a 90% chance you're going to sell that real estate. So now my only focus is how do I get that? (40:42)“

 

Preview for real estate podcast segment: USP, sales propositions, and why altruism is the best differentiatorAltruism Is the Best Differentiator In A Selfish Industry (41:09)

Mike #2 and Chad hone in on the best USP you can have in real estate.

Notable Quotes:

  • “So I would, I would explain myself as a social, social entrepreneur. So we have multiple businesses. (47:38)”
  • “Altruism is the best differentiator in a selfish industry, and that summarizes everything we talk about here. (53:44)”
  • “That's the proof that they need, that this is a separate, this is a different, unique individual. (55:13)”
  • “Chad, you just built my whole business in this five minute conversation (1:03:30)”

 

Related Resources For Probate Cold Calling Scripts:

 

Looking to hear prospecting tips in action? Check out our live role play series.

 

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Episode Transcript

Cold Call Training for Probate Real Estate - Role Play #61

 

A.I. Narration: Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group " All The Leads Mastermind"   to find role play partners and more.  For previous episodes, visit AllTheLeads.com/podcast

 

 

[00:00:34]Jim Sullivan (Host): Welcome amazing investors and agents nationwide today is Wednesday, December 2nd, 2020. And this is role-play podcast number 61. And I just want to give you all a quick shout out and a reminder. Bruce, Chad and I are on all these calls. If you guys ever need any advanced help, Chad offers a weekly, mastery call, which is credible amount of content for a very low price.

[00:01:03]I think we're up to about 16 or 17 hours most months. And Bruce also offers, Bruce is a very experienced coach, not only in probate, but in really all aspects of, of real estate, both as an investor and a realtor. So. Feel free to take advantage of that. Just reach out to us, support@alltheleads.com or you can contact either one of them directly on our website and, take advantage of everything we have to offer.

[00:01:28] Also, if you're a subscriber. You are entitled to a free coaching call from Bruce. So make sure you reach out for that also. So I just thought I would start with that commercial and, we only have two people in the queue guys. don't be bashful it, star six and hit one. Bruce, Chad, anything you want to say before we get started?

[00:01:45]Bruce Hill (Coach): No, I'm good. I'm ready to get going.

[00:01:47] Jim Sullivan (Host): Chad, anything you want to add?

[00:01:48] Chad Corbett (Coach): So mastery has been scheduled. I wasn't able to get the November class. So for anyone who's waiting on me, I'm sorry, but, probably mastery the last live class that will be taught, mastery is actually going to.

[00:02:00]It's getting turned into a masterclass finally.  So this is the last chance to take the course for $250. it'll be taught Monday, Tuesday, Wednesday, the seventh, eighth, ninth, I believe from 3:00 PM Eastern until we're finished. And as Jim said, they seem to be getting longer and longer. So we there's about seven.

[00:02:17] Hours of actual instruction and usually about nine hours of kind of freestyle coaching and Q and a. So,  and that comes with the national certification. So if you're interested in becoming a CPE and you sign up for this class, whenever we do have the new full masterclass version, you'll actually have access to that member website, because you're an alumni.

[00:02:36] So it's, some things are changing is to provide a higher level of service and education to you guys going into the new year. So this will be the last traditional mastery, and then we'll move toward the new platform.

[00:02:48] Jim Sullivan (Host): And just to warn you all, when Chad said, till we're finished, Chad only sleeps three hours a night.

[00:02:53] So you guys be ready. The good news is it's recorded at, you could always relisten to it over and over again. All right, well, let's go to our first caller this week. His phone number ending in three zero four zero. You're up first.

[00:03:07]

 

How To Close On The First Contact

 

Role Play 1: Hi, good afternoon.  I, just to let you know, I just recently looked at the video regarding, talking to an attorney and I happened to run into a, a lady who her daughter was a probate attorney.

[00:03:20] So, I ended up making an appointment with her and we had a discussion. So I did get one attorney to work with me. It looks good. So thank you for the video. Okay. My question is, is that I send letters out to my, my clients, the first letter, and now I try to get ahold of them. And you've told this for me before.

[00:03:39] So most of the time they don't pick up the phone.  My question is when they do pick up the phone and I kind of, you know, give them my spiel. I think I I'm lacking in trying to close because it is the first contact. And I feel that maybe I shouldn't be closing at that time, I guess, in the back of my mind, because they don't have that letter testamentary.

[00:03:59] So can you give me some guidance on how are you in Texas? And is there a backlog? Is there a backlog in your court system? Is that why they're they usually don't have the letters because normally it's very rare and be pre COVID, especially, but it's very rare that we make contact with them and they're not confirmed.

[00:04:17] They don't have the authority and in most cases. So I just, I want to make sure that your assumption is based on reality. Like is, are you seeing that, that they actually don't have it or is that an assumption? I know, I really don't see it as they're having it the first month. What I'm seeing is that they may have next month, but there was a big deck logs this summer.

[00:04:37] Cause we were waiting four months before they got it. Let her test the mentor. Yeah. So that's kind of changed changes recently in September. And if it's getting faster and faster, okay. So I would still challenge you to just, you know, find a way like don't, don't be hesitant to call because you don't have a reason to go over there and build a relationship with these people.

[00:04:58] I don't want you to have that mindset because if your mindset is I'm going to find a way to help these people with whatever I can right now, and maybe that's property preservation. Maybe that's property maintenance, maybe that's staging and sorting through the, the personal property to arrange for a sale.

[00:05:14] There's a lot of things that you can do proactively to really shorten that cycle.  so that's the, that's the mindset I want you to have when you, when you pick up the phone is I will find a way. And, reasons to meet them face to face. And then you'll be, you'll you'll know when the close, but it sounded like you wanted to kind of go through your, as you call it your spiel.

[00:05:33]so if you want to role play that, would you rather do it with me, Bruce or Jim? Well, let me keep my paperwork. It doesn't make any difference who I do it with. So. Well, you better, don't bruise if you're using a script. Cause I'll get my ruler out.

[00:05:45]I guess I haven't written down. So I have many, many pages of what I want to say. I keep changing it all the time. So, okay. If you're ready, I'll go ahead and. Ready and, and we'll, I'll, I'll give you a little bit of back and forth. I won't be too hard on you, but I'll give you a little bit of back and forth just to give you something to handle.

[00:06:04]so go ahead, go ahead and start. You start with a ring ring. I say, hi, my name is Kathy. And the reason I'm calling you is because I've been sending you letters regarding the probate case that you filed. Recently. You may remember receiving them. You may not. Well, let me explain what I'm calling about. I am a certified probate real estate specialist, and I have received some additional training in probate procedures and knows how a court confirmation process probate sale works.

[00:06:30] having helped many executives like yourself, understand that managing the details I'm going to state for a family member or friend who passed, passed on can be a challenging responsibility. I will be be with you every seventh way, helping you with the sale of your loved ones property, which means I will help you select the best providers they can help you get the personal property shortage, handyman tests, the state liquidators, et cetera, all the way to closing the property.

[00:06:57] so tell me, have you had a chance to go through the property yet? And then they'll answer and we'll end here. They hung up 90 seconds ago. Second paragraph. Yes. So here's what I want you to do. And I want to hear this on like, hold it up to the microphone, crumble that up and throw it in the floor. Oh, really?

[00:07:13]I'm on a carpet slower. You won't hear it. Okay. As long as, as long as it's out of your reach, if you, if you're face to face, I don't believe that you think you would never do that face to face what'd you know? Right. So this is, this is about being you, you know, all the points you like as far as a written statement, it was excellent, but it's not going to serve you on the phone.

[00:07:35]So now call Bruce and let those points come out in an organic conversation. The one thing that you, you shut him out for 90 seconds or more, and that's the opposite of engagement you have. I have to get to engagement quickly. You have maybe, maybe a 10 to 22nd window to create so much curiosity.

[00:07:54] They can't wait to hear what you have to say next. So take a deep breath. Think about what your most pertinent point is and the, the, a good question. You can ask him within the first 10 seconds and call him again. And, and, and, and before you do that, I want you to, give me a summary. If I asked you where we're meeting, just in the grocery store.

[00:08:14] And I say, what do you do with regard to probate? Give me, give me like a 10 word summary of what you do.

[00:08:20]Okay. Well, I help people going through probate to be get organized,  with things that need to be done. There are certain steps that you must spell according to the courts. And I know those steps. And the biggest problem is the personal property getting sorted through. So are you looking for someone that is working in probate?

[00:08:39] maybe, maybe I don't. I don't know why. Well, no, don't say no, I don't talk. I don't know why. I don't know what, I don't know what I don't know. So we just started the process recently.

[00:08:50]Okay. well, tell me, what are some of the issues you may be made me looking at? Oh, well, we've got, we've, like I said, we just started and we've got to get over and,  get the, get the, windows. One of the windows is rotten and just kinda start taking, cleaning up the property. But honestly, honestly, most of it's just doing this bank account stuff.

[00:09:10]Oh, okay. Well, there aren't, there are some steps that you can do now. you may not be aware of it. The biggest thing is,  you need to, first of all, change the locks and the property.  you have no idea how many homes had been broken into, or they have found squatters in the home.  so you do want to avoid that.

[00:09:27]And the other thing you can do is that you need to contact your homeowners insurance,  defined out if they are going to cover a vacant home, because most of them do not cover vacant homes. Okay. And heaven forbid that something does happen and, and then you can't get coverage. Now, if you don't have an outlet for that, I do have a resource that someone that I could refer you to that does can handle a vacant home.

[00:09:51]Is that something you may be looking into?  maybe, but I think our insurance probably has, has vacant. I, I think we're covered. Yeah. But I, if I were you, I would just to make the call anyway. I mean, you don't want something to happen at home and then not be covered. Right.  yeah. Yeah. Right. Definitely want to be covered.

[00:10:09]Okay. And if you need any help, let me know.  the, the other thing that you could be doing right now is that you need to go in and just see what personal property there is. Okay. Just, just you as executor. You also want to find out, Are there any valuables in the home that maybe need to be appraised and set those aside?

[00:10:28] you need to go in and of course, you know, find the paperwork, the will,  also, debts that the decedent had,  insurance policy. Yeah. Our attorney, our attorney told us to get all that. Are you, are you familiar? No, I'm not, no, I'm not, but I do. I do everything. We're just, non-legal the attorney does all the legal stuff.

[00:10:49] I do all the tests, which is a pretty long list of, of non-legal items. And that's basically getting the house cleaned out, get the, the items distributed to the beneficiaries and closing. Hmm. How much do you charge for that? Well, bottom online is. Up front, my services are, are, are free. And, I would think at the end,  you do have a rental property that you may be selling it and that's the way I get paid.

[00:11:14]So is that something that maybe you're looking at to sell? we haven't decided yet. it's pretty, pretty early. I got to talk to my brother and sister about that before we decide. Right at MOC and secretaries do have to do that. So.

[00:11:26]Okay. Well, what I could do is, you know, I can come over and, and we can look at the property and maybe give you some guidelines as to what steps to take in order to get probate. Rolling. I do have some time on Wednesday. At, let's say five o'clock, and we could meet at the property. Would that be good?

[00:11:42]This week is kinda bad. I don't open up again for a couple extra a couple of weeks. Oh, okay.  all right. you want me in three weeks on a Thursday?  yeah, that should, that should work. So it's the 17th. That would be great. Five o'clock at the home. What are we meeting for?  so I'm going tomorrow.

[00:11:58] I'll look at the property. I'm going to see kind of a review, what it is in the home. And I'm going to sit down with you and work out a plan of what things you need to do. Okay. All right. That that's helpful. Okay. Thank you very much and I'll see you in three weeks. Okay. All right. Thank you. All right.

[00:12:13] Thank you. Goodbye. So I was very critical of your script. I want to say that it was natural and you, you, you have good tone, but you missed several opportunities, several slow pitches, and you actually created the setup. You created the setup for most of them, but you didn't close the loop on it. Okay. You stirred up fear about securing the asset, changing the lock.

[00:12:36] But you didn't directly offer a solution, stirred up fear about the insurance and you kept him engaged, but you didn't directly offer a solution. You were wishing away and left them. And, you left them wide open procrastinate, and have full exposure on the most valuable asset. And you. State how so I would love, I want you to go back and listen to your recording and watch how you set up, and then you didn't close on your own setups and they're just little tactics that you're using, but had you done that he would not have deferred the appointment three weeks because you would have a clear reason to reconnect with him in the next one hour to make sure that the vacant insurance policy was in effect, you would have had a reason to be there this afternoon with the contractor to change the locks and post a no trespassing sign.

[00:13:20]And at that point, you can look through the personal properties there. So just listen to your conversation. And all of a sudden you had so many reasons to get to that face-to-face appointment today or tomorrow. And your, but your, your, your language is good. Your tone is good. It's obvious that you care about them.

[00:13:36] I don't think you're 100% clear on all the things you can do to help. So think about like, I would encourage you to make a list, to two columns. One, what problems do they have? Two: What solution can not provide. And one problem is they, you know, the house is exposed to two squatters or, or vandalism one another is the house is not, does not have the proper insurance.

[00:14:00] You know, the yard is not, it needs mowed, but it's not being mowed or anything like that. The house needs winterize is a good one right now. And just that will, that exercise will it'll force you to really think about. Empathetically all of the problems that you could uncover in this conversation. And it will also force you to know, like specifically what your action item is when somebody has that problem.

[00:14:23]And I don't think you're a hundred percent clear on, on your action item on exactly what you deliver. The, for example, the insurance, instead of saying, well, you know, call your insurance guy. And if he can't do it, just let me know. They're they're unlikely to ever call back. You can say something like, well, listen, you can talk to your insurance guy at the same time.

[00:14:41] If it's okay with you, I'd like to pull the tax card and send it to the person. I know that underwrites vacant insurance, and they should be calling you within the next 60 minutes to give you a quote, to make sure that the assets covered. Would that be okay now you created. You gave them value, but more importantly, you created a solid reason for them to answer your next phone call.

[00:15:01] And that's a little bit, but if you can't, if you can't close on an appointment, you have a reason to re-engage with them. So just, I would encourage you to do that exercise. What all problems could they have, what specific solutions and action do I take when I uncovered this particular problem? And I think that will really get you clear on how you can close some of your own setups that you're missing right now.

[00:15:23]Okay. I think that's my problem. I don't know what to say to close, but I liked what you said about, you know, I ha I know someone have I call them and pass on your information. That's great. What do I say about squatters? Cause you said that. Yeah. So you, you stirred up the fear and you, you, you got Bruce thinking about it.

[00:15:41] Holy crap. What if she's right, but you didn't have for a solution you just moved on and you could have said, well, you know, listen, that's a real concern. And Bruce affirmed, he's like, yeah, I've heard of that. I think, I think he affirmed that. And you can say, well, listen, what we, what we do to protect every family.

[00:15:57] We can, at a very minimum, we try to get over there and post them no trespassing sign and the state statute for no trespassing underneath of it, just for safe measure.  also if you would like we can change the locks and make sure family members get, get keys in the mail. So is that something, would you, do you want to just do the posting or would you like us to do the posting and change the locks this afternoon?

[00:16:20]And it's an assumptive close. I'm not asking, I'm sorry. You need to do this. Your, your attorney did not address this with you, but I am, and I'm acting in your best interest and your potential fiduciary. This is what I need to do to help you to protect these yeah. Asset. So I'm assuming there's no, no is not a possible answer for me.

[00:16:38]Now I might get an email and I can deal with that. But from a mindset standpoint, I I'm assuming that I'm going to that house in the next 24 hours.

[00:16:46]Okay. Why do you know about changing the locks? Because I had this issue before that, the companies that I called, they don't want a realtor to call. They want the person. That's in charge to call and then they do, they know there's going to be a seated with, to this. You should at least $200. Well, I would first find a different company, find a class C contractor.

[00:17:08]And go cut a deal with him and say, listen, I'd like to have a package where you, Ricky houses for me. can you do this for $75? And I'll use you exclusively and use these lock sets from, from home Depot or Lowe's this item, here's the skew number. And then write up a simple document just that you can throw into DocuSign.

[00:17:29]And when you have this conversation with the seller, just say, listen, I'm going to send you a DocuSign. Just in case the police come and we're there, you know, changing locks and I like to have something signed and that document is going to say for a fee of $75 in the next 48 hours, I give you permission to access the property, drill the locks, if necessary, replace those and mail the keys to this address.

[00:17:51] Or check a box and you can put a lock box on the, on the property with the key, all keys inside the lock box, send them a DocuSign. It takes 20 seconds. That way when you call the contractor, you say here here's, here's the, here's basically your order. Here's the property address. Here's what you do with the lockbox or here's where you mail the keys.

[00:18:11] Please let me know when it's done. Send photos and. But like little simple things like that, where you, you take immediate action and solve the problem on the spot, make a massive difference in how people perceive you. Yeah. And I just, I had a comment, huge improvement from basically reading them, you know, your letter to having a conversation.

[00:18:32] I heard one thing and I'm probably the only one on the call that heard this, but I would, I would lose the phrase. Non-legal. It kind of sounded like to be like, it kinda sounded like somebody could perceive that as sort of sounded like you were saying everything I do is illegal. It's kind of like the attorney does everything legal and I take care of all the illegal stuff.

[00:18:53] And that's really picky. I know that. I know that's not what you said, but, but I would say something like the attorney takes care of all the legal aspects and I can pretty much help you with anything else. You know, I can help you with anything that that is, surrounding real estate. Right? Perfect. Okay.

[00:19:10]Other than that, though, your language is great. Yeah. Very good. So here's, here's, here's what I want going all the way back to the beginning and your, in your introduction and your greeting, as Chad mentioned, you, you want that greeting to be like 20 seconds or less, and I'd kind of pushed you at the start of our second, our second call.

[00:19:29] I'd pushed you to summarize what you do and about. 10 words or less. So something like, Hey, it's this is Bruce. And I'm calling because I help families go through the probate process. I do that in this way, this way and this way. So you, you lay out two or three categories. Of things that you do instead of going through your list of a thousand things, which you did not do some people do you lump them into categories, real estate, repairs, maintenance, personal property.

[00:19:57]And, and then, and then you open it up. what. what's your process been like so far and that way you're summarizing it. You're saying, and seven words. I help families go through probate. I do that by this, this, and this, and then turn the conversation over to them. Okay. All right. I, I will try again.

[00:20:16]Okay. All right. Awesome. Kind of the old elevator pitch you're getting, you're getting on the ground floor of an elevator and the other guys getting off on the second floor. What can you tell him before he gets off? Alright. Great job. Thank you for volunteering.  we have very good. We have two more in the queue.

 

No More Follow-Ups: Get Your Prospects to Call YOU

[00:20:30] Role Play 2: Next up is a frequent flyer ending in eight, two one three. You're up next. Hello? Hello. How's everyone doing? Doing great, buddy. How about you? Excellent. Thank you. so I have a question about the leads,  and then a question about, scripting or role-play. so I don't know why, but my, so the, my November leads very large number of them.

[00:20:54]the numbers are often just disconnected.  for, for various ones, sometimes I can go, for example, let's say there's 90 leads and I could go 10 leads in a row. And the number doesn't work. I don't know if maybe it's either a glitch or maybe people disconnected their number. I have, or maybe it's a landline.

[00:21:14] I don't know. I want it to get your 2 cents on that.  well the numbers are you saying on 10 leads? Like. All of the numbers for each of those 10 or just the first number for the 10.  so for, for the ones that it happened Sunday, that specifically Austin only has one number associated to it. And then, that, so that one's disconnected.

[00:21:34] So then I'll move to the next lead and then the same thing happens. And then so on for a good amount, sometimes it's four in a row. Then I get, one or two that are good. And then I get five or six more in a road better. Disconnected. So I don't know if maybe it's a glitch,  just trying to,  the only month that that's ever happened to you.

[00:21:52]I think this is the only month that I was as consistent. So maybe that's the only month that I actually noticed.  but yes, to answer your question. Yes. Okay. And have you noted them in the database? Like have you put up, have you used a short tag short or anything to note? Which ones were bad? Yeah, I usually put it in, I always save notes after, when I do my calls.

[00:22:13] I always put a note about what happened, which numbers are disconnected, which aren't. And if I speak to whoever I spoke to what was said and done that way, know,  what to say when I follow up. Could you export the list and just add a column beside of add a column beside of the phone numbers and put in like a sure, you know, indicate which ones you hit that problem with.

[00:22:34]And we can have our data team take a look at it. It's, it's unusual that that would happen.  if you know which ones they are that will really help us dig into it and understand what's happening and fix it. If it's, if it's not just an outlier month. Okay. Yeah, absolutely. I'll definitely do that. okay. I'll do that.  thank you. regarding new leads, right? So I saw that the new leads arrived. I think it was yesterday or the day before,  regarding that and timing of when to call,  D when we received the leads, is that also the day give or take that the PR received the letter? Or should we maybe wait, maybe a few days after we received the lead in our portal before making the call so that we can make sure that the letter was actually received.

[00:23:22] Does that make sense? It does. And the answer is different for everybody. I mean, if you want to make sure your call comes in after the letter, you can assume that the day you're leaving the day your leads hit your, my, my probate.  if you're on auto, if you're on autopilot, that will also trigger the first letter, the first round of your, your marketing sequence.

[00:23:40] So you've got three to three to five days on which day that happens on. If it happens on a Friday, it's obviously going to be longer. Or it could be longer.  but you know, you, you've got three business days. You're pretty safe if you're on autopilot. And, but we, we actually sent, we send you a copy of your own letters.

[00:23:57] So you actually know when they arrive in your market. So that's just the fail safe, like, you know, for sure that everyone else must have gotten them that day because you did too.  got it. I think. Postal services, you know, they're, they're doing all they can to keep up right now. I literally have people showing up in civilian vehicles, delivering mail now,  a whole lot, there were a little overwhelmed with e-commerce I think, but FedEx not using you halls here.

[00:24:21]But so it could be a little longer, but the safest bet is to just, when you get a copy of your own letter, you know, that it's, that everyone has gotten it and you can make phone calls. Now that said, a lot of folks hit the phones before the letters even dropped. And they, if they're aggressively, you know, making calls and, and getting out there before we find that it usually the letter warms up your phone call because it's very different.  And they're like, Oh yeah, I remember your letter. It was, it was the only one that didn't say we buy houses or, you know, we're the best damn realtor in the world it asked me know, stands out. So it can warm your phone call, but you're, you're getting pretty strong on the phones man.

[00:24:59] Like we had the fed show last month.  I would encourage you to try calling before the letter showed up and just see if you don't get resistance. If you're breaking through it doesn't matter. Go ahead and call earlier. Fair, valid points. I appreciate that. okay, so now onto scripting, right?

[00:25:17] So, two things that I encountered, in the last couple of days with calls are one of them was. So when I speak with the person and I ask if they recall receiving my letter and all that stuff and just to kind of warm them up and they're always very nice. One of the things that, I had a caller tell me yesterday is okay, sorry.

[00:25:39] When I do the introduction, I said, do you recall receiving my letter? They say, yes, what it's about? Then I tell them briefly for five seconds. What I, what it is that I do. And then I just tell them, I see that you're working with so-and-so AKD attorney, right. Just to make them feel comfortable, you know?

[00:25:56] Cause I let them know I got your number from the probate court. And all that stuff. And I see that you're working with, you know, mr. Corbett,  it's very good that you have an attorney, all that stuff, just so that they kind of see, I'm not just someone calling, they see they're really suspicious. So the gentlemen responded to me, said, all right, per he said I'm handling everything else myself.

[00:26:18] So I don't need any of your services. I wasn't sure where to go with that aside from just, you know, is it okay if I checked back in with you in about a week or so? just to see if you're still, still handling everything. Okay. But that's an, okay. Maybe that wasn't the right approach. A better one is have him identified like, cause he doesn't know what he doesn't know.

[00:26:40] And most people underestimate just how challenging this is. And there's just, there's so many little moving pieces and responsibilities they have to do. It's easy for folks to get overwhelmed. So in the beginning they underestimate what needs to be done and they're like, ah, hell, this is no big deal. I just have to open a bank account, pay the bills, sell everything who can't do that, but they're not accounting for all of the inefficiencies in the process and all the parties involved.

[00:27:07] And there's a reason attorneys. This is such a big business for attorneys because they've been the ones that quarterback this for years and they don't eat. They don't do the best job they could either. That's what leaves a massive opportunity for us to step in there. Right. So knowing you, you knowing that him not knowing don't challenge him and say, you're ignorant, you don't know what you're talking about.

[00:27:27] You know, you do need my help. You can say something like, Hey, listen, I understand. I mean, I would say probably nine out of the 10 families that we ended up helping say the same thing in the beginning. And you don't have to be embarrassed if, if you find yourself overwhelmed, just pick up the phone and call we'll be here.

[00:27:43]And otherwise I'll check in with you every couple of weeks just to make sure would that be okay? And like help him, help him understand, set an almost set, an expectation that you, your ego doesn't have to keep you from calling me back. If you do find that you're overwhelmed, you don't have to be embarrassed.

[00:27:59] I see it happen literally every week I see this happen and we stepped right in and we take over and our, you know, and do what we need to do. But. Paint that picture, that there's a good chance. You're you got a lot to learn here and there's a good chance you're going to need help and I'll be here waiting when you're, when you need it.

[00:28:15] so you, you can put your own language to that and get your version. But I would, I would, you know, assertively and assumptively, you know, assume that he's going to need help in the future. And plant that plant that plant that seed and get permission to follow up,  and truly nine and a 10 of them will find something that they would rather you deal with and have them deal with themselves.

[00:28:37] But regardless of how small, those are any reason to have a followup call, any reason for them to answer a follow-up call is a great. As a great reason, right? So I don't care if you need to, rehome a pet, you know, get a cat adopted. That's a great reason to show up in person and, and be, and create a real relationship.

[00:28:56]So a lot of folks like they, they do underestimate what it's going to take and they do procrastinate for the first month or two or three. And then the pressure sets in on them. And the embarrassment sets in. And a lot of times they won't call people back who they've shut down because they feel embarrassed to do that.

[00:29:14]So just create a safe space for you to call him or him to call you and say, listen, you don't ever have to be embarrassed. I get it. I hope that you can do this on your own and it's assemble your thinking. But I, I, I've seen a lot of families underestimate it and we're always, we've always got your back.

[00:29:30]Yeah. After I appreciate that. After, after I, we hung up, I actually called him back a few moments later, just to say, Hey, this is often overlooked and actually, accidentally forgotten by the attorney. I understand you have everything covered. I just want to make sure, that if there is a property in the estate that you go ahead and call your insurance specialists too.

[00:29:53] Make sure that there's a vacant home insurance policy. So I just told them that just to kind of, again, not be threatened, not feel threatening or like I'm telling them what to do, but just to kind of at least show him that there is,  there is care over there.  so that's that. And then to piggyback on something you were saying,  the next call that I had was a lady who told me that her attorney dropped them.

[00:30:17]She's the PR and she said, the attorney just disappeared and won't take the case.  there. So I'm now handling everything by myself. And I said, well, I, you know, she asked me if I was an attorney. I said, look, I, I personally am not, we mainly help with everything, all the li everything, all the aspects of the probate that are not.

[00:30:37] Legal that's what an attorney can do. We do work with several attorneys, so I'd be more than happy to guide you in the right direction. whether it be attorney or any type of service, such as clean-out repair, if there's any real estate she did tell me there's no real estate.  But then she asked me how much, what are the fees for the attorneys and the people that work with you?

[00:30:59] I had no idea what to answer. So I just told her I'm not sure, but I'd be more than happy to put you in touch. At least give you some, some references. Is that a common question? The what is their fee eventually? No, not at first. Yeah. Eventually I usually, this is the fee.  and just so you know, that depends on the complexity of the estate and the value of the estate.

