Latest / All The Leads Mastermind Podcast / Cold Call Tricks for Common Objections | Wholetaling vs Wholesaling and How COVID is Impacting Investment Strategy | PLUS 15 More Real Estate Q&As. Probate Mastermind Real Estate Podcast #298

Transcript

Cold Call Tricks for Common Objections | Wholetaling vs Wholesaling and How COVID is Impacting Investment Strategy | PLUS 15 More Real Estate Q&As. Probate Mastermind Real Estate Podcast #298 · All The Leads Mastermind Podcast

• 0:00
  A.I. Narration: Welcome to the Probate Mastermind Podcast!
• 0:02
  These episodes feature: live questions, Deal Analysis, and Best-Practice Tips on everything from personal development, sales psychology, creative financing, marketing, and more.
• 0:12
  These episodes feature: Hundreds of Agents, Investors, and Wholesalers from around the country join the All The Leads Coaches: Chad Corbett, Jim Sullivan, and Bruce Hill , each and every week.
• 0:20
  These episodes feature: Be sure to subscribe at AllTheLeads.com/ Podcast, and join our Free Facebook Group All The Leads Mastermind." Thanks for listening to the Probate Mastermind Podcast!
• 0:31
  A.I. Disclaimer: As with any live recording, things happen, this audio has been cleaned up for better listening experience.
• 0:39
  Caller 1: Hey guys, quick question.
• 0:40
  Caller 1: During COVID right now it's taken a lot longer to get their letter of testamentary than they'd like.
• 0:45
  Caller 1: Personal representatives are having trouble, or they don't think they have any authority to do anything and hold off and give you the kind of "call back later".
• 0:54
  Caller 1: So my question is in situations where, the letter of testamentary has not been released yet personal representative has basically no power to do anything yet.
• 1:04
  Caller 1: What can you do to earn their business or get them to commit to you guys and help out?
• 1:10
  Chad Corbett: So until they get the letters.
• 1:12
  Chad Corbett: Yeah they can't really do anything as far as selling anything, but you can prepare the real property for sale, including staging personal property.
• 1:20
  Chad Corbett: So for example, we could take everything to a storage unit and have it ready to go or get it out to the garage or the outbuildings.
• 1:27
  Chad Corbett: Have a plan in place and you can do things like that to help, just get them ahead of the curve.
• 1:33
  Chad Corbett: I like to use it.
• 1:33
  Chad Corbett: The metaphor of, everybody's familiar with Disney world.
• 1:36
  Chad Corbett: And the lines there.
• 1:37
  Chad Corbett: So whenever the gate opens, would you rather be the first person at the gate?
• 1:42
  Chad Corbett: Would you rather be just getting off the tram and then you get to stand there for another three hours?
• 1:46
  Chad Corbett: So there's some things that we can do that you know, that don't require the letters testamentary,that we're going to have to do anyway.
• 1:54
  Chad Corbett: We're going to have to value the personal property, organized personal property, schedule a sale, get posted, no trespassing sign, get proper insurances in place.
• 2:03
  Chad Corbett: Others.
• 2:03
  Chad Corbett: There's a lot of things, not a lot of things.
• 2:05
  Chad Corbett: There are some things that you can do that will make them feel like they're making progress and will create a bond with you.
• 2:11
  Chad Corbett: there's some service we can give them, even if they don't have the authority to sign contracts and actually convey property.
• 2:18
  Chad Corbett: So things like that, just through asking good questions, find out what their needs are.
• 2:22
  Chad Corbett: Just, what's been the toughest thing.
• 2:24
  Chad Corbett: If you had the letter of testamentary, what would be the first thing you would do today?
• 2:28
  Chad Corbett: What do you feel is most important that you're not allowed to do right now and get them talking, get them telling you what's stressing them out, but.
• 2:35
  Chad Corbett: Basically, other than selling anything, you can do just about everything else.
• 2:40
  Chad Corbett: You just don't want to go sell everything before the court actually gives them the authority.
• 2:45
  Caller 1: Got it.
• 2:45
  Caller 1: And are you allowed to sign paperwork to purchase a house or and put it as a closing date of when they're able to sell, as opposed to putting a closing date, like 30 days, is that possible?
• 2:59
  Caller 1: It wouldn't be a valid enforceable contract.
• 3:01
  Caller 1: So just use a letter of intent.
• 3:03
  Caller 1: So for anyone who's listening, even in brokerage, like you can purchase a letter of intent to list.
• 3:10
  Caller 1: And, you and your broker could come up with that.
• 3:13
  Caller 1: It's not worth the paper it's threatened on, but it's very valuable because it creates a mental commitment.
• 3:19
  Caller 1: So they know they signed something and they know that emotionally they were serious when they signed.
• 3:24
  Caller 1: And they made the commitment.
• 3:25
  Caller 1: It just helps insulate you against competition.
• 3:28
  Caller 1: It's not enforceable.
• 3:29
  Caller 1: And not that you would ever want to litigate that anyways, but it's something you can do to try to get, get the mental commitment to protect your position.
• 3:38
  Caller 1: Okay.
• 3:38
  Bruce Hill: I'll throw in and say a lot of times when you're dealing with, these folks they're not in a position where they have their letters testamentary, they can't sell anything or do that much.
• 3:48
  Bruce Hill: It's a really great way to throw in, Hey, look, I completely get it, but in other words, let them off the hook.
• 3:54
  Bruce Hill: I completely get it.
• 3:56
  Bruce Hill: There's not a whole lot you can do right now.
• 3:58
  Bruce Hill: You don't have to worry.
• 3:59
  Bruce Hill: I'm not going to try to sell you on anything.
• 4:01
  Bruce Hill: But real quick, tell me a little bit more about the process and I love Chad's, that question you asked If you did have your letters, testamentary, what would be the first thing you do is that how you phrase that?
• 4:12
  Bruce Hill: I thought that was really good.
• 4:13
  Chad Corbett: Yeah.
• 4:14
  Chad Corbett: And what I'm trying to do is get them in the mindset.
• 4:16
  Chad Corbett: I want to get them in the mindset of okay.
• 4:18
  Chad Corbett: If I had it, what I commit to this guy and if I can get them to mentally internally say yes, then I'm good.
• 4:24
  Chad Corbett: And then I hand them the blue pen and the letter of intent.
• 4:28
  Bruce Hill: Yep.
• 4:28
  Bruce Hill: There's something called future pacing.
• 4:30
  Bruce Hill: In sales, you get people to start imagining themselves the results that they get down the road.
• 4:36
  Bruce Hill: And that's a really good opportunity to future pace them without them feeling like they have to buy what you're selling and you get them kind of thinking about the future.
• 4:44
  Bruce Hill: And it's a very strong, emotional connection that forms between you and a prospect.
• 4:50
  Bruce Hill: When you can ask them about the future.
• 4:52
  Caller 1: Got it.
• 4:52
  Caller 1: Thanks guys.
• 4:53
  Jim Sullivan: All right.
• 4:53
  Jim Sullivan: You're very welcome.
• 4:54
  Caller 2: Hey, what's up guys?
• 4:55
  Caller 2: Can you all hear me?
• 4:55
  Jim Sullivan: Yes, sir.
• 4:56
  Chad Corbett: Loud and clear.
• 4:57
  Caller 2: Cool.
• 4:57
  Caller 2: Few questions guys.
• 4:58
  Caller 2: I was listening to the call you guys put out yesterday, but the gentlemen on there asked about subject to, or actually had asked about a scenario and I think Chad had proposed a subject to, or a wrap or something like that.
• 5:10
  Caller 2: Some sort of creative financing I'm trying to learn about.
• 5:13
  Caller 2: Subject to, and I did buy the book that you suggested Chad, on audio book.
• 5:18
  Caller 2: d into it yet.
• 5:19
  Caller 2: Just bought it this morning, but I've also found Propelio, which I guess is a CRM and a data pooling website.
• 5:25
  Caller 2: But anyway, they have a really good YouTube channel with a guy named Grant Kemp.
• 5:30
  Caller 2: And he's supposedly really savvy with the.
• 5:32
  Caller 2: Subject is, he's one of the, one of the big boys when it comes to creative financing.
• 5:36
  Caller 2: But my question was.
• 5:38
  Caller 2: I'm going to go through those.
• 5:39
  Caller 2: And I'm just about to get my realtor's license along with my wife.
• 5:42
  Caller 2: And, we're just kinda trying to figure out how, really trying to get some value to offer these people when we're calling them, whether it'd be probate or pre-foreclosure vacant homes or whatever, you know, wholesaling a part of that, obviously listing as a, is a part of that as well and brokerage.
