Probate Mastermind #228

Recorded Live on May 16, 2019

Thanks to all the realtors, investors, and wholesalers that joined us today! Especially a great discussion on finding reciprocity within your relationships with agents, investors, and attorneys. Also, congrats to Joe AND Darcy for being last week’s Win of the Week!

Topic Recap:

  • Since a realtor can’t pay me part of their commission on a deal since I am only an investor, what are some alternatives? Make it a reciprocal arrangement. If anything changes, let me be the first one you call. Likewise, if you come across a deal ask that they think of you first.  There are also options for co-branding.  Also, your quick money offer can always add psychological value.  Your investor offer can help motivate a realtor get the job done and help the seller come to terms with the options in front of them.  It can become a liquid relationship.
  • Joshua asks about response from marketing. There are always people that might take longer to grieve but will call you when you’re ready.  If cold-calling is your strength, you can maximize on your deals that way but you also never know when someone might call you back down the line from a letter you mailed months ago.  There is value to mailing and calling in conjunction.
  • Ronit from New York asks about attorneys that seem to come up in repetition and also seem to already have their hands on all the good property.  One in particular isn’t being receptive to working with her.  How should she approach the clients who are working with this particular attorney?  If their attorney is pushing their clients to work with his investors, Ronit could provide an advantage by marketing the real estate for a higher price. Call back in 30-60 days and get some feedback from the clients.
  • Caller asks how to negotiate with the lawyer when working to sell a property.  As an investor, what should she say when a lawyer asks what fee they will be paid for their referrals.  Attorneys usually stay in their lane, but when this does arise it seems like it could be a conflict of interest for the attorney to refer his clients for a fee.
  • I just got my first set of leads. Many numbers say “Do Not Call.” Especially with leads that have EVERY number DNCed, what is the best course of action?  In 6 years of doing this, we aren’t aware of a single complaint.  PRs agree to be part of the public record when they file probate.  We provide the information as a courtesy.
  • I’m in Denver. How can I find attorneys that intersect with the probate field? How can I convince them to work with me? Search for “Prospecting Attorneys.” Mainly, it’s by taking additional services off their plate such as finding clean up crews and estate sales teams.  Look down your lead list every month to see what attorneys continuously come up. Our website also has tri-folds that are very effective that you can take and drop off at their offices.
  • Ben had a client who wanted top dollar, so he referred the client to a realtor friend.  Because he is a wholesaler, he can’t receive a referral fee.  Do you have any recommendations?  One option is to get a real estate license for the sake of taking referrals.  Also, keep that person in your sphere of influence and try to get referrals from the client and the agent.
  • Cliff got a phone call from an out of state representative who got his mailing.  It was a “come list me!” call.  Cliff has also been a lawyer for 40 years.  In reference to other questions about attorneys, Cliff recommends if I don’t provide you value, then send me a bill for your legal services.  Don’t be intimidated to have confidence in the value you provide – reference the brochure and your credibility website!
  • David from Chicago is an agent who just started looking at wholesaling in the probate niche.  Is it more common for a probate property to turn into a wholesale deal because the property is more likely to be distressed?
  • Randy from Wisconsin is curious about whether or not anyone has put together a Facebook group page in their local market that speaks about the probate process.  His idea is to include all his vendors in the group so people looking for advice can find it.  This is a great way to add value.  Another option is to add a page to your probate credibility website that highlights the different vendors you work with.
  • Caller is ending a contract with a similar company and was curious about a contract with us.  We do not have contracts, but give our team a call any time and we’ll answer your questions.
  • Carl would like to know if he utilizes our calling services, how quickly does he need to be available for appointments? He travels a lot. Let our team know your availability. Also, you can see if someone will work with you to go out in the field and make the listing appointments for them.  Jim adds that in his market (Florida), a lot of these heirs aren’t going to be local, which means many deals won’t even require him to be here.  See what listings you can do remotely and work with a trusted colleague for the ones that need someone there in person.

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