In my Probate Real Estate system I always approach the petitioner/executor the same way the first time. I have a Letter of Inquiry I have tweaked over the last 23 years of working probates which will prompt the estate to call me to see what I have to offer. Out of every 100 new probate leads per month we track I will receive about 3 to 5 calls PLUS we now call all the estates 3-5 days after they have received our contact letter which has raised our appointment count and look to do 1 of 3 things.
1. Build a Relationship (for now or future business)
2. Ask if they are planning to sell during the probate
3. Ask if we can stay in touch with them.
This is all we need to do. As we are looking for contacts, estates with real estate and we know more than 50% will sell the first year and another 20 % the second year. This is great for our business. We have NOW BIZ and FUTURE BIZ. Probate Homes can keep you busy full time if you understand how to properly build a relationship and develop the business. Anyone can learn how to find probate files but what to do after the contact is made will separate the successful probate agents and investors and those who move on to the next get rich scheme.
On my Level 1 opp, I am asking the estate if they want to sell for All Cash and close in 30 days. Yes! this can be done and I have done this many times in my probate business. Of course it just doesn't happen on the first call but if you develop the contact right you will receive business.
Once I make contact and start to build a relationship I will ask for an appointment to visit the subject property. There is the proper time to ask for this and it is after you feel you have broken down any barriers the petitioner/executor may have with you initially and you can sense they are starting to feel comfortable. Once I'm there I can usually set an appt and I never talk about price at this time or over the phone. My system waits for the proper time and atmosphere (mindset) and is usually on the 3 contact with the estate. Again my focus here is to purchase the property All Cash, As Is" and close out the sale within 30 days. This will save the estate time and money PLUS once the real estate is cashed out and money is setting in the estate account the probate process will move much quicker as now everyone can be paid. As soon as the probate can close out (final distribution) the sooner the petitioner/executor and return to normal life.
I purchase on a wholesale formula which will allow me to earn a min. 10 % profit on my purchase price plus commissions. I will buy with partners or represent an investor who pays me my commission and a piece of the profit. If I can't receive the target wholesale price from the estate then I go to what I call Level 2 and will be my next blog. Again our purpose is to earn from the probate and it doesn't matter if we earn on a Flip, a bird dog fee, a sale or a listing commission. We also have to make sure it's win/win so everything goes smooth. Remember Probates is a Six Figure Opportunity if you know what you are doing.
Call me to see how my probate system can fit in your real estate agent or investor business plan.
Comments(0)