Latest / All The Leads Mastermind Podcast / A Teacher, Mike Ferry Coach, and Texas Wholesaler Share Their Probate Real Estate Success Stories | episode #310

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A Teacher, Mike Ferry Coach, and Texas Wholesaler Share Their Probate Real Estate Success Stories | episode #310 · All The Leads Mastermind Podcast

0:00
A.I. Voice Narration: Welcome to the Probate Mastermind Podcast.
0:03
A.I. Voice Narration: These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches.
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A.I. Voice Narration: Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.
0:20
A.I. Voice Narration: You will learn to get more listings, more deals and find financial freedom by listening to these episodes.
0:25
A.I. Voice Narration: Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community:
0:32
https: //facebook.com/groups/AllTheLeadsMastermind
0:33
Jim Sullivan (Host/Coach): Welcome dynamic agents and investors from across the country.
0:38
Jim Sullivan (Host/Coach): Today is January 14th, 2021.
0:42
Jim Sullivan (Host/Coach): And this is mastermind podcast.
0:44
Jim Sullivan (Host/Coach): Number 310.
0:47
Jim Sullivan (Host/Coach): We do have one person in the queue.
0:48
Jim Sullivan (Host/Coach): I always liked calls like this.
0:50
Jim Sullivan (Host/Coach): He is a national real estate coach with one of the major coaches who you would recognize.
0:56
Jim Sullivan (Host/Coach): I'm not sure I spoke to him since he joined maybe in 2019, but he shared some remarkable success stories with me.
1:03
Jim Sullivan (Host/Coach): So I asked him to come on the call today and share with you.
1:07
Jim Sullivan (Host/Coach): And I'm going to go ahead and go to you first, Chris Ryan, you're up, sir.
1:11
Chris Ryan: How are you?
1:12
Chris Ryan: Good, Jim.
1:12
Chris Ryan: I appreciate the intro.
1:14
Chris Ryan: My name is Chris Ryan.
1:15
Chris Ryan: I work for Coldwell banker in East Brunswick, New Jersey, and I'm also a coach for Mike ferry organization.
1:21
Chris Ryan: I met Jim.
1:22
Chris Ryan: Boy, probably we didn't speak for years.
1:25
Chris Ryan: I haven't ran into Jim.
1:26
Chris Ryan: And then I found somebody had mentioned all the leads as a source for probate.
1:31
Chris Ryan: And and I saw Jim was one of the owners and I was excited to talk to him cause I heard a lot of good things about all the leads.
1:37
Chris Ryan: It's kinda if you look at all the lead generation sources in probate, it's probably like the Porsche.
1:44
Chris Ryan: A version of the list that is given for probate.
1:48
Chris Ryan: So I just wanted to, say, Hey, I, I appreciate the the opportunity to get the list after my area what happened was I've been doing prob I've been in real estate for 33 years doing probate for 15 years.
2:01
Chris Ryan: So we basically, we were doing our own research.
2:03
Chris Ryan: And like I said we found all the leads and know that you're real happy about that.
2:08
Chris Ryan: I got my list too two days ago and.
2:10
Chris Ryan: Pretty much once through the whole thing.
2:11
Chris Ryan: We, I was talking to Dave Pinel too.
2:13
Chris Ryan: Jim was was nice enough to have us connect and I thought I did pretty well with probate and kinda like my system, but then when I w I watched Dave's system and what he does, I'm like, wow, I'm doing like.
2:26
Chris Ryan: I thought I was doing well with it, but I was like, wow, I need some work.
2:29
Chris Ryan: Everybody needs to improve.
2:31
Chris Ryan: So I guess, Jim, do you want me to go into what I do with probate?
2:34
Chris Ryan: Yeah please take.
2:35
Chris Ryan: Yeah.
2:36
Chris Ryan: It's whatever we got a couple hundred people on the call.
2:39
Chris Ryan: I think they can benefit from your experience.
2:41
Chris Ryan: So please do.
2:42
Chris Ryan: Go ahead.
2:42
Chris Ryan: Okay.
2:43
Chris Ryan: Okay.
2:43
Chris Ryan: So like my approach too.
2:45
Chris Ryan: So my approach to probate right now it's, probate's probably not probably it's 30% of our business.
2:52
Chris Ryan: I do have a team.
2:53
Chris Ryan: We did, we actually did a 35.
2:56
Chris Ryan: Transactions probate.
2:57
Chris Ryan: We're, we want to improve on that.
2:59
Chris Ryan: So what are the, so basically what we do is, we don't, I don't do mailers.
3:04
Chris Ryan: I don't do emails.
3:06
Chris Ryan: I don't do texting.
3:08
Chris Ryan: It's basically strictly, phone, phone calls.
3:11
Chris Ryan: We do send some sort of letters, but I watching Dave on Facebook, I think yesterday for a couple of minutes, I'm like, wow, we're really, we really got to step up with what we send out that's for sure.
3:22
Chris Ryan: So basically Jim, the one thing that we do I kinda, from what I do talk to clients executive, executors one of the things I do hear from them is that yes, we, obviously we get a lot of letters.
3:34
Chris Ryan: We get texting.
3:35
Chris Ryan: Very rarely do you hear that they get phone calls?
3:38
Chris Ryan: And which is surprising to me, is that the way this market is right now.
3:42
Chris Ryan: And if you're in probate, either as an investor or an agent I'm sure some people are very successful with mailing and texting and all that.
3:49
Chris Ryan: But I'm just kinda surprised that there's not more people that are when there's so much money on the line that they, actually don't contact them by phone.
3:56
Chris Ryan: I think people do appreciate it.
3:58
Chris Ryan: Mike ferry.
3:58
Chris Ryan: I know, probably.
4:00
Chris Ryan: Yeah, I would say so if you look out or your sphere of influence and you'll see why it's so difficult, you don't have much competition on the phone call.
4:08
Chris Ryan: Call reluctance is still real, yeah.
4:11
Chris Ryan: And I guess once you see the results from it though, just talking probate it's just talk probate once you see the results that you do get, I think, you know that if you're like tinkering on, Hey, she's, I don't know if I could do it once you do find success in that.
4:24
Chris Ryan: I think, then you'll start, people will start doing it more, but I get it.
4:27
Chris Ryan: Hey, if it's good, if it works with mailers and all that, all that stuff.
4:31
Chris Ryan: That's great.
4:32
Chris Ryan: But yeah.
4:32
Chris Ryan: So just basically, I guess the.
4:34
Chris Ryan: The point is that, we are aggressive on the phones.
4:37
Chris Ryan: We do have let's face like when you're cause I, and unfortunately I don't listen to a lot of your, which I'm starting to do.
4:43
Chris Ryan: And my time is very limited, but I'm trying to watch, watch podcasts and, get more involved because I think you're like what you guys do is, far superior with probate, Let's, I can't get in trouble with Mike.
4:53
Chris Ryan: I don't wanna get in trouble with Mike.
4:55
Chris Ryan: More of a, with the probate, you guys do provide a great service.
4:58
Chris Ryan: But one of the things I wanted to talk to just bring up too, is that because the inventory is so tight right now.
5:04
Chris Ryan: If somebody, you like have you have a li like, I guess the.
5:08
Chris Ryan: The major thing too, is lead follow up.
5:10
Chris Ryan: Like when you do get a contact right now and you're looking to do something, I think that speed is so important right now.
