Teamwork and Team Building | Probate Mastermind Episode #375

Recorded Live on April 28, 2022

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!

Call Re-cap:

00:00 Introductions

Jim begins this week’s meeting with a quick intro. Bruce gives a brief DNA class update and reminds the listeners to look out for a scheduling update to the classes by the beginning of next week.

03:25 Opportunity in Unfortunate Circumstances

Ryan is looking into a deal that is currently in the probate stage but unfortunately both the owners are deceased and the attorney working the case has recently passed.  Ryan asks the coaches how to possibly move forward with the situation.  The coaches touch on the situation providing an opportunity to reach out to local probate attorneys to build a new relationship and bring over any potential clients if possible. Try to find any open cases under the attorney’s name and see if you can help any of those potential clients.

07:30 Attempting Subject To During Open Probate

Ryan has a partner currently working on an open probate deal and has been thinking about Subject To being the possible route for the deal but would like to know if it is possible during open probate. The coaches let Ryan know that it is possible but not to expect payment until the deal is closed.

12:20 Real Estate Agent Vs. Real Estate Practitioner – How to Work Together

The coaches get into detail about the subtle differences between being a real estate agent and a real estate practitioner and how to work with each other if and when possible to have a larger impact in the probate market.  It is encouraged to partner up when possible to create more opportunities and share marketing costs.

26:10 Building A Team of Service Professionals

A listener would like to know if they should list professional services in their marketing efforts even if they do not have a solidified team in place.  The coaches go on to discuss how building a team of professionals is never a 100% process and listing services is no issue. The process of finding a team gives you a list of prospective companies to work with that are a call away regardless of solidified bonds. Making sure you have a spreadsheet of local professional services to go to for the purposes of having a variety to choose from just in case anything should happen with the companies you regularly use.

33:40 How Does the Cash Advance Work?

Eric is calling in from California where he states a lot of people in the area are house rich and cash poor.  Eric would like more information in regards to how the cash advance with Probate Cash works and should he encourage personal representatives to invest into the properties before selling with the cash advances.  The coaches reference the probate cash podcast episode and go into depth about the cash advance process and how Probate Cash goes about ascertaining the value of estates to allow for a cash advance.

45:00 Become Indispensable 

Bruce takes some time to emphasize the importance of being able to provide multiple services within the probate niche to become indispensable in the market. Becoming the person that prospects can come to for any possible need provides you with more streams of revenue, increases your credibility, and places you far ahead of the competition that solely focuses on selling a house.

47:10 How to Use Leads Effectively 

A listener has recently signed up to All The Leads this week but only works a small portion of the area in which he receives leads for and would like to know of options on how to use the leads outside of his area of focus so the cost for leads doesn’t feel wasted. Tim goes over a few options on how to use the leads the listener won’t pursue from partnering with agents and investors in those areas and feeding leads to them while becoming marketing partners to using Property Plus to further break down the leads for more information to work with to raise your chances of making a deal. 

54:00 Property Plus

Bruce takes some time to recommend Property Plus to the listeners and especially for those that use mailing campaigns. Property Plus runs your leads through more filters and data to allow for more specified and current information about the descendants, owners, and property. Save time and money and focus your efforts more efficiently towards properties you are interested in.

59:55 What to Look Out for When Going After Probate Leads

Tony would like to know why more people are not in the niche of probate real estate and what to look out for when going after probate leads. Bruce discusses how many people are afraid of being looked at as someone looking to make a deal off of someone’s death as one of the reasons many people in real estate do not go into probate along with not realizing the potential of providing a much needed service in the probate market. Bruce concludes the conversation briefly conveying some of the more common instances and issues you may come across when calling probate leads such as dealing with longer than usual timelines from first contact to closing a deal and how to effectively educate uninterested prospects while offering services they aren’t familiar with.

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