• 5:57
  Caller 2: But the creative financing, where do you guys suggest, I know you said that author of that book did have a program, which grant Kemp does also, I think the, entry-level, mastermind or whatever, it was like five grand a year.
• 6:09
  Caller 2: And then he had a big boy when it was like 25 grand.
• 6:11
  Caller 2: And I spoke with him on the phone actually, obviously we're not trying to go that route now.
• 6:14
  Caller 2: We just want to learn and bump our heads.
• 6:16
  Caller 2: But what do you guys suggest as far as getting into creative financing and, just learning all this information I've been in the probate mastery twice.
• 6:24
  Caller 2: And I've got a pretty good grasp on that, but where do y'all suggest going for the creative financing education?
• 6:31
  Chad Corbett: A good starting point.
• 6:31
  Chad Corbett: We did a series back in March called 'Shift Happens' when Covid began.
• 6:36
  Chad Corbett: Have you watched episode four?
• 6:38
  Caller 2: I haven't man.
• 6:38
  Caller 2: I've listened to everything you guys have done except
• 6:41
  Chad Corbett: Episode four of shift happens, seven specific creative techniques that will work in this environment really well, how to negotiate a free deal.
• 6:50
  Chad Corbett: And I've been pushing everybody to Chris Prefontaine.
• 6:53
  Chad Corbett: He has the book, 'Real Estate on your Terms.' And then he has a course, I think it's called well now it's his course, but, I think his courses either a thousand bucks or 1500 bucks, we currently don't have any affiliation with him, but he's doing it right.
• 7:09
  Chad Corbett: He's doing creative financing with ethics.
• 7:11
  Chad Corbett: And so I've been sending everyone his way.
• 7:15
  Chad Corbett: just because I believe in what he's doing.
• 7:16
  Chad Corbett: I think he's doing it right.
• 7:17
  Chad Corbett: He's doing it ethically.
• 7:19
  Chad Corbett: It's good quality education.
• 7:20
  Chad Corbett: 1500 bucks is nothing.
• 7:23
  Caller 2: Right.
• 7:23
  Caller 2: And is he hitting subject to the raps, the, all the different kinds of Creative Financing?
• 7:29
  Chad Corbett: Yep, and then the other thing also my friend Brandon Turner, who does BiggerPockets real estate podcasts.
• 7:35
  Chad Corbett: He wrote a book you can go to biggerpockets.com or it's also an Amazon.
• 7:40
  Chad Corbett: It is 'Buying Real Estate With Low or No Money down by Brandon Turner.
• 7:45
  Caller 2: Never read it, but I got it.
• 7:47
  Chad Corbett: Okay.
• 7:48
  Chad Corbett: That's a good book too.
• 7:49
  Chad Corbett: Brandon's a sharp dude.
• 7:50
  Caller 2: Oh, sweet.
• 7:51
  Chad Corbett: Those are the two guys that I send people to.
• 7:53
  Chad Corbett: I have creative financing courses in my head, but I haven't gotten them out.
• 7:57
  Chad Corbett: Those are the guys that I trust to send folks to.
• 7:59
  Chad Corbett: I wouldn't, I would, yeah, I know.
• 8:02
  Chad Corbett: There's some people on this call that have taken, Chris's QLM course and really got a lot from it for a thousand bucks.
• 8:09
  Chad Corbett: It's yeah.
• 8:09
  Chad Corbett: Honestly, it's not very much money you know, you'll make that back 10 fold on your first deal.
• 8:15
  Caller 2: For sure.
• 8:15
  Caller 2: And also I heard, you mentioned going to a real estate attorney.
• 8:19
  Caller 2: Here in Georgia, that's what we have to do.
• 8:20
  Caller 2: We don't have a title company.
• 8:21
  Chad Corbett: Yeah.
• 8:22
  Caller 2: I heard you propose, going to them and asking them how the paperwork works exactly.
• 8:25
  Chad Corbett: I'm sure you 50 grand to look over your shoulder or they'll split your deals.
• 8:32
  Chad Corbett: I don't recommend it man.
• 8:33
  Chad Corbett: Like with creative financing, it's so easy to take advantage of people are so easy to make mistakes.
• 8:38
  Chad Corbett: I actually liked to have the attorney be the actually mentoring you.
• 8:43
  Chad Corbett: And the attorney you want to choose is the one that's representing the investors who is closing deals for the investors who are buying as the courthouse steps that were bought at tax sales by and short sales.
• 8:54
  Chad Corbett: So they have a lot of experience dealing with issues and more, advanced real estate tactics.
• 9:01
  Chad Corbett: And that person you're going to have to go to him eventually anyways and make sure that your paperwork's right, the clauses are right.
• 9:08
  Chad Corbett: So paying somebody 50 grand to mentor you and tell you how to do that stuff at a very broad level?
• 9:14
  Chad Corbett: Just go local.
• 9:15
  Chad Corbett: Even if you have to pay the guy 200 bucks an hour for his time.
• 9:18
  Chad Corbett: That's how I did this.
• 9:20
  Chad Corbett: Like I basically sit down and wrote all my own contracts and then took them to an attorney and I'm like, alright, shoot holes in this.
• 9:26
  Chad Corbett: And they're like, where did you get this?
• 9:28
  Chad Corbett: And I'm like, I wrote it, but I trust my paperwork especially now because we did it together, me and the attorney.
• 9:35
  Chad Corbett: Hey Jim, are you there?
• 9:37
  Jim Sullivan: Yeah.
• 9:38
  Jim Sullivan: That's your microphone's cutting in and out significantly.
• 9:41
  Jim Sullivan: About 80% of the time.
• 9:43
  Jim Sullivan: You're fine.
• 9:44
  Jim Sullivan: And the other 20% is you're in a tunnel.
• 9:46
  Jim Sullivan: I don't know what that music was.
• 9:47
  Jim Sullivan: That music started playing...
• 9:50
  Chad Corbett: This is my first call with my AirPods Pro.
• 9:52
  Chad Corbett: I trusted them and I shouldn't have
• 9:54
  Caller 2: And Chad, if I'm approaching an attorney like that before I really get started, just trying to get that the nuts and bolts, make sure I know what I'm doing.
• 10:01
  Caller 2: What do you suggest that I say to that attorney?
• 10:03
  Caller 2: even if I have to pay him, 250 or whatever, to sit that with him for an hour, how do you suppose
• 10:09
  Chad Corbett: So the way I did it, I found out what attorney that, the more advanced investors were using.
• 10:14
  Chad Corbett: I went, introduced myself,"Hey, listen, we'll be doing creative financing, lease options, wraps, sub 2s.
• 10:21
  Chad Corbett: and I really would like to, make sure I have my head wrapped around it.
• 10:25
  Chad Corbett: And I know exactly how to write a good contract before I start.
• 10:28
  Chad Corbett: Can I bring my paperwork in and sit down with you?
• 10:31
  Chad Corbett: And obviously with the intent of you being my kind of exclusive attorney for closings", and they said,"Absolutely, come on over!" And we sat down and.
• 10:40
  Chad Corbett: I think I asked them to throw an invoice at me.
• 10:43
  Chad Corbett: They weren't going to charge me because they saw it as an opportunity to earn future business for their closing business, for escrow business.
• 10:50
  Chad Corbett: So you probably won't have to pay them.
• 10:52
  Chad Corbett: Just say listen, I'm looking for an attorney that - I want to make sure that I'm doing this right.
• 10:57
  Chad Corbett: And that I'm mitigating as much risk as possible on my side, obviously, but also on their side.
• 11:03
  Chad Corbett: And in exchange, I want to have an exclusive office that I run my creative financing closings through.
• 11:10
  Chad Corbett: Am I in the right place?
• 11:12
  Chad Corbett: And they should perk up and be like, absolutely, come on.
• 11:15
  Chad Corbett: Let's talk about it.
• 11:16
  Chad Corbett: It's so much just like with most of our vendor relationships, usually you don't have to pay or exchange money.
• 11:23
  Chad Corbett: It's reciprocal value, goes a long way.
• 11:26
  Caller 2: Never hurts it though.
• 11:28
  Caller 2: Cool.
• 11:29
  Caller 2: Thanks so much go enjoy the beach, man.
• 11:31
  Ken Maxwell: Hi, good morning.
• 11:32
  Ken Maxwell: My name is Ken Maxwell.
• 11:33
  Ken Maxwell: I'm in New York in the Bronx and I'm just..
• 11:37
  Ken Maxwell: This is my first time call in and I'm just curious to understand what is the process to get started as a probate agent.
• 11:47
  Ken Maxwell: what would you recommend that we do in the beginning and continuously.