5:17
Chris Ryan: Like you can't have anything linger.
5:19
Chris Ryan: If somebody says, Hey, great, Chris, you know what, give me a call back in a month.
5:22
Chris Ryan: I think one of the things that we've really have to start doing is asking more like one of the things I do with my coaching clients and Mike and I get this from Mike ferry is that we have to ask more questions.
5:31
Chris Ryan: Like you have to ask these, the executors more questions obviously what's holding you back from doing it now.
5:36
Chris Ryan: We have the items in the house great.
5:39
Chris Ryan: Obviously the typical would you sell it with the audience?
5:41
Chris Ryan: Like you really have to ask a lot more questions right now because the person that calls behind you or males behind you or knocks on the door they're going to be aggressive and they're going to get that client from you.
5:51
Chris Ryan: So I think if anything, if there's realtors on the line I think you just have to be more aggressive right now because our market for example I'll talk out of probate for a minute on expired call yesterday eight 30 in the morning.
6:03
Chris Ryan: I had an appointment with the guy within 30 minutes.
6:05
Chris Ryan: He had 20 phone calls already from other agents.
6:08
Chris Ryan: So it tells me that there's not a lot of agents being aggressive out there.
6:11
Chris Ryan: So I think we're probate.
6:12
Chris Ryan: I just think that we have to be, more aggressive when somebody says that they want to do something like, if you're at the house and you're an investor, you have to make the deal right then.
6:21
Chris Ryan: And there, you can't say, you're going to obviously you have to know your numbers.
6:24
Chris Ryan: You can't say I'll get back to you in a couple of days because the investor right behind, they're going to say, listen, I'm going to give you this and I'll close it in two weeks.
6:31
Chris Ryan: Boom done.
6:32
Chris Ryan: Yeah, I just really wanted to talk to you about, yeah.
6:34
Chad Corbett (Coach): Yeah, sorry, this is Chad, by the way, I have a million questions want first, I'll start with a suggestion.
6:39
Chad Corbett (Coach): If your team isn't listening to the role-play archive, I think that's going to be hugely beneficial to you guys.
6:46
Chad Corbett (Coach): So you can hear all the variations of what we, what you just spoke about.
6:50
Chad Corbett (Coach): So w I call that probate quicksand, and sometimes you need to throw them a rope and pull their ass out because they them waiting is not actually in their best interest as a fiduciary of the estate.
7:01
Chad Corbett (Coach): And part of that is, exactly fiscally responsible.
7:04
Chad Corbett (Coach): So if a family member and for anyone who's, if your mindset is challenging, that statement, think about it this way.
7:10
Chad Corbett (Coach): They are a legal fiduciary.
7:13
Chad Corbett (Coach): That represents the financial interest of that estate.
7:16
Chad Corbett (Coach): If one of the heirs disagrees with how they're acting, they actually have personal legal liability for sitting and procrastinating and it usually doesn't come up.
7:26
Chad Corbett (Coach): You don't see it.
7:27
Chad Corbett (Coach): It's more prevalent in California than almost anywhere else because you have big valuations on the estate.
7:33
Chad Corbett (Coach): But when, if you're, if the little voice in your head says, I'm a terrible person.
7:37
Chad Corbett (Coach): If I put pressure on them, just to remember.
7:40
Chad Corbett (Coach): They have legal liability if they just sit and do nothing.
7:43
Chad Corbett (Coach): So for you to ethically influence them to do what's in their best interest, it's always the best thing to do the exception where I'll back up and get a little more space as surviving spouse or loss of young children.
7:56
Chad Corbett (Coach): Sometimes people are just so raw, they're just not ready, but I would say 98% of the time when someone doesn't want to commit it's because they're just trying to get back in their comfort zone and they're afraid, and it's our job to be leaders, not salespeople in that case, but that's my opinion.
8:13
Chad Corbett (Coach): And I think Chris, your team could do benefit from hearing.
8:15
Chad Corbett (Coach): That's a lot of the discussions we have, especially in the role-play environment.
8:19
Chad Corbett (Coach): Really gives you tactics for how to do that.
8:22
Chad Corbett (Coach): And what's been effective across the country.
8:24
Chad Corbett (Coach): So if you're not doing that already, I think that's something you guys should put on the list for know, maybe this quarter, we're going to go through these role plays and then start doing some on our own.
8:33
Chad Corbett (Coach): I appreciate that.
8:34
Chad Corbett (Coach): I'm also really interested in your evolution and your story.
8:37
Chad Corbett (Coach): I love stories.
8:38
Chad Corbett (Coach): So I'd like to hear what got you into probate in the first place, how you did it, why you stuck with it and what has changed since you became an all to lead subscriber, what has, what, what really stands out to you?
8:51
Chad Corbett (Coach): What habits changed?
8:52
Chad Corbett (Coach): And what was the business result?
8:55
Chad Corbett (Coach): How did that change?
8:56
Chad Corbett (Coach): Sure.
8:56
Chad Corbett (Coach): Sure.
8:57
Chad Corbett (Coach): I'll get real quick into that.
8:58
Chad Corbett (Coach): So what is the reason why we got into probate in the first place is that we have one, one of our locations, I own my own company.
9:04
Chad Corbett (Coach): I sold like 15 years ago.
9:05
Chad Corbett (Coach): But one of the locations was like right into a 55 and over eight communities.
9:10
Chris Ryan: So one of the things that we realized was on the expireds when these one of the estates were expiring now, on the MLS, let's clarify that.
9:17
Chris Ryan: So when they were expiring, we were able to get the numbers.
9:21
Chris Ryan: Through our research with probate, we would go to the County, get the expireds, and nobody had those numbers that we had, because even if you're subscribed to a service nobody had those numbers.
9:32
Chris Ryan: So that's how we actually originally got into probate.
9:34
Chris Ryan: And that's, we never even looked at any other probate, but besides expireds.
9:39
Chris Ryan: So that was probably for five years, we just did that.
9:41
Chris Ryan: And then I was like, you know what, maybe we should look into a little bit further and, Do our own research and start looking at, so we went down every two, two months and got her own research.
9:51
Chris Ryan: So we started getting into that.
9:52
Chris Ryan: So what's that, did you really enjoy doing that?
9:55
Chris Ryan: Wasn't it fun?
9:56
Chris Ryan: I've never, no, I've never been down there personally.
9:59
Chris Ryan: I've I sent my, so my assistant, he knows it well.
10:01
Chris Ryan: So that's how we did the research.
10:03
Chris Ryan: Originally for the actual we had originally we had a title company, so our searchers that we're doing our title for purchases.
10:11
Chris Ryan: Actually just, they were down to the courthouse.
10:13
Chris Ryan: I said, can you just go over and do this?
10:14
Chris Ryan: So that's how that's how actually we started that.
10:16
Chris Ryan: And then what happened was then we started, trying to get more research and, we did that.
10:20
Chris Ryan: We did that for a while getting our own research.
10:22
Chris Ryan: I would say like when Jim had so like 2019, so we were doing our research for the last, like probably eight years.
10:29
Chris Ryan: On her own.
10:30
Chris Ryan: It takes, yeah, it takes a lot of time.
10:32
Chris Ryan: So then we joined up with you guys and we still we still hate this we still do our own research.
10:39
Chris Ryan: But it's very limited right now.
10:41
Chris Ryan: But we don't we do it in a different County.
10:43
Chris Ryan: We, our main County, we subscribed to you guys.
