I first wrote an article about probate mailings back in 2013. Truthfully, almost all of the information is unchanged except for the fact that the return on your probate mailings is somewhat less. What that means is that the percentage of calls you will get from each mailing is smaller than a few years ago. Today I thought it was time to update this information and tell you what's working best for me.
I can remember the time when I was getting around a 5 to 6% on all of my direct mail no matter what the niche or group of motivated sellers was. That statistic was certainly true for my probate mailings. Today that number is more like 2 or 3% tops. There are still investors in many areas that are only getting about a 1% return on their direct mail campaigns.
Knowing this is huge! Most investors will throw in the towel and quit mailing after 3 or 4 probate mailings which give you a definite edge. You want to be the last man standing when they are finally ready to sell.
Let's Talk about the Different Types of Mail Pieces
It’s really odd how several people will ask me the same question over the period of a week or two. This past week I had no less than half a dozen real estate investors ask me the same thing; whether you should call probate leads as your initial contact.
Specifically they all wanted to know if they can pick up the phone and just call these folks as soon as they get the lead. My answer is always the same.
My reader question today comes from an investor that has really found himself in a situation he could have never imagined. He bought a great property that was part of an estate, and now the deceased's relatives won't move out of the house. Read the rest of this entry →
Yes it can be. If you are looking for a really easy way to make millions in real estate let me just tell you that just doesn’t exist.
I’ve said it many times; each area is different. There are 3300+ counties in the US and each one of them has a different procedure for getting leads. There is also a big difference in the procedures from state to state. It’s a pretty simple process here in Kentucky, but that’s not the case in some states like California. Does that mean you shouldn’t try to work with probates in those areas? Not at all. It just means you will have to “learn the rules of the game” in your area.
Going through all those leads is really tedious. Isn’t there an easier way; a shortcut?
Most of the time when I write about probate investing it is to show you ways to make money working with these folks that have the responsibility of settling the estate. Probate investing is a very lucrative niche. These folks are often some of the most motivated sellers on the planet, because they have just inherited a property they don’t want. They just want the cash that’s sitting in the house. More often than not, the property needs a lot of updating. It may also need a lot of costly repairs which is something they just don’t want to spend their time or hard earned cash on.
Did you ever wonder why not everyone’s estate ends up in probate? It’s because those folks took steps to avoid the probate process.
The vast majority of folks will have their estates end up probate at the end of their life. But it doesn’t have to be that way. You just have to follow some simple and effective strategies so that all or at least some of your property and cash goes directly to your heirs.