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!
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.
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.
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.
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.
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.
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.
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 (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.
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 (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 (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.
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? (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 (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.