10:46
Chris Ryan: So what's changed though, is that since we have everything in front, your numbers are great.
10:51
Chris Ryan: Your scripture, like how your numbers are fantastic.
10:54
Chris Ryan: The information that you guys provide, right?
10:56
Chris Ryan: And what's great about it too, is that, so you have the executor, but not only that you obviously provide the attorney.
11:02
Chris Ryan: So that's, obviously if there's any advice I can give anybody especially that if you're, new and start at start aligning, and I know you guys bring this up, so I don't know, I'll probably repeat myself, but align yourself with these probate attorneys.
11:15
Chris Ryan: Because that's the best connection obviously.
11:17
Chris Ryan: Cause they don't give you the, you don't have to like, stay on the phone or, Whatever, obviously that's the best connection that you can have.
11:23
Chris Ryan: So the results that we've had previous, so we did 35 transactions.
11:27
Chris Ryan: I was telling Jim on the phone a couple of days ago now, again, we're.
11:31
Chris Ryan: We double ended if I list it, we do have, I do have an investor that I deal with personally that will buy the properties because if they, typical app, I don't want to list it.
11:40
Chris Ryan: I just want to sell it outright.
11:42
Chris Ryan: So then I'll still go over there and obviously we'll buy the property.
11:45
Chris Ryan: Or, if they say, no, we want top dollar we'll list it.
11:47
Chris Ryan: So that's pretty simple.
11:49
Chris Ryan: So one of, so we so are, so getting back to so 35 transactions the year before we probably did.
11:57
Chris Ryan: I don't know, probably I think we did 18, so we probably, we've not probably we've doubled our transaction.
12:04
Chris Ryan: So obviously all the weeds has helped out tremendously.
12:07
Chris Ryan: Yeah.
12:07
Chris Ryan: The fact is you have everything aligned.
12:09
Chris Ryan: That's a great portal.
12:10
Chris Ryan: Excellent.
12:11
Chris Ryan: And you have the, just as a coach.
12:13
Chris Ryan: I know you, you already see this, but I think it's a teachable moment, right?
12:17
Chris Ryan: Like the differences.
12:18
Chris Ryan: Hundred, yeah, 1% increase in business just by doing more dollar productive activity, less research, more prospecting has that.
12:26
Chris Ryan: A fair summary.
12:27
Chris Ryan: Yeah.
12:27
Chris Ryan: Oh, absolutely.
12:28
Chris Ryan: Absolutely.
12:29
Chris Ryan: Cause you're still we're yeah.
12:31
Chris Ryan: We're trying to get phone numbers before we were, we're getting phone numbers from whatever source we were getting from now those numbers now, when what happens is now we get your numbers and your numbers are tremendous and, there's costs to that and, That's why we, for your cost factors whatever people pay for that.
12:48
Chris Ryan: Geez.
12:48
Chris Ryan: And I'm sure you guys bring this up.
12:49
Chris Ryan: Like one, one trip like yesterday.
12:52
Chris Ryan: Yeah.
12:52
Chris Ryan: So I got my new list two days ago and I got 350 people.
12:57
Chris Ryan: So my contacts yesterday, I made 40 contacts yesterday, just probate, strictly probate.
13:02
Chris Ryan: So 40 contacts met with somebody today.
13:06
Chris Ryan: We're going to buy the property.
13:06
Chris Ryan: The deal already actually fell through.
13:09
Chris Ryan: There was a foot of water in the base.
13:11
Chris Ryan: And I fell through the stairs and I caught myself my phone fell and landed on the steps.
13:16
Chris Ryan: Thank God.
13:17
Chris Ryan: So I didn't lose it.
13:18
Chris Ryan: So anyhow, we bought that property and I got three other people.
13:21
Chris Ryan: I got a listing appointment next week.
13:23
Chris Ryan: So you know, this now that's not a regular current.
13:26
Chris Ryan: So it just happens.
13:27
Chris Ryan: We were, we were pretty honest yesterday.
13:28
Chris Ryan: So obviously, the, for what you guys provide at works.
13:32
Chris Ryan: Yeah, that's thanks man.
13:33
Chris Ryan: And being really transparent.
13:35
Chris Ryan: One of the big struggles we see is, people step over dollars to pick up dimes.
13:40
Chad Corbett (Coach): And I just appreciate having someone with this much experience in the industry, be so transparent and let people see under the hood of what you have.
13:47
Chad Corbett (Coach): Thanks so much for being here and contributing.
13:49
Chad Corbett (Coach): I'll give other people a chance to to talk no problem.
13:52
Chad Corbett (Coach): And by no means on perfect.
13:53
Chad Corbett (Coach): I make a lot of make, I make mistakes like anybody else and, there's, I would say that just from listening to Dave and just listening to your stuff, I have so much to learn and I'm looking to learn it with you guys.
14:05
Chad Corbett (Coach): We're probate.
14:06
Chad Corbett (Coach): I appreciate you guys' time.
14:07
Chad Corbett (Coach): And thank you for the time to have me my talk today on the phone here.
14:10
Chad Corbett (Coach): So appreciate it.
14:11
Chad Corbett (Coach): Thank you very much.
14:12
Jim Sullivan (Host/Coach): Chris, I'm sure you inspired a lot of people and I know you got to go, but it's totally coincidentally, the next person up in the queue is Dave Panell.
14:20
Jim Sullivan (Host/Coach): So if you want to hang in there.
14:22
Jim Sullivan (Host/Coach): All right.
14:22
Jim Sullivan (Host/Coach): He's up next?
14:23
Jim Sullivan (Host/Coach): Thank you so much, Chris.
14:24
Jim Sullivan (Host/Coach): We appreciate you.
14:24
Jim Sullivan (Host/Coach): Take care, David.
14:26
Jim Sullivan (Host/Coach): You're up next or we didn't plan this.
14:28
Jim Sullivan (Host/Coach): Did we?
14:28
David Pannell: Oh no, thanks.
14:29
David Pannell: I just, I had a good conversation with with Chris yesterday and it was enlightening and it just reminds me that the people that are coming from expired and for sale by owner prospecting, circle, prospecting, any kind of prospecting, this just increases your skill.
14:45
David Pannell: And when you adapt and change to what you guys are teaching.
14:50
David Pannell: You're just unstoppable.
14:51
David Pannell: And I honestly, I haven't prospected probate probably since August last year.
14:56
David Pannell: I just, things happened in life.
14:58
David Pannell: I got a remodel going, I just, and we, blessings, man, it's praying that things will go right.
15:04
David Pannell: And assignment fees are at one 10 right now off of a, about five probate leads.
15:10
David Pannell: So it's $110,000 that we're making an assignment piece in February.
15:15
David Pannell: Wow.
15:15
David Pannell: And D David, I suspect you say you haven't prospected in some time, but with your tenacious lead follow-up system, you probably are still getting deals from previous prospecting, even though you put the brakes on it temporarily, you still have deals coming in.
15:29
David Pannell: Obviously.
15:30
David Pannell: Absolutely.
15:31
David Pannell: And that's what I was on.
15:32
David Pannell: Yeah.
15:32
David Pannell: Thank you guys for letting me do that video on the mastermind because it's, you got the letters do work, but we can't be so generic that we don't.
15:41
David Pannell: It's like I told people yesterday, you can't be so generic that.
15:44
David Pannell: They're just going to throw your letter way.