• 11:52
  Jim Sullivan: Kevin, have you spoken to any of our salespeople yet here they walked you through the program or not?
• 11:58
  Ken Maxwell: No.
• 11:59
  Jim Sullivan: Yeah.
• 11:59
  Jim Sullivan: That would be a good place to start.
• 12:01
  Jim Sullivan: They'll give you the best practices after the call.
• 12:04
  Jim Sullivan: I'll have somebody reach out to you at this number if that's okay, but, very simply, you get the leads, we've got a fast track program.
• 12:11
  Jim Sullivan: You can go through in an hour and then just start learning.
• 12:14
  Jim Sullivan: We have a ton of information on our website that you can absorb in the meantime.
• 12:19
  Jim Sullivan: . Next up is four zero four six.
• 12:21
  Jim Sullivan: You're up next.
• 12:23
  Mary Lee: Hi, this is MaryLee.
• 12:24
  Mary Lee: I have a success story I want to share,
• 12:27
  Jim Sullivan: Great! We like those!
• 12:30
  Mary Lee: So, I got my first batch of letters sent out to my leads in June.
• 12:37
  Mary Lee: And two weeks ago, I got a text from one of those leads, asking if I could help with the sale of a house.
• 12:45
  Mary Lee: She lived in California and the property was in a different state where I live.
• 12:49
  Mary Lee: And I said, absolutely.
• 12:52
  Mary Lee: So what I ended up doing was giving her three options.
• 12:56
  Mary Lee: I was going to sell it with all of its contents, I was going to sell it.
• 13:01
  Mary Lee: with all of the contents removed and have an estate cell company manage the interior belongings, personal belongings of the deceased, or I was going to buy it myself and deal with it.
• 13:14
  Mary Lee: And we got a really great offer from a cash buyer who was planning on living in the house, but was also perfectly capable of managing the patient personal belongings inside the house.
• 13:28
  Mary Lee: It was a hoarder house filled with valuable collectibles.
• 13:32
  Mary Lee: So it was rather interesting.
• 13:34
  Mary Lee: I ended up, double siding the transaction and the seller is pleased.
• 13:41
  Mary Lee: She has her fund and I referred her to an agent in California, that's going to help her buy a house in California.
• 13:50
  Mary Lee: So I just wanted to say, thank you.
• 13:53
  Mary Lee: Three months into this.
• 13:55
  Mary Lee: I was starting to get really weary and feeling well, the system's not working for me.
• 14:00
  Mary Lee: I'm not saying the right thing.
• 14:03
  Mary Lee: It's not a good idea for me to invest my money, my marketing money into this program.
• 14:08
  Mary Lee: And then I had that phenomenal success story.
• 14:12
  Mary Lee: I also personally met the attorney at the property so that he knew what I was dealing with and he knew that I was credible.
• 14:20
  Mary Lee: So it was a win for the neighbors.
• 14:22
  Mary Lee: It was a win for the buyer, the seller, the attorney, and for me.
• 14:27
  Mary Lee: So I wanted to thank you for all the little gems along the way that you pick up, that I picked up by doing the mastery course repeatedly, and by really having faith that the system works if you follow it and do the training.
• 14:46
  Mary Lee: Sometimes as agents, we spend a lot of time getting ready to do the work, and we forget to take the next step and do the work.
• 14:54
  Mary Lee: So this was a big deal and I just wanted to thank you.
• 14:59
  Chad Corbett: That's such good advice and thank you.
• 15:01
  Chad Corbett: Thank you.
• 15:02
  Chad Corbett: I'm curious though.
• 15:04
  Chad Corbett: Yeah, you should you share the negative emotions with it.
• 15:07
  Chad Corbett: So what are your emotions now, like now?
• 15:09
  Chad Corbett: What does it mean to you?
• 15:11
  Mary Lee: I have really overcome my fear of making those telephone calls and feeling like I'm not being of service.
• 15:18
  Mary Lee: Now I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.
• 15:34
  Chad Corbett: Exactly.
• 15:35
  Chad Corbett: And you're proud now, aren't you?
• 15:37
  Mary Lee: Yes, I am.
• 15:39
  Mary Lee: Thank you, Chad.
• 15:39
  Mary Lee: I do feel a lot of pride.
• 15:42
  Chad Corbett: That's what probate mastery is about!
• 15:44
  Bruce Hill: Tell us what the attorney said to you.
• 15:47
  Mary Lee: Oh, I called him to let him know the transaction had closed, asked him if he needed anything from me.
• 15:53
  Mary Lee: And then I asked for referral business and he said, if someone needs a real estate agent, you are by far the top of the list and I absolutely will send business your way.
• 16:04
  Chad Corbett: That's amazing.
• 16:05
  Chad Corbett: Thank you so much for sharing.
• 16:06
  Chad Corbett: I'm happy.
• 16:07
  Chad Corbett: You've got momentum now.
• 16:08
  Chad Corbett: So now what?
• 16:10
  Chad Corbett: Are you doubling down?
• 16:12
  Mary Lee: I am.
• 16:13
  Mary Lee: And I'm actually considering taking on another County.
• 16:17
  Mary Lee: So like a good sign.
• 16:19
  Mary Lee: and I did speak to my sales rep there and we've talked about it and I'm looking forward to helping more people because now I know people really need this service, even though when you talk to them and they give you all kinds of bits of objections, there's a reason they're giving you objections.
• 16:36
  Mary Lee: Right?
• 16:36
  Mary Lee: Chad.
• 16:37
  Mary Lee: And so by being exactly.
• 16:42
  Mary Lee: So I'm just really excited about it and I'm really pleased that it was so smooth.
• 16:49
  Mary Lee: And furthermore, I need to tell you this, Bruce, my transaction coordinator has been in the business for 35 years as a transaction coordinator.
• 16:59
  Mary Lee: She said in all my years in real estate, this is probably the most brilliant transaction I've ever seen.
• 17:05
  All The Leads Coaches In Unison: That's incredible.
• 17:06
  All The Leads Coaches In Unison: So thank you.
• 17:08
  All The Leads Coaches In Unison: Wow.
• 17:09
  All The Leads Coaches In Unison: That's awesome.
• 17:10
  All The Leads Coaches In Unison: You said you were credible.
• 17:11
  All The Leads Coaches In Unison: I would say you're incredible.
• 17:12
  All The Leads Coaches In Unison: So that's a great story.
• 17:14
  All The Leads Coaches In Unison: Thank you.
• 17:15
  All The Leads Coaches In Unison: Thank you.
• 17:17
  All The Leads Coaches In Unison: Good attitude.
• 17:17
  All The Leads Coaches In Unison: Great results.
• 17:18
  All The Leads Coaches In Unison: you're definitely, in first place for the winner of the week, and I know that's that why you shared it.
• 17:23
  Mary Lee: Yay!!
• 17:23
  Jim Sullivan: I think you probably inspired a lot of other people on the call.
• 17:26
  Jim Sullivan: We really appreciate it.
• 17:27
  Mary Lee: Sure.
• 17:28
  Mary Lee: Thank you.
• 17:30
  Jim Sullivan: All right.
• 17:31
  Jim Sullivan: Next up is phone number ending in one 805 five.
• 17:35
  Jim Sullivan: You're up next?
• 17:36
  Danny: Hey guys, it's Danny.
• 17:38
  Danny: Glad to be back on the call and definitely just want to say that, her success story definitely inspired me.
• 17:43
  Danny: And that's a great on her for that.
• 17:44
  Danny: My question, of course.
• 17:46
  Danny: Glad to be back So I've been doing this now for about a month and almost two weeks.
• 17:53
  Danny: Done a lot of growth and improvement in the way I'm handling calls, staying on calls longer, generating the leads I want, but I'm not getting so much the closes.
• 18:02
  Danny: And I really feel like I'm at one last hurdle.
• 18:06
  Danny: I guess just the way I'm talking?
• 18:08
  Danny: Or the way I'm presenting my pitch or how I'm just talking to the prospect.
• 18:15
  Danny: And so I don't want to stop.
• 18:17
  Danny: I want to go even harder right now because I know that's when I'll, hit the Green Land.
• 18:21
  Danny: my only question then is when I'm presenting my pitch and I've started implementing the two to three things that the family struggle with, and the open ended question, and that works really well.
• 18:33
  Danny: They either don't have the letter of testamentary yet, or, they might feel scared, so they don't want to like fully work with us.
• 18:41
  Chad Corbett: Sometimes you just have to relax, Danny and David Pannell is a great example of this.
• 18:46
  Chad Corbett: He will just step back and continue to follow up until they're ready.
• 18:50
  Chad Corbett: And then sometimes it doesn't matter how much you want it or how aggressive you want to be.
