I want to stress how great a niche working Probate Real Estate is. After 4 months of back an forth communication between the Executor, Estate Attorney and myself we are finally ratifying our Investors Purchase of a Home in Cupertino which has a $2.5 Million Dollar upside. This requires my investor to tear down and rebuild so he is basically buying a lot and will be into the the new building around $2.2M and will have a $2.5M resale and probably a $200K plus profit! My fee on this property is $80,000 (5%) and a Double End Sale which I shared with my Network Agent PLUS I will have the listing 10 months later when the house is built and we resell so another $50K and if I sell it my self another $50K. So in roughly a year start to close to build to resale I have a $180K commission potential and a sure $130K split with my Co-Agent which equates to $60K min to me and maybe $90K as remember we sell 80% of our own listings! Now, yes I spent some time, much negotiations, fought off a few other investors and agents but the end result is today when the offer is ratified all that back 4 months of time and work is gone and my reality will be an escrow upon with a $80K commission coming our way in about 3 weeks.
Now please keep in mind if you are an agent that this property was never on the open MLS market. Only those who knew there was a probate and tracked the home was our competition and it was just a few. A SoCal group who offerred $1.550M without seeing the property and a few agents who wanted to list it. We made a friend with the estate executor the way we do with service, we gave him his options (yes, listing on the MLS for more exposure was one) but in the end he just wanted to sell and we did a few adjustments in Terms which made the difference. Again I ask you $180K potential in less than a Year and a minimum of $130K locked, is it worth learning something new?
This is what I do, all I do as I'm a Non Traditional Six Figure Real Estate Agent and I sell these properties to flip investors, wholesalers, Hold Investor and when I need to Retail Buyers. I don't work the MLS until we have a rehab we are selling and I have a 150 new probate homes each month opened with real estate as my target market. How much better can it be? And all from Servicing the Estate and doing the best for them when they understand their options and make a choice.
I am expanding and looking for Real Estate Agents/Brokers around the Country who want to learn this and network with my group. I have a twist to add to this but you need to contact me to set up a phone meeting to talk. How is Your Business in 2015? We will see $17M in production by years end, all probates and none on the MLS. I quit working the MLS years ago and only use it for our benefit.
Where will your business be in 5 years if you just keep doing what you are doing today. This is for Veterans or Newbies as you just need a little bit of knowledge, a mentor to bounce probate situations off of and a Never Quit Attitude.
Not looking for everyone! I'm looking for doers not wannabees. The ball is in your court now. GD Sr
Want to listen to my latest 2015 Radio Interview about Probate Real Estate. Ask me for the Link!
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