15:45
David Pannell: It'd be like all the investors, all the other realtors Chad speaks of is just the USP.
15:51
David Pannell: How can we turn that USP into a emotional tie down just like we're taught in expireds for sale by owner prospect and you got to tie them to something and that's either good questions, good motivations.
16:03
David Pannell: So it's just a matter of.
16:04
David Pannell: Tweaking those letters that we're sending out to be more emotionally driven so that they hang on to them.
16:09
David Pannell: And that's exactly what happened to us.
16:11
David Pannell: We had a lady call Liz out of the blue.
16:14
David Pannell: I was driving down the street and she held onto our letter for two years.
16:18
David Pannell: And I'm of respectful that since she's the only female on the letter and the lady was just trusting a woman.
16:26
David Pannell: So we w we tested me, sending me to, and as a woman on the letter too, and she held onto it.
16:33
David Pannell: So that's a $45,000 assignment fee that we got.
16:38
David Pannell: That's amazing.
16:38
David Pannell: We haven't sold it yet, or we're showing it in a week, but we got such a good price.
16:43
David Pannell: It's amazing.
16:44
David Pannell: David, did I hear him?
16:46
David Pannell: Can I hear you say you have 110,000 in fees this month coming in from probate.
16:51
David Pannell: Yeah.
16:52
David Pannell: Wow.
16:53
David Pannell: Yeah.
16:53
David Pannell: It's just, there's a couple not sold yet, but I know the value I got it for.
16:57
David Pannell: And And we still have to close them, but the projection or is there, I want to make one other comment.
17:04
David Pannell: You said something it's very interesting.
17:06
David Pannell: We, it frustrates me.
17:08
David Pannell: How many of our clients.
17:10
David Pannell: Just send the letters and maybe they get a 50% ROI and they're happy with that.
17:16
Jim Sullivan (Host/Coach): They'll do a deal now and then from the letters, but what a difference between sending the letters, they, they do work.
17:22
Jim Sullivan (Host/Coach): They're very effective, but difference between that and doing what yeah.
17:26
Jim Sullivan (Host/Coach): And doing what you're doing follow up, you can increase your ROI, a hundred fold.
17:31
Jim Sullivan (Host/Coach): What have you ever figured out what your ROI for money spent versus return is on probate.
17:35
David Pannell: 100000000%, actually, I'm not the best tracker of numbers.
17:41
David Pannell: I can tell you that right now I can make a hundred dials and talk to 40 people a day.
17:46
David Pannell: I just don't track it, but I know that the money.
17:48
David Pannell: We and I'm, and I say, every year I'm gonna get better at tracking everything, but I don't, but man, we are 100% probate.
17:56
David Pannell: Now, if I pick up a regular listing, I will do it, but the money is so good on the wholesale stuff.
18:03
David Pannell: And the time freedom that we've created and the money we spent to learn how to do it.
18:09
David Pannell: And we wasted a lot of money.
18:10
David Pannell: That one guy said he made $500,000 and then he got too big.
18:14
David Pannell: We did too.
18:15
David Pannell: We went out and hired eight callers and we had a fancy office for five grand a month.
18:19
David Pannell: And we got crazy in 2019 in August.
18:22
David Pannell: It just, the whole year was good, but it bit us in the long run.
18:26
David Pannell: So we had to scale it down a little bit, get back on the phones, get the letters out, make sure that they have some kind of story to them.
18:33
David Pannell: Chad says.
18:34
David Pannell: And, it's a beautiful thing.
18:36
Chad Corbett (Coach): Yup.
18:36
Chad Corbett (Coach): Dave, I want to go back to your open self criticism about not keeping track of your numbers and stuff and challenge you to help Chris gain the knowledge he wants from you.
18:48
Chad Corbett (Coach): And I know he can help you with that.
18:49
Chad Corbett (Coach): Like the way he coaches people.
18:51
Chad Corbett (Coach): I think you guys.
18:52
Chad Corbett (Coach): Can really help each other at ton.
18:54
Chad Corbett (Coach): So keep that relationship going, have him hold you accountable for knowing your numbers and you hold him accountable for having an open mind to innovate more toward your process to get your results.
19:05
Chad Corbett (Coach): And so what this community is about, right?
19:07
Chad Corbett (Coach): And that's the one thing I did write down when he was on the phone is it's intelligent phone calls now.
19:11
Chad Corbett (Coach): It's not just, we're making calls to these people were.
19:14
Chad Corbett (Coach): It's intelligent phone calls it we're learning y'all's process, but adapting to what we've been taught since I was in real estate and I've gotten a few, actually, I still call expireds for sale by owners but just what I've learned through offering cash, I've gotten deals through for sell butters.
19:31
David Pannell: I don't even list.
19:31
David Pannell: I just buy their house now.
19:33
David Pannell: It's they're all over the place.
19:35
David Pannell: It's funny.
19:35
David Pannell: When you open your mind up to all this stuff.
19:37
David Pannell: There's little nuggets of gold everywhere in our market that I was just going after listings and buyers.
19:43
David Pannell: And I was trying to get those trophies and awards.
19:45
David Pannell: And now it's all about wealth building.
19:48
David Pannell: Oh, that is great.
19:49
David Pannell: Hey, Bruce, I didn't give you a chance to comment on either.
19:52
David Pannell: Do you have any questions or comments for Dave or Chris?
19:55
David Pannell: Oh God.
19:55
David Pannell: Tried to butt in and interrupt Chad a couple of times, but that wouldn't happen in, so
20:00
Bruce Hill (Coach): you're good.
20:01
Bruce Hill (Coach): I was holding everything back.
20:02
Bruce Hill (Coach): Watched Dave's video yesterday.
20:04
Bruce Hill (Coach): Great job, by the way, buddy.
20:05
Bruce Hill (Coach): I'll tell you one of the biggest things that that I notice a lot of agents do that I thought Dave spoke directly to in the video.
20:13
Bruce Hill (Coach): And if you guys haven't watched it.
20:15
Bruce Hill (Coach): Go on our Facebook group and watch that is they do stick with their generic sequence of mail after they've had a conversation with someone and there's no better time to almost guarantee that whatever message you put in front of them next in their mailbox is going to get opened and read then after you've had a conversation.
20:33
Bruce Hill (Coach): So I really do encourage you guys to have a.
20:36
Bruce Hill (Coach): A couple of letters, even if you don't want to do them, we can do them for you.
20:40
Bruce Hill (Coach): I have a couple of letters that go out to people that you've had an open dialogue with.
20:45
Bruce Hill (Coach): And do tell a story with those.
20:46
Bruce Hill (Coach): Cause they're going to get read.
20:48
Bruce Hill (Coach): It's almost sometimes a little bit embarrassing to have a conversation with someone and it goes really good.
20:54
Bruce Hill (Coach): And then a week or two later, they get a.
20:56
Bruce Hill (Coach): A letter in their mailbox that says, Oh, hi, my name's Bruce.
20:59
Bruce Hill (Coach): I wanted to introduce myself.
21:01
Bruce Hill (Coach): So create yourself, even if it's just a short letter that has a little bit of a story and is a little bit more personal and send it out after your conversation.
21:10
Bruce Hill (Coach): So I thought Dave, that, that video was great.
21:12
Bruce Hill (Coach): And the message was spot on now.
21:15
Bruce Hill (Coach): What haven't read the book StoryBrand and go get it.