• 18:54
  Chad Corbett: It won't help you move forward.
• 18:56
  Chad Corbett: It's not easy to get out of probate It's a process, right?
• 19:00
  Chad Corbett: Rather than looking at this as how can I be more aggressive to get what I want?
• 19:05
  Chad Corbett: Just understand that over time you'll build that momentum and you'll have enough come list me business, or come buy this business six to eight months in those start to become regular occurrences.
• 19:16
  Chad Corbett: Understand that with a commitment to this long term comes a momentum that really can't be replaced with more phone calls or more aggressive marketing tactics.
• 19:25
  Chad Corbett: Eventually you'll get to a point where you'll have enough letters out there and enough follow up phone calls made.
• 19:31
  Chad Corbett: You'll have Five times the deal flow, and you'll be closing tons of these deals.
• 19:35
  Chad Corbett: we can't always force people to do what's in their best interests.
• 19:38
  Chad Corbett: We can try to influence them, but some people just go back into their shell and I bring them, but it's what makes them comfortable.
• 19:45
  Chad Corbett: So being more aggressive is not always the answer is, I guess my main point is maybe you're not doing anything wrong other than not having enough patience for the process.
• 19:57
  Chad Corbett: For some people it's different area to area areas are yeah.
• 20:02
  Chad Corbett: More fast paced cash, conversion cycles, quicker or others.
• 20:07
  Chad Corbett: It just happened more slowly.
• 20:10
  Chad Corbett: I think you're doing the right things.
• 20:12
  Chad Corbett: you show up, you do the work you role play with us.
• 20:14
  Chad Corbett: Like you, you really care my caution to you is that if you put too much focus on what more can I do?
• 20:21
  Chad Corbett: What more can I do?
• 20:22
  Chad Corbett: What more can I do?
• 20:24
  Chad Corbett: And you don't get that result.
• 20:25
  Chad Corbett: You might be discouraged and just understand that sometimes we have to wait for them to catch up with us.
• 20:31
  Danny: All right.
• 20:32
  Danny: All right.
• 20:32
  Danny: And that makes complete sense.
• 20:33
  Danny: Yeah, I got ya.
• 20:35
  Bruce Hill: So Danny, I'll go ahead and chime in here.
• 20:37
  Bruce Hill: I've seen you make some incredible incremental steps.
• 20:41
  Bruce Hill: Each time you get on these calls and each time we communicate and you're getting better and better each time you were learning how to be more of an influential leader, which is the most important thing.
• 20:53
  Bruce Hill: You're still very early in this conversion cycle.
• 20:56
  Bruce Hill: So as Chad mentioned, don't get discouraged because we have typically three to four months conversion cycle in my experience.
• 21:03
  Bruce Hill: And, you're early in it.
• 21:05
  Bruce Hill: And your pipeline is filling up your rapport that you are continuing to build each time you communicate with these people is only growing.
• 21:13
  Bruce Hill: Multiple years ago I had a client of mine that said now a client and one of my best.
• 21:17
  Bruce Hill: Referral partners who blew me off for two years, And about every eight or nine months, she would shoot me a message that just said, Hey, don't, don't give up on us.
• 21:26
  Bruce Hill: And that was the only reason I didn't give up on him.
• 21:28
  Bruce Hill: And every time she'd sent me that message, she'd say we are so busy or overwhelmed at work.
• 21:34
  Bruce Hill: We can't even think about responding to you.
• 21:37
  Bruce Hill: Can't even think about looking at houses in one day, two years later.
• 21:40
  Bruce Hill: They call me, we go look at houses and we look every single day for a week, every day for a week.
• 21:47
  Bruce Hill: And it was a really nice price point.
• 21:48
  Bruce Hill: So I didn't mind and about halfway through, I said, I guess your schedule's lightened up.
• 21:53
  Bruce Hill: And she said, what do you mean?
• 21:54
  Bruce Hill: We're busier now than we've ever been before! And she'd forgotten about the busy excuse that she'd been giving me.
• 22:00
  Bruce Hill: And what I took from that is she was too busy based on the priority that buying a house was in their life.
• 22:07
  Bruce Hill: Not that they were too busy to do it.
• 22:09
  Bruce Hill: It's just that it wasn't a priority to them at that point.
• 22:13
  Bruce Hill: And because I built rapport through the time that business came to me.
• 22:19
  Bruce Hill: And, you'd be shocked at the amount of influence that I have in times that I spend with them now because it's easy.
• 22:26
  Bruce Hill: I call, they answer the phone and it's because I was there.
• 22:30
  Bruce Hill: And had rapport when they were ready.
• 22:32
  Bruce Hill: We have to look at these the exact same way.
• 22:35
  Bruce Hill: These are our families that might just not be emotionally ready yet.
• 22:39
  Bruce Hill: And we can increase our influence over them, but we can also spend time caring about them, loving on them, building rapport so that when they.
• 22:48
  Bruce Hill: Emotionally get over that hurdle.
• 22:50
  Bruce Hill: You're the only person that's there.
• 22:52
  Bruce Hill: Cause I guarantee almost everybody else is going to drop out.
• 22:55
  Bruce Hill: I guarantee it.
• 22:56
  Bruce Hill: So keep doing what you're doing.
• 22:58
  Bruce Hill: Keep calling and keep building rapport, stay in front of them.
• 23:01
  Danny: Gotcha.
• 23:01
  Danny: Alright.
• 23:02
  Danny: That's great.
• 23:03
  Danny: Thank you for all that information guys.
• 23:04
  Danny: And thank you for talking to me about this.
• 23:07
  Danny: I'll be sure to bring in my success story once it comes in.
• 23:10
  Danny: Thank you guys.
• 23:11
  Jim Sullivan: Sounds great! Alright, next up is so number ending in four six, six, three.
• 23:17
  Jim Sullivan: You're up next.
• 23:19
  Caller 3: Thank you.
• 23:19
  Caller 3: I wanted to go back to, something that Chad did a couple of weeks ago and it was, he broke down his, three or four pronged, offer strategy and it was, Briefly, it was a cash sale, which was, he described his contract now cash in seven days.
• 23:36
  Caller 3: second was as is, whereas, which I think he described as a contract in seven days and cash in 30 days.
• 23:42
  Caller 3: And then I think he put in as is, but for a retail price and I'm gathering from that he was proposing no fixes, but still wait for a conventional buyer.
• 23:53
  Caller 3: and then fourth was, a renovation retail where, the sellers would fix it themselves, take on all that responsibility and then sell for top retail.
• 24:03
  Caller 3: What I wanted to know is how the um, on a percentage of, after repair value basis.
• 24:10
  Caller 3: If I were doing it, I would think, the cash sale would be 70%.
• 24:14
  Caller 3: Of after repair value, less repairs or better.
• 24:17
  Caller 3: And therefore it's such a good deal.
• 24:18
  Caller 3: You'd want to keep it for yourself.
• 24:20
  Caller 3: And then maybe the as is, whereas maybe 80% are, maybe the retail price, maybe 90%.
• 24:27
  Caller 3: And then of course the renovation retail would be a hundred percent, of retail value.
• 24:31
  Caller 3: Am I thinking about those percentages approximately correct?
• 24:35
  Chad Corbett: The one you left out would be number five, creative financing.
• 24:39
  Chad Corbett: Another option where you could even sell above retail price.
• 24:43
  Chad Corbett: I'm assuming the term was long enough.
• 24:45
  Chad Corbett: So if you have a house that's slightly underwater or they feel like they don't have enough equity to sell and pay commissions, then the fifth scenario would be a creative financing that would stretch your term out over two to 10 years, or you would have appreciation or principal pay down where it would appraise and they couldn't close.
• 25:04
  Chad Corbett: So that would be number five.
• 25:05
  Chad Corbett: As far as the values.
• 25:07
  Chad Corbett: You have the traditional ARV times 70% minus repairs equals your cash price.
• 25:13
  Chad Corbett: The problem with that formula is most people don't know how to estimate repairs.
• 25:18
  Chad Corbett: And in 2020, the cost of lumber has gone up almost 900% over the last five months, like lumber went from $200, a board foot to $950 a board foot just in the last quarter.
• 25:33
  Chad Corbett: So repairs are extremely hard to estimate period, but really this year they're more challenged because of supply like material, Supply chain was just so and easier formula is I find the as-is value.
• 25:47
  Chad Corbett: So my definition for as-is, it's kind of intuitive I suppose- but knowing your market, seeing what things sell for what pretty much all but guaranteed go under contract for.
• 25:59
  Chad Corbett: And seven days and close in 30 days with no contingencies.
• 26:03
  Chad Corbett: What is that price?