[00:31:21] But on average, it's four to 7% of the gross value is where most legal fee the administration costs come in. So it's a significant number. Okay. I would, I would, I want to challenge you to have a better response to that question when she says, you know, are you an attorney or do you have one, instead of you had a kind of a wordy answer and you can get gain more credibility by saying, Oh no, I'm way smarter than that.

[00:31:47] I've got one on my team. Oh, I love when you're short, you shorten it down. You're still covering the base, but you're not, it's way less wordy and they get the point. Holy crap. This guy has everybody on the team. So again, we're painting the picture. We're painting the picture of a vertically integrated solution.

[00:32:04] One phone call. Everything dealt with. So you want me to keep that image, keep that image up because it will keep you keep them engaged with you. And if they need a painter, they're going to call you if they need to, rehome a cat, they're going to call you. It's whatever could be paint. The picture that there's this giant office building somewhere in Texas and you and your whole team are in it.

[00:32:24]And people would actually ask me that. And they're like, my God, you must take up a whole building. Where's your officers. And they really thought that all this was in one building.  but be a little more confident about the attorney side of it, because you believe the attorney is the attorney is one of your team members, right.

[00:32:40] The spokes in the Wheeler. So, yep. Nope. I'm not an attorney. I'm way more smart. I'm way smarter than that. but I am smart enough to have one on my team. Actually, we have several and as far as cost, the cost is gonna, the cost is different for every family. It depends on the assets you have and the level of involvement.

[00:32:58]But I will say this. You dodged the bullet by finding one of the wrong attorneys, we have been very carefully selected the best attorneys in town that have a standard of service that matches ours. So I'm going to have a guy named Doug Jones, call you in the next 60 minutes and make sure you're taken care of because the attorney that bailed on you probably didn't tell you this, but you, you are solely act that you're acting as a sole fiduciary.

[00:33:21] Sorry. I'm going to state if the house burns down, if somebody breaks in and if anything happens, guess who's liability. That is. If someone else from the family disagrees with anything that happens, guess who they're going to Sue. That's right. Oh, wow. So we need to get, we need to retain counsel for you today.

[00:33:37] It's not necessary, but I would certainly recommend that even though there's no real estate, that's something that I can do to help you right now and just know that you're protected and you know, you still have a fiduciary responsibility to the estate, but that attorney is going to absorb the legal liability and make sure that no mistakes are made.

[00:33:54] And if they are. There'll be there to help you through those. So it would it be okay if I have Doug, give you, give you a call here in the next hour. Okay, perfect. Okay. And again, just like we said, with the last caller, like be a little more assertive and hand them the solution on a silver platter, take away the procrastination.

[00:34:11]I thought it was kind of a funny, I thought of an alternative, funny comment. Are you an attorney? Do I sound like an attorney? Geez. I'm not sure if that's a compliment or an insult,

[00:34:19]you'll find out how they you'll find out how they feel about attorneys. For sure.

[00:34:23]Have fun with it. We'll just, yeah. Appreciate it. Thank you guys so much. Really. Thank you, sir. We got three more in the queue.

[00:34:31]

 

Prospecting Tips For Virtual Wholesalers/InvestorsNext up is phone number ending in nine eight, eight nine. Hey, what's going on guys? What's up.  not much, I, this is actually my first call. I've gotten myself and my team here.  so quick question, you know, we're, we're like 99% virtual.

[00:34:44]So I wanted to ask how can you, how do you suggest we distinguish ourselves considering that it's somewhat difficult to get to the property in person? How can we distinguish ourselves and set ourselves apart and kind of build that rapport on, on the initial call? As opposed to, you know, briefly telling them what we do and how we do it and getting out there to set an appointment.

[00:35:02]Joel, you mean you're out of town or just working remotely?  we, we operate in a couple of different markets, even in our own backyard. We rarely go out to a house until you get a contract first, even when it's a probate lead. So just trying to find a ways to be a little more efficient, over the phone, as opposed to getting out there in person for every, every deal.

[00:35:20]Sure the answer is who, who can do it for you because that getting there in person that makes a big, big difference. And that is what differentiates you, especially from other virtual wholesalers. So who can that be? A contractor makes a really good partner. Like if you start with a, like, someone who's young in their business, like a class C contractor can be a very good resource to take videos.

[00:35:42] Photos give you a, you know, quotes, put lockboxes on chain, you know, change locks.  so that, that could be your ground guy in each of your markets. realtors are also very good. if you don't, if you, you probably already have realtors, they eventually make commissions. So a lot of times you don't have to pay them on a per house basis or a per appointment basis, but you could,  you know, I mean, some realtors, frankly, aren't very good at what they do.

[00:36:05] They'll show houses for 20 bucks, and this is not that much different. You, you can look for a showing agent.  and then, you know, obviously in the first couple you want to. Build a strong relationship over the phone and just say, Hey, I've got an assistant that can combine do this for you today. But eventually that if that's the right who, then you'll be able to train them to actually do the appointments on their own, and you could send an acquisition manager, you might turn that person into your acquisition manager.

[00:36:30]Another person that I like to use is a local, concierge who, they normally sell their, sell their services in blocks of time. you could buy a block of time and then send them to look at the house and have them kind of go through and, and package your proposal of the extra services that either they, as, as an independent contractor, you might want to help them.

[00:36:54] The person with, to earn their business. Gotcha. Gotcha. Gotcha. Okay. Well, I mean, that's a great tip. What do you feel like you've had to difficulty with on the onset of the call? Right. Like building that rapport, building that, that curiosity, I guess you'd call it like the first 10, 20 seconds of the call.

[00:37:10] especially if I, if they just initiated the probate process, as opposed to it being, you know, few weeks, few months in. Could we maybe role play, maybe, you know, the investor, whatever it may be and whatnot on the seller potential seller. I just want to put together a better pitch for my team. If that makes sense, Bruce, you want to, do you want me to take it?

[00:37:25]Go ahead and take it. I'm having a really, really hard time hearing it. Yeah. Could you get, I think you're on speakerphone. you're going to role, could you just get closer to the mic please? Yes, sir. I'm right here. Okay. Okay. So I'm outbounding. You're the prospect? Yup. Okay. And what was your name? Mike?

[00:37:40] Okay, ring. Ring.

[00:37:42]Hi, I'm trying to reach Mike Smith.

[00:37:43]Hey, Mike, my name's Chad Corbett. I, I've sent you a letter a couple of days ago, but I had a few minutes of my office. I thought I'd follow up.  we, we have a team here in Roanoke. It helped families going through probate. And as part of that, we go to the courthouse and meet with the clerk every 30 days or so.

[00:37:58] And we try to reach out to each of the families just to see if there's any way we can help. I've. what's what's been something you guys could use help with. Have you found anything that would be challenging yet or is it pretty, pretty straightforward? Oh, it's been pretty simple for us, but we're, we're thinking about maybe selling her house.

[00:38:12]Okay. And it, it looks like, I think you guys are working with John DOE attorney down on fifth Avenue.

[00:38:17]Okay. Well, that's really good. And you feel like he's done everything that you expected him to, or are you still have some blind spots? Wow. So far so good. Okay.  one of the things I actually don't know, John though, we haven't met yet. so I'm not real familiar with his process. And from one of the things we try to do make, we see most attorneys overlook is asset protection.

[00:38:37] you said that there's a house in the estate that usually represents about 80% of the day. Oh, you have a state, the entire state for most families. So the first thing we try to look at it is that protected. So did, did the attorney help you set up, is, is the property vacant? Yeah, but the property is vacant and you want to go home buying company because I'm getting a lot of letters and postcards and calls and you know, these, these vultures just won't leave me alone.

[00:39:00]Yeah. So we, we have real estate services because that's a big part of, of the estate process for most families. And most families do want to sell the assets. But what I want to focus on first is making sure those are protected because if the attorney hasn't told you, you do have some legal liability and a fiduciary responsibility to.

[00:39:18] To preserve both real and personal property. So if, if the, if you didn't transition the insurance policy to a vacant house policy, you haven't, you haven't uninsured asset. If you haven't properly posted the home and somebody gains access, you can't evict them. And they're stuck in there for months at this point.

[00:39:35]So if it's okay with you, we have a process that we like to work through one step at a time to make sure you're protected. And we. Kind of pick up the pieces and do what the attorneys don't usually.  so what would you like to get that and make sure the home's protected.

[00:39:49]Mike, are you there? Yeah,

[00:39:50]I I'll I'll break for a second. I didn't hear your response. There was a microphone noise if you responded. I think we lost him. You still there, Mike? All right. I'm going to move on to the next person. I guess, Chad, well, Mike, definitely. Well, I'll, I'll, I'll finish. I'll just show where I was going. So, because he showed me apprehension to investors and he told me he's a virtual wholesaler.

[00:40:11] I was easing my way in, by the way. By group or like vastly differentiating myself. And I was deferring the quote, the answer until I could get there face to face and prove to him that I was ethical and acting in his best interest. And then seal out the level of motivation. If they're super, super motivated, it's it.

[00:40:29] Then, then I'll make him an offer right there on the screen. But, and there's a contract in my truck at all times. If they're not that motivated, then I'm going to walk it back a little and I'm going to hand it to my brokerage partner if I don't have that in house. But what I was doing was, was staying away from a very raw subject for them.

[00:40:47]They, the, you were, you know, you were showing me that you're perceiving me as just another guy that's trying to take advantage of you. So in that scenario, I'm going to stay the hell away from the real estate conversation. All I need to know, and all I care about is there is real estate. Now I know statistically there's about a 90% chance you're going to sell that real estate.

[00:41:07] So now my only focus is how do I get that? Face to face to let him know that I'm different than all the other people he's, he's, he's judging me against. So that's where I was going with it. I would show up to change locks. I would show up to, you know, I would get my insurance guy to put up to bond a vacant policy on it and follow up to make sure that that was done.

[00:41:26]I would get over there for any reason I could. That's where I was headed with it. Perfect. And the next one in the queue appears to be Michael also six two, three, one. Is that the same Michael or a different one? Completely different.

[00:41:36] Altruism Is the Best Differentiator In A Selfish IndustryOkay. Well, Michael, number two. What can we do for you, sir? So, I would like to step that I do have some questions, but I wanted to step then the other Michael's role.

[00:41:45] I want to kind of put back into that situation because this is pretty interesting, what you're saying as I was listening to you. I was thinking that, Hey, if this was me, I probably say a few things and I'd like to see how you would. You, you would respond if that's okay. You want to play the prospect?

[00:42:02]Well, I don't necessarily do. I just want to kind of throw you out here's here's what I'm hearing and how would you go about this? So, first thing is I would have been saying, Hey, you know, you're, you're, here's what I got. I didn't hear enough of the, Hey, you know, we can help with, you know, if you need a funeral home, we can help with, you know, you need a dumpster.

[00:42:18] You, we can help. I, I would have wanted a year. A lot more what's in it for them rather than, you know, cause you'll get some people like, you know, you're asking me too many questions and your time is up. You're done. I would have liked to have seen you say enough of let's go. No, let's, let's start at the beginning.

[00:42:34]So I, I don't always accel at explaining everything that I'm doing, but I was reading his energy and his perception of the other people he'd spoken to. So I was slow walking it. So I'm not going to barf all of my services on over him. When, when we're, when he staying engaged in the conversation. And he allowed me to defer the answer that he was looking for and that his engagement, like he stayed with me.

[00:42:56]So I'm happy to, well, let's just start a fresh one or are you, do you want to come at this from an investor, a brokerage or both?  geez. I don't know. And I think, I think another big part of it is, you know, modeling, I'm in New Jersey, so everything's a million miles a minute as opposed to somewhere else.

[00:43:12] Right. So there's no slow walk in anything, New Jersey. You're like, you got two seconds. Otherwise that person hanging up, I've worked with a lot of folks in Jersey. It's understanding human. You want to be right. Or you want to learn. I know you speak. You're a teacher. See you're from Jersey and I just stopped you in your tracks.

[00:43:29]There's things that we do, understanding human behavior and how the brain works. There's things that you can do to influence people's behavior. And when you hear me use my West Virginia farm voice and I slow people down, it's intentional. Most of the time. So I've worked with a lot of folks from Jersey and New York and different places.

[00:43:47]So I'll challenge, I'm challenging you to kind of shift your mindset a little and say, maybe I can influence people. Maybe I can make them go through the maze the way that, that gets me a consistent result. And don't let the tail wag the dog. So let's, let's jump into it and we'll, we'll see. Sure. Go ahead.

[00:44:06]Ring, ring. Hello. I am trying to reach Mike Smith. I guess you got him. Sorry, your mic, your mic, your mic, but your microphone was a little muffled. This is Mike Smith. Yes. Hey, how are you? How can I help you? I'm good, Mike, thanks for asking. Hey, my name's Chad Corbett. You might, my mate, my name might sound familiar.

[00:44:23] I'd sent you a letter last week, but I had a couple of minutes, before an appointment. So I just thought I'd call and follow up. I'm calling cause we've got a team right here in Jersey that helps families going through probate. And as part of that, we meet with the clerk once a month and she lets us know who we should be reaching out to.

[00:44:37]And I noticed you, you guys are, are one of those families. I see you're working with attorney John DOE and I just wanted to call and see if there's let you know we're here in the community and see if there's anything we might be able to help you with. Yeah. Hey, thanks. We got a whole bunch of letters. It quite honestly, my, my, my wife, you know, we, we threw a ball in the garbage the other day and, I was kind of just letting the attorney handle everything.

[00:44:57] And, we got a realtor coming over in a couple of days and, you know, it's a little overwhelming for us. Yeah, I understand completely. That's kind of why we do what we do. It's is this the first time you've ever been an administrator? Yeah. Do you hope it's the last, what do you think. I think based on everyone we've worked with, I've never met anyone who ever wanted to do it again.

[00:45:14] And that's,  what, however, I might be able to help you. One of the things that we do for every family is make sure they have a proper plan in place after this. So you never have to go through this again.  do you guys have a living trust established? Yeah, but honestly, that's, that's a question I would, I would, I would, I would be speaking with my attorney about, you know, what, you know, are you an attorney?

[00:45:32] Cause we already, I mentioned I already have one w I'm way smarter than that. I would never go to law school. we have attorneys on our team, but we also work. With most of the attorneys in the County,  John DOE we've actually done a couple of transactions together,  be happy. I mean, I'm sure he wouldn't be happy to share his opinion of who we are and how we, how we help families.

[00:45:50] But, you know, we, we kind of pick up where they leave off. We, we consider them one of our team members. We help with, you know, the people in the property and the, the, you know, planning and prevention side of, of probate. So the attorney is going to tell you, you gotta do ABCD. FGX all those things that are in that mental list of yours.

[00:46:08]They tell you to go do it, but there's really no support until we built this team. There wasn't really any support in the community to help deliver on that, all those things. So ideally, I mean, what our focus is is. To minimize the stress and maximize the equity for every family we can every month. and that's why we reach out.

[00:46:26] Sometimes people are offended. Sometimes people take a sigh of relief and hand us everything, and we just do it for them, but it really starts with us understanding your situation, your limitations. Like a lot of folks are COVID sensitive and don't want to come out right now. And we have solutions in place for that too.

[00:46:42] We can deal with everything or we can. I can help you with a few little things and, and just, you know, you just know that we always have your back. So,  one of the biggest challenges we see most people struggle with on the front end is what the heck do you do with the real estate? How do you, especially coming into wintertime, if you don't, if there's no money in the estate to pay the heating bills, how do you get that winter as how do you secure it?

[00:47:04]So is there any real estate in the estate and you guys, do you guys have a plan for it so far? Yeah, but yeah, forgive me. I, I, I told you I got a realtor come and soon I told you I got an attorney. What, what, what, what, what can you do for me? And what's going to cost, let me just get down to it. Like what's, what's, what's this all about?

[00:47:20]I don't know.  I mean, if, if, if you're okay with me asking a few more questions and I can understand your situation and whatnot attorney, are you a realtor or are you a, are you an investor? What, w w what are you, what type? I don't understand. I didn't read your letter. I'm sorry. I told you my wife through everything.

[00:47:35]You got the better version. You got me on the phone. So I would, I would explain myself as a social, social entrepreneur. So we have multiple businesses. I can get paid as a realtor. I can get paid as an investor. I can paint houses. I can pressure wash it. It really just it's. I don't usually do those things, but it starts with we, we are a clearing house, so we have a single vertically integrated solution where you can make one phone call and all of those pieces that you're having trouble managing.

[00:48:02] Can be in one single relationship. So I have a real estate license. I buy houses, I write loans. I work with social workers. I work with nursing homes. I work with senior moving companies. So you can kind of think of us as a concierge, but that picks up where the attorney leaves off and takes away that stressful feeling that I hear in your voice.

[00:48:21]But if, if we don't slow down and not, I can't understand your situation. I can't, I mean, I don't just have a menu of things to hand you and say, pick, pick one.  We usually try to meet with the families and understand it because this is important and it's stressful and you need to know that you can trust me.

[00:48:37] So I would prefer call me old fashioned, but I would prefer to look you in the eye and let you know that I'm real. And I'm not going to Rob you or take advantage of you. And I'll never ask you for a dime unless I've done exactly what I promised. Super. So can I end the role-play and then kind of give you some, some, some, some, some questions in response to that.

[00:48:54] And then eventually go to my question that I was gonna ask, is that okay? That was great. And I want to, is that all right with you? Yeah, that's good. All right. So, I love that phrase, social, social entrepreneur, you know, that was what I was looking. Cause like, if I was putting myself in that person's shoes, they're like, they're feeling tenseness in their chest and they're like stressed out.

[00:49:14] And soon as you said that my chest opened up, I felt warm. You know, it's like, Hey, you know what? I respect it. This guy wants to make money. And I respect that. He's kind of. Thank you. This is I'm marrying the two. I'm doing these services. When, when you also said that question about, Hey, You know, you know, you want this something about the last time you want to be an administrator.

[00:49:35] I was a very Gregg great Brown, like icebreaking phrase. So I'm like taking notes and I think those are the golden nuggets. So I want to thank you for them. the other thing is, you know, from where I'm at and with the kind of speed things go, When you said you were about like, look, I don't want to necessarily, you know, give you this, I forget the word you used.

[00:49:57] I couldn't write a shopping list or a laundry list or whatever it was about all the things you do. I'm going to say that was where that was. That was brilliant. I, I would, what I was kind of trying to get at is like, I, at least people I talked to that's where you lead, just like, listen, this is why you.

[00:50:13]This is why I'm calling. Cause I can, I'm a social entrepreneur. I can offer you all these things. I'd like to meet you in person and, and then go on to that speech. But I kind of like you immediately said, wow, you do all these things. As opposed to I'm into the conversation five minutes. I still don't know what you do.

[00:50:31] And I'm still, I've, I've gotten, you know, 20 letters from investors. I buy cash and I just, you know, I don't, and, and, and people call me skip trace to me. And I'm like, you know,  I may be in an emotional state of anger or pissed off. Yeah. So I think that you coming out at people, I'm saying. You don't need to get pissed off at me.

[00:50:53] Cause I'm a social entrepreneur. I do all these things and some of them I'm just referring. I don't make no money. I'm just, I'm here to provide you a service in and then say, and you're, here's, what's in it for you. If you can do me something I'd love to meet you in person, go over there and then, you know, go into more stuff.

[00:51:06] But, now here's something I'd like to ask you. Oh, right. Any, any comments with what I said right or wrong? No, it's great feedback. And I'm glad you guys know you from all that one. I want to tell you a story,  that from not nothing, it might, it might not be in your backyard, but from a very, very fast paced environment, we had a kid who was 26 years old, still licensed for 16 days, and he says, I want to be an agent in Midtown Manhattan.

[00:51:32]So it's working for the sun, right? So he signed up for this program. All he did was the minimum that we teach the methodology that we're talking about here today, between July and December is first six months in the business. He did $750,000 in the listing commission. Only in Midtown Manhattan. He learned.

[00:51:51]To engage with them. He learned to slow them down. He learned to focus on people in situation, and he kicked every new agents ass in that market. And that's one of the most fiercely competitive, old blood markets there is in the country and it's fast, fast, fast paced. So that's like, I have lots of proof that this works even in really high, strong, fast paced, aggressive environment.

[00:52:13]And I just ask that you trust the methodology because it's been tested in every single County in the country. Well, that's fantastic. I totally trust it. That's a phenomenal testimonial. I was just. Yes. I decided I wasn't associate broker in Manhattan many years ago. All I did was rentals and yeah, it's not a, the fast paced, but it's cutthroat and not amongst your competitors, even amongst your own people.

[00:52:37] My boss would steal my commissions and steal my clients. So it's like the New York baby. I actually literally had a fist fight with the manager office manager. Had her pull us apart. Yeah. One of those. Hey, do you ever find something? Oh, yeah. You mean, Dave, didn't tell you if I heard you were for competent day and he said, no problem.

[00:52:53] I filled out everything and gave him the commission. And I find this out, like a week later, I was like, this is bad people really don't care. And that's, that's fantastic. And yeah, like what you're providing with this is so unique because everyone's coming from it. I, you know, what's in it for them when you, and that's kind of why I was saying.

[00:53:11]If you, now, now mind you I'll I'll I trust you and I'll, I'll, I'm gonna learn the right way and do it how you say, but I wanted to say that it's so relieving to hear somebody say, Hey, this I'm, I'm providing you a service. Not, not your service to me, give me your money, but I'm providing you a, a smorgasbord of services to help you in your time and your family time.

[00:53:33] Anita. I love it. so, now I've got a question for you regarding kind of, I want you to, I want you to write, write something down to summarize this whole point and how you feel right now. Yeah.

 

Altruism is the best differentiator in a selfish industry.

[00:53:49]and that summarizes everything we talk about here. Like being optimistic and actually caring, having empathy and compassion will make sure that you never have competition because so few people have that quality in business. I can't agree with you more. And I, and I lived that I flipped houses and I, I try to set myself apart from being the only guy with as many video testimonials from the, from the sellers I serve, than anybody.

[00:54:15] And that's kind of, and to where they're saying things, I, I couldn't have scripted it better when they say I treat them like family when there's like a, in addition to the, you know, th th th the, yeah, the great, you know, closers. Oh, I had to do a show up and get my check. He did everything for me, you know?

[00:54:31]so yeah, so that's kind of what tracked to me. To you because that's how I am. Right. And I want to do that, but on a bigger scale and a bigger level focused within the probate needs.  and so my question to you is when you were kind of, kind of, wishing that you can get in front of them, if you are already someone who's got very.

[00:54:53]Touching moving and inspire video testimonials and can prove that that you're separate from other people. Would you lead or ever mentioned that? Would you mention go to my website or go to my YouTube channel? Or would you be like doing everything you can to not have them go get distracted, even if.

[00:55:13] That's the proof that they need, that this is a separate, this is a different, unique individual. No, I would encourage you so very few people take full advantage of that. And the fact that you've done it is puts you way ahead of most people already. So you'd definitely want to leverage that if I were you, I would build a page on your website where you, you compile all of that.

[00:55:34]And then go buy a very simple domain and redirect it to that page and make sure it's something that a 75 year old lady that has poor eyesight can type that on her phone, her phone, when she's reading the PS line of your letter, because it's going to say PS, I know some of this might sound too good to be true.

[00:55:52]Lots of folks have, have, we've helped lots of folks in this community already, right? Ask them what they think of us go to, you know, probate, testimonial.com and make it very simple and have them land on that page. And it just gives you social proof. Like it shows that you're, you're, you're, you're not full of it.

[00:56:13] You actually have that proof. And so I would highlight it. I definitely wouldn't hide from it. I would put it out front. And, and make it easy for them to access because what I find, even with that, that strong of a PS line, like the PS line, I typically use PS. If you're not ready to talk to somebody just yet go to probate .com to check out, you know, all the ways we can help.

[00:56:36]And what you find is on the day, your mail hits between usually between like one and three o'clock you'll get. 60% of your list will be on the website that day. And you can tell by Google analytics or WordPress Jetpack. So that PS line is powerful and the letter is very different anyways. Like it's not a typical, we biologist letter.

[00:56:56]And based on this conversation, I would encourage you there, there is a letter and in the, in our, in the mailbox motivator portal,  called I think it's called the social enterprise letter. And it's a two-sided letter and the whole front is very people focused and the whole back is very real estate and very service and real estate focused.

[00:57:16] But I think you're going to identify with that letter. And if I were you, I would work your testimonials into that letter in a PS line.  but definitely don't hide from it, put it out front and be proud of it. I think that's, that's great. I appreciate it. The, the, the, one of the questions I had was, I know a lot of people get the phone numbers and then they physically call.

[00:57:36]Did you, did you ever. Do you have any problems with ringless voicemail? I had really good luck with it, but it's, it's becoming, there are a lot of attorneys out there looking for class action suits. So to me, it's, it's more liability than it's worth now.  but I did have very too busy though, to be honest with you.

[00:57:55] They're like good. There's so in my neck of the woods here, swamped. Overwhelming. Yeah. I don't think it well, just under, I would say it's very effective, but make sure you understand your risk and you understand like read the TCPA, the telephone consumer protection act, read it. And you'll, you'll see that every RVM is in direct violation of TCPA, unless you have explicit written consent in the last 90 days or an existing business relationship.

[00:58:22]How do they know if you can get. Well, they, I mean, if, if, if they, if one person can show that phone call and it, and if, if they can, if, if it was a recorded message, like if they answer and, and hear that, hear it, and you weren't on the other end of the line, they forward that to an attorney. The attorney sends you a letter and says, we filed a suit.

[00:58:42] We intend to make this a class. So we're going to subpoena your call records for the last 10 years. And then you understand, if I get, if I get into a deaf deposition on this, he's going to slaughter me. So they shake you down for a settlement. The whole thing usually only lasts a week or so they're not looking to take you to court.

[00:58:59] Litigation sucks. Even for attorneys. What they're looking to do is shake you down for a quick settlement. Right? Right. Okay. And if you were to. Dare to move forward with that. What, what would you use for that? Would it be, like what, what I think with some of the ones that you've had success with? So I preferred to use voice logic, but they actually had an attorney get through their hold harmless.

[00:59:26] So instead of doing ringless voicemail there, now they created a new product called voicemail courier. And if you go to voice logic.com forward slash all the leads or forward slash ATL, I think either one will work. You'll be able to see the products that they offer at the special pricing they offer for our subscribers.

[00:59:44] And I think it's 85 cents. It's more expensive than ringless voicemail. And, you know, before you get caught or you find yourself in a lawsuit,  but it's, it is 100% compliant they're using Toronto based callers with really no accents. And they're placing a live call and 20% of the time people pick up and they say, Hey, I've got a message from Mike.

[01:00:04]he'd like me to play it. Can you, can you stay on the line? And shockingly 93% of the time they stay on until the end of the message, the live answers stay. And then they, the others dropped just like ringless voicemail, but it was, it was, they can prove through records if they get audited,  they can prove that a live person made that call and left that voicemail.

[01:00:23] Well, that's beautiful. Very, you know, those who want to avoid the legal trouble, it sounds like it's a no brainer. Yeah. That's a great, another great service you're providing. And I deeply appreciate if you think of everything, it seems like the, the, the, so you have a script as to what, to what that recording would say.

[01:00:41] it's it's I mean, I try to keep them as brief as possible.  I've made the mistake. I'm probably tested and tracked two dozen different voicemails. The one that, that always had the best callback rate for me was, Hey, this is Chad. I sent you a letter last week. Just wanted to make sure you got that. And you understood why we sent it.

[01:00:59]give me a shout when you have a chance five, five, five one two, three, four. And knowing my situation, leave that URL. With the videos or whatever that, that like probate, you know, the pro probate testimonial .com. If you, if you were me tested and, and I would build that into, if I were going to leave it on a voicemail, I would build that into a more robust page.

[01:01:20] and it would almost be like a long sales letter type format,  with a bold headline that really differentiated me. Some copy, introducing my service, then the testimonials, then more copy about the services we provide in a call to action. So I would say something like, Hey, this is Chad. I met with the County clerk last week to find out what families are going through.

