Probate Mastermind #254

Recorded Live on November 21, 2019

Today’s Top Real Estate Discussions:

  • Getting referrals from trust attorneys and financial planners
  • Cold-calling probate leads during the holiday season
  • The medicaid clawback process and how to navigate medicaid real estate deals.

Call Re-cap

  • 4:07 Andy asks about working with attorneys who say most of their clients are using living trusts. Chad goes through the value Andy can bring to an attorney who works primarily with trusts and lays out a conversational framework for him to have this conversation
  • 7:50 Andy asks if we should offer service even if a client says they want to keep the property to rent or stay in. Chad says yes, and that he’ll continue a conversation even if there is no real estate. Why? There’s ALWAYS a referral opportunity. At the very least, if they are going through probate, you could refer them to an estate planning attorney or a Registered Investment Advisor.
  • 12:23 Kevin Herron got a lightning strike voice mail! He asks if he should consider holding off on speaking with personal representatives because it’s the holiday season.
  • 19:58 Joyce asks about an app Chad mentioned for estimating repairs.  The app is Estimate On, and Chad describes how he uses this tool in conversations.
  • 24:10 Kyle asks about medicaid clawbacks. He works in home health and his company has a part-time social worker.  He asks for some insight on using the rapport he already has to approach a medicaid clawback conversation.  Chad offers his advice for showing social workers and family members how what he does can meet all their goals.
  • 28:29 Kyle asks for advice for a working as a power-couple, realtor-investor team.  Chad describes some of our other clients’ success. Chad, Jim, and Kyle discuss setting up the business entity correctly on the wholesale and investment side to keep her licensed work separate and fully transparent.
  • 35:01 Renee asks about networking with attorneys during the holiday season.  Chad describes how this is a good time to find people that are really working.  He also shares an anecdote about Sam in Richmond, VA who was able to win some great business relationships by bringing Christmas cookies around to prospects.
  • 40:00 Rebel joins again today! Great job with your role play yesterday! Rebel asks about financial planners. Chad describes how to find and vet them to find someone who will work well with probate clients and inheritance funds.
  • 46:59 Giacomo asks: Should I bother with probate leads that don’t have much in the estate?  Chad describes how a probate lead with no property became a $1.6 million dollar listing and a $2.4 million dollar transaction on the buyer side.
  • 51:31 Giacomo been doing this for 30 years: He shares his success story with a single postcard campaign he sent to leads at the end of October.  He had a 9% conversion rate on the lead set and will make 32k.  He spent about a hundred dollars.  He gives the coaches great feedback. Welcome aboard, Giacomo!!
  • 53:27 Brian Silvestri from New York, New York calls in. He asks for some advice on balancing value with opportunity.  Chad describes ways to extract value even when there is no real estate to be sold.
  • 1:00:33 Brian asks about leaving voicemails and proper etiquette for doing so.
  • 1:04:12 Desmond asks about how they can make money by offering a broad scope of services.  Chad describes how the goal is to build your business as a vertically integrated solution so it appears internal.

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