21:18
Bruce Hill (Coach): It's probably buying books from Amazon, download the audio and you're going to change the way that you market to people for life and also YouTube Donald Miller who wrote that book.
21:27
Bruce Hill (Coach): Yeah.
21:27
Bruce Hill (Coach): Amazing content on telling a story.
21:30
David Pannell: I don't know why I didn't see it before.
21:32
David Pannell: Yeah.
21:32
David Pannell: Thank you guys.
21:33
David Pannell: Good.
21:33
David Pannell: Thank you so much.
21:34
David Pannell: Bruce.
21:35
David Pannell: Are you done?
21:35
David Pannell: Any other comments?
21:36
David Pannell: I wanna kinda beat up on myself a little bit in our team.
21:40
David Pannell: But it's going to fit really well with with what Chris said before is don't be afraid to sometimes push for that appointment.
21:47
Bruce Hill (Coach): There are a lot of people that plan on using us, even if we've had two or three conversations with them or and my team's case.
21:55
Bruce Hill (Coach): Last week seven or eight conversations with someone who said, Hey, don't worry.
21:59
Bruce Hill (Coach): We're definitely using you guys.
22:00
Bruce Hill (Coach): And you just kinda don't push for the appointment.
22:03
Bruce Hill (Coach): We had a situation where we called someone back that had all but guaranteed that they were going to sell the house directly to us.
22:11
Bruce Hill (Coach): And they said, Hey, no we ended up getting a call last week from someone that we spoke with for the first time.
22:17
Bruce Hill (Coach): And they made us an offer on the spot and we couldn't turn it down.
22:20
Bruce Hill (Coach): Don't a Brie me calling by the way.
22:22
Bruce Hill (Coach): Yeah, it probably was.
22:24
Bruce Hill (Coach): You don't except I know you didn't call since August, so nevermind.
22:28
Bruce Hill (Coach): But don't be scared to go ahead and close that.
22:30
Bruce Hill (Coach): Close the deal.
22:31
Bruce Hill (Coach): Because just because someone thinks that they're going to use you doesn't mean that someone with a stronger close isn't going to come in on your coattails and close it.
22:40
Bruce Hill (Coach): There are times to go soft.
22:42
Bruce Hill (Coach): God knows.
22:42
Bruce Hill (Coach): Coach a lot of people on how to set up the next call, but there are other times when you've got to read someone and know that they're ready and they're just in quicksand and someone might get them out of quick sand, no matter how good the relationship is built is if they get, get them out of quick sand and you're not on the phone with them that day closing, then you're going to miss out on the deal.
23:02
Jim Sullivan (Host/Coach): Awesome guys.
23:03
Jim Sullivan (Host/Coach): Thank you.
23:03
Jim Sullivan (Host/Coach): Hey David, we thank you as always man, come back every week.
23:06
Jim Sullivan (Host/Coach): You've always got some great nuggets to share and thank you, Chris.
23:09
Jim Sullivan (Host/Coach): Both of you guys, you complemented each other very well.
23:12
Jim Sullivan (Host/Coach): And we expect to hear great things from you.
23:14
Jim Sullivan (Host/Coach): Keep it, keep up the good work we've got five others in the queue guys, so we should have time to get to everyone.
23:19
Jim Sullivan (Host/Coach): If anybody else wants to jump in we now have seven.
23:22
Jim Sullivan (Host/Coach): Good.
23:22
Jim Sullivan (Host/Coach): So that should take us up nicely to the top of the hour.
23:25
Jim Sullivan (Host/Coach): Next up is phone number ending in five, four, six for Europe.
23:30
Jim Sullivan (Host/Coach): Hey daddy in Kansas city.
23:32
Jim Sullivan (Host/Coach): I'm sure I tried.
23:34
Jim Sullivan (Host/Coach): I tried to get on the call.
23:36
Jim Sullivan (Host/Coach): I think on new year's, I don't know, somewhere around there.
23:39
Jim Sullivan (Host/Coach): Bunch of people were, we didn't have it obviously, or the new year's Eve, but I got a few updates today.
23:45
Jim Sullivan (Host/Coach): I'm actually picking up, I'm going to go to the guy's house that I'm getting for $40,000.
23:50
Jim Sullivan (Host/Coach): We had a few staff who's in the title, got those third up.
23:54
Jim Sullivan (Host/Coach): I had to call the air of somebody who died in the eighties to sign an affidavit stating the marital status.
24:01
Jim Sullivan (Host/Coach): But now I have to, I'm picking up stellar at three 30 to take them to closing today so that It's all finally coming to a close.
24:10
Jim Sullivan (Host/Coach): Thankfully, you've been talking about that.
24:12
Jim Sullivan (Host/Coach): You've been talking about that one for awhile.
24:14
Jim Sullivan (Host/Coach): How long have you been working on it?
24:15
Jim Sullivan (Host/Coach): Oh, I've been working on that deal for since August of 19, probably.
24:20
Jim Sullivan (Host/Coach): Yeah.
24:20
Jim Sullivan (Host/Coach): Yeah, I got it under contract that they liked the beginning part of December.
24:24
Jim Sullivan (Host/Coach): And we were supposed to close before the end of the year, but we're close enough in my mind.
24:29
Jim Sullivan (Host/Coach): I'm sure.
24:30
Jim Sullivan (Host/Coach): Good job.
24:31
Jim Sullivan (Host/Coach): I have a question.
24:32
Jim Sullivan (Host/Coach): I don't know if anybody else has had this problem.
24:34
Jim Sullivan (Host/Coach): I sent this to my core Eddie.
24:38
Jim Sullivan (Host/Coach): We lost you.
24:39
Jim Sullivan (Host/Coach): You still there.
24:40
Jim Sullivan (Host/Coach): Eddie.
24:40
Jim Sullivan (Host/Coach): Chad, you can't hear him either, correct?
24:42
Jim Sullivan (Host/Coach): No.
24:43
Jim Sullivan (Host/Coach): He just slowly faded out before he get out.
24:45
Jim Sullivan (Host/Coach): Eddie.
24:45
Jim Sullivan (Host/Coach): Yeah.
24:46
Jim Sullivan (Host/Coach): Eddie jumped back into queue, man.
24:47
Jim Sullivan (Host/Coach): If I see I'll reconnect you.
24:49
Jim Sullivan (Host/Coach): I think his cell went dead.
24:50
Jim Sullivan (Host/Coach): All right.
24:50
Jim Sullivan (Host/Coach): I can't answer your question because you didn't finish it, but hopefully we'll talk again.
24:54
Jim Sullivan (Host/Coach): Chad.
24:55
Jim Sullivan (Host/Coach): Can you hear me?
24:55
Jim Sullivan (Host/Coach): I can hear you fine, Bruce.
24:57
Jim Sullivan (Host/Coach): Can you hear Gemini?
24:58
Jim Sullivan (Host/Coach): I can hear you.
24:58
Jim Sullivan (Host/Coach): Maybe three of us hanging out on the line together.
25:01
Jim Sullivan (Host/Coach): Okay.
25:02
Jim Sullivan (Host/Coach): Okay.
25:02
Jim Sullivan (Host/Coach): Somebody is there now.
25:03
Jim Sullivan (Host/Coach): Zero three, zero six.
25:04
Jim Sullivan (Host/Coach): Are you there?
25:05
Jim Sullivan (Host/Coach): Can you hear me okay?
25:07
Jim Sullivan (Host/Coach): Yes, you were.