[01:01:41] Probate. I found out your family was one of them.  I know this is going to sound too good to be true. So I'm just going to make it really simple. If you go to probate services.com, you'll see what we do. And,  you know, when you're ready, give us a call and just want to let you know we're here in the community.

[01:01:54]So the call to action. Like I'm not even going to leave a phone number and that's how I would test that. And then I would, I would look at Google analytics and see how many page entries you had, what your drop rate was.  and then test different calls to action. The call to action could be call us today, fill out this form,  download, you know, Download our free probate checklist.

[01:02:14] you could test, test different calls to action that you could use your voicemail to, to get traffic to your website. Now, here is where this gets interesting. If you let that work, you can spend on the website, you sit down with an attorney and design a probate checklist, make it into a PDF, but the attorney's information on the bottom, you provide value to them because you get them around them, an anti solicitation loophole.

[01:02:36]So they are happy to provide that for you. So you have a, literally a local checklist from an attorney in your County on the website. You have a call to action, just, you know, download, download the Bergen County, New Jersey probate checklist written by local attorney, John DOE drop your email here or drop your cell phone, like do email cell phone.

[01:02:57]Once you get that, the terms and conditions in that form submission we'll have the language that says you are opting in to be. Contacted by ringless voicemail, text message, you know, live call, whatever, make it an all-inclusive opt-in then. So you're, you're leaving that vague message. You're getting them to the website.

[01:03:17] You're giving them something of value. And now you have a legal opt-in, so you can send ringless voicemail, you can text, blast them. You can do whatever the hell you want because you have the consent within the last 90 days.

[01:03:30]Chad, you just built my whole business in this five minute conversation we aim to please. You do, please. God bless you. Pretty Sure It was way more than five minutes, but it was a great way to end our call. If you have more, you want to talk about work cause we're way over today on time, we, we try to respect everybody's time, but come back tomorrow.

[01:03:46] Jim Sullivan (Host): Our mastermind call is one o'clock tomorrow. We can continue the conversation. And as always, if you need us between calls, just reach out to us directly. Okay. Fair enough.

[01:03:55]Thank you. Hey guys. Great call. Great turnout. Incredibly good content. I want to thank each of you for being here. I want to thank y'all for that actively participated. I want to challenge each of you. Take one thing you heard on today's call that inspired you go out and put it into action and come back any Thursday at one o'clock Eastern and discuss the results.

[01:04:16] We will talk to you tomorrow afternoon. Make it a great day. Stay healthy, stay productive. And we'll talk to you soon, guys. Take care.

 

 

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

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

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

 

Episode Summary:

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

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Certified in Probate Real Estate

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Episode Topics, Timestamps, and Resources:

 

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

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

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

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

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

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

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

Responding to Awkward/Rude Objections (8:17)

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

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

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

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

Real Estate Tips: How To Find Quality Contractor Partners

How To Find Quality Contractor Partners (15:58)

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

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

Real Estate Marketing Ideas: Branding Beyond the Real Estate Logo

Branding Beyond The Real Estate Logo (17:49)

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

Real Estate Checklist: Staying On Top of Your Prospecting Schedule

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

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


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

 

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

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

Earnest Money Deposit and Buyers Backing Out

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

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

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

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

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

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


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

Buying Probate Properties for 50 Cents on the Dollar

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

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

Creative Financing: Multiple Heirs and Distressed Property

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

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

 

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

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

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

 

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

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

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

 

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

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

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

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

 

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Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #303

A.I. Voice Narration: [00:00:00] Welcome to the Probate Mastermind Podcast. These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches. Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.

You will learn to get more listings, more deals and find financial freedom by listening to these episodes. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Responding to Awkward/Rude Objections

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

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

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

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

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

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

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

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

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

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

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

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

[00:10:05] Caller 1: Outbound

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

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

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

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

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

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

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

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

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

How to Close Prospecting Calls With An Appointment Set

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[00:14:00] Danny: None.

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

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

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

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

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

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

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

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

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

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

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

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

How To Find Quality Contractor Partners

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

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

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

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

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

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

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

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

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

Branding Beyond The Real Estate Logo

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

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

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

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

[00:18:37] Johnathan: Gotcha.

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

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

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

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

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

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

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

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

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

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

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

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

 

Staying On Top of Your Prospecting Schedule

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[00:26:34] Sam: Okay.

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

 

Earnest Money Deposit and Buyers Backing Out

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

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

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

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

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

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

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

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

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

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

Why Winter Is A Great Time To Prospect Old Leads

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

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

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

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

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

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

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

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

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

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

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

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

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

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

50 Cents On The Dollar With Probate Properties

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

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

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

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

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

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

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

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

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

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

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

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

[00:32:33] Eddie: Yeah.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Creative Financing: Multiple Heirs and Distressed Property

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

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

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

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

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

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

[00:37:49] Eddie: No.

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

[00:38:09] Am I right?

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

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

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

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

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

[00:38:29] Eddie: Yes.

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

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

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

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

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

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

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

[00:39:09] Eddie: Yeah.

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

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

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

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

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

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

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

[00:40:17] Eddie: Okay.

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

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

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

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

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

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

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

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

What Paperwork Should You Bring To A Listing Appointment?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

[00:55:07]Ron: Okay.

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

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

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

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

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

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

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

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

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

 

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Preview for Real Estate Prospecting Special Episode of Probate Mastermind Role Play Training Series

How To WIN COMMITMENT From Prospects | Real Estate Prospecting Tips | 20 Minute Mastermind

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

Real Estate Scripts Role Play Training #60 Special 20 Minute Prospecting Mastermind

Recorded Live on November 11th, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

This episode is a bit unique - It's a combination of what we do on both our Live Q&A and our Cold Call Training Series.  In this 20 minute session, we take an inside look at Federico's prospecting evolution as he shares his progress in the probate real estate niche.

Federico shares how he turned prospecting into a meaningful and productive part of his workflow and describes the latest opportunities resulting from it.  

The Masterminds also take a deep dive into prospecting and sales language to unravel the secret of winning commitment - If you're struggling to get prospects to take your follow-up calls seriously, listen to the AllTheLeads.com coaches share their insights on sales language and psychology.

 

Thanks for tuning in, and don’t forget to subscribe  above for new episodes and more!

 

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Episode Transcript

Inside Look: Fed and the Coaches Discuss Successes, Struggles, and Next Steps. Bonus: How To Win Commitment For A Second Conversation.


Fed:
Hey Okay. I wanted to give you guys some updates since I promised that last Thursday. One, one of them is, I have an appointment for a parcel of land here in LA.

[00:00:09] So I'm supposed to follow up with her this week. I sent her a handwritten card just to stay in front of her. Didn't want to be too. In front, during election week tricky for everyone. Sure. the other one, through one of the letters that were sent out, along with a voicemail, I left one of those leads said, Hey, look, thank you so much.

[00:00:29] You're actually the only person who hit, who contacted me more than once. I don't specifically need your help because I'm going to stay in the house. but I will give you the number for someone else. So it looks like I have an appointment for that. So I wanted to share that win with you guys.

 

[00:00:44]Chad Corbett: Is that somebody else in probate or they were just impressed with your offer that they want to give you that referral?

[00:00:50] Fed: So the gentleman that I contacted is someone from the probate leads that you guys sent out, I contacted him. He said that one of his employee is going through probate and said, look, you should reach out whenever you can.

[00:01:04] So even though it was Saturday at 8:00 PM, I said you know what, if he told me to call him and call right now. And sure enough, yeah, I got him on the phone and he said, thank you so much for contacting me. I explained a little bit. He said there was another realtor involved. but I asked, did you sign anything?

[00:01:20]And Oh, actually let me step back. He said, there's a trust in this. So there is no probate needed, therefore, let's just list the house. And he said, I'm going to have the realtor do this, that. And I said, have you signed everything with the realtor already? So I don't know the realtor. I said, I think, perhaps since it's a lot of money, maybe don't show it to yourself to at least get a second opinion just to make sure, you know, that you're going with the, with the specialist and it got me the appointment! I think I got lucky with that. I definitely got lucky with that. I think the luck was created by doing the calls that you guys help so much with. I feel like I'm slowly getting better and I'm forcing myself to do it, every day four to six.

[00:02:03]So I do want.

[00:02:04] Bruce Hill: Fed you and I have had several conversations. I don't think you're slowly getting better. You're rapidly improving. So good job!

[00:02:11] Fed: Thank you and welcome, I didn't know you were on the call yet!

[00:02:14] Bruce Hill: I made it in a couple of minutes late.

[00:02:16] Fed: All good. All good

[00:02:17] Chad Corbett: I want to go back to something...  one of the biggest, I would say the biggest failure point in this niche is people just not getting their calls made. And that's something that you were courageous enough to disclose to everybody on previous calls. And you briefly touched on it, but tell us now what your new discipline is.

[00:02:35]How you affect your own behavior, like when you don't want to do it, what has helped you build that discipline and has it become a habit yet? Or does it still take willpower?

[00:02:44] Fed: Still does take some willpower. But I noticed that in general, if I do, essentially, if I respect the time block.

[00:02:53]The way an appointment would be respected the time for that appointment I noticed that I finish that day, or that session feeling like I actually did what I was supposed to do. And therefore, even if I don't, get an appointment that day, or perhaps it ends up being all voicemails or just people saying, Hey, look, it's the wrong number.

[00:03:16] We don't need you. I still at least feel like I'm one step closer. I just look at it as you know,

[00:03:21] the book, the compound effect that extra effort every day compounds into a result. So that's the way I'm looking at it. Even if sometimes when you get voicemail, or just people saying no.

[00:03:36] I think it's one no closer to your next yes.

[00:03:39] Chad Corbett: So one of, one of your results that's motive, and I'm speaking for you, but one, it sounds like one of the results that you look at is a sense of accomplishment and that gives you your dopamine hit to do it the next day. Is that right?

[00:03:52] Fed: Yes, sir. Yes, sir.

[00:03:53]Chad Corbett: Yeah. Let's talk about your, let's talk about your blocks because we discussed a morning block of eight to 10:00 AM and four and an evening block of four to six. It sounds like you may just be doing the evenings. What, how are your blocks set up? Which days? Which hours and how sacred are they when other fires are burning?

[00:04:10]Fed: So I'm doing, every day, eight, 10. I'm doing expireds. Cause I feel like they, they tend to be a little more aggressive. And I was doing eight to 10 and four to six, four to six was probate. However, when I'm having a good day where I'm getting into a momentum where I feel like I'm, it's just the momentum's really good.

[00:04:33] Sometimes I'll extend that, That calling time from eight to even 11 or 12. And I'll just ride it out. If I'm feeling like the momentum's there, I just continue it, but I convert it. I switch it to probate that way. I'm also testing the probate from 10th to 12 and the results actually haven't been bad at all.

[00:04:54] Like I've gotten just as many pickups during the 10 to 12 that I have between four to six.

[00:05:01] Chad Corbett: Yeah.

[00:05:02] Jim Sullivan: If I could jump in real quick, you chat, I'm sorry. I didn't mean to interrupt. One thing you said before I forget that is so important. In my previous coaching career, we used to tell people, a lot of people prospecting is written in their schedule with pencil.

[00:05:15] It's something like that. If I have time, I'll make my calls. We used to say, you're the most important appointment you have in your day is your appointment to prospect, that you should look at that. You should look at that as part of your schedule, that two hour time block, if you had a listing appointment at that time, it wouldn't be optional.

[00:05:32]And it really sounds like you're doing that. So great job.

[00:05:35] Fed: Yeah, I think I thank you. I think I have to make sure that I ask it's been as consistent as possible since I remember Chad was saying, how often am I doing it?

[00:05:45]For the most part, I would say that out of a five day work week, I'm able to consistently at least do it three days a week, but I'm trying to get it five, sometimes four, but for the most part, we'll probably average up to three so slowly.

[00:06:02] Chad Corbett: And are you're you're hand dialing Fed or using a dialer?

[00:06:05]Fed: I am... Expired, I have a dialer; probates I'm hand dialing.

[00:06:10] Chad Corbett: Okay. What do you know what your call pace is? Like? How many per hour, if you're, calling all the numbers, having conversations, including your contacts and conversations, how many per hour are you getting through

[00:06:21] Fed: For probate? I'm getting about, I would say. Eight to 12 calls per hour, given that there's usually about four to six numbers, each sometimes wrong numbers. And sometimes conversations are usually about between a minute and two, if they give me time, unless they just say no way and are rude.

[00:06:40] Chad Corbett: Okay. W I don't know if we've ever talked about this, but we find like an average call pace is about 12 leads per hour, not numbers, just so everybody's clear.

[00:06:49] Fed: Oh yeah. That's what I meant. Sorry. I didn't mean

[00:06:52] Chad Corbett: no that wasn't for you. That was just some people were like 12 numbers an hour. What are you doing? But it's, if you call all four or five numbers, you have conversations on you. Leave voicemails.

[00:07:02] You could expect about a 12, 12 lead per hour call pace. man, I appreciate you taking all the questions and sharing with everybody. I think, this is a, typically we just role play here, but. Really it's a prospecting call, right? Like it's, I think everybody can learn from your journey, and how you had to insist that you actually do the work and then make that sort of step that a lot of people never get to.

[00:07:24] So thank you for sharing everything and answering all of our questions.

[00:07:26] Fed: Oh my pleasure. May I ask a question it's about a book that you brought up. Go ahead. So I went ahead and read the book.

[00:07:34] You suggest this called Real Estate on Your Terms by Chris Prefontaine. and I actually really liked all the things that they suggested about how to structure just ways to either acquire real estate without any money down or just helping buyers who maybe don't qualify credit wise, that you could just put them in a leased purchase.

[00:07:53]They do offer a program like almost like a coaching program. And I'm curious to know, I did notice though that it is pretty pricey. But then again, obviously if the ROI is good, then you know, it's kinda like the probate, if you don't do the work, then obviously it's expensive. But if you put in the work, the return is worth all the investment.

[00:08:15]Chad Corbett: We're not an affiliate. I just suggest Chris and his QLP course on its own merit. So a few of our customers have been through that course. Grant Cox is one Grant's really active in our Facebook group. And I've forgive me if you're listening.

[00:08:29] I can't remember the other gentleman's name. But anyways, a good friend of mine who's a Bigger Pockets podcast contributor. he introduced me to it. I started introducing you guys to it. I think that relative to the value that you get for his course, it's very inexpensive because my very first one, lease option deal ended up being a probate.

[00:08:49]It was: The father passed away. The mother survived, but she had a massive stroke and her daughter had a power of attorney. So we were able to do that one as a, even though it was a probate, we were able to do it as a lease with option to purchase. I made $8,000 in four days. So if you learn one thing from that course, one deal keep in mind, I'm in a market with a median price of one 40 at the time. So I averaged about $6,500 per transaction, and they were the most grateful clients I've ever had on both sides of the transaction sellers who were told they couldn't sell and buyers who were told they couldn't buy. Found a way to get the emotional outcome.

[00:09:28] They wanted that feeling of home ownership and not having to move their kids and finally being in that school system. So for the skill set that you'll gain from taking a creative finance training, like that 1200 bucks is a drop in a bucket man, like easily.

[00:09:44] Fed: I didn't know. It was 1200. The only thing I had seen on their website, which is why I was saying, didn't look. relatively cheap. The only thing I had seen was one was 5,000 on what's 15 and one was 35 something.

[00:09:58] Chad Corbett: Yeah, I'm not Chris and I have been trying to connect. I'm, I don't know. They're all their products are pricing, but the courses is only about 12, 12, 1300 bucks. And it's worth every penny man.

[00:10:10] It's actually, QLS fed its quantum leap system is what he calls it. So look up QLS training from Chris Prefontaine.

[00:10:17] Bruce Hill: Okay. So what, I had a question. How, how many times do you try and call through your list every month?

[00:10:24] Fed: I usually go once. I'll be completely honest with you. When I write down who I'm supposed to call back to then call the following month, but I also have the letters go out.

[00:10:33]Yep. Okay, once a month is fine. Are you, obviously it's all depends on bandwidth at least once a month. When you have a conversation, you said that your conversations are normally like a minute and a half, two minutes. What are you, what are you hearing? Are you getting hung up with them and any objections that you're running into more than others?

[00:10:51]Strangely enough, the most conversations for some reason are just people think they don't need any help. Then I ask them the usual, a home vacant home warranty policy. I say, most of the people are living in the house and are not doing anything with it. And they have attorneys. yeah, that's the main thing that I'm witnessing.

[00:11:14] Then if I have a good conversation with someone, I do follow it up with a written card, because usually during the call right after the call, I'll probably jot down a few bullet points, main points about where me and that prospect connected. And then I'll write the handwritten card work. I'll think the prospect, and then I'll say, I appreciate the fact that you, and I'll put some of those points so that they saw with listening and then I just follow up.

[00:11:43]Bruce Hill: Yeah. Handwritten notes are really powerful after the call. Very powerful. What is it in your intro that leads them to say, they have an attorney or, they don't need anything. They have it all handled. What's the, what's your intro sounds like?

[00:11:57] Fed: So usually I'll just say I'm trying to reach so and and then, I'll say I was following up with you to see if you received a letter I sent you, do you recall receiving a letter from my myself?

[00:12:08]and then I repeat the name and they said, I'm not sure we sent a lot of letters. What is this about? And then I usually go into, I have a team of people here in Los Angeles who specialize in helping families going through probate. And as part of that week or the County clerk's office down at the probate court and we see which families need help. We try to reach out as soon as possible since, I'm like freestyling here while I'm like pacing around. Yeah. But that's where those lines and

[00:12:35]You just told the attorneys taking care of everything. And I said, good. So happy you have an attorney that makes me really happy. As a matter of fact, we work hand in hand with the attorneys. We're an extension to the attorney and we pick up where the attorney leaves off. And I continue with, as the attorney handles the legal part of the probate process, which is about 25%.

[00:12:56] Which unfortunately view the personal representative stuck with the remaining 75%. And we find, we found that a lot of the families have felt extremely overwhelmed with this process and often ended up unwillingly. are losing a lot of money to you. So we try to reach out as soon as possible to make sure that we can help you whichever way possible.

[00:13:17]Yeah. And then I go into repairs, keeping landscaping, all that stuff.

[00:13:21] Bruce Hill: Cool. No, you're good. I'm going to tee Chad up for him jumping in and throwing, his, his style in. But, but I'm gonna kinda tell you that a lot of times, those objections are the best way to pivot into real estate conversation especially if you can become very non-threatening to them.

[00:13:41]And work on rapport. So one of the things that I do is immediately, Hey, you know what? We were really good. We got it all handled. That's great. Let me give you my name and number. And if there's anything that changes at all. Could you give me a call? Do you have a pen handy? and I don't care. I'm assuming.

[00:13:58] And those of you that have had calls with me know that I say, I'm assuming that they're not writing my name and number down. It's not about them actually taking my number down and calling me later. It's about disarming and then they do it and I go, okay, call me if anything changes by the way, before I let you go.

[00:14:14] Where are you guys leaning toward holding on to the real estate? Or is that something you and your family were thinking about? Keeping. And immediately that answer because the guard is dropped. That answers Jen generally pretty honest. Now it could be, honestly, we don't know yet that really could be the case.

[00:14:30]I like to channel my inner Tony Robbins if they say that they don't know yet and say, okay, yeah, perfect. But if you did know, which way do you think you'd be leaning? And I might soften it a little bit, but I'll generally, if they don't know, I'll try to ask it or rephrase that question, which will frequently get a more honest response because in reality, if somebody is five or six months out from selling a house, we have a long time to build aggressively build rapport.

[00:14:56] We just need to know who we're building rapport with what are they thinking about doing, we're not forcing them into selling, but we position ourselves with enough credibility in their mind to be able to have influence over how they make that decision. And then the last thing that I usually say on my way off the phone, whether it's 15 more minutes or.

[00:15:17] 30 more seconds is I say, look, I'm going to follow up with you in about three weeks. And I want you to know that when you answer the phone - I'm setting them up to answer - when you answer the phone, it's perfectly fine for you to say, Bruce nothing's changed. We don't need anything right now, but we'll call you when we do.

[00:15:33]But on the other side, on the flip side, if something's changed, you guys needed either help with repairs and maintenance or clean out, or it's time to sell the house. I want you to tell me because that's where I shine. That's where I can help get you guys the most money. Does that sound fair? I want that commitment from them that they're going to answer the phone and that they're going to say one of those two things when they answer.

[00:15:56]And at least that way they're not, when they see my number pop up. Yeah. When they see my number pop up next time they're not going, Oh gosh, Bruce. Again, nothing's changed. Yeah. Let's just ignore it because I already told them if nothing's changed to just answer the phone and say nothing's changed and that I would respect it.

[00:16:13]I just need something to answer. Okay. All right, Chad, you've got a different, you've got a different approach. Throw in and give me your 2 cents.

[00:16:21] Chad Corbett: I do. And people have been hearing it for five years on these calls. I don't really want to distract from the advice you just gave, because I think it was really sound advice.

[00:16:30] I love your closing. I think that's something different that we haven't covered on these calls. So rather than distract from that, I would say. That's all sound advice. you guys have all heard the way I like your disruption piece is a little more gentle than mine. Little more abrupt, but I have the personality to stand up to that.

[00:16:47] And everybody's heard that several times. I think it's okay. Especially for people who hear my language and be like, Oh no, I could never say that. I think that's, what's really great about having other people here. Like you can hear how others do it. I'm going to say good job and great advice and I don't need to weigh in.

[00:17:03]Bruce Hill: All right. Sounds good.

[00:17:04] Jim Sullivan: Jim, you want to weigh in? I was just going to add, it reminds me of a conversation we had at our last mastermind call. People are reluctant. They love to buy, but they hate to be sold. It's you're, you need a suit and you go shopping, you walk into the door, the store, and the clerk says, can I help you?

[00:17:19] The first thing you say is no, I'm just looking well, that's just a natural defense. And we talked about it on the last call. What you did there, Bruce is perfect. It's two new ways of disarming them by giving them permission to not say yes in whether it's now or in future conversations. That is so powerful.

[00:17:38]it does disarm them. It does take the pressure off. And, I think it makes you stand out because everybody else is either, most people be calling them to fall into one of two categories. They're very wimpy. Okay. I'll call you later. Or they close to hard and they piss people off. So this is a really nice middle of the road approach that disarms them.

[00:17:59] And, it's two very creative ways. Like I, like Chad said that I haven't heard before, so no, I agree. I think it's a great way to approach it. Good job. Does that help? Does that help?

[00:18:09]Bruce Hill: If you think about the objections you're getting and think about what they mean, and then use that objection as an opportunity to pivot, disarm, and pivot.

[00:18:19]that's the thing. And you could do that with any number of objections that you're going to get. It's not necessarily always overcoming the objection and sometimes listen, if you have a really strong personality and you have a really good answer in a way of overcoming that objection by all means overcome it.

[00:18:35] But if the objection is stopping you in your tracks, praise it, acknowledge it. And then pivot: Before I let you go, where are you guys leaning toward holding onto the real estate? Are you thinking about selling it? And that's really what most of us want to know. Now, there are all kinds of ways that we can help them during the selling process or during the preparation process.

[00:18:57]But we want to know if they're going to sell. And so using that objection, if you can't overcome it, if you can't handle it, Use it to get to the real estate it's gonna make a lot of people a lot of money. Yeah.

[00:19:09] Fed: Thank you. Thank you so much really appreciate you guys.

[00:19:11] Jim Sullivan: Thank you, coach fed. Thank you for, for helping us today.

[00:19:15]We apologize for scheduling this call on a holiday. I guess we didn't notice that on our calendar and I always thought these holidays run Monday. What are they doing having one in the middle of the week, but it's thrown us all off schedule. I guess we're going to cut it short today, guys.

[00:19:28] We've fed. We really appreciate your participation. Bruce and Chad, anything else you want to add before we go?

[00:19:34] Chad Corbett: Nope. I'm good.

[00:19:35] Bruce Hill: I don't.

[00:19:35] Jim Sullivan: All right. I want to thank you all for being here. although it was a small crowd. I hope, I think it was a good, exchange there. We, Chad often says, every one of these calls, we tend to get one or two nuggets that we've never heard before.

[00:19:47]And I think we got a couple of real good ones there from, from our coaches and from Fed. Thank you for being here. Thank you Fed for participating. I want to challenge each of you that took the time to show up today. Take some of the ideas, some of the language, some of the techniques you heard on this call, go out and put them into practice and come back tomorrow and every Thursday and share them with the group.

[00:20:07]Make it a great day, guys. We'll talk to you at 1:00 PM. Eastern tomorrow. Stay productive, stay healthy. We'll talk to you soon. 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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Preview for Real Estate SCripts Role Play episode 59

Real Estate Scripts Training: Live Cold Call Role Play #59

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

Real Estate Scripts Role Play Training #59

Recorded Live on October 7th, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

Thanks for tuning in, and don’t forget to subscribe below for new episode notifications!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Cold Call Scenario 1: How To Win Face-To-Face Appointments When The Seller is Undecided (1:00)

 

Danny plays the personal representative in this role play with Bruce Hill.  Danny poses a scenario where two brothers working full-time waiting tables are trying to figure out what to do with inherited property.  Money is tight.  The brother wants to keep the house, but Danny hints he’d rather sell the house and get some funds in their pockets.  Danny’s biggest obstacle is lack of time.  He hasn’t yet figured out how “being too busy” can ultimately cost him much more in holding costs and equity the longer he sits and waits.  Bruce and Chad breakdown the role play and share their insights on how to become the solution in scenarios like this.

Real Estate Objections - Role Play Training

 

 

See Also: Dan’s previous two role plays, where he played the probate expert:

Role Play Session #58

Role Play Session #57

Time Stamp for bonus tip: How To Win Face-To-Face Appointments When The Seller is Undecided

Bonus Tip: Chad Breaks Down How To Win An Appointment At The Property WITHOUT pushing a hard-sell on listing/acquisition. (11:04)

 

Cold Call Scenario 2: How To Make Follow-Up Calls After A Bad First Impression (20:47)

 

Ashley had a potential seller in her pipeline, but after her attorney referral bailed, the seller lost faith in Ashley’s ability to provide any real value.  Ashley describes her background, how she got into real estate and how she is transitioning into agency from wholesaling.  Chad offers Ashley solid advice on personal development and demeanor before jumping into a role play.

Time stamp for Real Estate Objections Scenario 2: How To Follow-Up After A Bad First Impression

 

Best Cold Calling Tips and Advice Here:

Understanding the prospect’s pain point and addressing it is the key to moving forward. Bruce and Chad discuss how to discover the pain point and offer solutions for it.

Real Estate Cold Calling Tips 5

 

Sometimes, you have to get a prospect to accept reality, even if it isn’t ideal or morally right.

 

Episode Tip: Understanding the prospect’s pain point and addressing it is the key to moving forward.

 

When you feel uncertain or something is out of your power (like legal issues), tackle a smaller problem.  This becomes proof that you’re doing what you say and solving problems, even if the bigger problems can’t be solved yet.

 

 

Timestamp for Real Estate Cold Calling Tip: Getting Over Your Fear of Not Knowing What To Say

 

TRY THIS EXERCISE (48:05):
Chad advises everyone to create a spreadsheet with two columns:
1) What problems might people face because of Probate?
2) What are all the solutions you can provide? 
If you do this exercise, you'll have better confidence and delivery when offering solutions to cold call objections.

 

 

 

 

 

Related Resources For Probate Cold Calling Scripts:

 

 

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Episode Transcript

Real Estate Scripts Role Play 59 Transcript

A.I. Narration: [00:00:00] Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group " All The Leads Mastermind"   to find role play partners and more.  For previous episodes, visit all the leads.com slash podcast

regular call, but I was thinking about switching it up today. probably just this once just so I can step out of my own shoes and get a different perspective and maybe this time be the prospect and shoot you guys the common response that I'm hearing as of late.

