In this episode, probate real estate professionals share tips for handling objections and pitching attorneys for real estate referral relationships. Bill Gross share his path to success in real estate in 4 years time through the probate niche. The group shares tips for handling slow-moving probate attorneys and weighing whether the court being backed up is a valid excuse. Lastly, you’ll hear how to deal with overpriced listings and attorneys who want to run billable hours for the sake of business (not value!).
You’ll learn the following:
- How to re-evaluate an overpriced listing and confront your seller
- Finding attorney partners who provide value, not just billable hours
- How to pitch probate cash advances to investor partners as a value-add
- Why now is the BEST time to be in real estate
- Tips for prospecting attorneys for referral relationships
Table of Contents:
- Podcast and Video Streams
- Now is the best time to start in real estate (Real Estate Motivation)
- Attorney prospecting tips for real estate agents (Attorney Referrals)
- How do you pitch probate cash advances to investor partners? (Get Probate Cash)
- “The court’s backed up” objections (Probate Process)
- How to deal with an overpriced listing (Real Estate Sales)
- EstateExec objection handling (Probate Attorneys)
- EPISODE RESOURCES
Pitching attorneys, overpriced listings, and why now is the best time to be in real estate | Episode 101 STREAMS
Use the podcast player or YouTube video above to catch this episode replay.
Now is the best time to start in real estate (Real Estate Motivation)
A slowing market is the best time for passionate real estate professionals to succeed. It takes discipline, training and focus to be a top agent in any market. But in a slowing market, those who are prepared and execute the fundamentals flawlessly will see their business thrive while others fail.
Now is the time to start leveraging the momentum you built during the “easy” months and thrive when others give up.
Attorney prospecting tips for real estate agents (Attorney Referrals)
The following are attorney prospecting tips for real estate agents:
1. Get referrals from your broker or other agents.
2. Look for attorneys who specialize in real estate law.
3. Ask for recommendations from your local bar association.
4. Use online directories, such as Avvo, to find attorneys in your area.
5. Contact the attorneys you are interested in and request a consultation.
If you haven’t already, consider taking the EARN Course (Click Here to learn more).
How do you pitch probate cash advances to investor partners? (Get Probate Cash)
A probate cash advance is a great way to help heirs access liquidity before the estate settles. This liquidity can help live-in family members move out of inherited property, prepare a home for sale, transition surviving spouses into senior living care, and more.
As a real estate professional, having a probate cash advance lender on your vendor team is a huge value add for the families and investors you work with. The quick access to liquidity can enable better solutions for property disposition.
“The court’s backed up” objections (Probate Process)
The probate process can be time-consuming, especially when a court’s calendar is clogged.
But at some point, “the court is slow” can become an excuse for inaction. This excuse can be used by personal representatives and attorneys. So, how often does this happen and how do you know when it’s no longer a valid excuse? And what can you do? Watch this segment to learn more.
Explore: Probate Mastery Reviews
How to deal with an overpriced listing (Real Estate Sales)
If you’ve listed a property recently but it isn’t selling, it’s probably overpriced. With buyer’s trying to hang on to yesterday’s price, they’re losing equity to holding costs the longer they spend on the market listed at the wrong price.
Here are some tips for determining whether or not a property is overpriced and how to confront a seller about it:
- Ask colleagues for a second opinion on comps; if it’s overpriced, be prepared to tell the seller it’s overpriced
- Put the asking price into a 30-year loan amortization program and compare the difference in payments between 3% and 7%
- Invest in an appraiser and get an appraisal done and let them break the bad news!
- Show example price drops for other sellers who held onto price expectations for too long.
- Seller can do a buydown of the interest rate to lower the monthly payments
Watch this clip to hear the advice of the group.
Want to learn about building a vendor team?
EstateExec objection handling (Probate Attorneys)
So, you present an awesome tool that will surely scale a law firm’s business. It will also bring better client experiences.
But, the attorney is hesitant. They give you the objection that this tool will kill their business. They mention their office helps navigate paperwork for clients.
You think to yourself that this could be a valuable and desired service; however, it could also be billable hours that a client doesn’t really need to pay a high hourly rate for.
How do you handle this objection? Watch this clip to see the group break it down.
Resources & Links
- Freebies and more in our link tree
- Take Chad’s Probate Course and get Certified in Probate Real Estate
- EARN Course: Sign up here
- Public Facebook Group: Join
- Probate Mastery Alumni Group: Join
- Probate and Pre-Probate list providers
- Try Propstream Free
- Book a marketing strategy consultation with Katt
- Book a coaching session with Bill Gross
Real estate market slowing down? Fear not. Tips for surviving real estate slow months (Episode 99 – Weekly group coaching)
Life insurance for real estate investing: How the rich use leverage (Episode 100 – Ask The Expert)
🔵Links for this episode:
Estate Professional Directory: EstateProfessional.org
David Young’s book recommendation: What Would The Rockafeller’s Do
Bill Gross’s Probate Cash Advance Mastermind Program: www.GetProbate.Cash
Closing remarks: Real Estate Motivation for 2023
Each week, students of the Probate Mastery course gather for this probate mastermind. You can get free access to live coaching and our 24/7 support group when you take the Probate Mastery course. Thanks for tuning in and we hope to see you next week!
You can fast-track your success in probate real estate when you take the #1 probate certification course.