People think it’s tricky having conversations with executors of estates, but that really isn’t true. Today I want to put your mind at ease when it comes to having these conversations and give you 10 tips for working with executors of an estate. After all, that’s exactly what it is; you really are just having a conversation with an individual that has a problem. They have a house that is part of an estate that they need to sell.
To List or Not to List?
There are two scenarios here. The first one is that the executor decides to list the property with a Realtor. Some of the properties will definitely be listed on the MLS. Today we are definitely in a seller’s market and the inventory is low. What that means is there are more buyers than there are houses for sale. In many areas, there are multiple buyers competing for each property.
However, a lot of the properties in estates will be sold to investors. That’s why it’s critical that you get good at working with executors. This means you have to be comfortable talking with them, and if you’re having a problem with that, it’s most likely one of two things; either it’s a mindset issue, or you don’t feel fully prepared yourself. But first, let’s clear something up.
What’s the Difference in an Executor and an Administrator of an Estate?
These two terms are confusing for a lot of people. The executor and the administrator are also jointly referred to as the personal representative. I like to call this person the “decision-maker” because they are the only person that has the right to sell any property in the estate.
So, what’s the difference? The difference is only how they got to be the personal representative. If there is a will, the deceased will have chosen the person they want to be in charge of their estate. This person will be named in the will as being the executor. In the absence of a will, the court will appoint an administrator. I want to point out that the duties and the responsibilities are the same for both people regardless of their title.
10 Tips for Working with Executors and Administrators
I have put together 10 tips that will help you confidently talk to the family members and the personal representative. Having a thorough understanding of these principles covered in this show will help you become the obvious choice for the seller.
- People are looking for a solution to their problem. You want to be the solution to their problem.
- Clearly understand your role in this process. Once they have opened the estate, they are ready to move on with the “business” of settling the estate.
- Selling the property in the estate is something they must do.
- The importance of working on your mindset so that you feel comfortable talking with these sellers.
- Be compassionate as they work through this process.
- Why showing up as the expert will put them at ease so that they choose you.
- The reason these motivated sellers really welcome our help.
- Understanding why the personal representatives have put off selling the property gives you have a distinct advantage over the next investor.
- Simply asking them, “what else do you need that will enable you to move forward with selling the property” sets you apart from your competition.
- Sometimes they need to think about things.
Final Success Tip for Working with Executors
You have to show up as an expert to stand out from your competition!
This means you need to understand the probate process, you need a basic knowledge of the terminology used in probate, and you need to be able to communicate clearly how you can help these sellers.
Remember, it’s just a conversation and you are there to solve their problem. This niche my friend is pure gold when it comes to leads. You will never run out of motivated seller leads.
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Next time I’ll dive into common questions I get about working in the niche of probates.
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