[00:01:29]just basically, yeah, I'd be the prospect. If someone wants to be an agent and a role play with me.

[00:01:33]Bruce Hill: [00:01:33] Okay. Cool. good deal. Are you ready to start?

[00:01:36] Danny: [00:01:36] Uh, yes. I'm. I'm ready to go.

[00:01:38] Role Play 1: [00:01:38] Okay. A ring ring. Hello? Um, Hey Danny, uh, Bruce Hill. Uh, my name is by any chance familiar to you, is it, uh, no, no, actually I've never heard that name before. Okay. No. Okay. Listen. It's no big problem every now and then I get that.

[00:01:55] The reason I'm giving you a call. If I shot you a letter, a couple of there's a go. And, um, basically what I do is kind of help people that are going through the probate process. And listen, I have no earthly idea. If what I'm offering is beneficial to you or not take about 45 seconds, I can tell you the reason that I'm calling is that cool.

[00:02:17] I mean, probably it's. How did you get my number? Yeah. Yeah. Uh, listen. It's exactly. That's what I was going to tell you. We run down to the court, um, the courthouse and talk to the clerk generally about once a month and just find some of the people that are going through probate that, uh, that might be able to use some of the services we offer.

[00:02:38] And what we do is we, we put together a team that kind of helps people that are struggling or trying to figure out if they're going to keep her sell real estate. Uh, maybe some people that that might be. Struggling with the clean-out personal property that they have to get rid of, that they have to sell things like that.

[00:02:56] And then ultimately all the repairs and the maintenance that can sometimes kind of pile into an already busy life. I assume that you probably don't handle a States, administer a straight estates for a living. Do you? I do not know. No. Okay. Uh, so let me ask you a quick question. What, uh, what's been the biggest struggle that you've had so far.

[00:03:20]Okay. Okay. Well, I mean, I like some, like, uh, like what you're saying, Bruce, um, I guess I'll talk to you for a couple of minutes. Um, definitely after my, uh, stepfather's passing, um, after, you know, after he passed his only myself and my brother that are, uh, you know, really trying to handle. Okay. Everything going on and, uh, we don't really know how to go about handling what little estate he had.

[00:03:46] We don't think we need an estate sale after it. We talked to my attorney. Mmm. Okay. I be thinking of doing something with the house. Not sure yet. Maybe my, I think my brother might want to move into it, but we're not a hundred on it. Um, but. I guess it's just kind of all mixed and mix and match of the different things and not surely not sure what to do.

[00:04:12] Okay. Okay. So yeah, I would, I would imagine just the myriad of choices that you're having to make decisions on. Kind of get a little overwhelming at the time. Is that, is that a fair statement? It's definitely, uh, like, uh, right now, I mean, I have my own job. I work 40 hours a week, so it was my brother, you know, we're trying to do what we can here, but I'm not really sure how to go about the next step.

[00:04:41]So we, we both work at the same job over serving. We both work at a little Chinese, Chinese place. Um, and that's what we're doing right now. Cool. Cool. Um, so I imagine all of a sudden now handling an estate is like piling a whole new job on top of, of you being already busy, right. Without a doubt. Yeah. Okay.

[00:05:05] Um, now you mentioned that your brother was talking about maybe moving into it. Um, if, uh, if you could wave a magic wand and get your way, do you think that you'd try to lean towards selling or do you think that you'd personally lean toward keeping. Mmm. I think, I think we would want to maybe sell it for, for me personally.

[00:05:27] Well, and I say that because no money is not the. The biggest thing right now for us, we, you know, we don't have a lot of it and I think someone else would be good for both of us. Um, he's trying to convince me to move in with him in the house, but I think selling it and going through somewhere new together would be probably the best financial move.

[00:05:49] But, uh, he seemed adamant, but I don't want to argue too much with him. He is the order. Um, I just, yeah, it's just a lot. Okay. Um, what, uh, what kind of shape is the house in? Is it in good shape? It's in, it's in good shape. Um, it it's, it's not bad. It could definitely use a little repair is nothing major. Um, but you know, it's definitely a liberal without a doubt.

[00:06:14]What, uh, what kind of repairs do you think are needed? I know, I know it's not major, but if you, if you were going to move in, what would you do? Probably, uh, just the roofing. Oh, I would, I would definitely look to do that first. Um, yeah, maybe, maybe it past that. Uh, I'll do a little side things, just a deep cleaning of like tiles and, uh, floorboards and everything like that, but that's about it.

[00:06:39] Okay. Um, how much time do you think that would take for you to, to fix it up and get it to your standards? I don't any idea how much money it would take? I have no idea. Um, I don't know. Are you, are you asking me this question to try and like buy it from me? Uh, maybe I, I honestly, I don't know exactly what you and your brother what's going to be best for you guys.

[00:07:04] So, um, you know, it might be to sell, it might be to keep it, um, tell you what, without eyes on the property. Um, we might just want to go ahead and, uh, and, and set up a quick time when we can walk through it for 15 minutes together. And I kind of give you guys a little bit of a roadmap and, um, Give you some information and that way you guys can make a better decision.

[00:07:27] And if it's me buying the house or helping you sell it, um, great. If it's you guys keeping it, I have no problem with that either. Ultimately you just, I need more information and maybe even a little bit of help, sort of sorting through them process that you have so far. Um, No, I have some time later this week on, on Friday or possibly next week on Tuesday.

[00:07:51] Uh, either one of those days work to meet for 15, 20 minutes over at the house. Uh, well, both Fridays and Saturdays, I double, um, I wouldn't be able to make any of those days. Okay. How about Tuesday? No, I work in the morning shift. I can do Tuesday evening morning. Okay. How about your brothers? He works the same shift.

[00:08:12] Did you. Um, not all the time though. Um, I don't even know if he'd really want to meet, to be honest, so much just be me. I would have to talk to him for a little bit. Okay. All right. So he, he sounds like he wants to keep the house, right? I would say it's, it's, it's 60, 40, but it's a bit there in here. Yeah.

[00:08:35] Tell you what let's, uh, let's you and I go ahead and pencil in. See if we can plan on meeting there Tuesday, I'd say six o'clock. Um, I'd really like to meet him as well. Cause I want him to feel like he's heard and that his voice has, uh, that he has some pull in what we discuss. Um, ultimately I wouldn't want to be blindsided if I were him.

[00:08:55] How about you do me a favor and, um, Ask him, if he can come at six o'clock and listen, if another day besides Tuesday works better for both of you guys, just give me a call back and say, Hey, let's do it Wednesday instead, or Thursday, something like that. But you and I can go ahead and plan tentatively on six o'clock on Tuesday, if that's cool.

[00:09:14] Does that work? That does work. Great. Thank you. Okay, perfect. Listen, I'm going to call you Tuesday morning. And just confirm that we are still on and, um, and, and if you need, need me in the meantime, just give me a shout. Okay. Alright. Thank you. Alright, thanks, Danny.

[00:09:32]Role Play 1 Break Down: [00:09:32] Okay. What'd you hit me with that. You were hearing. Uh Hmm. Okay. Um, So the, what I've been getting hit with a lot, um, which I tried throwing in there was, we're not even sure if we're going to need in the state. So I've been getting that one quite often, um, uh, trying to decipher, you know, moving out to my questions around that, um, uh, Ashley, you know what I did want to throw in there as well.

[00:10:01] Um, Is the fact like, so the are getting the letter of testamentary. They're either early on it or they just got it and they're not sure their steps move, you know, you know, to get moving and get going. Um, but I mean, I got, I got the gist of like how to pretty much approach that, but, uh, yeah, it was, I think it was definitely the biggest one was not sure on the whole house.

[00:10:23] Possibly I'm getting a lot of relatives might want to move into it. And I'm getting a lot of, uh, um, we don't even think we need to do in this state, so. Okay. And maybe they don't. So I just let, let you go with that. I didn't try to handle that at all with you. Cause I don't know. Um, I don't know until I see the house.

[00:10:47] And we can discuss your best option. So I definitely, if they, if somebody is going to hit me with, with, with that, that's not an objection. That's just something that I don't need to dig into one on our call. I can move on  we can dig in spectrally Bruce. I'll disagree with you on that because it's a great opportunity to show them a go.

[00:11:09] It's a great opportunity to show it as a golden safety net. I would say, use a state sales on one and 51 and 75 deals. However, knowing that you've got their back makes people, it usually spurs them into action. So for me, the way I handled that as, okay, well, listen, that's where most people start. A lot of families attempt this on their own, but just so you know, we have an  entire team of people that can step up if you ever would just want them, someone to write a check or do you want to do a tag sale or an auction sale? And that's something that once we see the property, we can kind of give you our suggestion. We've seen a lot of families struggle and we've seen a lot of families be successful at.

[00:11:47] Clearing the personal property. And you know, it's obviously once we take a look at everything, we can give you our opinion of what we think is best for your situation, but you can, I can provide a little bit of value to them and a little peace of mind before, because you're, you're paving the way, way to setting the appointment.

[00:12:04] So for me, I think way that I can find that I can show them how I can protect them, save them money. I'm stressed. I'm going to do that to try to build up to that appointment. So it's just a different perspective, but I do talk about it before the appointment. I don't get into the details. I just show them how it's kind of like other people felt this way.

[00:12:26] And we had a safety net in place for the ones that needed it, and then we move along and they feel like it just helps reinforce the rapport and trust you're building. Good. Okay. Chad you just fractured my ego? Just kidding. Um, ultimately, um, ultimately. Um, I think that, uh, every SIG, Chad just said is spot on one of the things in our conversation that you did, Danny, as the PR is you touched on the estate sale and then you moved on.

[00:12:57] Um, one of the reasons that I didn't camp on the estate sale is you kind of moved on and started talking about your and your brother's desires. So you can always circle back to an estate sale through the conversation. Um, And, and I don't know Chad, how you feel, but if he moves on into desires of whether they're going to sell or keep the house, would you try to backtrack to an estate sale immediately or later?

[00:13:26]I will. What I noticed is you had trouble setting an appointment, you know, he's a server. So, you know, he works weird hours and he probably sleeps in late. And it's, it's highly unlikely that two brothers that probably don't have a whole lot of money and are struggling with time because they're waiting tables all the time.

[00:13:44] They're probably not going to be successful at getting a property cleared out. And maximizing the value of the personal property are they're very likely to get to a point where they give up and say F it and throw it all away. Like throw a lot of stuff away or donate a lot of stuff. So I would have gone the route of.

[00:14:02] Maximizing the personal property equity and using that as a reason to get there. And then I would, I would have, I would go there without trying to push, nudge him either way, but I would let him know on the phone. Hey, we've got, you know, if you do decide, you want to keep it, uh, we can, you know, we can connect you with, with the right professionals.

[00:14:24] So I'm assuming that if you, if you decide to keep the home, you're going to want paid for your house, right. Because chances are, he's not financially savvy and he's not thinking of that. So I want to paint. I want to trigger that. Oh shit. I can think of that. How am I going to get my house? If he moves in, what do I get?

[00:14:42] And I want, I want to stir that up and get him thinking about that because chances are based on the, when he was in character. He wasn't, he didn't say my perception is he wasn't considering his after the equation, he was subordinating to his brother to move into the house. And a lot of folks don't understand real estate finance at all.

[00:15:01] So I'm going to use a lender suggestion. To bring up that pain. And so, you know, for example, if you're, if you guys do you decide to keep it in, your brother wants to move in, you have to find a way for him to get financing I'm mortgage on this so he can pay you out. If that makes sense and boom that's right.

[00:15:18] It was the red flag. Well, wait, I didn't think of that. His credit sucks. He doesn't have any money. He's never going to qualify for a loan. And then we start, he starts to send you, they start to get clear on okay. What they need. I'm not going to push on that hard. I just know that going to the appointment.

[00:15:33] And I'm using personal property to get there where I'm using a no trespassing posting or something else to get there. And they'll, they'll have to have their own apifany and realize that it's not feasible for them to keep the home, but when they do I'll be there. So that's the way I was. I would've handled it well.

[00:15:53] Okay. We have Nope. We have nobody else in the queue. So keep going guys in Bruce, I'll build your ego back up when we're done. I'll give you, I'll give you a couple of compliments, but go ahead. I interrupted you. Go ahead. So I was using this situation. It was a closest to, you know, what I personally went through.

[00:16:14] So I locked my stepdad two years ago and I didn't realize it at the time, but that was probate, that, that part of the family was going through and I was there for it. Um, so, you know, and not about a couple of weeks ago, I called back, you know, a family over there and I asked them more about, you know, what they were going through.

[00:16:31] So I know talking points. Um, for, you know, when I make my calls and, um, and I use that house as a platform for this, for this role play as well. You know, the, you need the word titling, you know, work, uh, um, no family, family still wanting to kind of stay into it, but they thought about selling it. I'm not too sure what they want to do.

[00:16:55] Um, You know, and it's just, basically, I tried using my own situation in this roleplay and that way I, you know, get gathering information more about it. So I know how to basically it can be more genuine in the call. You're like, look, I've been through the same thing. You know, I was there for my family.

[00:17:11] We've been through probate as well. I know I get messy. Don't always know, always know what to do at the time. My brother and I were serving a, you know, it's hard. We didn't really have any money, et cetera, like that, you know?

[00:17:22]So good. Bruce did a really good Bruce had a really good job reading you and mirroring you. And he matched your energy master your tone of voice. He listened to the things you were saying. And especially when you talked about the repairs needed and he asked a really great question, you know, what would it take to get it up to your standards?

[00:17:42] And that's getting, getting your gears turning on of, you know, well, you've, you've got to put yourself in that position. What, what would it take for me to live there? Or me to spend my paycheck on that. And that, that was a really good tactic. Um, but anyway, so those are, those are some of the things that I think, you know, as you listen to this pay attention to, you know, there's a lot of things, Bruce, isn't telling you why he was doing, but I see a lot of matching and mirroring that he was doing.

[00:18:11] And he, the, the biggest thing is he was a good listener. He was gathering information, no matter how small the pieces were and he brought it all together and you felt like you could trust him then. Right, right, right. I did. And I was going to echo that you go ahead. Oh, another thing, uh, Danny is you, um, as soon as you started expressing and sharing that you just didn't know.

[00:18:38] So I don't know what I need to do at the house. I don't know how much it's going to cost. This is what it would take to get to my standards, but I don't know how much that's going to take. That's the opening to. Really pushed for that appointment. So, um, you'll notice I changed gears really quickly and started going for a time.

[00:18:58] As soon as you started expressing doubts that you're, you're blind to what you're about to face. Okay, go ahead. I was going to say you started off with something I'd never heard before. First of all, you're about as far away from scripted as possible, which I know you could tell. I was totally not scripted.

[00:19:18] It was kind of very conversational, matching and mirroring. I had never heard anybody say, Hey, this is Bruce. Have you ever heard of me? And I, I kind of liked that because it made it sound totally not like a cold call. And it put a question in his mind was. Am I should, I have heard of you, sorry. I like that opening a lot.

[00:19:37] And when you close for the appointment, um, it was almost the opposite of an assumptive close. She said you think maybe we might maybe could get together, but you said it competently and it, I felt like it gave him permission. To say no. So he wasn't afraid to say yes, if that may be such, you, you, you, the way you close there was very low key.

[00:19:59] And it was, I felt like it was, would have been difficult for him to say no, because you gave him permission to so anyway. Excellent, excellent job that make your ego feel better. Oh, I don't need my ego boosted. I know you said, you said Chad, shut it. Shut down there. I thought, ah, I thought it was really cool.

[00:20:17] There was some things I'd never heard before and role-plays so good job. Danny. Here's your action. Step on your very next prospecting call. You have to pick up the phone and say, Hey, this is Danny. I'm kind of a big deal like Bruce Hill. Have you heard that?

[00:20:29]Definitely. Definitely. Well, thank you guys, Matt. And I'll definitely be here for all the other role plays. I'll be here this Thursday as well for the mastermind call and you know, everything so forth. Keep coming back, man. We have two more in the queue.

[00:20:42] Good job guys. Next up is phone number ending in nine zero seven seven.

[00:20:47] Ashley: [00:20:47] You're up next? I don't know. Hello there, Ashley? Hi, this is Ashley.

[00:20:54]Role Play 2: [00:20:54] So, um, I'm a real estate agent also. Before I became an agent, just a quick little background before I became an agent. I tried being the wholesaler in my market and it was very difficult, especially because I didn't have a one single strategy. I was going after like multiple types of leads. Um, here recently I decided to focus in on one thing, which is so bait.

[00:21:25] And I guess my list again, to return to of, um, um, attract the customer somehow. So. Um, someone that I know reached out to me and asked like, Hey, do you know any real estate attorney? I have a friend who's a real estate attorney. I asked her, okay, well, what kind of real estate attorney title probate? Like what type of attorney does he need?

[00:21:53] What she gave him, my number. He called me in, when he called I kind of like. I kind of like what I froze up. I was scared. I wasn't, I didn't necessarily, I didn't know when he probates attorneys really, you know, like I was trying to, so I reached out to some people cause I didn't want to just like refer anybody.

[00:22:15] Right. I wanted someone reputable. Um, I got a few references, uh, as far as the probate attorneys and I got back with him and gave him the information. Right. Well, let me collect them with information, right. I just kind of nervous. I don't, I don't know. I was kind of nervous talking to people on the phone makes me nervous, but being in person it's it's normal for me.

[00:22:42] Right. So yeah, with all that being said, I, um, call them back to followup with them. And then I tried to collect some information like, Hey, I didn't get a bunch of information from you the other day. Um, but was the attorney that are referred, you know, was he helpful? And he was like, yeah. I mean, I submitted some information to him.

[00:23:09] He hasn't called me back yet. Right. So I proceeded to ask him sound wise. All right. Well, what, what what's going on in your case? He like, he's just being very short. He told me that pretty much, um, his mom wrote a wheel and she did not. Um, she handled, I hand wrote it. It was like a holographic will. And, um, apparently, uh, it's not good enough for the court.

[00:23:41] Um, with that being said, he has, she has a mortgage. On her home. So that's how I know that there's real estate involved. Cause he told me she has a mortgage on the home and he can't find out any information about it. Um, because he's not the successor of interest. Um, so I didn't know what any of those things meant at the time.

[00:24:03] Right. And I really didn't know how to respond to it besides to say, okay, well, you know, the person I referred to you, he's great. He'll, you know, he'll get you taken care of on that end. What do you plan on doing with the hell? So you plan on selling it and he kind of just shut me off. Right? It's kind of like, I don't know what I'm going to do with it.

[00:24:21] I'll probably rent it out or something I don't know right now. And so I told them, I'll follow up with him the next time I called him and he didn't answer right. So I'm going to follow up again today, but before I do that, I guess I just want us to role play with you, the guy to make sure I don't sound crazy.

[00:24:39]Go. I first went to, we can role play before that. I want to try to see, I want to see if we can clear your block. So I want you to, I want you to go back and listen to this recording too. And listen to yourself. Talking about your limited beliefs. I'm really good in person. I'm not really, I'm not good at all on the phone.

[00:24:58] Where do you think that comes from and the fear that you referenced? What do you think that fear is? What's the emotion driving that fear. Um, because I wanna, I want to be good at it, you know? And, uh, I want to see what's the fee. Um, the theory is then figuring out that I don't know what I'm talking about.

[00:25:23] Okay. So you have a, you have a fear of being your ignorance being exposed. Yes. When I'm not ignorant, I don't know. You'll you will always be ignorant and something. You'll never know everything. So I'm trying to help you deal with this so you can change your inner dialogue or your monologue. So what's the fear and what's the worst outcome.

[00:25:48]Um, the worst outcome is that he just hang up and not wanting to work with me. Um, I suppose, right. And now he's not calling you back. Yeah, Mike, this might sting a little bit, but this is, this is the learning environment. He's not calling you back because you didn't provide any real value. You gave him a referral.

[00:26:09] You gave him a referral that wouldn't call him back, and then you called back and like there's there's opportunities there and we can role play it, but it's, it's a good gauge of the value you provided. Like, he doesn't feel like you, you were, you know, You want anything to change this situation and that's okay.

[00:26:26] Okay. We all fall on our face. I've done it hundreds of times. Yeah, but I want you to, and you know, after this call really dig into why that, why do you have call reluctance and how will that ever serve you and what, whatever you have to do, whether it's going to fall on your face to prove it to yourself, and it's not going to end your life or ruin your reputation.

[00:26:48] You need to break through that. Because prospecting will always be a struggle. As long as that's present, you will always be ignorant. You'll never know everything. You have to find your way of dealing with that. Right. And for me, you know, we all have imposter syndrome. It's no matter how successful or how, how much of an expert you are.

[00:27:07] Sometimes I feel like I'm full of it, right? It's never going to go away. We just have to find ways to work with it and use it to our advantage and well tactics. Like, you know, that's a really great question. I I've, I've helped a lot of families, but I haven't actually had that one. Let me, uh, be okay if I give you a call back at 4:00 PM, I'll have the answer.

[00:27:28] And just things like that to let yourself off the hook, show yourself some grace, go, go fill your blind spot and come back with real value people. Won't judge you. Like it's not gonna, it's not going to be a, a point against you. If you do things like that and doing it that way. And six weeks you'll know everything there is to know about probate.

[00:27:48] Because you'll be out there gathering. Yeah. And information filling me blind spots, but be confident. I mean, the thing is you found your way to this call because of your heart. Right? You, you, you must be a compassionate, empathetic person because you doing some things that are really uncomfortable, you're facing fears because you want to help these people.

[00:28:09] Right. Is that why you're here? Are you just looking to make some money? No, no. I mean, when I have a purpose behind what I'm doing helps need to get a lot more done. So it's absolutely not just about the money. So show yourself some grace and like, but I really want you to focus on this and understand where that's coming from.

[00:28:33] Maybe it was getting picked on in third grade, when you, you spelled the word wrong or you, you gave the wrong answer. Um, whatever that is, figure out what it is. Think about. What's the worst thing that can happen. If this guy completely cusses me out and hangs up on me, what's the worst thing that can happen.

[00:28:48] But I think what you'll find is you'll you believe in your heart, these people are better off hearing from you than not because they're in good hands because you're done this for the right reason. And that's the kind of confidence I want you to show up with on your next phone call. This person is better off hearing from me than anyone else.

[00:29:05] I'm certainly better off hearing from me than not hearing from me. And it'll change your demeanor and you'll, you'll learn to defer things and say, you know what? That's a really good question, but I don't know the answer to, but I have a mentor in probate and I'm part of a group of thousands of probate professionals.

[00:29:22] And I'm going to go get you the answer right now. Can we talk at four and you've got all of us to lean on. You have a community of 10,000, 11,000 people and all the leads mastermind. You've got Bruce professional real estate coach that you can, you can vary. You know, if you call support, you can talk to one of us and we've got your back.

[00:29:42] Consider this your mentorship. Like, even if you're, you know, maybe there's not like a formal coaching program, it's part of what you're doing here. So just proceed with, with confidence and know that we'll help you through this stuff. Use the resources you have, don't ever feel embarrassed or ignorant or, or when you do reach out to us.

[00:30:03] Okay. For emails you want to play the agent or do you want to play the prospect? Uh, the agent. Okay. And you're going to do an outbound, outbound. Okay. Outbound. Okay. Okay. Okay. So, um, Oh, I guess you can name yourself kin, um, green, green, green. Okay. Hello? Hey Ken, this is Ashley. How are you? Ashley, uh, I spoke to you last week and I connected you with Bob Carter.

[00:30:43]I'll be back. Well, you. Uh, I mean, I know you, you, you gave him my number. I think I haven't heard from him. Um, we've, you know, we, uh, I've got my, my cousin is, is looking for an attorney. I haven't heard from Bob Carter or whatever his name was. Okay. Well, that's unfortunate. I even followed up with him to make sure, uh, he got back with you.

[00:31:10] I'm sorry about that. Can. What I'll do is I will get back in contact with him and find out what the holdup is. Um, but in the meantime, I do want to take a moment to kind of go back to where we were last week. Um, I really want to get some more information from you because I'm sure that this is really, really stressful for you.

[00:31:38] I know you work a full time job. Um, for the state right now and they have you guys doing all kinds of things. So I just kinda want to go back and figure out, like, what are your biggest challenges right now? Because any way that I can help you can, are really wanting to help you. Well, my biggest challenge is that my mother wrote her last will and Testament, and nobody wants to recognize it as hers, just because of the damn thing wasn't notarized.

[00:32:06] We all know what she wants. It's written right there. Right. So how do I carry out my mother's wishes when the state says I have to do something different? Gotcha. Gotcha. That, that, that were frustrating. Me too. That will frustrate me too. So what we'll do is we'll find an attorney to help you deal with the legal aspects of that.

[00:32:29] Okay. I'll hold your hand, walk you through a week. We'll get through it together. I'll see you through to the finish line. Okay. To make sure that your questions get answered and we get you somebody reliable. Okay. Now, in terms of the home itself, right? Because that's. That's a major concern for you. I remember you telling me that, uh, you're thinking about possibly putting a pin it in there.

[00:32:56] Does anyone live in a home right now? No. Okay. So it's vacant. Okay. And, um, just a quick question, is that home? Insured right now with the vacant home insurance policy. Yeah. It's always, we always, the insurance payments are being made. Yes. Yeah. But the home is vacant. So do you have a vacant home insurance policy?

[00:33:28]We have homeowners insurance. I mean, it should cover anything.

[00:33:32]So here's the deal case. If something happens to that house and it burns down while no one is living there, um, you'll be in trouble. So that's one thing that we may need to listen to for you to make sure that's recovered all the way around. Okay. Um, I'm not sure what type of home insurance policy you have, but let's just double check.

[00:33:56] That's one of the things that I'm going to write down right now. For us to look into bank, it vacant home insurance. That's just going to cover you in case something happens because the home is not being occupied right now. Okay.

[00:34:09]Outside, outside of that, um, is there is the home furnished right now. Is there a lot? Well, I mean, it's the same as it always was. It was mom's stuff. I mean, it even has extra furnishings. There's a hospital bed in the living room. Gotcha. Okay. So even, even in that situation, right. Do you plan on keeping those things or you want to give them away so long?

[00:34:37] How do you want to go about handling those? Oh, submissions at home. Actually, I don't know, like, I, I, you know, the will says one thing, the state says another, I haven't gotten that far. Like I I'm worried about everything, everything that my mother wanted to be done, being done differently. And that, that being my responsibility, I don't know how the hell you're supposed to show her that, like, I don't know what I'm going to do with the house.

[00:35:03] Like, is that all, I mean, what is this about? No, it's not just about the house. Can I want you to take a minute to breathe? Okay. These I'm calling you because I care. And I want to see you get through this as stress free as possible. Okay. I really, really do. If you want to sell your home in the process, fun, we can have that conversation.

[00:35:24] If you don't, it will be my pleasure to help you get, just get through the process. I hear the stress all in your voice, right? And my friends thought enough of me to refer you to me. Please allow me to take care of you because you need the help right now. So again, if you're not interested in selling the house, that's not my concern.

[00:35:49] It'll be my pleasure to help you for whatever you need help with. Okay. So let me ask you, do you have any siblings, anybody else who might, uh, Possibly have interest in his home or, or the probate at all? I do. I have three siblings and according to the probate clerk there do a pro then equal percentage of everything.

[00:36:13] But yeah. Two of my sisters, neither me nor my mom talked to for the last 20 years. And they're kind of there. They just want to come in here and cash, grab whatever they can after spending years abusing mom. And I, I don't want to stand for it, but I'm being told I have to. So I think you can appreciate, I don't really give a damn about the hospital bed in, in, in, in, in the living room right now.