25:07
Jim Sullivan (Host/Coach): I think you were muted.
25:08
Jim Sullivan (Host/Coach): Go
25:08
Rosie Hayer: ahead.
25:09
Rosie Hayer: Awesome.
25:10
Rosie Hayer: Hi everyone.
25:11
Rosie Hayer: I'm Austin, Texas.
25:12
Rosie Hayer: I got a quick question.
25:14
Rosie Hayer: Can you hear me?
25:15
Rosie Hayer: Yes.
25:15
Rosie Hayer: Go ahead.
25:15
Rosie Hayer: Yeah, that was awesome.
25:17
Rosie Hayer: All right.
25:17
Rosie Hayer: So my question is I'm working with this probate lead that I got an appointment for.
25:22
Rosie Hayer: And it seems pretty promising, ready to go deal, but to my surprise, they were reverse mortgage on the house and The house is pretty, what the loan balance was.
25:33
Rosie Hayer: Conversation was over the phone and what the market value is they can sell, but I haven't never the house with a reverse mortgage.
25:39
Rosie Hayer: Is there anything I should know about that?
25:41
Rosie Hayer: I should be guiding them for added holding costs because they were thinking about cleaning it up and all that cool stuff when the market is too hot and I think we can move really quickly.
25:51
Rosie Hayer: So I would love to know the reverse mortgage details on you're watching out for.
25:57
Rosie Hayer: And it could be a motivating factor conversation we can have for where if you hold onto a reverse mortgage, there's added cost per month.
26:04
Rosie Hayer: The biggest thing you need to be aware of is the timeline Rosie.
26:07
Rosie Hayer: Most of the fine print, usually the fine print.
26:10
Rosie Hayer: And the note will say, when the mortgagee moves out whether that's death, downsizing whatever, the reason when the home becomes vacated by them, that starts 180 day clock.
26:21
Rosie Hayer: So typically you have 180 days before the lender will send you a notice of default.
26:27
Rosie Hayer: So the first question is how long has the home been vacant?
26:30
Chad Corbett (Coach): Has anyone notified the lender or it has been two months, two months.
26:34
Chad Corbett (Coach): And they have notified the lender.
26:36
Chad Corbett (Coach): Yeah, so you have a very comfortable four month window to do whatever you need to do to sell the home.
26:42
Chad Corbett (Coach): At the point, you pass that 180 day Mark.
26:44
Chad Corbett (Coach): They could call the note due and started the fault, but that's going to take, who knows how long.
26:50
Chad Corbett (Coach): So if they're looking at, you say they're looking to renovate and resell or renovate and sell?
26:56
Chad Corbett (Coach): No.
26:56
Chad Corbett (Coach): They just clean up.
26:57
Chad Corbett (Coach): There's a lot of personal stuff that you want to make sure they sell and distribute.
27:01
Chad Corbett (Coach): They seem to be very emotional and sensitive family.
27:03
Chad Corbett (Coach): Have recommended them how they can just sell the real estate without probate, but it seems like there's emotional sentiments, so they want to do it right by their mom.
27:10
Rosie Hayer: So they cleaning it up and it probably will take another month or so.
27:14
Rosie Hayer: But it seems like you have time from your conversation with reverse mortgage.
27:17
Rosie Hayer: That was the main thing.
27:18
Rosie Hayer: Yeah.
27:18
Rosie Hayer: Yeah.
27:18
Rosie Hayer: I think your window of time is plenty, especially considering the market.
27:22
Rosie Hayer: You don't have any an unusual expenses to worry about, no one's drawing down, that's essentially a line of credit and it's probably already drawn to the 80% LTV.
27:32
Rosie Hayer: So yeah.
27:33
Rosie Hayer: Nobody's drawing on that likely there aren't going to be any other costs or anything you just need to satisfy the note at closing.
27:39
Rosie Hayer: It seems like you've got a pretty straightforward, just more of a conventional sale, nothing to worry about.
27:44
Rosie Hayer: Okay.
27:44
Rosie Hayer: Very good.
27:45
Rosie Hayer: That's all I need to ask.
27:46
Jim Sullivan (Host/Coach): Thank you very much.
27:47
Jim Sullivan (Host/Coach): All right, we appreciate it.
27:49
Jim Sullivan (Host/Coach): We got two more in the queue guys.
27:50
Jim Sullivan (Host/Coach): We probably have time for more, including the person we lost.
27:53
Jim Sullivan (Host/Coach): If you want to get you, get your phone charging, jump back in.
27:57
Jim Sullivan (Host/Coach): Next up is phone number ending in four or five, one two.
28:00
Jim Sullivan (Host/Coach): You're up next.
28:01
Richard Eaton: hey guys, this is Richard and Birmingham.
28:03
Richard Eaton: How are y'all doing today?
28:04
Richard Eaton: Great, Richard.
28:05
Richard Eaton: How about you?
28:06
Richard Eaton: I'm doing great.
28:06
Richard Eaton: It's been a while since I spoke to you guys, but just want to give you enough data.
28:10
Richard Eaton: She was my first full years with you guys.
28:13
Richard Eaton: Of course I've been with you, I think now for about a year and a half.
28:16
Richard Eaton: And Chad told me the first time course I did everything pretty much followed everything you guys debt lined out for me and everything with the mastery before I ever did anything on my first weekend.
28:26
Richard Eaton: So I finished last year with 54 55 deals and two to three a month.
28:31
Richard Eaton: Those were from probates.
28:33
Richard Eaton: Wow.
28:34
Richard Eaton: That is great.
28:35
Richard Eaton: Yeah, it's amazing.
28:37
Richard Eaton: Yeah.
28:37
Richard Eaton: We only have one more in the queue.
28:39
Richard Eaton: So if you don't mind, Richard, we'll spend a little time asking some questions and energy.
28:43
Richard Eaton: Can you, if you, yeah, go ahead and tell us little bit about what you did wrong and then what you did right.
28:48
Richard Eaton: To do that many deals.
28:49
Richard Eaton: I did my first few months of everybody, of course, in Chad and I, we first talked when I first talked with him the very first time in mastery, I'm an old timer, so I've always done expireds and for sale by owners.
29:01
Richard Eaton: And he told me the first day, he said hashtag you'll have your best year ever.
29:06
Richard Eaton: And of course it did, with fighting through the pandemic And then I also had from October through not the middle, I talk about what I didn't take.
29:14
Richard Eaton: It didn't have, did I had surgery.
29:16
Richard Eaton: So I was out for about six or seven weeks in that time also.
29:20
Richard Eaton: But that one, that's one thing I just of course I'm an ex educator and the ex bowel coach and everything.
29:25
Richard Eaton: So I learned early on in life to listen to what your coaches tell you to do.
29:29
Richard Eaton: And, but I still do everything.
29:31
Richard Eaton: Like I did from day one.
29:33
Richard Eaton: No, a lot of people say that they don't call their spouse.
29:35
Richard Eaton: That's still in the house.
29:37
Richard Eaton: I picked up a $300,000 lease call alcohol labor by it.
29:41
Richard Eaton: Don't try to go to the outer state people first.
29:44
Richard Eaton: And then I go with the end state.
29:46
Richard Eaton: And then of course the spouses are, but they're a third on my On my list, but I do call every one of those.
29:53
Richard Eaton: And but I just I've kept on doing what I did from day one and haven't changed.