• 26:04
  Chad Corbett: If you take that price times 75%, pretty much it comes within half - and I've done this test on spreadsheets.
• 26:14
  Chad Corbett: over and over- It comes down to a few percentage points.
• 26:17
  Chad Corbett: It's like single digit percentage points.
• 26:19
  Chad Corbett: So that old tried and true 70% minus repairs formula.
• 26:23
  Chad Corbett: But the difference is you don't have to become a construction estimation expert to get there.
• 26:28
  Chad Corbett: So if a house would sell for a hundred grand, for sure.
• 26:32
  Chad Corbett: If we could get an under contract this week.
• 26:34
  Chad Corbett: And we could pay 75 cash and that would be a wholesale price.
• 26:38
  Chad Corbett: And that kind of gets you to the cash price and the as is price, the, as is price.
• 26:42
  Chad Corbett: I don't really have a formula.
• 26:44
  Chad Corbett: Like I don't say ARV minus 80 because every house is different.
• 26:48
  Chad Corbett: One has foundation issues.
• 26:50
  Chad Corbett: The other is functionally obsolete.
• 26:52
  Chad Corbett: The other just needs cosmetic rehab because it had a shag carpet and pink tile.
• 26:56
  Chad Corbett: You just have to look at the neighborhood and it's an intuitive valuation, but that said most of my as is where is sales come in about 80 cents on the dollar of what I would sell them for retail if he did the work.
• 27:10
  Chad Corbett: And they're usually bought by landlords or first time home buyers who have saved up to do their own renovation.
• 27:15
  Chad Corbett: Jim has done a lot of flips and he might have some advice on this as well, but that's how I value my stuff.
• 27:21
  Jim Sullivan: Yeah, I agree.
• 27:22
  Jim Sullivan: I'll tell you I've become more in favor of what you call wholetailing.
• 27:27
  Jim Sullivan: And it seems like the houses that I do a lot of work to, I have a hard time getting the money back out of them.
• 27:33
  Jim Sullivan: The most profitable ones are the ones.
• 27:35
  Jim Sullivan: I just get them looking halfway decent, put them on the market and let somebody else take a little bit of the profits at least recently.
• 27:41
  Jim Sullivan: So you're right.
• 27:42
  Jim Sullivan: Chad, it's much harder to estimate the repairs now.
• 27:45
  Jim Sullivan: I closed on one yesterday morning.
• 27:47
  Jim Sullivan: I put it on the market this morning and I've got two offers on it already.
• 27:51
  Jim Sullivan: This market is crazy right now, okay.
• 27:54
  Jim Sullivan: Go ahead.
• 27:54
  Jim Sullivan: No, go ahead.
• 27:55
  Caller 3: And with the whole-tailing.
• 27:56
  Caller 3: are you white boxing?
• 27:58
  Caller 3: It, meaning, are you just kinda, if it's got a hole in the roof, obviously you, take care of the major things, but then you leave as much of the interiors to the new homeowner.
• 28:08
  Caller 3: or to the buyer, to just let them do what they ultimately would want to do anyway.
• 28:13
  Caller 3: Is that what you're thinking.
• 28:14
  Caller 3: Correct.
• 28:15
  Jim Sullivan: We
• 28:15
  Caller 3: met someone
• 28:15
  Jim Sullivan: out there yesterday.
• 28:16
  Jim Sullivan: He's putting on a new side deck, roof and replacing rotten facial board.
• 28:20
  Jim Sullivan: And I'm replacing the AC compressor, the bare bones.
• 28:23
  Jim Sullivan: But the inside of the house, I just gave it a good cleaning, vacuum the carpet and put it back up for sale.
• 28:28
  Jim Sullivan: I just find that, like Chad said, it is hard to estimate what you're going to spend on it.
• 28:33
  Jim Sullivan: And it seems like you always go over and when you do it that way, you're opening it up to an owner occupant that might want to put some money into it.
• 28:41
  Jim Sullivan: And you're also leaving a little bit on the table for the next investor that comes along.
• 28:44
  Caller 3: ...And that also sounds like you're getting it better than just landlord quality.
• 28:49
  Caller 3: It seems like a homeowner would not be as scared away if some of those bigger expenses were taken care of, is that.
• 28:56
  Caller 3: So are you getting 85%, 90, 90%?
• 29:00
  Chad Corbett: A good way to think about this is if I go into this house, what would it take to get it to pass on FHA or VA appraisal?
• 29:09
  Caller 3: Okay.
• 29:09
  Caller 3: Yep.
• 29:10
  Chad Corbett: So anything, safety, sanitary, major mechanical needs to be replaced, but cosmetic things like if it has a pink bathtub, it has a pink bathtub.
• 29:20
  Chad Corbett: It will pass in effect.
• 29:21
  Chad Corbett: Like it would pass an FHA appraisal.
• 29:24
  Chad Corbett: you can give it to people who you can talk to people who are using financing.
• 29:30
  Chad Corbett: Just think of it that way.
• 29:31
  Chad Corbett: Like what does it take to get it to that level?
• 29:34
  Chad Corbett: Okay.
• 29:35
  Jim Sullivan: Oh, you're very welcome.
• 29:36
  Jim Sullivan: Appreciate it.
• 29:37
  Jim Sullivan: Next up is phone number ending in five nine one six.
• 29:41
  Jim Sullivan: You're up next.
• 29:42
  Steve: Hey, good afternoon.
• 29:43
  Steve: My name is Steve.
• 29:44
  Steve: Just want to do, piggyback on what Chad said earlier with Chris Prefontaine.
• 29:48
  Steve: I am in the QLS system, quality leads system, which, Chad recommended.
• 29:54
  Steve: Yeah, it really is a niche for the niche working probate, because now you can provide many other options.
• 30:01
  Steve: Now the shift happens that Chad did back, I think in either March or April was pretty incredible and really planted the seed.
• 30:07
  Steve: And like Chad said, it's a little over a thousand dollars.
• 30:10
  Steve: And one of the things that Chris talks about is you buy the program, you can do deals immediately, and they fully recommend that you do everything through an attorney, which ties into what Chad said.
• 30:21
  Steve: They do offer other coaching, which you can pay for considerably, provides you with perhaps greater credibility as you start off, but he'll be the first one to tell you don't need to do the coaching, although they count it.
• 30:35
  Steve: And you can purchase the program and you can do it.
• 30:37
  Steve: And Chad, I'm trying to get Chris to contact you for a future podcast and look forward to the listening between the new England accent and the accent from Appalachia.
• 30:49
  Steve: I'm gonna have you go through and show you guys and show you really share some incredible nuggets.
• 30:54
  Steve: Yeah, you are.
• 30:56
  Steve: You're one of four people in the last quarter would have said you guys have to get together and do something.
• 31:00
  Steve: So I'm looking forward to meeting Chris.
• 31:03
  Steve: Thank you, Chad.
• 31:04
  Chad Corbett: Good.
• 31:04
  Chad Corbett: I'm sure it'll be magic whenever we find time to get together.
• 31:07
  Chad Corbett: So I appreciate you connecting us.
• 31:10
  Jim Sullivan: All right next up, we have four more in the queue for seven zero two.
• 31:14
  Jim Sullivan: You're up next?
• 31:15
  Mary: Yes.
• 31:15
  Mary: Hi, Mary.
• 31:18
  Mary: Hi, so this is the first time with you guys, we just started a couple of weeks back and I got some on my list.
• 31:26
  Mary: I'm looking, I have two question quick one.
• 31:29
  Mary: So I look at one of our letters that we are, editing, if there's something in the letter that I'm not quite understanding, and if you can just, shine a light in it.
• 31:37
  Mary: So one of that we were looking at said something.
• 31:42
  Mary: yeah.
• 31:42
  Mary: What is it?
• 31:43
  Mary: I am here to assist in a process of communication between the relevant parties and in the acquisition of an experienced probate attorney.
• 31:52
  Mary: So am I not understanding?
• 31:54
  Mary: So when people go through probate, they already have their own attorney, right?
• 31:57
  Mary: They're working through that process, is it not?
• 32:00
  Chad Corbett: About 80% of the time.
• 32:02
  Chad Corbett: So they have a choice and some people make a choice to go pro se.
• 32:09
  Chad Corbett: And before that, before the confirmation hearing, which if they go through the confirmation hearing without an attorney, it becomes pro per and so about 20% of the time people think that they can, they, and this is with the exception of central to Western Virginia, everywhere else in the country pretty much it's there to use attorneys, but in those markets where attorneys are pretty much always, very common.
• 32:35
  Chad Corbett: Still about 20% of people think, Oh, we're just going to do this on our own.
• 32:39
  Chad Corbett: And we're going to save money.
