Imagine working a market (Probate Real Estate) as an agent where you know of a property which is going to be sold, at possibly a discount, and you are the only agent working it. You have no listing, no buyer but you end up with a double commission (4-6%) and a win win situation for the seller, the buyer and yourself.Tis is my world of being a Probate Agent and I'm now sharing it. What about being an investor and buying then flipping this probate home without competition!
If you did one of these per month which is conservative, and at a average price of $300K, you would be adding another $90K in commission to your gross production(@2.5%) and I average 4% on these probate properties. This equals $144K in gross commission just doing 1 per month. I believe this is more than the average agent gross per year with all their production and I'm talking about adding Probate Real Estate to your business which takes about 5 hrs per week.
It's a niche area of Real Estate most of you don't have a clue about. Yes, you may have taken a probate listing from an attorney friend or you went and overbid at a Confirmation Sale in court and secured the sale but this isn't working Probate Real Estate the "Diamond Farming" way. I earn from 5 different levels of probate real estate and I don't pick and choose. I research and market the same way for every property in my probate tracking area (Alameda County). I have a system which provides on average 100 leads of probates with real estate per month. I work the Hot leads and also the cold ones which can provide business later when the probate is completed (average 7 months).
I have purchased probates for my clients from petitioners (know what that means?) who did not have the authority (approved as executor) but still had to honor the contract with my client. I have purchased probates from Out of State Executors who I never met but knew how to control the sale. We don't place 10% deposits up that you are probably familiar with, we don't wait 6-8 weeks for a confirmation sale (30 days average close), we don't purchase "as is", we don't deal with court appraisals and my commissions are not reduced in court. We control the probate sale and estates attorney by using the laws which have been around over 20 years but most agents have never heard of.
Working Probate Real Esate as an Agent is a fantastic avenue to add to your real estate business. As I wind down my Real Estate practice (35 yrs now) I'm teaching more and moving away from direct selling. My Team is learning the ropes and will take over my business once I decide to only play music, ride harleys and spend all my time with my wife, kids and grandkids. As an agent you should check out the options being a Probate Agent can bring to you. www.probate-realestate.com
I'm holding my first seminar for Agents and Investors in Sept and if you are interested check it out. You can call me to discuss this further plus I will send you this complete 5 levels of earning from probates report which explains exactly what I do. Hope you take advantage.