[00:36:39] It's not what's top of mind for me. I'm trying to figure out if I even want to do this, if it's all just going to be spread around, why not let somebody else do this? You know, because your mom trusted you. That's why she trusted you. Right. And you are not alone. You have to, you can, you have to remember, you're not alone.

[00:36:59] I'm calling you because I want to help you. Okay. So I understand you don't have a great relationship with your sisters. We all got family drama, you know? So why don't you allow me to arrange something with your sisters, um, for us to have a call and talk about it, what we can do, right. To get us all on the same page.

[00:37:25] Cause that's what we all want. We all want to be on the same page so that we can move forward. So to be difficult to move forward, if everyone can't get aligned, you understand what I'm saying? Yeah. All too. Well, yeah. We're going to face back in this place, you know, and, and I don't want us to stay, so we need to move to step two.

[00:37:45] We're still in step one. Okay. So how about it? You got enough going on? Why don't you give me the names of your sister with whatever contact information you have for them. Okay. And I will give them a call and see, um, if we can all get together. Um, right now, first name is Ima middle initial B, last name, arch.

[00:38:15] Okay. Did you not?

[00:38:17]I'm a B arch. What's the phone number? Five five five

[00:38:22]four four four, four. Easy enough. Okay. And your other sister? Selma middle initial N Louise. Okay. And it's five, five, five cliff.

[00:38:35]Okay. So I have that, um, I thought you told me that one more sibling. I have a brother. Okay. And, um, you're on good terms with him. Yeah. He lives here in town and we see each other at least once a month. Perfect. So what made me have way you call your brother out, get your sisters on the line. Um, and then I'm going to schedule for us to sit down and have a conversation because we're going to move this process forward.

[00:39:08] Um, What is a good time for you on Friday? That's a busy day for me. Okay. But I do have an opening right at about five 15. You good with that? Uh, depending on traffic, I mean, we, we get off at five. Um, I mean, where do you want to meet at the house? So are your sisters actually here in town now? I quite honestly don't know where they are.

[00:39:37] Okay. Well then let's start with, um, do you, are you pretty good with the internet?

[00:39:45]Oh, I think I know my way around. Okay. Well here's what we'll do. There's a Panera bread on Thompson Boulevard. Is that close to you? Yeah, it's 20 minutes away. I could make it there. I mean, if we do five 30, I could make that. I think I can work out five 30, so five 30. It is meet me there. What I'll do is I'll get in contact with your sisters.

[00:40:09] Hopefully we can pull them up on a zoom call. If not, we'll just do it the old traditional way and do a three way call, tell your brother and meet us there. And we are about to get the wheels rolling. You ready? How about to get what the wheels, Rolling, the wheels, the wheels rolling going. Yo, I do fine. Don't worry about it.

[00:40:36] Just meet me there. I thought you were talking about the will that my mother wrote that nobody wants to validate not the wheel. Oh, it's okay. You'll you'll learn to accept my sense of humor. Um, all right, Ken. Well, thank you for taking my call today. I am. Um, I'm looking forward to the actually getting to meet you and your brother in person and, um, and moving us forward in the process.

[00:41:06] Role Play 2 Breakdown: [00:41:06] Okay. Okay. Alright. Well, just know I have you covered, I got your back. So when we get off the phone, don't worry about anything. Okay. Right. Alright, good. Keith CSO. Alright, so what's your objective in that appointment? What do you do to prepare? So what I would do is I would call an attorney, right. And, um, make sure that they are ready to answer questions.

[00:41:42]In the event that I need to call them on Friday as well. Um, I'd also check to take on the vacant home insurance situation, um, and be ready to just find out like what it is they want to do. You know, even if. In all honesty, even if they don't want to sell it, that doesn't bother me because I just want to learn this process.

[00:42:08] Oh no, no, no. That's clear. And it is clear that you're intents. Good. But the way I feel like the way my character feels at the end of that phone call is why the hell am I meeting her? I threw you some slow pitches. I showed you my mental distress over having to deal with knowing that my mother wrote the will.

[00:42:28] I watched her do it. It's yeah. And her handwriting. And because she didn't know enough to get it notarized. Now I'm being told by a government. That I have to do. I have to give it to the sisters that don't in my, in my perception don't deserve it. And you you're like, listen, just you're taking care of let's move on.

[00:42:48] And, you know, we moved on without me, quite frankly. And what I would, the way I would have dealt with that is I would have, I would have taken the whole big conversation and focused it on that one thing that was causing him so much pain at that point. Cause he's not listening to anything else. Right. He's he's in an emotional loop of distress and that's where he stuck.

[00:43:09] So you need to deal with this one domino at a time, if you go to Panera bread, the brother shows up those two, get along. You put the sisters on a zoom call. You're very likely to inflame and old family conflict and make their situation worse. So my advice would be make backtrack. Finding an attorney. And I would go find a different attorney.

[00:43:29] If this attorney had a week to reach out to a qualified referral, the hell with him, go find another one because that's not the right partner for your team. You're holding yourself to yourself to a high standard. And you, you want to provide a high standard of service and you want to help. That's clear that attorney isn't a good fit for you.

[00:43:48] So go find another one. That can meet and set the appointment at the attorney's office and say, you know what? I can, there's a lot of things we need to talk about, but right now, I think there's only, only, um, one. I'm not, not going to give you some more to think about what's the vacant insurance you kept saying, we're going to look into that.

[00:44:09] We're going to put it on the list. He already has an all list. That's overwhelming. I mean, you just put one more thing on it. You need to hand them the solution. And use the, you know, what can I do? I didn't even write this down last time, property address so I can look up the tax record. I'm going to go ahead and get you proper insurance before the sunsets this afternoon.

[00:44:28] Okay. Okay. And get the property address, pull the tax card, go to the insurance broker. I have him quoted through a couple of different companies and then follow up and, and have that agent call him within the hour. And then he feels like he knows what you're doing to help because he has evidence, right?

[00:44:46] You already you've already helped him in the first conversation. The number two priority would be getting him in front of an attorney. So a legal professional and explained to him why the will is. Not valid and why he subject to state succession law. And he's going to have to accept that before he can move forward.

[00:45:04] He's not unacceptance yet. He's in anger or denial. And that's what I was showing you before you finish. Let me, let me, maybe I didn't clarify this the internet. So the attorney that I talked to did call him back, right? Um, he hits the admitted documents to him and he, the client, right. He was, uh, he hadn't received a call back since he had, um, sent the documents over, but it had only been like a day and a half.

[00:45:36] Right. So I don't sit then. I don't know if they've communicated again, because when I called back, he didn't answer. Okay. Either way. The only thing that changes, what, what I've pieced together about the situation, my guess is that that person is stuck in that loop of, this is what my mom wanted. This is what I'm being told otherwise.

[00:46:02] And, and until you can get him to a level of acceptance, it's unlikely that that Will's going to be validated. It probably was not validated because it was not notarized. I'm working off of the assumption that no, my best here, but. My assumption is that he's probably in that loop and he's pissed off or he's in denial and he doesn't know, he's not ready to take the first step because he's not sure which direction he's even going in.

[00:46:27] He doesn't know where his bearing is heading is right. One heading is the last will and Testament. The other heading is state succession law. So. I want to get him over that mental barrier and whether the will becomes valid or not. I need him to accept the outcome of that. And I need the attorney to do that because I can't do that as a, without a boat, without, you know, without, without being an attorney.

[00:46:52] So where I would have moved him was I'd get vacant insurance immediately. And then I would move. I would say, you know what? Listen, I'm going to call the attorney, um, and speak with their office. Let's see where we are. And when you could expect to hear back from them, um, if possible, I'd like to make that a three way call or an in person meeting.

[00:47:13] So what does your, what would be a good time of day to actually meet. With, with the attorney. And I would find like getting a general idea of his schedule, make contact with the attorney's office office. And because you're saying I'm going to be here holding your hand. So show him right at, show him right now.

[00:47:33] How do you hold his hand today during this phone call? Um, you know, because when somebody is distressed like that, like they're not hearing everything you're saying. You're pouring your soul out, but he's stuck. He's stuck back in the beginning of the conversation. So anyways, that was the character I was showing you.

[00:47:50] And, and the way I would have dealt with that, that scenario, um, things you do there, you heard us, have you heard me talk about the exercise of like column a, all the problems, column B all the solutions. No, I have it. Okay. Also an exercise we've talked about in the last couple of, I think it was on the last role play, call it.

[00:48:11] It really helped you understand what value you can provide. So open up a claim, spreadsheet, column a what problems could they have column B, what solutions could I bring? And it completely exhaust your imagination. Sibling rivalries, um, a strange family members, dead family members of hold over tenants or squatters in the house, you know, homes in disrepair, you name it any, no matter how small any and every little solution.

[00:48:42]Okay. And then in the other column say, here's how I deal with that. Here's who helps me. Or maybe there's even a third column, like what I can do, what my team can do, but that extra will really help you get into, into, uh, uh, an empathetic mindset of what they could be going through. And it will force you to kind of premeditate your solution.

[00:49:03] So you'll be quicker on your toes. And it it's, it's the best exercise I've come up with short of experience. And I went out there and fell on my face and felt like, felt ignorant. Like I was warning you not to in the beginning of this. Um, and I know how that feels. That's why I was so passionately. Making sure you, you.

[00:49:22] Understood. It like, kind of, it's a learning, it helps you beat a lot curve, so you can kind of gain experience through imagination and visualization versus having to go out there and fall on your face. So just think about every little scenario that could possibly come up, how you would deal with it. And then the next time you find yourself in a conversation like this, instead of saying, you know what, we're going to look into that you're going to be like, here's the deal.

[00:49:44] Here's how we, here's how we address these situations. And even if you've never done it, you'll have an idea of what you're going to do, what you can do, what you're capable of. And Ashley, I, I just, I just wanted to say you remarked that you get nervous on the calls. Will you just get that in front of almost a hundred people and you did not sound the slightest bit nervous to me, not at all your, I think your empathy and your sincerity came through.

[00:50:11] So clearly I can't imagine there's ever any reason for you to be nervous and you certainly certainly didn't come across nervous. He came across as very, very confident to me. Yeah, I agree. You took kind of the, a matriarchal role. They're almost like you, you kinda comforted me and became, you said, come on, I'm going to leave you.

[00:50:34] I'm going to hold your hand. You're going to get through this. Like you are the opposite of what you're afraid of. And what I loved also the, I actually, I loved it right away. It was, we in us, it wasn't, here's what Ashley's going to do for him. It was we and us. You sort of, even though you may have left him behind a little bit, in some regards, it, you still took him along and you, you just right away kind of, kind of bonded with them in the conversation.

[00:51:00] So you're, you're doing, you're doing an awful lot, right? Man. Don't ever feel nervous or insecure. I think you're going to be very good at this. Okay, thank you very much. And if you need help on, on that specific deal, like please call us and we'll set up a one on one call with you and get all of the details and help, you know, once you know the facts, we can help you steer that one if you need it.

[00:51:24] Perfect. Sounds great. Thank you guys, right. I know Chad has to go, but actually I just want to give you a couple of very, very quick pointers when someone is, um, you can tell someone's stuck in a loop. Um, if you want to be heard and want to build a little bit more rapport so that they will listen to you as you start to lead them, um, a little deeper in that so that you can truly understand, we don't want them camped out in that pain, but you do want to build rapport.

[00:51:51] And so. Uh, statements, like, tell me a little bit more about that. And how long has this been a problem? Um, what have you tried to do about this, those questions? Just take them deeper into rapport with you and give you a greater understanding of their situation and you'll have a clear path leading out.

[00:52:09]Got you. Okay. Thank you very much. All right. Thank you.

[00:52:15] Jim Sullivan: [00:52:15] All right. Thank you. Alright. Alright guys, at other great call, we had, you know, less participation, but we got, we really dug in there. I want to take all a hundred of you that showed up today. I want to challenge each of you. Take one, thought one idea. One thing that inspired you on this call. Go out and put it into practice and come back tomorrow at one o'clock Eastern and share your results with the group.

[00:52:39] Thank you so much, guys. Make it a great day. Stay productive. Stay healthy. We'll talk to you tomorrow. Take care.

[00:52:45]

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Preview for Probate Mastermind Real Estate Podcast Episode 298

Cold Call Tricks for Common Objections | Wholetaling vs Wholesaling and How COVID is Impacting Investment Strategy | PLUS 15 More Real Estate Q&As. Probate Mastermind Real Estate Podcast #298

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

Probate Mastermind Episode #298

Recorded Live on October 1st, 2020.  Join Us Live Every Thursday and check out previous episodes

 

In this episode of the Probate Mastermind Podcast, you'll learn new ways to handle cold call objections like "Court's delayed, call me back later!" and "I am not interested."   The coaches break down price options, estimating repair costs and ARVs, and how COVID's impact on the lumber market is affecting investment strategy.  Chad breaks down wholetailing vs. wholesaling.  Other topics covered include optimizing long-term marketing for old leads, partnering with an attorney for creative financing, using Letters of Intent in place of contracts, and real success stories, feedback, and insights from participants.

Shout out to MaryLee for her recent double-side PLUS referral transaction! Hear about it at 12:18. “I have really overcome my fear of making those telephone calls and feeling like I'm not being of service.  Now. I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.”

 

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

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" (0:38)

Caller is getting the “Call Me Back” objection more than ever because of Coronavirus and court backlogs.  The seller is concerned they can’t do anything without their letters of testamentary or until probate is closed.  Chad shares tips for handling this common cold call objection.

See More: “Our Probate Attorney Said We Can’t Sell Until Probate is Closed!” Handling Objections – Mastermind Highlights

Real Estate Contracts vs. Letters of Intent (2:44)

Can you sign paperwork to purchase a house or list a house before a probate lead has their letters of testamentary?  Chad discusses the difference between enforceable real estate contracts and letters of intent.  Even though they’re not legally-binding, letters of intent are extremely powerful and using one has a lot of pros.  

Sales Psychology and Language: Future Pacing (3:37)

Bruce describes a sales technique called ‘Future Pacing,’ and how you can win a commitment by getting the your prospect to picture themselves in the future with their problems solved.  This effective technique will help you win commitment when responding to objections that deal with waiting, procrastinating, and uncertainty about where to start.  

Creative Financing 101: Learn The Different Strategies and When To Use Them (4:54)

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


See More: Chad’s Book Recommendation - Chris Fontaine: Real Estate On Your Terms

Chad’s Webinar on 7 Different Creative Financing Strategies and the Pro’s and Con’s of Each.

Partnering With A Real Estate Attorney For Creative Financing (8:14)

How can a real estate attorney help you compared to a title company? How can you find attorneys to work with and make sure they are strong partners for real estate investment? What’s the best way to approach an attorney to work with them on creative finance paperwork, deals and closings?

How to Jump Into Probate Real Estate (11:30)

Ken is looking for advice on getting started as a probate real estate agent. 

See More: The Probate Leads System, Probate Mastery course, the All The Leads Facebook Mastermind, and the All The Leads YouTube Channel.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value (12:18)

Mary Lee describes a phenomenal deal she’s closing.  She initially marketed to the lead back in June through the mail, and they reached out to her via text message two weeks ago.  Mary Lee describes how she navigated the deal by offering three different solutions.  The house was a hoarder house.  She ended up double-siding the transaction on this house, referring the personal representative to an agent in California to help her buy a house with the funds, and the seller is super happy! Mary Lee describes how this deal is expanding her sphere of influence.  Mary Lee was about to throw in the towel on marketing to probate leads, but just like that the ROI came through! 

Chad and Mary Lee reflect on how deals like this make you fearless and solidify confidence in the value of your work.

Cold Call Tips: Follow-Ups and Converting Leads to Clients (17:35)

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

See More:

  1. Probate Quicksand and Pulling Personal Representatives Out Of It
  2. David Pannell’s 2020 Case Study: See how David Pannell has built wealth through probate real estate as an agent AN investor.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure (23:12)

Caller is looking for clarity on how to price properties out and choose the most profitable deal structure.  Chad and the caller discuss the different price options and the math behind calculating repair costs, after-repair values, and return on different listing, acquisition, or creative finance strategies. Chad also discusses how rising repair costs due to lumber market supply chains make as-is a much safer strategy right now.

See More: Rising Lumber Costs and Real Estate Investment Strategy: Why YOU Should Motivate Sellers To Skip Repairs and Sell AS-IS 

Wholetailing vs. Wholesaling Real Estate (26:28)

Chad and Jim discuss what wholetailing is, how it’s different from wholesaling, and why it’s often a better and more profitable strategy in today’s market.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching (29:36)

Steve has taken Chris Fontaine’s course and is using his QLS (Quality Leads System).  Steve shares his praise for Chris’s work and how well it ties into what Chad teaches as far as creative financing and the probate real estate niche.  Overall, if you understand how to provide options you can carve out an opportunity anywhere.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships (31:09)

Mary is about to send letters out to her first list of probate leads.  She sees a section in one of All The Leads’ letter templates that mentions helping unrepresented petitioners find a qualified probate attorney.  Mary is curious how many probate leads are unrepresented at the time of filing.  Chad breaks down the statistics on pro per and pro se filings in probate. Then, Chad describes how offering to help someone find quality representation is not only a viable prospecting strategy on the lead side, but also for winning B2B relationships with attorneys by bringing them referrals they can’t solicit for themselves.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? (35:14)

Mary is a real estate investor.  Sometimes her prospects want to go the listing route.  Should Mary get her real estate license? Chad discusses how every agent and every investor can make more money by offering both options, whether by getting licensed themselves or working with a strong partner.

See More: Why EVERY Investor and Agent Should Have an Agent/Investor Partner.

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game  (39:10)

Eddie is sticking to his prospecting schedule and getting his cold calls and follow-up calls made.  He’s trying to find the “Sweet Spot” for making follow-up calls.  He wants to be aggressive without bothering people.  Bruce shares his strategy and conversational language for finding the follow-up sweet spot.  It all comes down to the individual’s ideal situation and adjusting your follow-up strategy to match that individual’s ideal situation.

How To Overcome the "I am not interested" Objection (41:44)

Eddie is looking for tips on handling cold calls that end with “I’m not interested, we have it all handled, *CLICK.*” Bruce explains his technique for responding to this objection before people can hang up.  It works so well, the prospect usually won’t offer any follow-up objection at all.

Old Leads: Tips For Optimizing Your Long-Term Marketing (45:59)

How old is too old? How long are probate leads worth marketing to? Chad gives his magic number at 3 years, and Jim shares a deal he closed yesterday on a two year-old lead.  The coaches offer advice on how to optimize a marketing schedule to maintain followup to old leads.  Bruce also plugs Probate Plus+ as a tool to check who still has property to sell.

Cold Calling Widows/Surviving Spouses in Probate (48:32)

How often should you call widows/surviving spouses? Chad lays out a tentative schedule, and more importantly emphasizes the value you can bring by helping surviving spouses early in the process.  Chad shares how the first widow he helped left a lasting impact. 

See More: Cold Calling Widows/Surviving Spouses in probate

 

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast #298 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast! These episodes feature: live questions, Deal Analysis, and Best-Practice Tips on everything from personal development, sales psychology, creative financing, marketing, and more.  Hundreds of Agents, Investors, and Wholesalers from around the country join the All The Leads Coaches: Chad Corbett, Jim Sullivan, and Bruce Hill , each and every week.

Be sure to subscribe at AllTheLeads.com/Podcast, and join our Free Facebook  Group " All The Leads Mastermind."

Thanks for listening to the Probate Mastermind Podcast!

(Disclaimer: As with any live recording, things happen, this audio has been cleaned up for better listening experience.  Let's go to the first caller)

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" [00:00:38]Caller 1: [00:00:38] Hey guys, quick question. During COVID right now it's taken a lot longer to get their letter of testamentary than they'd like. Personal representatives are having trouble, or they don't think they have any authority to do anything and hold off and give you the kind of "call back later".

So my question is in situations where, the letter of testamentary has not been released yet personal representative has basically no power to do anything yet. What can you do to earn their business or get them to commit to you guys and help out?

Chad Corbett: [00:01:09] So until they get the letters. Yeah they can't really do anything as far as selling anything, but you can prepare the real property for sale, including staging personal property. So for example, we could take everything to a storage unit and have it ready to go or get it out to the garage or the outbuildings. Have a plan in place and you can do things like that to help, just get them ahead of the curve.

I like to use it. The metaphor of, everybody's familiar with Disney world. And the lines there. So whenever the gate opens, would you rather be the first person at the gate? Would you rather be just getting off the tram and then you get to stand there for another three hours?

So there's some things that we can do that you know, that don't require the letters testamentary,that we're going to have to do anyway. We're going to have to value the personal property, organized personal property, schedule a sale, get posted, no trespassing sign, get proper insurances in place.

Others. There's a lot of things, not a lot of things. There are some things that you can do that will make them feel like they're making progress and will create a bond with you. there's some service we can give them, even if they don't have the authority to sign contracts and actually convey property.

So things like that, just through asking good questions, find out what their needs are. Just, what's been the toughest thing. If you had the letter of testamentary, what would be the first thing you would do today? What do you feel is most important that you're not allowed to do right now and get them talking, get them telling you what's stressing them out, but.

Basically, other than selling anything, you can do just about everything else. You just don't want to go sell everything before the court actually gives them the authority.

Real Estate Contracts vs. Letters of Intent [00:02:45] Caller 1: [00:02:45] Got it. And are you allowed to sign paperwork to purchase a house or and put it as a closing date of when they're able to sell, as opposed to putting a closing date, like 30 days, is that possible?

It wouldn't be a valid enforceable contract. So just use a letter of intent. So for anyone who's listening, even in brokerage, like you can purchase a letter of intent to list. And, you and your broker could come up with that. It's not worth the paper it's threatened on, but it's very valuable because it creates a mental commitment.

So they know they signed something and they know that emotionally they were serious  when they signed.  And they made the commitment. It just helps insulate you against competition. It's not enforceable. And not that you would ever want to litigate that anyways, but it's something you can do to try to get, get the mental commitment to protect your position.

Okay.

Sales Psychology and Language: Future Pacing [00:03:38]Bruce Hill: [00:03:38] I'll throw in and say a lot of times when you're dealing with, these folks they're not in a position where they have their letters testamentary, they can't sell anything or do that much. It's a really great way to throw in, Hey, look, I completely get it, but in other words, let them off the hook.

I completely get it. There's not a whole lot you can do right now. You don't have to worry. I'm not going to try to sell you on anything. But real quick, tell me a little bit more about the process and I love Chad's, that question you asked If you did have your letters, testamentary, what would be the first thing you do is that how you phrase that?

I thought that was really good.

Chad Corbett: [00:04:13] Yeah. And what I'm trying to do is get them in the mindset. I want to get them in the mindset of okay. If I had it, what I commit to this guy and if I can get them to mentally internally say yes, then I'm good. And then I hand them the blue pen and the letter of intent.

Bruce Hill: [00:04:28] Yep. There's something called future pacing. In sales, you get people to start imagining themselves the results that they get down the road. And that's a really good opportunity to future pace them without them feeling like they have to buy what you're selling and you get them kind of thinking about the future.

And it's a very strong, emotional connection that forms between you and a prospect. When you can ask them about the future.

Caller 1: [00:04:52] Got it. Thanks guys.

Jim Sullivan: [00:04:53] All right. You're very welcome.

Creative Financing 101: Learn The Different Strategies and When To Use Them. [00:04:54]Caller 2: [00:04:54] Hey, what's up guys? Can you all hear me?

Jim Sullivan: [00:04:55] Yes, sir.

Chad Corbett: [00:04:56] Loud and clear.

Caller 2: [00:04:57] Cool. Few questions guys. I was listening to the call you guys put out yesterday, but the gentlemen on there asked about subject to, or actually had asked about a scenario and I think Chad had proposed a subject to, or a wrap or something like that.

Some sort of creative financing I'm trying to learn about. Subject to, and I did buy the book that you suggested Chad, on audio book. d into it yet. Just bought it this morning, but I've also found Propelio, which I guess is a CRM and a data pooling website. But anyway, they have a really good YouTube channel with a guy named Grant Kemp.

And he's supposedly really savvy with the. Subject is, he's one of the, one of the big boys when it comes to creative financing.  But my question was. I'm going to go through those.

And I'm just about to get my realtor's license along with my wife. And, we're just kinda trying to figure out how, really trying to get some value to offer these people when we're calling them, whether it'd be probate or pre-foreclosure vacant homes or whatever, you know, wholesaling a part of that, obviously listing as a, is a part of that as well and brokerage. But the creative financing, where do you guys suggest, I know you said that author of that book did have a program, which grant Kemp does also, I think the, entry-level, mastermind or whatever, it was like five grand a year.

And then he had a big boy when it was like 25 grand. And I spoke with him on the phone actually, obviously we're not trying to go that route now. We just want to learn and bump our heads. But what do you guys suggest as far as getting into creative financing and, just learning all this information I've been in the probate mastery twice. And I've got a pretty good grasp on that, but where do y'all suggest going for the creative financing education?

Chad Corbett: [00:06:30] A good starting point. We did a series back in March called 'Shift Happens' when Covid began. Have you watched episode four?

Caller 2: [00:06:38] I haven't man. I've listened to everything you guys have done except

Chad Corbett: [00:06:40] Episode four of shift happens, seven specific creative techniques that will work in this environment really well,  how to negotiate a free deal. And I've been pushing everybody to Chris Prefontaine. He has the book, 'Real Estate on your Terms.' And then he has a course, I think it's called well now it's his course, but, I think his courses either a thousand bucks or 1500 bucks, we currently don't have any affiliation with him, but he's doing it right.

He's doing creative financing with ethics. And so I've been sending everyone his way. just because I believe in what he's doing. I think he's doing it right. He's doing it ethically. It's good quality education. 1500 bucks is nothing.

Caller 2: [00:07:23] Right. And is he hitting subject to the raps, the, all the different kinds of Creative Financing?

Chad Corbett: [00:07:29] Yep, and then the other thing also my friend Brandon Turner, who does BiggerPockets real estate podcasts. He wrote a book you can go to biggerpockets.com or it's also an Amazon. It is 'Buying Real Estate With Low or No Money down by Brandon Turner.

Caller 2: [00:07:45] Never read it, but I got it.

Chad Corbett: [00:07:47] Okay. That's a good book too. Brandon's a sharp dude.

Caller 2: [00:07:50] Oh, sweet.

Chad Corbett: [00:07:51] Those are the two guys that I send people to. I have creative financing courses in my head, but I haven't gotten them out. Those are the guys that I trust to send folks to. I wouldn't, I would, yeah, I know.

There's some people on this call that have taken, Chris's QLM course and really got a lot from it for a thousand bucks. It's yeah. Honestly, it's not very much money

you know, you'll make that back 10 fold on your first deal.

Partnering With A Real Estate Attorney For Creative Financing [00:08:14] Caller 2: [00:08:14] For sure. And also I heard, you mentioned going to a real estate attorney. Here in Georgia, that's what we have to do. We don't have a title company.

Chad Corbett: [00:08:21] Yeah.

Caller 2: [00:08:22] I heard you propose, going to them and asking them how the paperwork works exactly.

Chad Corbett: [00:08:25] I'm sure you 50 grand to look over your shoulder or they'll split your deals. I don't recommend it man. Like with creative financing, it's so easy to take advantage of people are so easy to make mistakes. I actually liked to have the attorney be the actually mentoring you. And the attorney you want to choose is the one that's representing the investors who is closing deals for the investors who are buying as the courthouse steps that were bought at tax sales by and short sales.

So they have a lot of experience dealing with issues and more, advanced real estate tactics. And that person you're going to have to go to him eventually anyways and make sure that your paperwork's right, the clauses are right. So paying somebody  50 grand to mentor you and tell you how to do that stuff at a very broad level?