• 32:40
  Chad Corbett: Ultimately, they ended up in most cases, they end up costing themselves a considerable amount more because they have to pay for billable hours to clean up the damn mess they made.
• 32:50
  Chad Corbett: So it's usually not in anyone's best interest to go through a bureaucratic, overly complicated process without counsel.
• 32:58
  Chad Corbett: It's a great opportunity for us to build attorney relationships by connecting them with those people who have, or would do who do not have attorneys.
• 33:07
  Chad Corbett: And that's one of the tactics we use to open the door to new referral, referral partner relationships with probate attorneys.
• 33:15
  Mary: Okay.
• 33:15
  Mary: okay.
• 33:16
  Mary: So I did not realize that 25% would be, they don't have attorney.
• 33:20
  Mary: So obviously I have it in my letter.
• 33:23
  Mary: I should have an attorney that.
• 33:25
  Mary: I have a relationship with just about wait.
• 33:27
  Chad Corbett: One of the ways you can do, one of the things we suggest is you go sit down with an attorney, like your first visit with an attorney is.
• 33:35
  Chad Corbett: Hey, my name's Chad.
• 33:36
  Chad Corbett: I have a team of people here in Roanoke that helps families going through probate.
• 33:41
  Chad Corbett: As part of that, we need a good attorney on the team for those that don't have representation.
• 33:46
  Chad Corbett: And then it's my understanding that you can't direct market for business.
• 33:51
  Chad Corbett: So what I'd like to offer is if you and I could sit down and design a checklist or a timeline, your firm name and contact information at the bottom.
• 33:59
  Chad Corbett: And that'll be part of every mailer.
• 34:01
  Chad Corbett: Have I come to the right place?
• 34:02
  Chad Corbett: You have a half an hour?
• 34:04
  Chad Corbett: And then let them sit there and literally list out every single little, no matter how small every patch it could be done from the time the petition was filed, until probate is closed and then color the legal aspects become one color.
• 34:19
  Chad Corbett: The non-legal aspects become another color.
• 34:23
  Chad Corbett: And whatever you think is passed, you can do it as a timeline, or you can do it as a checklist, but it's powerful.
• 34:29
  Chad Corbett: Jeez, because even the people who have an attorney probably haven't gotten a piece like that.
• 34:36
  Chad Corbett: Like they don't, they're waiting for the attorney to tell them what to do.
• 34:40
  Chad Corbett: So you're giving them like a usable checklist, even if they already have to have, representation, but the ones that don't have representation, they're going to look at it and go.
• 34:49
  Chad Corbett: Oh crap.
• 34:50
  Chad Corbett: I didn't know where to do all this stuff.
• 34:52
  Chad Corbett: Maybe we do need an attorney and there's a good chance.
• 34:54
  Chad Corbett: I'll call the attorneys page and usually looking forward at a probate attorney specific.
• 35:02
  Chad Corbett: That's what they do.
• 35:03
  Chad Corbett: Usually it's probate or any yeah.
• 35:06
  Chad Corbett: Typically attorney and an estate planning attorney are synonymous.
• 35:11
  Chad Corbett: They're usually doing both sides of the business.
• 35:14
  Mary: Okay, so I've been hearing, I listened to some past calls from you guys and it seems like a lot of the people are actually real estate agents, I'm not.
• 35:24
  Mary: I was thinking about doing it, but right now I'm not sure if I am.
• 35:27
  Mary: If my prospects do want to list it with an agent, what kind of ideal or what kind of, how would I offer that?
• 35:35
  Mary: If I'm looking for real estate agents work with me, for those people that really want to list them in the MLS, how would I approach that?
• 35:42
  Chad Corbett: First off, do you like growing your wealth, your personal net worth?
• 35:46
  Chad Corbett: And why are you paying real estate agents when you're a real estate expert?
• 35:50
  Chad Corbett: You're paying real estate commission.
• 35:52
  Chad Corbett: Why?
• 35:52
  Mary: So I don't have, I don't want to pay, but if I'm not real estate agent, and that's what my client wants to do..
• 36:01
  Chad Corbett: So what I'm saying is you're not a real estate agent yet.
• 36:05
  Chad Corbett: Are you doing ethical business or are you screwing people knowingly and openly?
• 36:10
  Mary: No,
• 36:10
  Chad Corbett: So, it was a rhetorical question.
• 36:12
  Chad Corbett: I would encourage you to get your license.
• 36:14
  Chad Corbett: There's a lot of bad advice out there about investors not getting a license.
• 36:18
  Chad Corbett: And the reason I say it's bad advice, it's going to cost you hundreds of thousands, if not millions of dollars over your career.
• 36:25
  Chad Corbett: You know your market enough to risk your own capital, which is more than most real estate agents will do.
• 36:31
  Chad Corbett: Step up and hold yourself to a higher standard of ethics.
• 36:35
  Chad Corbett: It's Easier to compete with other investors and you don't have to refer your business out.
• 36:40
  Chad Corbett: So now I'll get off my soap box.
• 36:43
  Chad Corbett: You should have a good brokerage partner.
• 36:46
  Chad Corbett: And a good place to find someone who understands your side of the business, if you go to biggerpockets.com and look under, I think it's community.
• 36:56
  Chad Corbett: Yeah.
• 36:56
  Chad Corbett: And you can search real estate agents who are on the bigger pockets platform.
• 37:01
  Chad Corbett: And that's a pretty good first level filter.
• 37:03
  Chad Corbett: If they have found bigger pockets, they pretty much know what value they can provide to investors, or they are an investor and they understand the investment side of the business.
• 37:12
  Chad Corbett: Either way, they have their license, they're looking to do something with it.
• 37:16
  Chad Corbett: So they're probably a good brokerage referral partner, but I would encourage you to stop giving away that 3% chunk on every deal.
• 37:24
  Chad Corbett: Cause if you have courage to risk your own money in the marketplace, you obviously know your market and if you're doing business ethically, there's no risk whatsoever in being a licensed investor.
• 37:36
  Chad Corbett: You pay 50 bucks for a separate LLC and run a separate bank account, but it can make a huge difference over the trajectory of your career.
• 37:44
  Chad Corbett: It can be millions of dollars difference.
• 37:46
  Mary: All right.
• 37:47
  Mary: I actually did take the class.
• 37:49
  Mary: I just never went.
• 37:50
  Mary: I had some life crises coming, so I never took the test, but I was planning to do that.
• 37:55
  Mary: I was just wondering since I don't want to wait till I'm going to be.
• 37:58
  Mary: And I'm starting now with the probate.
• 38:00
  Mary: We've been some doing some other real estate investing, but probate is, this is a new one that we always wanted to get in.
• 38:07
  Mary: Okay.
• 38:08
  Mary: So..
• 38:08
  Chad Corbett: What market are you in?
• 38:10
  Mary: I'm in Salt Lake City.
• 38:12
  Chad Corbett: Okay.
• 38:12
  Chad Corbett: Yeah.
• 38:13
  Chad Corbett: So in most major Metros, you'll have several real estate agents who have created a profile and became active on Bigger Pockets, and that means they're already working with investors.
• 38:23
  Mary: I do know quite a bit of them.
• 38:25
  Mary: My question was more, okay.
• 38:27
  Mary: Let's say I did give it, what am I gaining?
• 38:29
  Mary: Am I gaining anything?
• 38:30
  Chad Corbett: Oh, sorry.
• 38:31
  Chad Corbett: Okay.
• 38:31
  Chad Corbett: Oh, I'm sorry if I'm asking.
• 38:33
  Chad Corbett: So you can take marketing fees, they can, for example, if you have a good lead flow, if you're giving them a lot of referrals, maybe they pay for your mail, you pay for the leads or vice versa, or they could give you cash marketing fees, they could pay you in Visa, like prepaid visa gift cards, just the marketing fees.
• 38:52
  Chad Corbett: There's ways hat you can do it, where you won't get in trouble, but.
• 38:57
  Chad Corbett: obviously I'm pretty solid on my view that every investor should have a license.
• 39:03
  Chad Corbett: If they're not taking advantage of people, they have no risk.
• 39:07
  Mary: I absolutely agree with you.
• 39:09
  Mary: Alright, thank you very much.
• 39:10
  Mary: That's answer my question.
• 39:11
  Mary: Thank you!
• 39:12
  Chad Corbett: Jimmers! Bueller?
• 39:15
  Jim Sullivan: We have a couple more in the queue, Chad.
• 39:16
  Jim Sullivan: Can you handle a couple minutes over today?
• 39:18
  Jim Sullivan: Are you good?
• 39:19
  Chad Corbett: Yeah, I'm good.