29:57
Richard Eaton: And of course a lot of them is some of these are follow-ups and so I think the most I've had I've still got about 20 something that's I'm still working with, I give them a call about every.
30:08
Richard Eaton: Seven to 12 days and still following up with those.
30:11
Richard Eaton: And I think one of the months I had four listings from probate, so just pretty much I still do what I did from day one and stayed consistent with it.
30:20
Richard Eaton: And but I call even I'll run some of the properties through my three to taxes off of our MLS and just to see what it was.
30:27
Richard Eaton: And at one time I will have to say at one time, When I saw those 20 and $30,000 properties that one day I said no, I'm not going to call them.
30:35
Richard Eaton: I don't want that.
30:36
Richard Eaton: And then I started to make two or three other calls.
30:39
Richard Eaton: It bothered me so much.
30:41
Richard Eaton: I said, hell no, you're going to call everybody.
30:44
Richard Eaton: Yeah.
30:44
Jim Sullivan (Host/Coach): And Richard, you, it, I may have missed this, but obviously you've really got some momentum going.
30:50
Jim Sullivan (Host/Coach): How long did it take you from the time you started to start putting deals together?
30:54
Jim Sullivan (Host/Coach): Was it instantaneous or did it.
30:56
Jim Sullivan (Host/Coach): Did it take awhile?
30:57
Jim Sullivan (Host/Coach): No like I said, I've been I've been cold calling ever since I retired from education.
31:02
Richard Eaton: Of course I've been in real estate now for seven years.
31:04
Richard Eaton: And I had been, I was just had to use a little bit, a different approach, kinda softer and not as.
31:11
Richard Eaton: Go get 'em for sale bounders and expires and just kinda show compassion toward them and everything.
31:16
Richard Eaton: I had to change that.
31:17
Richard Eaton: And but pretty much I think within the second month I'd already had a listing and I'll do these two to three listings I get every month.
31:24
Richard Eaton: I always get I think I've told you guys before I at least get it one or two come list me off of pretty much off of every month.
31:32
Richard Eaton: Wow.
31:33
Richard Eaton: Good for you.
31:34
Richard Eaton: That's great.
31:35
Richard Eaton: Chad, any questions?
31:36
Jim Sullivan (Host/Coach): Any questions for Richard?
31:38
Jim Sullivan (Host/Coach): No.
31:38
Jim Sullivan (Host/Coach): Okay.
31:39
Jim Sullivan (Host/Coach): I'm going to let Bruce go since I took his time last time.
31:41
Jim Sullivan (Host/Coach): Go ahead, Chad, go ahead, Chad.
31:43
Jim Sullivan (Host/Coach): I'll interrupt.
31:44
Jim Sullivan (Host/Coach): I don't want to have anything right now.
31:46
Jim Sullivan (Host/Coach): No, I listen.
31:47
Jim Sullivan (Host/Coach): I really appreciate you sharing all that.
31:48
Jim Sullivan (Host/Coach): We had, multi decade producer on here in the probate space who did 35 deals with that much experience.
31:56
Chad Corbett (Coach): So you really need to be proud of yourself for doing the same amount.
31:59
Chad Corbett (Coach): And as you're just getting this started, And you guys, that we can all learn from each other.
32:04
Chad Corbett (Coach): It's not to downplay what he's done, but you've got a lot to be proud of.
32:08
Chad Corbett (Coach): It means you're doing something right.
32:09
Chad Corbett (Coach): You're providing real value to the world.
32:11
Chad Corbett (Coach): So it's you I think as an educator, like you're compassionate and empathetic by nature.
32:18
Chad Corbett (Coach): And for anyone on these calls, sometimes people are really aggressive and they just say, the hell with all that feel good stuff.
32:25
Chad Corbett (Coach): I just want to, I want to scale my business, pay close attention to the common denominator.
32:30
Chad Corbett (Coach): The men that come to these calls and contribute the demeanor they have the, the.
32:35
Chad Corbett (Coach): Confidence, but not cocky confidence.
32:37
Chad Corbett (Coach): Like what they have, they're approaching these, this they're embracing that provide value first mindset.
32:43
Chad Corbett (Coach): They're doing whatever they can to get real value to the consumer.
32:46
Chad Corbett (Coach): I love that you held yourself accountable and went back to that $30,000 house.
32:51
Chad Corbett (Coach): And if you haven't figured it out already, you can make bigger.
32:54
Chad Corbett (Coach): Commissions on those.
32:56
Chad Corbett (Coach): And then you can on the higher price or the median price stuff, oftentimes those people need your help more than anything.
33:02
Chad Corbett (Coach): And they'll pay a flat$10,000, $5,000 commission because they just need rid of the problem today.
33:09
Chad Corbett (Coach): And you can take it on a flat fee.
33:11
Chad Corbett (Coach): They sell it in 24 hours cash, no contingencies as is, whereas, and make a $10,000 commission on a $30,000 house.
33:19
Chad Corbett (Coach): It's.
33:20
Chad Corbett (Coach): Not that much different than wholesaling when people feel that level of motivation.
33:24
Chad Corbett (Coach): So what I love is that you fully embrace, make every phone call.
33:28
Chad Corbett (Coach): There's only one way to know where the opportunity is in this list.
33:31
Chad Corbett (Coach): And that's the speak to every person and offer to provide value to them in any way you can, if you don't directly monetize that you will eventually indirectly monetize it.
33:40
Chad Corbett (Coach): They'll call back.
33:41
Chad Corbett (Coach): They'll list something with you.
33:42
Chad Corbett (Coach): They'll have you, they'll refer somebody to you.
33:45
Chad Corbett (Coach): That's the common thread that I see through all of our top subscribers is that mindset.
33:50
Chad Corbett (Coach): And that's the most important thing if you're just getting started and you're, this is your first call, like focus on that more than anything is believing in the methodology.
34:00
Chad Corbett (Coach): And, there's, this is a carefully curated group of people and we've got, people that, that embrace this and live it and come back and share that.
34:08
Chad Corbett (Coach): So pay close attention to success leaves clues.
34:12
Chad Corbett (Coach): So thank you for sharing Richard.
34:13
Chad Corbett (Coach): Yeah, go ahead, Richard, go ahead.
34:15
Richard Eaton: I was going to say, and then one thing that I did I have started and I have started calling on attorneys and I did get one and he handles quite a few probates.
34:23
Richard Eaton: He's probably sent me.
34:25
Richard Eaton: Four or five maybe listings from just meeting with them.
34:29
Richard Eaton: And so now he sends me all of his if they don't already have someone friends and a family, but you're right on those 30th 20, 30 and $40,000 deals.
34:38
Richard Eaton: Chad, what I do, I list those four, 7%.
34:41
Richard Eaton: And then what I do now, some of the times other agents don't like it, but like I tell them, I say, I said, Hey, I've worked on these to get these listings.
34:49
Richard Eaton: And I On that 7%, then I normally do four and a half on my side and then I paid them two and a half.
34:55
Richard Eaton: And so I really I'm making good money on those.
34:58
Richard Eaton: And then, as you're, know a lot of those that, I get, I end up getting both sides of them.
35:03
Richard Eaton: So if you've got a $50,000 home, you're sitting there with with 3,500, but I have done a hundred thousand dollar homes at 7% and still get the whole condition of it.
35:12
Jim Sullivan (Host/Coach): That's great.