Just go local. Even if you have to pay the guy 200 bucks an hour for his time. That's how I did this. Like I basically sit down and wrote all my own contracts and then took them to an attorney and I'm like, alright, shoot holes in this. And they're like, where did you get this? And I'm like, I wrote it, but I trust my paperwork especially now because we did it together, me and the attorney. Hey Jim, are you there?

Jim Sullivan: [00:09:37] Yeah. That's your microphone's cutting in and out significantly. About 80% of the time. You're fine. And the other 20% is you're in a tunnel. I don't know what that music was. That music started playing...

Chad Corbett: [00:09:50] This is my first call with my AirPods Pro.

I trusted them and I shouldn't have

Caller 2: [00:09:54] And Chad, if I'm approaching an attorney like that before I really get started, just trying to get that the nuts and bolts, make sure I know what I'm doing. What do you suggest that I say to that attorney? even if I have to pay him, 250 or whatever, to sit that with him for an hour, how do you suppose

Chad Corbett: [00:10:09] So the way I did it, I found out what attorney that, the more advanced investors were using. I went, introduced myself, "Hey, listen, we'll be doing creative financing, lease options, wraps, sub 2s. and I really would like to, make sure I have my head wrapped around it. And I know exactly how to write a good contract before I start.

Can I bring my paperwork in and sit down with you? And obviously with the intent of you being my kind of exclusive attorney for closings", and they said, "Absolutely, come on over!" And we sat down and.  I think I asked them to throw an invoice at me. They weren't going to charge me because they saw it as an opportunity to earn future business for their closing business, for escrow business. So you probably won't have to pay them. Just say listen, I'm looking for an attorney that - I want to make sure that I'm doing this right. And that I'm mitigating as much risk as possible on my side, obviously, but also on their side. And in exchange, I want to have an exclusive office that I run my creative financing closings through. Am I in the right place?

And they should perk up and be like, absolutely, come on. Let's talk about it. It's so much just like with most of our vendor relationships, usually you don't have to pay or exchange money. It's reciprocal value, goes a long way.

Caller 2: [00:11:26] Never hurts it though. Cool. Thanks so much go enjoy the beach, man.

How To Jump Into Probate Real Estate [00:11:30] Ken Maxwell: [00:11:31] Hi, good morning. My name is Ken Maxwell. I'm in New York in the Bronx and I'm just..

This is my first time call in and I'm just curious to understand what is the process to get started as a probate agent. what would you recommend that we do in the beginning and continuously.

Jim Sullivan: [00:11:52] Kevin, have you spoken to any of our salespeople yet here they walked you through the program or not?

Ken Maxwell: [00:11:58] No.

Jim Sullivan: [00:11:59] Yeah. That would be a good place to start. They'll give you the best practices after the call. I'll have somebody reach out to you at this number if that's okay, but, very simply, you get the leads, we've got a fast track program. You can go through in an hour and then just start learning. We have a ton of information on our website that you can absorb in the meantime.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value [00:12:18]. Next up is four zero four six. You're up next.

Mary Lee: [00:12:23] Hi, this is MaryLee. I have a success story I want to share,

Jim Sullivan: [00:12:27] Great! We like those!

Mary Lee: [00:12:29] So, I got my first batch of letters sent out to my leads in June. And two weeks ago, I got a text from one of those leads, asking if I could help with the sale of a house. She lived in California and the property was in a different state where I live. And I said, absolutely. So what I ended up doing was giving her three options.

I was going to sell it with all of its contents, I was going to sell it. with all of the contents removed and have an estate cell company manage the interior belongings, personal belongings of the deceased, or I was going to buy it myself and deal with it. And we got a really great offer from a cash buyer who was planning on living in the house, but was also perfectly capable of managing the patient personal belongings inside the house.

It was a hoarder house filled with valuable collectibles. So it was rather interesting. I ended up, double siding the transaction and the seller is pleased. She has her fund and I referred her to an agent in California, that's going to help her buy a house in California.

So I just wanted to say, thank you.

Three months into this. I was starting to get really weary and feeling well, the system's not working for me. I'm not saying the right thing. It's not a good idea for me to invest my money, my marketing money into this program. And then I had that phenomenal success story. I also personally met the attorney at the property so that he knew what I was dealing with and he knew that I was credible.

So it was a win for the neighbors. It was a win for the buyer, the seller, the attorney, and for me. So I wanted to thank you for all the little gems along the way that you pick up, that I picked up by doing the mastery course repeatedly, and by really having faith that the system works if you follow it and do the training.

Sometimes as agents, we spend a lot of time getting ready to do the work, and we forget to take the next step and do the work. So this was a big deal and I just wanted to thank you.

Chad Corbett: [00:14:59] That's such good advice and thank you. Thank you. I'm curious though. Yeah, you should you share the negative emotions with it.

So what are your emotions now, like now? What does it mean to you?

Mary Lee: [00:15:11] I have really overcome my fear of making those telephone calls and feeling like I'm not being of service. Now I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.

Chad Corbett: [00:15:34] Exactly. And you're proud now, aren't you?

Mary Lee: [00:15:37] Yes, I am. Thank you, Chad. I do feel a lot of pride.

Chad Corbett: [00:15:42] That's what probate mastery is about!

Bruce Hill: [00:15:44] Tell us what the attorney said to you.

Mary Lee: [00:15:47] Oh, I called him to let him know the transaction had closed, asked him if he needed anything from me. And then I asked for referral business  and he said, if someone needs a real estate agent, you are by far the top of the list and I absolutely will send business your way.

Chad Corbett: [00:16:03] That's amazing. Thank you so much for sharing. I'm happy. You've got momentum now. So now what? Are you doubling down?

Mary Lee: [00:16:12] I am. And I'm actually considering taking on another County. So like a good sign. and I did speak to my sales rep there and we've talked about it and I'm looking forward to helping more people because now I know people really need this service, even though when you talk to them and they give you all kinds of bits of objections, there's a reason they're giving you objections.

Right? Chad. And so by being - exactly. So I'm just really excited about it and I'm really pleased that it was so smooth. And furthermore, I need to tell you this, Bruce, my transaction coordinator has been in the business for 35 years as a transaction coordinator. She said in all my years in real estate, this is probably the most brilliant transaction I've ever seen.

All The Leads Coaches In Unison: [00:17:04] That's incredible. So thank you. Wow. That's awesome. You said you were credible. I would say you're incredible. So that's a great story. Thank you. Thank you. Good attitude. Great results. you're definitely, in first place for the winner of the week, and I know that's that why you shared it.

Mary Lee: [00:17:23] Yay!!

Jim Sullivan: [00:17:23] I think you probably inspired a lot of other people on the call.

We really appreciate it.

Mary Lee: [00:17:27] Sure. Thank you.

Jim Sullivan: [00:17:30] All right. Next up is phone number ending in one 805 five. You're up next?

Cold Call Tips: Follow-Ups and Converting Leads to Clients [00:17:36] Danny: [00:17:36] Hey guys, it's Danny. Glad to be back on the call and definitely just want to say that, her success story definitely inspired me. And that's a great on her for that. My question, of course. Glad to be back

So I've been doing this now for about a month and almost two weeks. Done a lot of growth and improvement in the way I'm handling calls, staying on calls longer, generating the leads I want, but I'm not getting so much the closes.

And I really feel like I'm at one last hurdle. I guess just the way I'm talking? Or the way I'm presenting my pitch or how I'm just talking to the prospect. And so I don't want to stop. I want to go even harder right now because I know that's when I'll, hit the Green Land.

my only question then is when I'm presenting my pitch and I've started implementing the two to three things that the family struggle with, and the open ended question, and that works really well. They either  don't have the letter of testamentary yet, or, they might feel scared, so they don't want to like fully work with us.

 

Chad Corbett: [00:18:41] Sometimes you just have to relax, Danny and David Pannell is a great example of this. He will just step back and continue to follow up until they're ready. And then sometimes it doesn't matter how much you want it or how aggressive you want to be.

It won't help you move forward.  It's not easy to get out of probate It's a process, right? Rather than looking at this as how can I be more aggressive to get what I want? Just understand that over time you'll build that momentum and you'll have enough come list me business, or come buy this business six to eight months in those start to become regular occurrences.

Understand that with a commitment to this long term comes a momentum that really can't be replaced with more phone calls or more aggressive marketing tactics. Eventually you'll get to a point where you'll have enough letters out there and enough follow up phone calls made.

You'll have Five times the deal flow, and you'll be closing tons of these deals. we can't always force people to do what's in their best interests. We can try to influence them, but some people just go back into their shell and I bring them, but it's what makes them comfortable. So being more aggressive is not always the answer is, I guess my main point is maybe you're not doing anything wrong other than not having enough patience for the process.

For some people it's different area to area areas are yeah. More fast paced cash, conversion cycles, quicker or others. It just happened more slowly. I think you're doing the right things. you show up, you do the work you role play with us. Like you, you really care my caution to you is that if you put too much focus on what more can I do?

What more can I do? What more can I do? And you don't get that result. You might be discouraged and just understand that sometimes we have to wait for them to catch up with us.

Danny: [00:20:31] All right. All right. And that makes complete sense. Yeah, I got ya.

Bruce Hill: [00:20:35] So Danny, I'll go ahead and chime in here.

I've seen you make some incredible incremental steps. Each time you get on these calls and each time we communicate and you're getting better and better each time you were learning how to be more of an influential leader, which is the most important thing. You're still very early in this conversion cycle.

So as Chad mentioned, don't get discouraged because we have typically three to four months conversion cycle in my experience. And, you're early in it. And your pipeline is filling up your rapport that you are continuing to build each time you communicate with these people is only growing. Multiple years ago I had a client of mine that said now a client and one of my best.

Referral partners who blew me off for two years, And about every eight or nine months, she would shoot me a message that just said, Hey, don't, don't give up on us. And that was the only reason I didn't give up on him. And every time she'd sent me that message, she'd say we are so busy or overwhelmed at work.

We can't even think about responding to you. Can't even think about looking at houses in one day, two years later. They call me, we go look at houses and we look every single day for a week, every day for a week. And it was a really nice price point. So I didn't mind and about halfway through, I said, I guess your schedule's lightened up.

And she said, what do you mean? We're busier now than we've ever been before! And she'd forgotten about the busy excuse that she'd been giving me. And what I took from that is she was too busy based on the priority that buying a house was in their life. Not that they were too busy to do it. It's just that it wasn't a priority to them at that point.

And  because I built rapport through the time that business came to me. And, you'd be shocked at the amount of influence that I have in times that I spend with them now because it's easy. I call, they answer the phone and it's because I was there. And had rapport when they were ready. We have to look at these the exact same way. These are our families that might just not be emotionally ready yet. And we can increase our influence over them, but we can also spend time caring about them, loving on them, building rapport so that when they. Emotionally get over that hurdle. You're the only person that's there.

Cause I guarantee almost everybody else is going to drop out. I guarantee it. So keep doing what you're doing. Keep calling and keep building rapport, stay in front of them.

Danny: [00:23:01] Gotcha. Alright. That's great. Thank you for all that information guys. And thank you for talking to me about this. I'll be sure to bring in my success story once it comes in.

Thank you guys.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure. [00:23:11] Jim Sullivan: [00:23:11] Sounds great! Alright, next up is so number ending in four six, six, three. You're up next.

Caller 3: [00:23:18] Thank you. I wanted to go back to, something that Chad did a couple of weeks ago and it was, he broke down his, three or four pronged, offer strategy and it was, Briefly, it was a cash sale, which was, he described his contract now cash in seven days.

second was as is, whereas, which I think he described as a contract in seven days and cash in 30 days. And then I think he put in as is, but for a retail price and I'm gathering from that he was proposing no fixes, but still wait for a conventional buyer. and then fourth was, a renovation retail where, the sellers would fix it themselves, take on all that responsibility and then sell for top retail.

What I wanted to know is  how the um, on a percentage of, after repair value basis. If I were doing it, I would think, the cash sale would be 70%. Of after repair value, less repairs or better.

And therefore it's such a good deal. You'd want to keep it for yourself. And then maybe the as is, whereas maybe 80% are, maybe the retail price, maybe 90%. And then of course the renovation retail would be a hundred percent, of retail value. Am I thinking about those percentages approximately correct?

Chad Corbett: [00:24:35] The one you left out would be number five, creative financing. Another option where you could even sell above retail price. I'm assuming the term was long enough. So if you have a house that's slightly underwater or they feel like they don't have enough equity to sell and pay commissions, then the fifth scenario would be a creative financing that would stretch your term out over two to 10 years, or you would have appreciation or principal pay down where it would appraise and they couldn't close. So that would be number five.

As far as the values. You have the traditional ARV times 70% minus repairs equals your cash price.

The problem with that formula is most people don't know how to estimate repairs. And in 2020, the cost of lumber has gone up almost 900% over the last five months, like lumber went from $200, a board foot to $950 a board foot just in the last quarter. So repairs are extremely hard to estimate period, but really this year they're more challenged because of supply like material, Supply chain was just so and easier formula is I find the as-is value. So my definition for as-is, it's kind of intuitive I suppose - but knowing your market, seeing what things sell for what pretty much all but guaranteed go under contract for. And seven days and close in 30 days with no contingencies.

What is that price? If you take that price times 75%, pretty much it comes within half - and I've done this test on spreadsheets. over and over-  It comes down to a few percentage points. It's like single digit percentage points. So that old tried and true 70% minus repairs formula. But the difference is you don't have to become a construction estimation expert to get there.

Wholetailing vs. Wholesaling Real Estate [00:26:28] So if a house would sell for a hundred grand, for sure. If we could get an under contract this week. And we could pay 75 cash and that would be a wholesale price. And that kind of gets you to the cash price and the as is price, the, as is price. I don't really have a formula. Like I don't say ARV minus 80 because every house is different.

One has foundation issues. The other is functionally obsolete. The other just needs cosmetic rehab because it had a shag carpet and pink tile. You just have to look at the neighborhood and it's an intuitive valuation, but that said most of my as is where is sales come in about 80 cents on the dollar of what I would sell them for retail if he did the work.

And they're usually bought by landlords or first time home buyers who have saved up to do their own renovation.

Jim has done a lot of flips and he might have some advice on this as well, but that's how I value my stuff.

Jim Sullivan: [00:27:20] Yeah, I agree. I'll tell you I've become more in favor of what you call wholetailing. And  it seems like the houses that I do a lot of work to, I have a hard time getting the money back out of them.

The most profitable ones are the ones. I just get them looking halfway decent, put them on the market and let somebody else take a little bit of the profits at least recently. So you're right. Chad, it's much harder to estimate the repairs now. I closed on one yesterday morning. I put it on the market this morning and I've got two offers on it already.

This market is crazy right now, okay. Go ahead. No, go ahead.

Caller 3: [00:27:55] And with the whole-tailing. are you white boxing? It, meaning, are you just kinda, if it's got a hole in the roof, obviously you, take care of the major things, but then you leave as much of the interiors to the new homeowner. or to the buyer, to just let them do what they ultimately would want to do anyway. Is that what you're thinking.

Correct.

Jim Sullivan: [00:28:15] We

Caller 3: [00:28:15] met someone

Jim Sullivan: [00:28:15] out there yesterday. He's putting on a new side deck, roof and replacing rotten facial board. And I'm replacing the AC compressor, the bare bones. But the inside of the house, I just gave it a good cleaning, vacuum the carpet and put it back up for sale.

I just find that, like Chad said, it is hard to estimate what you're going to spend on it. And it seems like you always go over and when you do it that way, you're opening it up to an owner occupant that might want to put some money into it. And you're also leaving a little bit on the table for the next investor that comes along.

Caller 3: [00:28:44] ...And that also sounds like you're getting it better than just landlord quality. It seems like a homeowner would not be as scared away if some of those bigger expenses were taken care of, is that. So are you getting 85%, 90, 90%?

Chad Corbett: [00:29:00] A good way to think about this is if I go into this house, what would it take to get it to pass on FHA or VA appraisal?

Caller 3: [00:29:09] Okay. Yep.

Chad Corbett: [00:29:10] So anything, safety, sanitary, major mechanical needs to be replaced, but cosmetic things like if it has a pink bathtub, it has a pink bathtub. It will pass in effect. Like it would pass an FHA appraisal. you can give it to people who you can talk to people who are using financing. Just think of it that way.

Like what does it take to get it to that level?

Okay.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching [00:29:35] Jim Sullivan: [00:29:35] Oh, you're very welcome. Appreciate it. Next up is phone number ending in five nine one six. You're up next.

Steve: [00:29:42] Hey, good afternoon. My name is Steve. Just want to do, piggyback on what Chad said earlier with Chris Prefontaine.

I am in the QLS system, quality leads system, which, Chad recommended. Yeah, it really is a niche for the niche working probate, because now you can provide many other options. Now the shift happens that Chad did back, I think in either March or April was pretty incredible and really planted the seed.

And like Chad said, it's a little over a thousand dollars. And one of the things that Chris talks about is you buy the program, you can do deals immediately, and they fully recommend that you do everything through an attorney, which ties into what Chad said. They do offer other coaching, which you can pay for considerably, provides you with perhaps greater credibility as you start off , but he'll be the first one to tell you don't need to do the coaching, although they count it. And you can purchase the program and you can do it. And Chad, I'm trying to get Chris to contact you for a future podcast and look forward to the listening between the new England accent and the accent from Appalachia.

I'm gonna have you go through and show you guys and show you really share some incredible nuggets.

Yeah, you are. You're one of four people in the last quarter would have said you guys have to get together and do something. So I'm looking forward to meeting Chris.

Thank you, Chad.

Chad Corbett: [00:31:04] Good. I'm sure it'll be magic whenever we find time to get together. So I appreciate you connecting us.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships [00:31:09] Jim Sullivan: [00:31:09] All right next up, we have four more in the queue for seven zero two. You're up next?

Mary: [00:31:15] Yes. Hi, Mary. Hi, so this is the first time with you guys, we just started a couple of weeks back  and I got some on my list. I'm looking, I have two question quick one. So I look at one of our letters that we are, editing, if there's something in the letter that I'm not quite understanding, and if you can just, shine a light in it. So one of that we were looking at said something. yeah.

What is it? I am here to assist in a process of communication between the relevant parties and in the acquisition of an experienced probate attorney. So am I not understanding? So when people go through probate, they already have their own attorney, right? They're working through that process, is it not?

Chad Corbett: [00:32:00] About 80% of the time. So they have a choice and some people make a choice to go pro se. And before that, before the confirmation hearing, which if they go through the confirmation hearing without an attorney, it becomes pro per and so about 20% of the time people think that they can, they, and this is with the exception of central to Western Virginia, everywhere else in the country pretty much it's there to use attorneys, but in those markets where attorneys are pretty much always, very common. Still about 20% of people think, Oh, we're just going to do this on our own. And we're going to save money. Ultimately, they ended up in most cases, they end up costing themselves a considerable amount more because they have to pay for billable hours to clean up the damn mess they made.

So it's usually not in anyone's best interest to go through a bureaucratic, overly complicated process without counsel. It's a great opportunity for us to build attorney relationships by connecting them with those people who have, or would do who do not have attorneys. And that's one of the tactics we use to open the door to new referral, referral partner relationships with probate attorneys.

Mary: [00:33:15] Okay. okay. So I did not realize that 25% would be, they don't have attorney. So obviously I have it in my letter. I should have an attorney that. I have a relationship with just about wait.

Chad Corbett: [00:33:27] One of the ways you can do, one of the things we suggest is you go sit down with an attorney, like your first visit with an attorney is.

Hey, my name's Chad. I have a team of people here in Roanoke that helps families going through probate. As part of that, we need a good attorney on the team for those that don't have representation. And then it's my understanding that you can't direct market for business. So what I'd like to offer is if you and I could sit down and design a checklist or a timeline, your firm name and contact information at the bottom.

And that'll be part of every mailer.  Have I come to the right place? You have a half an hour? And then let them sit there and literally list out every single little, no matter how small every patch it could be done from the time the petition was filed, until probate is closed and then color the legal aspects become one color.

The non-legal aspects become another color. And whatever you think is passed, you can do it as a timeline, or you can do it as a checklist, but it's powerful. Jeez, because even the people who have an attorney probably haven't gotten a piece like that. Like they don't, they're waiting for the attorney to tell them what to do.

So you're giving them like a usable checklist, even if they already have to have, representation, but the ones that don't have representation, they're going to look at it and go. Oh crap. I didn't know where to do all this stuff. Maybe we do need an attorney and there's a good chance. I'll call the attorneys page and usually looking forward at a probate attorney specific.

That's what they do. Usually it's probate or any yeah. Typically attorney and an estate planning attorney are synonymous. They're usually doing both sides of the business.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? [00:35:14] Mary: [00:35:14] Okay, so I've been hearing, I listened to some past calls from you guys and it  seems like a lot of the people are actually real estate agents, I'm not.

I was thinking about doing it, but right now I'm not sure if I am. If my prospects do want to list it with an agent, what kind of ideal or what kind of, how would I offer that? If I'm looking for real estate agents work with me, for those people that really want to list them in the MLS , how would I approach that?

Chad Corbett: [00:35:42] First off, do you like growing your wealth, your personal net worth? And why are you paying real estate agents when you're a real estate expert? You're paying real estate commission. Why?

Mary: [00:35:52] So I don't have, I don't want to pay, but if I'm not real estate agent, and that's what my client wants to do..

Chad Corbett: [00:36:01] So what I'm saying is you're not a real estate agent yet. Are you doing ethical business or are you screwing people knowingly and openly?

Mary: [00:36:10] No,

Chad Corbett: [00:36:10] So, it was a rhetorical question. I would encourage you to get your license. There's a lot of bad advice out there about investors not getting a license. And the reason I say it's bad advice, it's going to cost you hundreds of thousands, if not millions of dollars over your career.

You know your market enough to risk your own capital, which is more than most real estate agents will do. Step up and hold yourself to a higher standard of ethics. It's Easier to compete with other investors and you don't have to refer your business out.

So now I'll get off my soap box. You should have a good brokerage partner. And a good place to find someone who understands your side of the business, if you go to biggerpockets.com and look under, I think it's community. Yeah. And you can search real estate agents who are on the bigger pockets platform. And that's a pretty good first level filter. If they have found bigger pockets, they pretty much know what value they can provide to investors, or they are an investor and they understand the investment side of the business. Either way, they have their license, they're looking to do something with it. So they're probably a good brokerage referral partner, but I would encourage you to stop giving away that 3% chunk on every deal. Cause if you have courage to risk your own money in the marketplace, you obviously know your market and if you're doing business ethically, there's no risk whatsoever in being a licensed investor.

You pay 50 bucks for a separate LLC and run a separate bank account, but it can make a huge difference over the trajectory of your career. It can be millions of dollars difference.

Mary: [00:37:46] All right. I actually did take the class. I just never went. I had some life crises coming, so I never took the test, but I was planning to do that.

I was just wondering since I don't want to wait till I'm going to be. And I'm starting now with the probate. We've been some doing some other real estate investing, but probate is, this is a new one that we always wanted to get in. Okay. So..

Chad Corbett: [00:38:08] What market are you in?

Mary: [00:38:10] I'm in Salt Lake City.

Chad Corbett: [00:38:12] Okay. Yeah. So in most major Metros, you'll have several real estate agents who have created a profile and became active on Bigger Pockets, and that means they're already working with investors.

Mary: [00:38:23] I do know quite a bit of them.  My question was more, okay. Let's say I did give it, what am I gaining? Am I gaining anything?

Chad Corbett: [00:38:30] Oh, sorry. Okay. Oh, I'm sorry if I'm asking. So you can take marketing fees, they can, for example, if you have a good lead flow, if you're giving them a lot of referrals, maybe they pay for your mail, you pay for the leads or vice versa, or they could give you cash marketing fees, they could pay you in Visa, like prepaid visa gift cards, just the marketing fees.  There's ways hat you can do it, where you won't get in trouble, but. obviously I'm pretty solid on my view that every investor should have a license. If they're not taking advantage of people, they have no risk.

Mary: [00:39:07] I absolutely agree with you. Alright, thank you very much. That's answer my question. Thank you!

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game [00:39:12] Chad Corbett: [00:39:12] Jimmers! Bueller?

Jim Sullivan: [00:39:14] We have a couple more in the queue, Chad. Can you handle a couple minutes over today? Are you good?

Chad Corbett: [00:39:19] Yeah, I'm good.

Jim Sullivan: [00:39:19] Okay. Next up is five, four, six, four.

Eddie V: [00:39:23] It always seems to cut out on you, Jim, when it comes to me! And this is Eddie here in Kansas city.

Jim Sullivan: [00:39:28] It's been the whole call today with Chad's mic, I think, but it's okay. we can understand him.

Eddie V: [00:39:33] Okay. I'm really just trying to figure out what's too much. I answered this in the, in, I think two or three calls ago, but what's too much to be bothering these people?

I know David Pannell, he does every seven days, but I'm like, if I talk to that person on Monday, let's say, do I wait another seven days to call them back? I'm just trying to find out most of the things I have questions about. I can go to YouTube or look it up on All The Leads. They just haven't been able to find it today.

Like a schedule on, if you want to be aggressive, here's how often you would call and send letters. And here's, maybe if you're not as aggressive or don't have as much time, here's what you can do. Cause I have the time to be calling people more. I just don't know. Where's the point where it's too much.

Or what's the, sweet spot.

Bruce Hill: [00:40:22] Eddie, it's Bruce. When you communicate with someone. So let's say you have already spoken with them. Whether it's in the middle or towards the end of the call, you say, Hey, by the way, were you guys going to be keeping your real estate or selling the real estate? And they say selling. Ideally what you want to do is go down a little bit of a funnel with them where you might start.

Mike. Okay. There's lots of ways to start and we don't recommend specific way, it's up to you, but it might start with something like, can you tell me a little bit more about that? Yeah, we're just not there yet. we're a couple of months away. Okay. in a perfect world, when would a couple of months be, are we looking at two or three?

Okay. There they say three months. There's a bunch of family members involved, you just ask questions and they start to share with you what their ideal experience looks like, and you really tailor your followup approach with that person around their ideal experience. So if somebody tells me three months, I'm going to call them in a month and ask if anything has changed.

If they say, yeah, we're probably a month away, I'm going to call him in a week. Hey, just want to make sure that everything was on track. Did you guys run into anything? So I really base that on the information I'm able to gather on the previous call. There's no set formula for what you're asking.

It really depends on what their timeframe is. And if you ask good questions, they will tell you what their ideal experience is going to look like.

How To Overcome the "I am not interested" Objection [00:41:44]Eddie V: [00:41:44] Okay. What if says, we've got this, we've got it taken care of.

Bruce Hill: [00:41:48] We've got it taken care of. So are we talking about the house or are they just say, Hey, we're all good, we've got it taken care of.

Eddie V: [00:41:55] They've got it all good. I think specifically, this is one that somebody just, Hey, we've got it taken care of. Thanks. Click call them back seven days again?

Bruce Hill: [00:42:04] I don't know. What do you think Chad? I would probably do a couple of weeks. It depends on how far, how long into the process they are. If they're a relatively new lead, I might do seven days. If they're a lead from three months ago, I might do a couple of weeks.

And a lot of times, Eddie, so there's a particular sales training that, I'm not allowed to say the name of on online that you and I have talked about Eddie. If you have an appropriate intro it's rare that someone's gonna say, Hey, we got it all handled, click.

I don't experience that a whole lot. But people do tell me that they have it all handled and one approach that you can use if someone says, Hey, no, we're pretty good. Is you can use the approach of letting them off the hook and saying, Hey, I'm really glad to hear that you have no idea how many people I talked to that are overwhelmed.

So I, you're probably pretty organized. And now my particular approach, if we go there is to say, Hey, before I let you go, were you guys planning on keeping the house or were you planning on selling it and just kinda letting them off the hook? it gives them a sigh of relief, Oh God, thank God.

I don't have to come up with another objection. And then you just go into a, another question and start down that line. Normally, if they feel like they're off the hook, they're not going to be as rigid.  Especially if they've said that they, I have it handled. So you might even pair it back to them when you follow up.