• 39:19
  Jim Sullivan: Okay.
• 39:20
  Jim Sullivan: Next up is five, four, six, four.
• 39:23
  Eddie V: It always seems to cut out on you, Jim, when it comes to me! And this is Eddie here in Kansas city.
• 39:28
  Jim Sullivan: It's been the whole call today with Chad's mic, I think, but it's okay.
• 39:32
  Jim Sullivan: we can understand him.
• 39:33
  Eddie V: Okay.
• 39:33
  Eddie V: I'm really just trying to figure out what's too much.
• 39:37
  Eddie V: I answered this in the, in, I think two or three calls ago, but what's too much to be bothering these people?
• 39:44
  Eddie V: I know David Pannell, he does every seven days, but I'm like, if I talk to that person on Monday, let's say, do I wait another seven days to call them back?
• 39:54
  Eddie V: I'm just trying to find out most of the things I have questions about.
• 39:58
  Eddie V: I can go to YouTube or look it up on All The Leads.
• 40:01
  Eddie V: They just haven't been able to find it today.
• 40:03
  Eddie V: Like a schedule on, if you want to be aggressive, here's how often you would call and send letters.
• 40:09
  Eddie V: And here's, maybe if you're not as aggressive or don't have as much time, here's what you can do.
• 40:14
  Eddie V: Cause I have the time to be calling people more.
• 40:17
  Eddie V: I just don't know.
• 40:18
  Eddie V: Where's the point where it's too much.
• 40:20
  Eddie V: Or what's the, sweet spot.
• 40:22
  Bruce Hill: Eddie, it's Bruce.
• 40:23
  Bruce Hill: When you communicate with someone.
• 40:25
  Bruce Hill: So let's say you have already spoken with them.
• 40:28
  Bruce Hill: Whether it's in the middle or towards the end of the call, you say, Hey, by the way, were you guys going to be keeping your real estate or selling the real estate?
• 40:35
  Bruce Hill: And they say selling.
• 40:36
  Bruce Hill: Ideally what you want to do is go down a little bit of a funnel with them where you might start.
• 40:41
  Bruce Hill: Mike.
• 40:42
  Bruce Hill: Okay.
• 40:42
  Bruce Hill: There's lots of ways to start and we don't recommend specific way, it's up to you, but it might start with something like, can you tell me a little bit more about that?
• 40:50
  Bruce Hill: Yeah, we're just not there yet.
• 40:51
  Bruce Hill: we're a couple of months away.
• 40:53
  Bruce Hill: Okay.
• 40:54
  Bruce Hill: in a perfect world, when would a couple of months be, are we looking at two or three?
• 40:58
  Bruce Hill: Okay.
• 40:58
  Bruce Hill: There they say three months.
• 40:59
  Bruce Hill: There's a bunch of family members involved, you just ask questions and they start to share with you what their ideal experience looks like, and you really tailor your followup approach with that person around their ideal experience.
• 41:13
  Bruce Hill: So if somebody tells me three months, I'm going to call them in a month and ask if anything has changed.
• 41:19
  Bruce Hill: If they say, yeah, we're probably a month away, I'm going to call him in a week.
• 41:24
  Bruce Hill: Hey, just want to make sure that everything was on track.
• 41:26
  Bruce Hill: Did you guys run into anything?
• 41:28
  Bruce Hill: So I really base that on the information I'm able to gather on the previous call.
• 41:33
  Bruce Hill: There's no set formula for what you're asking.
• 41:35
  Bruce Hill: It really depends on what their timeframe is.
• 41:38
  Bruce Hill: And if you ask good questions, they will tell you what their ideal experience is going to look like.
• 41:44
  Eddie V: Okay.
• 41:44
  Eddie V: What if says, we've got this, we've got it taken care of.
• 41:48
  Bruce Hill: We've got it taken care of.
• 41:50
  Bruce Hill: So are we talking about the house or are they just say, Hey, we're all good, we've got it taken care of.
• 41:55
  Eddie V: They've got it all good.
• 41:56
  Eddie V: I think specifically, this is one that somebody just, Hey, we've got it taken care of.
• 42:01
  Eddie V: Thanks.
• 42:01
  Eddie V: Click call them back seven days again?
• 42:04
  Bruce Hill: I don't know.
• 42:05
  Bruce Hill: What do you think Chad?
• 42:05
  Bruce Hill: I would probably do a couple of weeks.
• 42:07
  Bruce Hill: It depends on how far, how long into the process they are.
• 42:11
  Bruce Hill: If they're a relatively new lead, I might do seven days.
• 42:13
  Bruce Hill: If they're a lead from three months ago, I might do a couple of weeks.
• 42:18
  Bruce Hill: And a lot of times, Eddie, so there's a particular sales training that, I'm not allowed to say the name of on online that you and I have talked about Eddie.
• 42:27
  Bruce Hill: If you have an appropriate intro it's rare that someone's gonna say, Hey, we got it all handled, click.
• 42:33
  Bruce Hill: I don't experience that a whole lot.
• 42:35
  Bruce Hill: But people do tell me that they have it all handled and one approach that you can use if someone says, Hey, no, we're pretty good.
• 42:42
  Bruce Hill: Is you can use the approach of letting them off the hook and saying, Hey, I'm really glad to hear that you have no idea how many people I talked to that are overwhelmed.
• 42:51
  Bruce Hill: So I, you're probably pretty organized.
• 42:53
  Bruce Hill: And now my particular approach, if we go there is to say, Hey, before I let you go, were you guys planning on keeping the house or were you planning on selling it and just kinda letting them off the hook?
• 43:05
  Bruce Hill: it gives them a sigh of relief, Oh God, thank God.
• 43:08
  Bruce Hill: I don't have to come up with another objection.
• 43:10
  Bruce Hill: And then you just go into a, another question and start down that line.
• 43:14
  Bruce Hill: Normally, if they feel like they're off the hook, they're not going to be as rigid.
• 43:18
  Bruce Hill: Especially if they've said that they, I have it handled.
• 43:21
  Bruce Hill: So you might even pair it back to them when you follow up.
• 43:24
  Bruce Hill: Hey, I know a couple of weeks ago you said you had everything handled.
• 43:27
  Bruce Hill: Just wanted to see how the process was going for you.
• 43:29
  Bruce Hill: Have you guys gotten a little closer to deciding what to do with the house, have you gotten a little further along any struggles and maybe they say the same thing, but.
• 43:37
  Bruce Hill: A few times that barrier is going to break down.
• 43:40
  Bruce Hill: It always happens with enough communication and enough times where they hear you and remember, you naturally build some rapport.
• 43:47
  Eddie V: Okay.
• 43:48
  Eddie V: Okay.
• 43:49
  Chad Corbett: So Eddie, I would split this into two categories, have had dialogue, not had dialogue.
• 43:56
  Chad Corbett: So to the root of his question, how much is too much?
• 43:59
  Chad Corbett: until you've had dialogue with them, meaning you've had a meaningful conversation - not a hang up.
• 44:05
  Chad Corbett: Like we've got it handled hang up.
• 44:07
  Chad Corbett: That's not a contact.
• 44:09
  Chad Corbett: Then you can continue to be as aggressive as you want to be.
• 44:13
  Chad Corbett: If it's every day, if it's twice a day until you've actually had a true conversation and had two way dialogue with a person, then you should be aggressive.
• 44:22
  Chad Corbett: Once you've had dialogue with them, at that point, everyone becomes a thumbprint.
• 44:27
  Chad Corbett: Some you want to follow up with daily.
• 44:29
  Chad Corbett: Some you want to follow up with quarterly because they're in such deep, emotional pain.
• 44:34
  Chad Corbett: You don't want to push them on others or just standing in their own damn way and making their situation worse.
• 44:40
  Chad Corbett: So you want to call them every day, but the takeaway is it depends on what you know about the situation, how aggressive you should be after you have the dialogue.
• 44:51
  Chad Corbett: So the people who are hanging out who are saying, we've got it handled and hanging up.
• 44:54
  Chad Corbett: Call them every day until you have the real conversation.
• 44:59
  Chad Corbett: And then you'll know how often to follow up with them.
• 45:01
  Chad Corbett: Just use your intuition.
• 45:03
  Chad Corbett: once you understand the people and the situation, then it's easy to determine how often you should call them because you understand what they're going through.
• 45:10
  Chad Corbett: You understand the value you bring to that situation and there's no, it all becomes different.
• 45:16
  Chad Corbett: And until you have dialogue, just, be as aggressive as you want to be.
• 45:21
  Chad Corbett: And that's David, he's hitting the phones every day for the first seven days.
• 45:27
  Chad Corbett: So he establishes dialogue and then based on each individual conversation, he spreads them out over a year.
