Probate Mastermind #256

Recorded Live on December 12, 2019

Today’s call was filled with great questions, insights, and lessons.  We went close to an hour and a half in length today discussing strategies for handling objections while cold-calling, solidifying reciprocal relationships with attorneys, and winning business when face-to-face with personal representatives.  We hope you find a ton of value in this call!

Today’s Top Real Estate Discussions:

  • Settling Estate Liabilities and Creative Financing
  • Probate Quicksand – Beating the “I’m handling it on my own” objection.
  • Handling Objections while Cold-Calling: WHO ARE YOU? HOW DID YOU GET MY INFORMATION? WHY ARE YOU CALLING ME?
  •  Navigating Attorney Relationships
  • Stepping out of the 6% commission world: Knowing your value and matching it.

Call Re-cap

Probate Mastermind Call Re-cap and Timestamps:

  • 2:18 Anthony asks about numbers on the Do Not Call list within his probate lead lists.  If these are secondary numbers and not listed as the primary contact (i.e. not the personal representative).  To  clarify, these numbers are matched to the personal representative or the deceased.  Secondary numbers could still belong to the personal representative, but even when they don’t you should be reaching out regardless.
  • 6:37 Belinda has a probate case where the personal representative has been paying the mortgage on an empty house for the last 3-4 years.  The neighbor is interested in buying the home, and the seller is considering owner-financing.  The probate is advising the seller against this.  She owes about 70k and the house is worth about 240k.  If the buyer puts down a large deposit, wouldn’t this work fine? Chad, Jim, and Belinda do some creative transaction engineering.
  • 12:09 Joe Lehman has questions on letters of testamentary. He also shares a success story from a 3-month old set of leads.  The personal representative realized they weren’t as willing to do all they thought they had to do and called joe saying “We aren’t making any progress, we need your help!” And they are ready to sell the property as is.
  • 16:00 Chad discusses Probate Quicksand with Joe, and why and how you should always do your best to pull probate leads out of it.  Chad also discusses language for using the money and time you can save to handle objections.
  • 20:40 Rebel is looking for cold-calling tips.  What do you say to explain why you are calling. Chad discusses the USP. Who Are You, How Did You Get My Information? Why Are You Calling, How Can You Help Me? Know your USP – Unique seller proposition – and beat the objections before they come. Don’t try to script this, either. ALWAYS end with an open-ended question.
  • 25:18 Rebel asks about about handwritten letters – Is it worth it? Chad points out that you need to evaluate your opportunity cost in taking the time to write them yourself.  HOWEVER, when you have great rapport with someone, that’s when you should sit down and write them a heartfelt thank you note and mail it out to them.
  • 28:06 Rebel and Chad discuss opportunities to win business even when someone doesn’t have inherited property to sell.
  • 34:00 Edwena Potter calls in and follows up with a success story that began in October 2018.  The personal representative inherited 11 rental properties.  Because the properties were pretty much in distressed-status, Edwena was able to raise her commission and the sellers were agreeable! She delivered value and matched her worth.  Don’t get stuck in the 6% world! Chad and Edwena discuss opportunities for turning this into a testimonial for marketing.
  • 41:37 Edwena says she thinks she lost a deal to a wholesaler.  She discusses the situation and Chad describes how to secure the relationship and their business next time.
  • 52:55 Joey asks about optimizing his time when it comes to prospecting over the phone. Chad discusses recent TCPA regulations on voice broadcasting services and ringless voicemail.
  • 58:48 Scott Nance is seeing a surge in the amount of probate attorneys tied to a probate case.
  • 1:01:00 Erin asks for advice on pitching her value to probate attorneys and other business vendors.
  • 1:12:59 Samuel Partman is looking for tips on solidifying reciprocal relationships with attorneys.  Chad discusses ways to approach this.
  • 1:18:52 Rick Melville is looking for advice on filling a 3-5 minute window as he presents to a group of attorneys. Chad advises him to cover why he got into this niche, why everyone should have an estate plan, and how he is a marketing loophole for everyone in the room.

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