Hey, I know a couple of weeks ago you said you had everything handled. Just wanted to see how the process was going for you. Have you guys gotten a little closer to deciding what to do with the house, have you gotten a little further along any struggles and maybe they say the same thing, but. A few times that barrier is going to break down.

It always happens with enough communication and enough times where they hear you and remember, you naturally build some rapport.

Eddie V: [00:43:47] Okay. Okay.

Chad Corbett: [00:43:49] So Eddie, I would split this into two categories, have had dialogue, not had dialogue.  So to the root of his question, how much is too much?  until you've had dialogue with them, meaning you've had a meaningful conversation - not a hang up. Like we've got it handled hang up. That's not a contact. Then you can continue to be as aggressive as you want to be. If it's every day, if it's twice a day until you've actually had a true conversation and had two way dialogue with a person, then you should be aggressive. Once you've had dialogue with them, at that point, everyone becomes a thumbprint.

Some you want to follow up with daily. Some you want to follow up with quarterly because they're in such deep, emotional pain. You don't want to push them on others or just standing in their own damn way and making their situation worse. So you want to call them every day, but the takeaway is it depends on what you know about the situation, how aggressive you should be after you have the dialogue.

So the people who are hanging out who are saying, we've got it handled and hanging up. Call them every day until you have the real conversation. And then you'll know how often to follow up with them. Just use your intuition. once you understand the people and the situation, then it's easy to determine how often you should call them because you understand what they're going through.

You understand the value you bring to that situation and there's no, it all becomes different. And until you have dialogue, just, be as aggressive as you want to be. And that's David, he's hitting the phones every day for the first seven days. So he establishes dialogue and then based on each individual conversation, he spreads them out over a year.

I think some people he's okay, that's a surviving spouse. I'm going to call her back in three months because she'll be in a different state of mind. This guy is out of town. He had no relation to the family member. He was a friend who was appointed. I'm calling him back tomorrow because he's ready to get this behind him.

So each one becomes different once you have dialogue. But I would encourage you to think about it that way: Once you've had a real conversation with them, then you'll know what the right followup sequence is.

Old Leads: Best Way To Maximize Your Marketing Over Time [00:45:59] Jim Sullivan: [00:45:59] All right. And thank you for your patience.  Six, six two eight. You're up next.

Caller 4: [00:46:03] Hey. Yeah, so I've got some older leads. How old would you consider them to not be really useful anymore? Is there a timeframe on that

Chad Corbett: [00:46:12] Three years.

Caller 4: [00:46:14] Three years? Wow.

Chad Corbett: [00:46:17] We've had a lot of success through two year-old lists. I've personally listed them and bought them 25 months in. If you put a number to it, like where you should quit probably three years. A certain number of people, have their act together and they'll proactively move through the process quickly,  but we have a lot of different personality types in the world and a lot of different situations within that. So some people, their heads in the sand and initiate the process, then they pull back and then they just completely shut down.

They don't do anything for months. And then one day they have this breakthrough and they're more motivated than they have ever been because they're ashamed of the lack of progress made. And that happens anywhere from one day to at least two years. two years as you should. And if you had the budget and the bandwidth, I support it.

And they, All The Lead System is designed to make sure you're not spending, you're not marketing to people who have already said, we don't need your help, but we don't want your help. If you can afford it, you should be marketing for two years minimum. And every month our CRM will help you cut your list down.

So you're only marketing to the ones you haven't spoken to. But the people that need our help the most are the ones that put their head in the sand six, eight, 12 months ago. And haven't achieved anything. They're the ones that really need us and you'll find them two years out for sure.

Jim Sullivan: [00:47:39] Hey Chad, the one I closed on yesterday was two years old, had probably it was filed two years ago.

Bruce Hill: [00:47:44] Especially if you're running probate, I'm going to, I'm going to plug probate plus here really quickly. If you have an old list and you don't want to be marketing to a hundred people that are old, run pro probate plus against it. See where CC, who still has real estate. it'll show you who you should be marketing to.

One of my closings contacted me two years after his father had died that the property had been vacant for two years. Contacted me. He pulled back just like Chad just mentioned. He pulled back for another year and a half and then called me to Lish. And so that was three and a half years after the date, his father had died and it had been vacant the whole time.

So some people just take time that their situation, their emotional stability. There's a lot of different reasons to say might take time.

Cold Calling Widows/Surviving Spouses in Probate. [00:48:32] Caller 4: [00:48:32] Okay. Can I ask one more question? I appreciate your input. What would you suggest on the surviving spouse contact schedule?

I get it to where they're kind of a bummer on the first call. You don't want to call them too early, but, is maybe three months or something?

Chad Corbett: [00:48:47] Everyone's different. There's if you go to all the leads.com in the top, Type in surviving spouse. And there's a tips from the trainer video I did, I don't know, four or five years ago. And I kinda tell you the story of what encouraged me to get on the phone early on, often with surviving spouses, because so many people shy away from them. They're the people that most often need our help. The most, they just don't know it yet and they haven't admitted it.

So yes, it's not apparent in their psychology yet. So if you can make contact with them, it's a different tactic. It's low pressures to not talk about real estate. You need to really take my advice, focus on people in situation, let them know there's a service here in the community and help with anything and everything.

And just, if they feel like they're emotionally raw, just back away, listen, I'll call you in a couple months. See if there's anything that you could use help with them, but more as branding and marketing, you want them to be aware that you are you're a safety net for them, because what we know from the nursing home industry, 78.8% of senior citizens plan to die in their homes, there's no contingency plan.

What we know from the federal reserve, the average senior citizen. Yes. $24,000. Oh, an illness hospital of Saul property, just upkeeping a property, having the correct, social security checks on an app because they were getting to now they're only getting mom, their situation changed and it might take them a month or two months or three months to realize that they're not, I think, situation when they do.

I will call who they trust. So if you've made contact and you found some way to make them feel comfortable, even if that's just making them aware that there's a safety net in the community, you will be their first phone call when they need you. So don't shy away from the surviving spouses. Just remember, I'm not calling to list this house.

I'm calling to see how I can help her or help him. And if you can build rapport and that person trusts you, then when they're ready, you'll be okay. The only phone call and I've got dozens and dozens of stories like this, the very first deal I ever did was the one that gave me the courage to always make that call.

And if you search surviving spouse in the top, Of all the leads.com, you can hear the story about it, about Drusilla, or that was Pam.  It's, a softer approach, some will list right now, others will take two to three years, but now they're probably the ones that can benefit the most from our service when they realize it.

Jim Sullivan: [00:51:30] All right, guys, another great call. I want to thank each and every one of you for being here today, we had great participation. We had some really good inspiring stories. I think I know who our winner of the week is. We'll be reaching out to you and I want to challenge each of you. Take one, thought one idea. One thing that inspired you on this call, go out and put it into practice and come back Wednesday, actually for our role play, call and share with the group.

Thank you so much, guys. Stay healthy, stay productive, and we will talk to you next Wednesday at 2:00 PM. Eastern take care, everybody.

A.I. Narration: [00:52:05]  All The Leads hosts Cold Call Role Play trainings the first Wednesday of Every Month. On these calls, agents and investors can jump in the hot seat with our coaches to test their cold call scripts.  To join the Role Plays or Probate Mastermind sessions, join the All The Leads Mastermind Group on Facebook for Free.  Thanks for tuning in to Probate Mastermind!

 

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Preview for Probate Mastermind Real Estate Podcast Episode 297

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

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

Probate Mastermind Episode #297

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

 

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

 

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

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Detecting False Positives in Big Data (1:16)

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

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

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

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

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

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

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

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

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


Short Sale Help: Pam Sullivan 954-584-0000

Chris Fontaine: Real Estate On Your Terms

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

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

See More:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

 

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Episode Transcript

Probate Mastermind 297 Recording

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

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

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

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

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

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

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

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

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

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

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

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

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

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

And is it commercial or residential?

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

bedrooms. But get this, one bathroom.

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

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

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

Jim Forsythe: [00:02:48] Absolutely

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

 

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

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

job, buddy. That's great.

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

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

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

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

Okay.

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

a

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

Y'all have a wonderful week

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

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

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

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

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

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

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

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

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

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

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

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

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

Absolutely.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Try and be first.

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

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

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

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

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

number ending in zero four five six.

You're up next.

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

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

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

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

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

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

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

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

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

What I would

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

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

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

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

sale. And

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

You get a free house.

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

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

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

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

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

..And a tenant.

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

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

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

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

You can get a free house.

Everybody wins.

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

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

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

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

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

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

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

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

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

That's what I would look at.

Excellent. Did that help?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

It's usually relatively pretty

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

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

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

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

Okay.

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

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

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

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

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

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

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

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

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

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

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

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

referring future

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

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

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

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

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

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

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

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

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

their motivations are and okay.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

It's just a more efficient process.

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

Thank you very much. Alright ,

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

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

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

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

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

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

Dave: [00:27:09] Yeah,

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

the telephone consumer protection act.

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

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

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

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

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

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

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

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

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

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

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

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

Dave: [00:28:45] Correct.

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

Dave: [00:28:56] Okay.

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

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

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

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

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

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

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

That's more common than it used to be.

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

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

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

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

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

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

Are you there?

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

And my fiance at a law firm right now.

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

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

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

And then I have a followup unrelated question after this.

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

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

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

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

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

So ...

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

way.

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

but

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

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

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

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

You know, I found it to be really effective.

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

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

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

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

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

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

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

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

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

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

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

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

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

Have I called the right place?

Caller: [00:40:46] Okay.

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

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

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

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

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

Caller: [00:41:20] Yeah.

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

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

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

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

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

Someone has answered the phone and you

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

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

Dave: [00:43:13] Sure.

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

Alright.

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

one. You're up next.

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

Found out that the guy died a

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

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

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

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

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

Derrick: [00:44:14] Okay.

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

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

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

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

I'll try it right there.

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

Is that what you said?

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PR or give him a call,

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

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

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

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

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Real Stories and Expert Advice for Handling Cold Calls, Real Estate Appointments: Probate Mastermind Podcast Episode #296

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

Probate Mastermind Episode #296

Recorded Live on September 17th, 2020 (Join Us Live Every Thursday)

 

In this episode of the Probate Mastermind Podcast, you’ll learn how to qualify out the leads that are most worth your time and how to capture 5-star testimonials to generate quality leads exponentially.  You’ll also learn how to navigate in-person appointments when you’re a realtor and investor.  After this call, you’ll be able to turn common objections about cost and commissions into increased motivation. Lastly, you’ll walk away with a ton of motivation from the real stories shared by agents, investors, and wholesalers just like you who are candidly sharing their questions, issues, and success stories.  Thanks, as always, for tuning into to Probate Mastermind!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

EPISODE TIMESTAMPS AND RESOURCES:

How To Win Better Real Estate Listings While Prospecting (1:07)

Rosie shares an update on her prospecting results.  She is blocking off productive call time and building meaningful relationships.  Instead of trying to sell her prospects, she’s qualifying her prospects to see who is the best fit for a stellar testimonial when all is said and done.  Rosie landed 3 solid opportunities from cold calling this week and is starting to get inbound/return inquiries from her marketing efforts.

How To Capture A Testimonial From A Real Estate Client (3:08)

Rebel jumps on the call to share a sale she just closed.  The lead responded to the first probate marketing letter she received via All The Leads’ Direct Mail Service.  Chad and Rebel discuss how Rebel put the deal together and had a cash conversion cycle of less than 60 days.  Chad and Rebel discuss how to capture an awesome testimonial from her client.

Cold Calling Tips: Disrupting Patterns (7:42)

Rebel is looking to have longer conversations with prospects who try to rush her off the phone.  Chad describes the pattern a lot of real estate leads get into when too many realtors/investors are calling them and offers advice for disrupting those patterns.

See More: Chad’s Book Recommendation Never Split The Difference by Chris Voss.

I Messed Up A Cold Call. Should I Call The Lead Back? (11:02)

Rebel and Chad discuss re-engaging with leads that hang up.

The Best Way To Get A Complicated Deal To The Closing Table. (13:11)

Rebecca shares an acquisition deal she’s working on.  She describes her diligence in skiptracing the appropriate contact and working through the necessary steps to help the family move forward.  She is in Colorado, the toughest state for Probate in the country.  Chad and Rebecca discuss why Rebecca’s approach works so well, and is so rewarding intrinsically and extrinsically.

Handling The “How Much Are We Going To Owe You?” Question (19:40)

Rebecca describes how she puts her faith in the value she provides.  Her most recent client asked her “how much are we going to owe you for this?” Chad and Rebecca discuss why people shy away from this objection, and why they shouldn’t.

See More: Handling Cost Objections: How To Ask For the Commission/Compensation You Deserve

The ROI of Providing Real Solutions (21:25)

Chad and Rebecca break down the numbers - What’s Rebecca’s ROI for the work she’s doing, and why does going the extra mile to start pay off exponentially in the end?

How To Go On Listing Appointments as A Realtor that Also Invests (25:24)

Caller got a listing off his first letter! Caller is an investor and licensed real estate agent.  Caller is working with another lead and might want to buy the house himself.  Caller asks how he can wear both hats - Chad says don’t, and he explains why. 

See More:

How Do You Talk To The Seller About a Cash Offer vs. Listing? (30:02)

Caller asks for advice on helping a seller figure out what option is best for them, and how to guide them towards the right decision.  Chad discusses. 

How to Dress For A Listing Appointment With A Motivated Seller (35:29)

Eddie V shares a story about how he took a piece of advice from David Pannell: Show Up Ready and Presentable! Eddie put this into practice and got direct feedback that it made a difference.  

See More:

  • David Pannell’s 2019 Case Study: How David is competing with iBuyers in his Market and making Probate a $1,000,000 pillar in his business through listings, acquistions, and wholesaling/whole-tailing real estate.

Your Seller Thinks Dealing With A Realtor/Commissions is too Much? Offer As-Is, Where-Is Sale (36:51)

Eddie’s prospect wants the highest price he can get - What should Eddie do? Chad suggests Eddie reminds his seller of what an as-is, where-is sale looks like and how to get this deal moving forward. Chad underscores that many investors emphasize that a cash offer means no realtor and no commissions, implying that working with a realtor is complicated.  Chad outlines how to turn that impression around and get the sale. Pay attention to the contingencies and win the deal by offering your seller a guaranteed close.  

See More:

How To Land An Appointment When You Reach The Lead’s Spouse (39:10)

What should you do if you’re calling a lead, but their wife/husband/spouse answers? Chad describes how to handle this conversation to either secure a phone number or an appointment.

I Messed Up A Cold Call BAD - But Might Still Get The Listing! (41:35)

Eddie shares a real foot-in-mouth moment anyone who makes cold calls can relate to.  The message is: Keep going, it happens! But next time, don’t try to deduce too much from the data; pick up the phone, ask, and have a conversation.

 

 

 

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Episode Transcript:

Jim Sullivan: [00:00:37] Welcome extraordinary agents and investors from across the country. Today is Thursday, September 17th, 2020. And this is mastermind call number 296.
[00:01:28] Share wins with us, inspire the rest of this group that comes every week nothing's out of bounds. And, we have two in the queue, so let's go to our first caller. This week is phone number ending in zero three, zero six in Austin, Texas.

Rosie Hayer: [00:01:43] I am so glad to be here.  nothing big question. Just wanted to kind of share with you my experience I'll support your advice from last week,   I implemented and, I would say I have good three,  four days off full work.

[00:01:55] Where we spent, 9,200 minutes on the probate work, which is meaningful work, which means to call out, have meaningful conversations, have meaningful follow-up. And I'm just happy to announce that we got three solid, very nice leads. And we are finally getting call backs from people saying, Hey, it seems like you guys do  power of attorney work and last wills.

[00:02:16] Yeah. So people are starting to call back and it's starting to flow. So I just wanted to  share with you guys. I  implemented rather than 90 minutes, I did a hundred minutes. So at 10 minutes, I can kind of to you guys mastermind calls to warm up my head. then stick to at least good 90 minutes.

[00:02:31]what I was looking for is meaningful relationships. So the conversation is not about setting an appointment. It's actually thinking, is this the person I can serve the best and would it qualify for an ultimate testimonial at the end? So I just want to say thank you. It's working. I'm very happy with my one week results and I will bring more numbers.

Chad Corbett: [00:02:50] That's amazing. You're a heck of an action taker. Thank you for sharing with everybody Rosie that. You're a great example. Thank you, Chad. Thank you. And I did another estate sale interview that I will be posting.  Please know, I just want to take a moment and say I'm openly sharing on the group because I'm really wanting to be open to feedback and kind of helps me get over my own fears too, in one or the other way, you know,   when I get to the, in front of you guys, good, bad, whatever feedback I get, it boosts my confidence.

[00:03:16]So I thank you so much, everyone for participating and giving me the word. it allows me and encourages me to go after more.  I'm looking forward to being some big numbers. Thank you.

Jim Sullivan: [00:03:25] Awesome

Chad Corbett: [00:03:27] She's openly, openly sharing her best work to get better.

[00:03:31] So that's awesome.

Jim Sullivan: [00:03:33] Rosie, you're not lacking in energy and enthusiasm, and it's obvious why , you're doing as well as you do. So please keep coming back and sharing, that's a great way to start the call.

[00:03:42]All right. Next up is another enthusiastic person Rebel you're up next!

Rebel Taylor: [00:03:46] Wow, he just knew that was my number, huh?

Jim Sullivan: [00:03:51] Yup. Got it memorized.

Rebel Taylor: [00:03:52] I wanted to call and say hi and let you know that, We did get a sell and everything off of a letter, actually the mail outs that you do.

Jim Sullivan: [00:04:00] Wonderful!

Rebel Taylor: [00:04:02] Just a little place, you know, actually it was a friend that left it to her  but it was just pretty cool to have one that went all the way through and it was not on the market long. I think it was on there for seven days.  We got it sold and closed on it not too long ago.  The things that you offer do you work.

Chad Corbett: [00:04:16] So what services did you end up providing? Was it a very simple deal? How did it compare to any other listings?

Rebel Taylor: [00:04:22] It was very simple. It was just a little house that really needed to be mowed down. It was an investment property, an investor actually ended up buying it. The house did not have any AC, but I mean, it was a really easy, easy sale. It really was.

Chad Corbett: [00:04:35] Cash conversion cycle was inside of like 60 days, all was done? So you made contact, listed it, sold it probably in a matter of a couple of weeks.

Rebel Taylor: [00:04:43] Yes. Yes.  Their's was a three week close, so that was all in a 30 day.

Chad Corbett: [00:04:48] Yeah.   We get used to looking at what other realtors are doing.  And it's like, Oh man, I mean, who doesn't want the $700,000 listing that needs no improvements whatsoever. It's just ready to go to market. But you know, with those just takes us longer to sell those and you work a lot harder for that commission. With probates a lot of times, like your story is very typical.

[00:05:06] I would say over 90% of mine, went that way.   So you listed as-is, where-is. And you get offers with no contingencies cash closings somewhere within two weeks to 30 days.  For me, it was easier than wholesaling. I was just doing it on MLS was as-is where-is.   You can do  a high volume of them very quickly with a lot less work than it would take on a conventional listing.

[00:05:27]  And I think the reason I'm  highlighting that is a lot of times we talk about more complex things on these calls. And I think some people are  intimidated by some of the more advanced things we discuss, but this is an everyday deal. These are the ones that roll through consistently.  There's deferred maintenance. There's motivation There are people looking for that type of inventory. They're great. I'm betting a landlord bought it. Am I right?

Rebel Taylor: [00:05:47] Oh, yeah,  he wasn't a builder also. So it was more for the land and it was over there in Lakeland. It needed to be mowed down and a new house built,  but I don't know what he did with it.  I haven't went back over there to look, but, yeah, the lady we met out of it, we're hoping to get more clients from her because he ended up turning out almost like family. Every time I went to the lady's house, I was leaving with food and drinks and, Oh my goodness gracious. The sweetest lady I could have ever met during this. Okay.

Chad Corbett: [00:06:15] Now say Rosie, listen and Rebel. I don't know if you were on last week's call, but Rosie was looking for purpose to build prospecting discipline, and her purpose became, getting six amazing video testimonials, and I would encourage you to do the same, especially while that person holds you in such high regard, and while they feel like you relieved a lot of their stress.  Reciprocate, take her a pan of muffin and be like, Hey, let's make a video. or just jump on zoom and do it. But let's capture that story

Rebel Taylor: [00:06:43] She would do it for us. She fell in love with me and my partner. And so that's a great idea. I will definitely go do that.

Chad Corbett: [00:06:51] Don't be afraid to go long form and then edit it down and to, you know, a two minute clip, but you can use the rest for b-reel.

[00:06:59] So over time you can build these kind of customer testimonials mashup videos, right? When you have 50 people just pull snippets from each of those. And just capture everything you can about her experience, like get a great quote from her. And then edit that down into a little, testimonial highlight reel,   Then you've got the whole conversation that you can use in the future and something that I want to underscore guys, I can't emphasize enough how important it is that when you get this right, you need to document that because nobody else is.

[00:07:29]Collette Meyers does a good job of this. So if you go to collettesellshouston.com. She has a great probate website where she captures her testimonials. And I would love to see everybody doing that because you do the work. You build these relationships if you don't capture it and trust me, I'm not nearly as good at it as I should be either because it let's take a commitment and it is uncomfortable sometimes, but it is worth so much when you can document their success as your service   It helps other people identify with you, especially when they're getting your letter, going your website, trying to figure out who you are, because it sounds too good to be true.

[00:08:03]And anyone else who sends a letter I highly doubt that anyone else has gone to that level. So every time you have these success stories, please take the time to capture it.

Rebel Taylor: [00:08:12] I liked how you said that. Cause I think you can take a long video putting in what you need to for certain things and still have it for everything else that you need. I think good is a great idea. Great idea. Awesome. Thank you.

Chad Corbett: [00:08:24] Thank you for sharing Rebel. And what was your question?

Rebel Taylor: [00:08:27] You're going to laugh though.  Alright, I do get some people calling me back and things like that. I have a pretty good ratio of people calling back. I really do, or speaking to people, but I cannot get a lot by a lot of them. I don't know. I think within the last couple of days we've gotten three that were serious that I sent my information to.

[00:08:47] I'm like your girl Rose. I don't go for the appointment. First. I go for the relationship first.  But I can't get past this part of, your line where if I could take something off of your plate, what would it be? I found that to be a great line, but, people are like, look, what do you want?

[00:09:03]And I try to tell them what I'm offering or they just cut me off right there. Am I using it too early or what?

Chad Corbett: [00:09:11] No, there's other people muddying your water. So when- they have an abrasive response like that, I want you to pay attention to the words you use, but say something like, it seems like, it sounds like it feels like - don't be accusatory, but what you want to do is think about what emotion are they feeling that's driving this behavior. And how can I change that emotion? probably what's  happening is somebody's calling with an unskilled self-interested, you know, like rookie wholesaler is calling, hammering them, trying to buy the house for 50 cents on the dollar.

[00:09:44]Which is fine. Maybe that's what they want, but they want to do it on their own terms. Right. So they've learned to run those people off. if you can say, you know, it seems like you've gotten the wrong impression of what we do. And what's crucial is that you shut your mouth, just absolute silence.

[00:10:01] And that's th e tool, that becomes a lever in the conversation. So it seems like you might be upset and misunderstanding what it is our team can do to help you. And let that awkward silence, let the awkward silence hang there and they're gonna, process and it's going to be more uncomfortable for them, the silence than it is for you.

[00:10:20]You've heard me, probably recommend it before Chris Voss and the book, Never Split The Difference he calls this tactical empathy. So you focus on why they're behaving the way they are. And then influence that.  All you're trying to do is short circuit, their nervous system to get them off the pattern that's become comfortable for them because they found a way around people off by being a little abrasive.

[00:10:41] And you're not being accusatory, or you're saying seems like you might've had some bad experiences and don't really understand why I'm calling.

Rebel Taylor: [00:10:48] Right, right, right.

[00:10:49] And

Chad Corbett: [00:10:49] it's almost impossible for them not to engage with you at that point.

Rebel Taylor: [00:10:52] Oh, that's fantastic. Okay. I'll try that now. That sounds good because they would cut me right there and some of them, I mean, it was just like, damn, I'm going to quit using that line, but I know it's a good line!

Chad Corbett: [00:11:02] Here's the great news. If you master this objection, if you find a way through that obstacle,   guess what everyone else is feeling the same way you are right now, they're getting shut down, but they're, they're not on this call. So if you find your way through it, it's fine. Let them muddy the water because it just creates a more impactful contrast when you show up saying the right thing.

Rebel Taylor: [00:11:23] Well, very good. Thank you, Chad. That, that all helped. It helped a lot. I really appreciate that. Cause  was not knowing that to say, to get them, to let me, by that point, you know, and I've lost a few calls that way,  got shut down too quickly. And now let me ask you this, I guess, because they don't know who called and who didn't call except for my name is rebel.

[00:11:44]I could call him again and try it again. Is that something that should be done or not?

Chad Corbett: [00:11:51] Yeah, I don't ever be afraid to reengage. I mean, what happens if you don't call, like, you know that outcome, right?

Rebel Taylor: [00:11:57] Yep. I do. I do. No doesn't hurt. That's what I always say. So. Alright, well then I might just get back with them again and you know, I'll be like now, is there something I can take off your plate?

[00:12:08]And then if they shoot me down again, I know how to come back.

Bruce Hill: [00:12:12] Rebel,  if they start to shut you down or, let's say that there isn't venom in it, but they say nothing or they say, no, everything is taken care of another really great approach. If there's not peace behind their answer is to say, you know what? Rebel. I completely understand. As a matter of fact, I feel the same way, but you know, if there was something that I could take off your plate, what would it be? So they just told you that they didn't need anything, but, but then you follow it up with, I, completely understand.

[00:12:41] most people I talk to have things handled as well, but if there was something I could take off your plate and all of a sudden you'll get to the bottom of it, a lot of people will come out and they'll answer. I use this specifically a lot when it comes to people saying, no, we don't know what we're going to do with the house yet.

[00:12:57] Okay. I completely understand that if you didn't know what you were going to do with the house, which way would you be leaning? And then they'll say, well, we're probably going to sell it next week. Well, you know, why didn't they say that to begin with? But if they're just prepared with an answer, like Chad said, they're accustomed to that approach working to shut people down and they're not ready for the follow up question. That really says the same thing.

Rebel Taylor: [00:13:21] I like that too. Thank you, Bruce. Thank you very much. That was a great idea too I've got that written down now because they do do that.  They go from the, you know, whenever the plate thing right into we've already got everything handled and it's like, Whoa. And so that helped a lot. So thank you.

Jim Sullivan: [00:13:36] Okay. No, I'm just going to say Rebel's the one to beat with her win of the week and we do have eight in the queue. You guys, we're going to have to book to get through y'all.   The next up is phone number ending in two eight, five eight. You're up next.

Rebecca: [00:13:49] Oh Hey! This is Rebecca. I think I was on this call about a month ago. I really don't have a question. I just do, you know, work the probate area I work actually everything, but, I can tell you the one I'm working on right now that nobody else knows about. And it's more about just digging deep. Like that's kind of what I do is I never give up, on a lead and I do call them over and over again, unless they tell me to.

[00:14:15]Go jump off a cliff or something like that. but I have one right now, it's all boarded up. Okay. That's how I found it. I do walking for dollars, not driving for dollars. cause I walk six miles a day and I go to different neighborhoods. So she died seven years ago. It's boarded up.

[00:14:32]there's no will the 23rd person on the skip trace. was her only living son. And so he didn't know where to start with probate. So that's what I'm doing is process. I told him I'm not an attorney. I tried to get a pro bono attorney because they're supposed to do that in Colorado, they're supposed to give her their time, but I didn't have any luck with that with CO

[00:14:56]He doesn't even have his certificate or his mother's death certificate. So he's got to get his birth certificate in Kansas City,  get his mother's death certificate, and then I'm going to go over with them to court and hopefully get him an informal appointment as personal rep.