• 45:33
  Chad Corbett: I think some people he's okay, that's a surviving spouse.
• 45:36
  Chad Corbett: I'm going to call her back in three months because she'll be in a different state of mind.
• 45:40
  Chad Corbett: This guy is out of town.
• 45:42
  Chad Corbett: He had no relation to the family member.
• 45:43
  Chad Corbett: He was a friend who was appointed.
• 45:46
  Chad Corbett: I'm calling him back tomorrow because he's ready to get this behind him.
• 45:49
  Chad Corbett: So each one becomes different once you have dialogue.
• 45:51
  Chad Corbett: But I would encourage you to think about it that way: Once you've had a real conversation with them, then you'll know what the right followup sequence is.
• 45:59
  Jim Sullivan: All right.
• 46:00
  Jim Sullivan: And thank you for your patience.
• 46:01
  Jim Sullivan: Six, six two eight.
• 46:02
  Jim Sullivan: You're up next.
• 46:03
  Caller 4: Hey.
• 46:04
  Caller 4: Yeah, so I've got some older leads.
• 46:06
  Caller 4: How old would you consider them to not be really useful anymore?
• 46:11
  Caller 4: Is there a timeframe on that
• 46:12
  Chad Corbett: Three years.
• 46:14
  Caller 4: Three years?
• 46:16
  Caller 4: Wow.
• 46:17
  Chad Corbett: We've had a lot of success through two year-old lists.
• 46:21
  Chad Corbett: I've personally listed them and bought them 25 months in.
• 46:25
  Chad Corbett: If you put a number to it, like where you should quit probably three years.
• 46:29
  Chad Corbett: A certain number of people, have their act together and they'll proactively move through the process quickly, but we have a lot of different personality types in the world and a lot of different situations within that.
• 46:40
  Chad Corbett: So some people, their heads in the sand and initiate the process, then they pull back and then they just completely shut down.
• 46:47
  Chad Corbett: They don't do anything for months.
• 46:49
  Chad Corbett: And then one day they have this breakthrough and they're more motivated than they have ever been because they're ashamed of the lack of progress made.
• 46:56
  Chad Corbett: And that happens anywhere from one day to at least two years.
• 47:02
  Chad Corbett: two years as you should.
• 47:04
  Chad Corbett: And if you had the budget and the bandwidth, I support it.
• 47:07
  Chad Corbett: And they, All The Lead System is designed to make sure you're not spending, you're not marketing to people who have already said, we don't need your help, but we don't want your help.
• 47:16
  Chad Corbett: If you can afford it, you should be marketing for two years minimum.
• 47:21
  Chad Corbett: And every month our CRM will help you cut your list down.
• 47:24
  Chad Corbett: So you're only marketing to the ones you haven't spoken to.
• 47:28
  Chad Corbett: But the people that need our help the most are the ones that put their head in the sand six, eight, 12 months ago.
• 47:33
  Chad Corbett: And haven't achieved anything.
• 47:35
  Chad Corbett: They're the ones that really need us and you'll find them two years out for sure.
• 47:39
  Jim Sullivan: Hey Chad, the one I closed on yesterday was two years old, had probably it was filed two years ago.
• 47:45
  Bruce Hill: Especially if you're running probate, I'm going to, I'm going to plug probate plus here really quickly.
• 47:50
  Bruce Hill: If you have an old list and you don't want to be marketing to a hundred people that are old, run pro probate plus against it.
• 47:56
  Bruce Hill: See where CC, who still has real estate.
• 47:59
  Bruce Hill: it'll show you who you should be marketing to.
• 48:01
  Bruce Hill: One of my closings contacted me two years after his father had died that the property had been vacant for two years.
• 48:08
  Bruce Hill: Contacted me.
• 48:09
  Bruce Hill: He pulled back just like Chad just mentioned.
• 48:12
  Bruce Hill: He pulled back for another year and a half and then called me to Lish.
• 48:15
  Bruce Hill: And so that was three and a half years after the date, his father had died and it had been vacant the whole time.
• 48:22
  Bruce Hill: So some people just take time that their situation, their emotional stability.
• 48:29
  Bruce Hill: There's a lot of different reasons to say might take time.
• 48:32
  Caller 4: Okay.
• 48:33
  Caller 4: Can I ask one more question?
• 48:34
  Caller 4: I appreciate your input.
• 48:35
  Caller 4: What would you suggest on the surviving spouse contact schedule?
• 48:40
  Caller 4: I get it to where they're kind of a bummer on the first call.
• 48:42
  Caller 4: You don't want to call them too early, but, is maybe three months or something?
• 48:47
  Chad Corbett: Everyone's different.
• 48:49
  Chad Corbett: There's if you go to all the leads.com in the top, Type in surviving spouse.
• 48:55
  Chad Corbett: And there's a tips from the trainer video I did, I don't know, four or five years ago.
• 49:00
  Chad Corbett: And I kinda tell you the story of what encouraged me to get on the phone early on, often with surviving spouses, because so many people shy away from them.
• 49:09
  Chad Corbett: They're the people that most often need our help.
• 49:12
  Chad Corbett: The most, they just don't know it yet and they haven't admitted it.
• 49:16
  Chad Corbett: So yes, it's not apparent in their psychology yet.
• 49:20
  Chad Corbett: So if you can make contact with them, it's a different tactic.
• 49:25
  Chad Corbett: It's low pressures to not talk about real estate.
• 49:28
  Chad Corbett: You need to really take my advice, focus on people in situation, let them know there's a service here in the community and help with anything and everything.
• 49:36
  Chad Corbett: And just, if they feel like they're emotionally raw, just back away, listen, I'll call you in a couple months.
• 49:43
  Chad Corbett: See if there's anything that you could use help with them, but more as branding and marketing, you want them to be aware that you are you're a safety net for them, because what we know from the nursing home industry, 78.8% of senior citizens plan to die in their homes, there's no contingency plan.
• 50:01
  Chad Corbett: What we know from the federal reserve, the average senior citizen.
• 50:04
  Chad Corbett: Yes.
• 50:05
  Chad Corbett: $24,000.
• 50:08
  Chad Corbett: Oh, an illness hospital of Saul property, just upkeeping a property, having the correct, social security checks on an app because they were getting to now they're only getting mom, their situation changed and it might take them a month or two months or three months to realize that they're not, I think, situation when they do.
• 50:32
  Chad Corbett: I will call who they trust.
• 50:34
  Chad Corbett: So if you've made contact and you found some way to make them feel comfortable, even if that's just making them aware that there's a safety net in the community, you will be their first phone call when they need you.
• 50:45
  Chad Corbett: So don't shy away from the surviving spouses.
• 50:48
  Chad Corbett: Just remember, I'm not calling to list this house.
• 50:51
  Chad Corbett: I'm calling to see how I can help her or help him.
• 50:54
  Chad Corbett: And if you can build rapport and that person trusts you, then when they're ready, you'll be okay.
• 50:59
  Chad Corbett: The only phone call and I've got dozens and dozens of stories like this, the very first deal I ever did was the one that gave me the courage to always make that call.
• 51:09
  Chad Corbett: And if you search surviving spouse in the top, Of all the leads.com, you can hear the story about it, about Drusilla, or that was Pam.
• 51:18
  Chad Corbett: It's, a softer approach, some will list right now, others will take two to three years, but now they're probably the ones that can benefit the most from our service when they realize it.
• 51:31
  Jim Sullivan: All right, guys, another great call.
• 51:34
  Jim Sullivan: I want to thank each and every one of you for being here today, we had great participation.
• 51:38
  Jim Sullivan: We had some really good inspiring stories.
• 51:40
  Jim Sullivan: I think I know who our winner of the week is.
• 51:43
  Jim Sullivan: We'll be reaching out to you and I want to challenge each of you.
• 51:46
  Jim Sullivan: Take one, thought one idea.
• 51:49
  Jim Sullivan: One thing that inspired you on this call, go out and put it into practice and come back Wednesday, actually for our role play, call and share with the group.
• 51:58
  Jim Sullivan: Thank you so much, guys.
• 51:59
  Jim Sullivan: Stay healthy, stay productive, and we will talk to you
• 52:02
  next Wednesday at 2: 00 PM.
• 52:04
  next Wednesday at 2: Eastern take care, everybody.
• 52:06
  A.I. Narration: All The Leads hosts Cold Call Role Play trainings the first Wednesday of Every Month.
• 52:10
  A.I. Narration: On these calls, agents and investors can jump in the hot seat with our coaches to test their cold call scripts.
• 52:16
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• 52:22
  A.I. Narration: Thanks for tuning in to Probate Mastermind!