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I get asked this question all the time. Why choose probate investing? Because probates can be a goldmine if you know how to work in this niche. In today's show, you'll learn how you can become THE expert in your area.
Probates have been my #1 source of leads for more than a decade. I love working with probates, however that’s not true for all investors. The reason this niche is so good is because you will never run out of leads, and the heirs almost always need to sell the property.
It’s usually just a question of whether it’s a “pretty house” that will be listed (listen up Realtors), or it’s an ugly house needing repairs and updates that will be sold to an investor. It’s a pretty straight forward choice in most cases. Whether it’s a pretty house or an ugly house, there is so much opportunity here.
Why Do Investors Shy Away from Probates?
I think there are 2 main reasons investors are reluctant to work in the niche of probates.
1. Lack of Knowledge about Probates
First of all, they just don’t understand how the probate process works.
Investors think that they have to know a lot of legal stuff which just isn’t true. Since probate is a legal process, you do need to have a basic understanding of the probate process and the steps involved. Specifically, you need to know when the house can be sold. One other thing that will help you tremendously is being familiar with the terminology used in probate. Knowing these two things will allow you to show up as the “expert” to help them with their problem which is an unwanted house.
The second reason is that their mindset holds them back.
Probate investing isn’t that much different than other niches in real estate, particularly when it comes to off-market deals. There will be things you need to learn that are unique to that particular niche.
Because the property is part of an estate, it makes a difference in the way people feel about it. Investors often feel like it’s creepy working with probates. They also feel like they are taking advantage of someone at what is undeniably one of the worst times of their life when they make a low-ball offer. They feel guilty even when it’s a fixer-upper that needs a lot of work.
Understand That you are Providing a Valuable Service
It’s important to understand that you aren't taking advantage of anyone. In almost every case, the property must be sold before the estate can be closed. That means that the heirs have to take care of the business of settling the estate before they can collect what they have inherited. That's one reason they are so motivated.
Here is the main thing to remember about probate; this is a great niche for investors because the heirs almost never want the house. They just want the cash sitting in that property.
Listen Up Realtors….
This is also a very profitable and untapped source of leads for Realtors. In a seller’s market like we’re in now, a large percentage of those properties will likely be listed on the MLS. I’ve been doing this a long time, but I don’t know of a single Realtor in my area that specializes in probate property. As I said before, there is so much opportunity for both real estate investors and real estate agents.
Showing Up as the Expert (It's You I'm Talking About)
Remember that marketing is how you get leads, and branding is why they choose YOU.
When you are able to show up as the expert to talk to a motivated seller, they will choose you over the other investors every single time because of your knowledge about probate. The seller will be able to identify with you. They will also be confident they’ve made the right decision because they view you a trusted expert.
Armed with your knowledge about probate, all your marketing will get better results because you will have built a rock-solid brand around your expert status. You begin this whole process by changing your mindset. That’s the first step. Then once you have learned the terminology, you know the steps in the probate process, and you understand how to market to these folks, I can promise that you will be light years ahead of your competition.
Becoming the Expert: Probate Investing Simplified
Probate investing is like a lot of other niches. It's not hard, but there are things that are unique to this niche that you have to learn in order to be successful. Can you learn it all online? Probably so if you know “what you need to know” and what questions you need to ask.
However, that is the problem.
When you don't understand ins and outs of probate, you really don't know “what you don't know”.
That's why a course like mine, Probate Investing Simplified, is so incredibly valuable. Having built a successful probate investing business, I have over a decade of experience working with probates. If you learn what is in my course and you implement the information, you can become an expert in just 6 weeks. That's a promise.
Here's the other part of the equation; you have to practice talking to these sellers. Remember, they are just like any other seller. They have a problem that you can solve. Practice gives you confidence. There is no easy button when it comes to this. Knowledge is power, but only if you put it to use. Take a look at my comprehensive course by clicking here –>>> Probate Investing Simplified.
FYI – The price is going up soon. Just email me at firstname.lastname@example.org if you have questions about the course and if it's right for you.
Here's Your Podcast – Why Choose Probate Investing?
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Today I have 5 tips for using ringless voicemail for probate marketing. If you’ve been following me for any length of time, you’ll know that I’ve generally been against cold calling people that have a house in probate. The exception to that rule would be that it’s OK to call them if they have called you after getting your direct mail letter. In that case, its’ fine to reach out to them at a future date. However, the key thing to remember is that they need to call you first.
This is a very sensitive time in their life and the last thing you want to do is upset them at what is almost certainly a very difficult time in their life.
Here are 5 things I talk about in this show: Read the rest of this entry →
If you're using direct mail in your business now, you're going to love this show today. My guest is Justin Silverio from Open Letter Marketing. Today you're going to learn how you can increase your direct mail results by 400% or more by adding one simple (and very affordable) thing to your direct mail campaigns.
Who doesn't want to do that, right?
Today I m going to dive into strategies for closing off market deals. Where exactly do you get the money?
I’ve spent the last couple of weeks talking about off market deals like probates, absentee owners, code violations and all the other properties that’s aren’t listed on the MLS.
When a property is listed on the MLS, thousands of agents (and investors) have access to those properties. So, there’s a lot of competition for every property. That’s the reason I like off market deals so much. There is so much less competition.
Why Would Sellers Choose Investors over Agents?
Marketing your REI Business is not a one-time event. It’s an ongoing process. However, what I have found over the years, is that for a whole lot of investors their marketing resembles a horse race; a one-time event. Here’s what I mean by that.
In horse racing, it’s a sprint. The horses get to the starting gate, then they run down the track as fast as they can to get to the finish line. When a horse gets to the finish line, they’re done. The event is over until the next horse race. That’s the way a lot of investors think about marketing.
If you've been doing direct mail marketing for any length of time, you have almost certainly had times when you just weren't getting great results direct mail. Your results are partly determined by market conditions, but there are also other things that could be part of the problem.
I have some tips for you today that will show you some things you can check or even possibly change to improve your response rates. Sometimes things just need a little tweaking.
The 5 Things
There are 5 things that just might be part of the problem. First of all, you need to take a hard look at your list criteria. Have you included all the things that are important to you? Did you remember to clearly state how much equity you want in your property? Next, move to to these 4 things I go over in the video.