[00:15:12] It only cost him 199 bucks. Plus I think it's $20 for the letters. And so the house has about $200,000. It's a little small house. I mean, it's quite 1200 square feet, but it's got about $200,000 in equity. I do want to be fair to them. You know, he keeps asking me, cause this got a reverse mortgage on it,  that's a whole other story with a fraud case with Wells Fargo. But anyway, I just don't give up. I just really am strong on the relationships and this is the truth that let's say something happens. And I don't end up with this house. maybe we have to do a short sale and the numbers don't work.

[00:15:50] I don't worry about that because I know that I. Have built a relationship with them when I know that they're already telling me like, no one's taking this time, you know? No, one's really talked to them about the house because I think people give up. That's why, because it took me quite a while to find the person I needed to find.

[00:16:09]And then, so that's all I really have to say. If everything goes well the next three weeks, it should be all done.

Chad Corbett: [00:16:15] That's awesome. So what part of Colorado are you in?

Rebecca: [00:16:17] I work all of Colorado, but I'm in, in basically the Denver Metro area is what I work and then I also work in Oklahoma.

[00:16:27]So I have a home in both places and I come up here for three months then and I rent my house out to nurses while I'm gone. It's not Airbnb, it's nurses that are travel nurses. So that way I don't have to worry about regular renters in here.

[00:16:41]

[00:16:41] I have a criminal justice background also.

[00:16:43]And, the other thing is I've been through this with my family. I lost three family members in a five year period.  I feel like maybe I'm almost over empathetic with people, but, I guess the thing that bugs me about people that bug people that have an inherited house or probate house is they go after it right after they die.

[00:17:04]And I just don't tolerate that. There's all kinds of things. Like my parents had everything organized. It was in a trust. It was simple. It still took us a year and a half

Chad Corbett: [00:17:16] So there's a lot to unpack here. I want to, for the benefit of everybody else, I want to highlight a few things. You are probably the most disadvantaged person on this call because of your market. So Colorado, because so, so many people were so aggressive at pursuing families. They actually seasoned their probate data. So it comes through late, however, People with your mindset, like people who have empathy and compassion, they do really well in Colorado.

[00:17:44] And I want you guys to pay attention to that common thread running through all of these, these motivating stories today.

[00:17:52] It's it's about relationships and letting the consumer's need dictate the service. Not trying to force them into a, you know, an and to your model. So you can hit your numbers and your KPIs. This is about slowing down, providing a real service to your community and getting the result that you want anyways, it's just in a different way.

[00:18:12] Right? So Colorado is the toughest state I've ever coached in. It's the toughest state we've ever had to write a letter we've ever read to write letters for it is, and the cash conversion cycle is longer, but it's because these people get a ton of pressure on the front and there's no compassion whatsoever.

[00:18:29] It's, gimme your house as cheap as I can get it. And this goes on for awhile. Then everyone else just stops and they're out harassing new people. So are folks who think like you do, who act like you do okay. That come through, you know, they're, they're still breaking a 2000% ROI in the toughest market in the country to do probate in, they're still exceeding a 2000% ROI

[00:18:52] So pay attention to what these ladies today have shared with you. What's working for them. It works anywhere and everywhere. If it works in Colorado, it works anywhere. And the other thing is, like your tenacity, like your willingness to follow up. I don't know if you watched, you know, David Pannell's update video we did a few weeks ago, but that's really his X factor.

[00:19:12] The seven digits secret and probate is: Actually care and follow up, follow up, follow up. And if you do, you'll catch them when they need your help, they will respond and, and you don't really have any competition if that's how you're doing business.

Rebecca: [00:19:29] I am a woman on her own Island here. Let me put it that way. I've been doing this. 10 years. And I was in criminal justice for five of those. So kind of doing this on the side. So went into it none of this stuff phases me guys.

[00:19:45] Like I can't even, you know, people say, Oh, that house has unlike, you know, you're, you're scared of a house that has stuff in it. You gotta be kidding me. And so it just doesn't, I don't want to say it doesn't phase me, but nothing surprises me in this business.

[00:20:00] No family situation. I can always figure it out if they just work with me. That's what I'm trying to say. So, I mean, something crazy can happen and another investor might come along, but I just don't worry about it because I know I've done the best I can. And you know, she, the wife kept asking me last night, how much are we gonna owe you?

[00:20:21] You're not paying me anything. I'm just buying the house. She said, like doing all this work for us for, I said, no. I said, you know, you guys like y every month by the city.

Chad Corbett: [00:20:35] A lot of people struggle with the objection of, you know, well, well, how much is this going to cost me?

[00:20:40] How are you getting paid? And I want you, I want everyone to pay attention. That's not a bad objection. That's a good objection because what it shows you it's demonstrating the amount of perceived value you already have in their mind. So when they're like, Holy crap, what is this going to cost me?

[00:20:55] That means you're you're on the right track. you're doing it. don't, and this isn't necessarily for you, but for anyone else who's listening, that's getting this objection. If you're getting a price objection, or how much is this going to cost me? That's a good check end point.

[00:21:09] That means you're on track because they, they, they have a desire to work with you. They have because of their conditioning in a capitalist society, they're thinking, well, this sounds too good to be true. It's going to cost an arm and a leg. And that's a great opportunity for you to drive home another value point.

[00:21:26] We don't get paid at dime until we do what we promise, or if you're the buyer, you know, we'll get paid in six or eight months when we finish this house and turn the keys over to a new homeowner, 'we'll be paid in due time.

[00:21:37] But I learned a long time ago, the best way to get what I want is to help enough other people get what they want. So would it be okay if you don't pay me anything right now?

Rebecca: [00:21:47] It has to be, in your heart and soul. I mean, having been through this myself and, we've got so many lawyers in our family.  That's why I don't flip houses with my brothers, cause we probably couldn't even decide on the color of paint for a living room.

Chad Corbett: [00:22:02] Let me ask you this. Are you, and I'm kind of putting you on the spot here in front of everybody, but are you happy with, the growth in your business?

[00:22:08] Like, is it, growing the way you thought, do you feel good about that?

Rebecca: [00:22:12] I kind of pivoted. I mean, I'll tell you, honestly, I worked the MLS. Pretty hard. I went from doing private sellers into really just full time MLS. I'm not an agent, but I had agents that put in the offers for me. Then as I've moved along, what happens is I have agents that call me with a house that they're struggling with.

[00:22:36] Believe it or not in Denver, or they're saying, you know, can you come in, but X amount, I won't list it, but this is what we need to get for this. And so, you know, it may be a probate house or divorce, or it's usually something going on. I've been focusing on vacant houses. That's my primary thing and code enforcement. And a lot of them are Probate, like nine times out of 10.

[00:23:01] Or it's a tired landlord inherited or they live out of state or they're like this family, you know, and he just, they just didn't know what to do. That's what the whole problem was. I think that, it was overwhelming for them to start.

[00:23:18]And that's why I love helping other investors, you know, that maybe don't understand the process of what it takes, whether it's a divorce or, probate or whatever it might be.

Chad Corbett: [00:23:28] It seems like there's, there's some doubt, like you're going deep and you're building a real relationship and providing very high level of service. The only time that would be bad is if, you're doing going on four hour appointments and you're out there, you know, spending hours and hours and hours to do this, but if we just narrow it down to that one deal you've got $200,000 in equity, I think you said.

[00:23:49] Right?

Rebecca: [00:23:50] Right.

Chad Corbett: [00:23:50] So relative to that outcome, that $200,000 income to you, to your company,   how many hours of work do you think you'll do to get to that, 200 grand?

Rebecca: [00:24:00] Well, to be honest with you, I haven't even met them in person at all. This has just been on the phone. So, I would say I have, maybe about two hours in it right now.

Chad Corbett: [00:24:12] Okay. And then you have all the work to flip it, to get to that.

Rebecca: [00:24:16] Yeah. Yeah. I would like if I call the clerk of court out there and They're all shut down because of COVID. So when I called the clerk, the probate clerk, you know, I said, look, I've called all these lawyers. This family doesn't have the money. And all these clinicals sheets kind of walk me through.

[00:24:32] I said, this is what it is. Can he do this, you know, without going to court? And she said, it sounds like he can, but he's okay. Show up out here and all that. And she'll do it in 30 minutes, you know? So. That was a relief I mean, hopefully he won't have to have a court hearing or anything. It'll just be, his birth certificate, her death certificate to do it.

Chad Corbett: [00:24:51] Well, what I heard was you have a need for validation on, how you're doing this. And I don't hear anything that makes me think this is a bad idea for you. You're out there. You're being true to your core values based on your life experience. And you're going deeper than most people do or will, but look at the net result of that.

[00:25:10] You're making a tremendous amount.

Rebecca: [00:25:12] I'm not the only one that saw this boarded up house.

[00:25:16] I have another one out in Lakewood and I sold that in like two hours.

[00:25:22]so you, you get the ones like this and then the next one you get so easy. So it kind of levels out is what I'm trying to say. You know?

Chad Corbett: [00:25:30] Yeah, it's important to me. Like I love when people like you become part of our community and it's important to me that you don't doubt yourself because it sounds like you're doing great work and you're getting a great result.

[00:25:41]What you're doing is really helpful and you're making a ton of money doing it. So keep doing that.

Jim Sullivan: [00:25:45] Thank you so much. I, it sounds like you'd be a great case study for Chad as far as the motivation and the mindset, man. You've got it.   I really appreciate you sharing. Thank you!

Rebecca: [00:25:55] Thank you.

Jim Sullivan: [00:25:56] All right. Next up is phone number ending in two, four, five zero. You're up next.

Caller: [00:26:02] Hey guys, how are you doing?  Great. I wanted to share. Number one is success story.

[00:26:07] And number two, I have a question for you. So, my, my success story, I, I sent out my first mailings. I know in my second or third month now, something like that, but I got a deal off my first mailings. It's it's a listing agreement. I'm a licensed realtor and an investor. And it's really cool to see that happen as quickly as the first letter, which I did not expect whatsoever.

[00:26:30] So that was cool. And I'm finding a lot of ways to help that particular family navigate the process and the listing we'll, we'll be going live in about one week. So I'm helping them with a lot of things other than just listing the house, which serves them well, because I come from a contracting background,

[00:26:45]anyway, I'm excited. So. I have a question. I'm a licensed realtor.  I'm working with another lead I have a great rapport with them, a good relationship with them.

[00:26:53] I've met with them twice in person and we're down to the nuts and bolts of making an offer on the property or, and they accept that offer or we list it and try to get out a higher dollar amount by listing it. How do you navigate that process where you're trying to wear both hats?

Chad Corbett: [00:27:08] Don't  so I started doing this as an investor and when I saw that I wasn't going to get it for the price that I needed to as an investor, I would try to switch to my realtor hat in the appointment and you can literally hear rapport shatter and fall on the floor.

[00:27:22]I, it just, I never found that a really effective way to do it. And I've worked with other wholesalers who, you know, they send their leads to me and I try to just be the realtor. And they're just the investor. What I ultimately figured out is I just need to focus on being Chad and when I walk through that front door, I don't have an outcome for me in mind.

[00:27:41] The outcome is all about them. So whether I buy it or whether I listed it, it doesn't matter. Because I'm going to monetize that either way. And I will say I've walked away from a lot of houses with signed listing agreements. And I was very disappointed because I wanted to buy them, but always let their needs dictate the strategy.

[00:27:58]From a marketing standpoint, if you're offering brokerage services in your letter, if it says we can list the home,  meet the minimum or compliance requirements  for me that just in a light gray number eight font in the footer of the letter, it has my brokerage name, address, phone number, and then asterisk: "Ethics are of utmost important to us. If you have an agency relationship with a licensed, real estate agent, please disregard this letter. And that's been enough to protect me. I have had complaints when I've, you know, mailed letters to someone who already had their property listed. the board, the state board was like, Nope, you're good.

[00:28:31]And so that covered me.

Caller: [00:28:32] Interesting.

Chad Corbett: [00:28:32] The point where I disclose license status is I focus on people and situation. Even when I get to the house, I don't disclose,  in my state, you're not required to disclose really until you start discussing numbers or, you know, agency issues.

[00:28:48] So if we're talking about the personal property, walking through the house, the only thing I'm focused on is building and reinforcing rapport with the person I was on the phone with and building rapport with everyone else that's present. And then when we get back, I teach in mastery, I'll show you exactly how I do this.

[00:29:05] But when we get back to where we first started in the home, I literally just walk out of the room without saying a word and open the folder and put it on the counter.  And then that's when I'll disclose.   The initial phone call happens, the property tour happens.  I guess them a voice and get all their concerns out or all their expectations out.

[00:29:22] And then I actually will disclose there's there's a chance that, that before we jump into the numbers and other things and make sure. Decisions. I just want to let you guys know. There's a chance that we may be working together in an agency capacity.  I am a licensed real estate agent and four in four different States.

[00:29:38] I'm not sure how we're going to be working together, but all that matters to me is that we're working together. That sound good to everybody and I'll go through it. Something like kind of casually like that.  It happens at the same time in every appointment. So when the investigator called me, I'm like, no, actually this was on the letter.

[00:29:53] We met or, you know, actually in that case, I didn't meet with him. It was another agent that got, bothered that their client got my letter, but I've never had any, any complaint from the clients or the families. But if I ever did I have a pretty clear process, right? So the letter has the  disclosure requirements. The website meets the disclosure requirements.  And before I ever discussed price or strategy, I disclose license status and I do it at the same time every time.  So that's how I found  that to be really fluid. And you're very nimble when you do it that way.  If you remove the title of real realtor or investor and just be you, then you're, very nimble and you can be a transaction engineer on the spot, and it's never been a problem for me once I figured that out, this became a lot more fun and a whole lot easier.

Caller: [00:30:41] Interesting. So after you've built that rapport and you've disclosed this in your conversation and meeting with them, how do you navigate going about what's best for them, whether it be a cash offer on the property to get it sold quickly or listing it do you offer them an option for both Like here's a cash offer price and here's a suggested listing price, for example.

Chad Corbett: [00:31:03] Nearly every appointment I go on has three options, sometimes four or five.

[00:31:08] The three that I can offer pretty much anyone, a cash sale, an as-is, where-is sale. My definition of that, that is at what point can I all but guarantee this will be a ratified agreement in seven days or less and close with And then, retail. So, you know, you use your retail price.

[00:31:25] Now, if the house is in disrepair and they're willing to put money into it, or they're willing to partner with me, then there could be a fourth scenario. So you can, you have cash as is, current retail or renovation retail, like top ARV. But I use a net sheet and you can find it in the All The Leads Mastermind Facebook group in files, or you can find it in subscriber portal.

[00:31:48] There's a net sheet template, and it's just a very simple spreadsheet and it puts the three scenarios side by side. So quite honestly, I rarely ever use it, but it's there in case I need to,  it's a great visual tool show them. So, based on all this information gathering and focusing on people in situation and asking questions, getting them to tell me stories like the rapport building is it's it's Intel, right?

[00:32:12] Like I'm, I'm learning what, their problems are, what their goals are.  And they don't even know it. If it's done correctly, it's just. Organic conversation.  But when we get back to the countertop and I opened the blue folder, all those stories are in my go ahead. And I know what, you know, what their challenges are, what they're capable of, how much money's in the bank account, how much equity is there and the property.

[00:32:31] So, so, you know, guys, listen, based on everything we've talked, talked about, it sounds like there's really no cash. And you guys don't want to go through the stress of a renovation. So this, you know, retail price based on the condition of the home, I just feel like it's really not an option. Wouldn't would you guys agree with that?

[00:32:46] And then I strike through it and I'm like, so that leaves us with two scenarios we haven't as is whereas sale, which means we won't accept any contingencies. It's going to greatly limit the pool of buyers. We'll most likely sell this to a landlord or a first time home buyer that has saved up for a down payment to renovate the home.

[00:33:01] so we can get a higher price. It's going to take longer. We could expect a 45 day window here. based on everything you've told me, it's really important that you guys get this behind you now, so you can move forward. I'm not sure if this one works for you. I think what might be best based on, you know, your level of motivation, is just take the cash price - we'll buy it with everything in it. You don't have to lift a finger. Take what personal property you want and we'll deal with the rest. And within a, probably three to five business days, we could have this close at this price. Which of those two do you think is best for you? Which feels most comfortable?

[00:33:32] And they'll self-select right there.  And the highly, highly motivated ones will always they'll go to the cash. And even though you show them what they have to lose, kind of illustrate it for them, it's like, you know, in order to get this price over here on the right, you're going to have to risk a considerable amount of capital.

[00:33:48] You're going to have to go through, you know, the management of the renovation, and you're going to take risk. We're in a market where, you know, during an election year, during a recession,  something, you know, conditions could change. So there's a significant amount of risk involved to get this number. Are you guys comfortable with that risk?

[00:34:05]Okay. Let's just say that that's not an option. If you don't want that exposure, you don't have to do it. So you just kinda knocked them, you know, through, through deduction, you find out what's best for them and they feel like they chose because you gave them all the options in a very transparent way.  And the net result of that is ultimate trust.

[00:34:22]when I started buying houses, This way versus just going in as an investor and mentioning, Oh yeah, I'm a realtor. If this doesn't work out, I can and help you. Like the people I worked with the sellers were so much more trusting and open. And even when you, wholesale it and they see that someone else is closing and you're getting a 15, $25,000, spread, they don't care because you were straightforward with them.

You were transparent and they know what they could have gotten, but they knew they understood what commitment and risk it would take to get that. So that's how I do it, Bruce. I know you had something to add too.

Bruce Hill: [00:34:58] All my appointments, I take a menu with me. And that menu typically has three or four options. And Chad mentioned sometimes up to five or six. It really reduces the risk of them going with someone else. It reduces the risk of price resistance because ultimately they're the one in control. Many times we get in the way of their buying. So, the old adage says everybody loves to buy, but nobody likes to be sold.

So instead of ..

Caller: [00:35:28] Right.

Bruce Hill: [00:35:28] ..budding into  their buying process, asking questions and presenting options and letting them choose. And then when they say, well, you know what we're thinking about? Maybe this one or that option, instead of saying, okay, let's sign right here. Let me try to sell you on something you say, okay.

[00:35:44] Which, which one is more beneficial or, or why is it that you're leaning toward those and let them start the buying process instead of us diving in and starting the selling process. A good sales pitch is a great way to ruin a relationship.

Caller: [00:36:00] Gotcha. That's really useful and helpful. I appreciate both your input.

Bruce Hill: [00:36:03] Good deal.

Eddie V: [00:36:05] Hey, said I can ask my question. I don't know if Jim's on here.  Okay. just to, just to give people a testimonial I was doing what David Panell said: Look professional and set yourself apart from everybody else.

[00:36:18]So, anyway, I've been dressing more professionally. I wear a button up shirt.

[00:36:22] Nice dress shoes. Nice jeans. Showed up with the flyer that All The Leads made for me and gave it to the guy, walked through. Not sure if the deal is going to work out or not. He's looking for the highest cash offer. and, I gave him a number. I tried to give him a listing number and an owner finance number, but he didn't want to take any of those, but he was like, you know what?

[00:36:45] You weren't this cigar smoking suspender, slapping kind of guy, who's just trying to sell me on something. And he was like, I really appreciate that.

Chad Corbett: [00:36:52] Good good for you and anyone who, I won't recap everything, but David we've talked about that twice now. I usually wear jeans, a button up a sport coat and a pair of really nice leather shoes.  That I know has gotten me deals because people have told me that and it's meeting the expectations of the generation you're serving. So these people didn't come up at a time where they watch Gary V. Well, you know, wear a tee shirt and drop the F bomb every 30 seconds. So they have a certain expectation of what standard of professionalism you should have.

[00:37:20] So whether that's how you dress all the time or not now be authentic to yourself, but out dress your competition because it will make a difference.  The other thing I wanted to say, Eddie is the next time you find yourself in that situation. A lot of times sellers have a perception and a lot of investors are marketing  using that against realtors, that it's complicated. No realtors involved, no commissions paid, yada yada yada it's, it's a big part of their marketing. Right?  So remind him what an as-is where-is sale looks like. You know, most, most investors are going to close on a 30 day timeline if you're selling as is, whereas in a market site, like in the part of the market cycle, we're in, can you close it in 30 days?

[00:38:01] Sure you can. People were falling all over themselves to get inventory right now, investors and consumers. So. Remind him that, but it doesn't have to be painful. Like listen to, you know, either way we can close inside of 30 days this way you get more money, this way I get more money. What do you think is best for you?

[00:38:19] And I've taken a lot of as-is whereas listings, where I was going to be cut out on the cash price, because there's no way in hell I was paying what that person was paying, and they weren't gonna make any money either. They just wouldn't know that for three or four months until they did their final accounting.

[00:38:33]But sometimes. Newer investors will price you out of deals.  And you can take that deal back by pushing on the, as is where is, and showing them that they can close on that same timeline with the same amount of money with no contingencies and without the risk of that person using the weasel clause. So point them to the contingencies in the contract and be like, okay, so they gave you that number, but do you pay attention to the contingencies?

[00:38:59] "What's the contingency?" Well, that's, that's what the, you know, oftentimes they'll write a contract in such a way that if they can't sell it or come up with the money that they don't have right now, they'll pull the rip cord and you're left empty handed. You still have the house. You've got another month of carrying costs and you have no recourse.

[00:39:15]So. if you could have somebody who's held to a standard of professional ethics and state law dictates how they have to, how they serve, can you see how that might be in your best interest? If you get the same amount of money in the same amount of time, but you're working with someone who has a lot more to lose.

[00:39:31]And so you can take that back. If you're getting priced out of your own deal. Just take it back as a listing. And I'm sure investors on this call are cringing, but I've had it done to me too. But if you feel like you're going to lose a deal, that's, that's the beauty of having a license. You're nimble.

Eddie V: [00:39:47] Got it. Okay. Well that's good. Good advice. So I've been shooting for a hundred calls a day or a hundred dials. Not every number works, but a hundred dials a day. I don't quite get there, but I get close. And one of the issues that I've been coming across is like Say I'm calling for Steve and I get Mary  Mary is Steve's wife. And then, Mary's like, well, what's this that's my husband. What's then regards to. And I, I usually just do the exact same thing I would do with Steve. I'd tell him the exact same way. And they not always, sometimes they're like, Hey, here's the number, but more often than not, they're like, no, we're fine.

[00:40:25]When I did Sandler training, I was told, never take no from somebody who can't tell you. Yes. She might influence yes but...

Chad Corbett: [00:40:31] Two things. One try to get his phone number from her if she won't do that, go for the appointment with her and him because, have you ever met a wife that didn't really have social leverage on her husband?

Eddie V: [00:40:44] Yeah, I know that she will be influential.

Chad Corbett: [00:40:48] Yeah. If it's tentative and it probably will be, she'll be like, well, I don't know his schedule. Okay. Fair enough. Well, listen, I'm calling every other family in town today that that's going through what you guys are going through. So just to, to kinda, I'm sure you guys know what we can do to help your family.

[00:41:03] I'm going to give you that spot on Thursday night at six, could you put that on the calendar and just let your husband know? And if it doesn't work out, we can find a different time, but set the tenantative appointment. And then like, as soon as you get that done, you ask, you know, ask her a few more questions and find some way to provide value to her.

[00:41:19] So find some way to show her the benefit of meeting you guys. and chances are he'll be there.  If she won't give you his phone number. Get it on her calendar and then employ her to go make sure he shows up.

Eddie V: [00:41:31] Okay. Okay. That's helpful. And then...

Bruce Hill: [00:41:33] The previous scenario that you laid out, I'm going to give you a resource that I use to get listings priced accurately. And that is a site called Terradatum. It's a Clarus Market Metric resource.

[00:41:45] It costs like a hundred bucks a year. And if you ever need to show someone a clear and concise data and it gets them to accurately priced the house should strive for that. So, Terradatum is T E R R a  D a T U m.com. And anybody there needs pricing strategies and data. It's the best resource I've ever found.

[00:42:10] All right, go ahead.

Eddie V: [00:42:12] I just had a foot in the mouth moments the other day. Like, I just felt like a complete ass, but, so I called him, this lady named Lisa something and the descendant was the same last name. And I was under the impression that it was her, her brother. And she was, she was like, yeah.

[00:42:32] And Monday I'm celebrating my first anniversary. And I was like, congratulations. And she was like, well, he died. And I did not know that it was her husband who died. And I was like, well, I'm an asshole. But, anyway, those happens. I figured I'd share a, not a success story, but something that, I assume other people might find valuable that not everything's perfect.

[00:42:58] I still think it might be a possibility to get the listing.

Chad Corbett: [00:43:02] Thanks. Thanks for sharing because it, show yourself some grace man. Like there's no way you could have known that. Right. And. I'm glad you shared because a lot of people try to deduce too much from the data.

[00:43:14]So they look at the addresses, they look at the names, they look at very limited data points they have, and try to piece together a story. And what's the alternative. Pick up the phone and ask, and that builds a relationship. So the lesson for you here is don't try to deduce the whole story and figure out the whole story through deduction.

[00:43:32]It's rare that that would ever happen. And 90% of people are probating a sibling or a, parent's estate, not their spouse at a young age. So don't be too hard on yourself, but also use it as a lesson. Like, remember this, the next time you call, it's rare, but sometimes we've had kids, you know, the, the decedent was actually a child who had over a hundred thousand dollars net worth. So their estate had to be probated. So you never know who the decedent might be. Don't go into a conversation acting like you already know, or, you know, or we're operating on assumptions.

[00:44:06]go in everyone the same way, focus on people in situation. And when you understand both and you'll, you'll be the perfect solution.

Eddie V: [00:44:14] Okay. Perfect.  Thank you.

Jim Sullivan: [00:44:16] All right, guys. Hopefully you can hear me now. Despite the tech issues, I think this was, you know, we get 150 people on this call.

[00:44:24] It's going to happen. We're going to talk over each other. We're going to have issues with the conference service, muting each other out. But it, I think it's one of our best calls ever, as far as just the, the mindset and the success stories and just some really awesome examples of, the way you should and can approach this amazing niche.

[00:44:43] So as I always do, I want to thank each of you for being here today. I want to particularly thank those that actively participated. We're going to have a real hard time picking of the four success stories a winner of the week, but we will do that and we will let you know. And I want to challenge each of you:

[00:44:58] Take one idea. One thought, one thing that inspired you on this call. Go out and put it into practice and come back next Thursday and share your results with the group. Stay safe, stay healthy, stay productive. Make it a great week. And we will talk to you. Same time. Next Thursday. Take care, everybody.

[00:45:16] Goodbye.

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Preview for video about handling objections from probate leads

Handling Objections: I Already Have a Buyer.

How To Get a Signed Listing Agreement Even When The Seller Says They Have A Buyer

A week ago, Maria secured her first listing appointment from her probate leads list.  She called in with advice on how to navigate the appointment in person.  This week, she called into Probate Mastermind Call #262 to share an update on her progress.

 

The appointment went very well, but a neighbor told the seller they might know someone who is interested in buying the property.  Chad Corbett coaches Maria on how to secure a listing agreement in any situation where there might be an “interested buyer.” Because, as we know, not all “interested buyers” can or will close.

Check out Chad’s mastermind advice below:

 

 

Remember that these calls are live, interactive-style Q&As open to real estate agents, investors, wholesalers, and related vendors.  Check out our upcoming training schedule or view more calls by visiting our training archive.

 

If you haven’t already, be sure to join our networking and support community on Facebook, All The Leads Mastermind.

 

 

 

 

 

Probate Real Estate Leads and How to SUCCEED – Richard Eaton’s $22k ROI in Under 2 Hours