35:13
Jim Sullivan (Host/Coach): I was going to add to what you said, chatted, obviously, if you have the right approach and the right mindset, but the three of you so far today are such an incredible example of how this will work anywhere.
35:24
Jim Sullivan (Host/Coach): From.
35:25
Jim Sullivan (Host/Coach): David Pinel doing$500,000 houses in Texas.
35:28
Jim Sullivan (Host/Coach): And he's a little bit more of a fast talker.
35:30
Jim Sullivan (Host/Coach): Like I am to, to you rich do a $20,000 deals at the deep South that you talk a little bit slower.
35:37
Jim Sullivan (Host/Coach): It, it works in any environment because people are people and in this niche they need help.
35:42
Jim Sullivan (Host/Coach): So you guys gave us some really inspiring stories.
35:45
Jim Sullivan (Host/Coach): We really appreciate it.
35:47
Jim Sullivan (Host/Coach): Anything else you want to add?
35:48
Richard Eaton: Richard?
35:48
Richard Eaton: Yes.
35:48
Richard Eaton: The only thing I can tell for even if you're old or new to the pro program is call everybody don't don't like I did.
35:55
Richard Eaton: I only did it that one time.
35:57
Richard Eaton: And like I said, it bothered me so much.
35:59
Richard Eaton: I said no, you're not going to want to start doing that.
36:02
Richard Eaton: And I broke my bad habit right off the bat.
36:04
Richard Eaton: And but you just gotta do that and be consistent and call everybody.
36:07
Richard Eaton: I don't care if it's a spouse or who it is.
36:09
Richard Eaton: Like I said, I've picked up that $300,000 listing.
36:12
Richard Eaton: College, the wife had just passed away and it was early.
36:15
Richard Eaton: I think she had passed away.
36:16
Richard Eaton: He had filed probate within the first 30 days and boom, he was ready to be off to California to live with his daughter.
36:23
Richard Eaton: And I came in and, I was the first one to call him and I was the first, so it's Yeah, call everybody.
36:28
Richard Eaton: Don't.
36:28
Richard Eaton: I don't spring anything on any of my lists.
36:31
Richard Eaton: I'll call everybody.
36:32
Richard Eaton: And I just put the seed in their head, hey, you might not make me now, but keep, hold on to my letter, put it back.
36:37
Richard Eaton: Don't throw it away.
36:38
Richard Eaton: And then later on down the road, if you do ever need me, then you've got my information, the call.
36:43
Richard Eaton: Yeah.
36:43
Richard Eaton: Great lesson.
36:44
Richard Eaton: Don't prejudge your leads.
36:45
Richard Eaton: We very much appreciate you.
36:46
Richard Eaton: Thank you, rich.
36:47
Richard Eaton: Thank you, buddy.
36:48
Richard Eaton: Thank you guys.
36:49
Richard Eaton: All right, you too.
36:50
Richard Eaton: We got two more in the queue.
36:51
Richard Eaton: Next up is phone number ending in nine six zero seven.
36:55
Paul: You're up next?
36:57
Paul: Good morning or afternoon wherever you're at gentlemen.
37:00
Paul: Yeah, there you go.
37:01
Paul: So the last I really looked at any of this was March.
37:04
Paul: I actually had a call with Chad and then COVID hit and kids are out of school and just just a myriad of excuses.
37:11
Paul: All of them are just that they're excuses.
37:13
Paul: Really want to get back into picking up the ball.
37:16
Paul: And before I forget Bruce mentioned something about story branding which book is that?
37:21
Paul: Because I see on audible, there are at least a few different.
37:26
Paul: StoryBrand names.
37:28
Paul: Who's the office of the brand.
37:30
Paul: Yep.
37:31
Paul: Yep, exactly.
37:33
Paul: Okay.
37:33
Paul: All right.
37:34
Paul: And then as far as the mastery calls, I do remember later into the fall, I heard Chad talking about math recalls and him thinking that perhaps his October one, I believe was the.
37:45
Chad Corbett (Coach): Probably the most robust call that you've done in a while.
37:48
Chad Corbett (Coach): Is that still stand or how does that look?
37:51
Chad Corbett (Coach): December may have been better.
37:53
Chad Corbett (Coach): We, that was the biggest class ever.
37:55
Chad Corbett (Coach): And the last live class, if you want, I can send you the recordings.
37:58
Chad Corbett (Coach): I it's, I can send you both if you'd like, but would say that October had more.
38:03
Chad Corbett (Coach): Advanced like wealth creation and asset protection and business structure and the Q and a, like the more advanced things, people who are further along.
38:12
Chad Corbett (Coach): So they had seven to seven digits of revenue to protect, and they were starting to look at how to optimize taxes and protect assets so that it was the most advanced course.
38:22
Chad Corbett (Coach): December was definitely the longest we've ever done.
38:25
Chad Corbett (Coach): Whatever you feel like is there, there's more advanced, more investor conversation, more advanced business strategies and asset protection in October.
38:34
Chad Corbett (Coach): Okay.
38:35
Chad Corbett (Coach): Yeah.
38:35
Chad Corbett (Coach): I'll reach out to you with an email and just ask for probably both those recordings and sit back through it.
38:39
Chad Corbett (Coach): And then, a starting point to just basically start from scratch on this whole thing.
38:43
Chad Corbett (Coach): I did sit through mastery.
38:45
Chad Corbett (Coach): But again, I'm just I'm going to start from the base and work my way up instead of trying to build from the roof down.
38:51
Chad Corbett (Coach): Yep.
38:51
Chad Corbett (Coach): You have you been getting leads since March or did you turn everything off?
38:56
Chad Corbett (Coach): No, I haven't.
38:57
Chad Corbett (Coach): I've gotten any leads or anything like that.
38:58
Chad Corbett (Coach): In fact, I never turned it on.
39:00
Chad Corbett (Coach): And then I believe there might even be one person that has recently entered the market here in Colorado Springs.
39:06
Chad Corbett (Coach): And I can certainly talk to one of your sales folks or something like that.
39:09
Chad Corbett (Coach): That was one of my other questions is what is the policy for more than one person in a market.
39:14
Chad Corbett (Coach): And how does that tend to shake out?
39:16
Chad Corbett (Coach): Yeah, go ahead.
39:17
Chad Corbett (Coach): We definitely limit it.
39:18
Chad Corbett (Coach): But some of the guys that we're talking, you're hearing from they're in markets that are sold out.
39:22
Chad Corbett (Coach): We have over guys don't over a million dollars a year in GCI alone that are then sold out markets with 30 leads.
39:30
Chad Corbett (Coach): So it's the methodology that we're discussing here and what we teach the approach, nobody's doing the same exact thing.
39:36
Chad Corbett (Coach): And we have this different personalities, different writing styles.
39:39
Chad Corbett (Coach): We appeal to different people.
39:41
Chad Corbett (Coach): So I wouldn't let it discourage.
39:42
Chad Corbett (Coach): You don't feel like there's not enough to go around.
39:45
Chad Corbett (Coach): That's where we're very careful here.
39:47
Chad Corbett (Coach): See, I didn't know if the market was sold out here and that there would be nothing available.
39:50
Chad Corbett (Coach): That was mostly my concern.
39:52
Chad Corbett (Coach): I'm not worried.
39:52
Chad Corbett (Coach): Barely about other people in the market, as long as there's leads available through the system.
39:57
Chad Corbett (Coach): Yeah.
39:58
Chad Corbett (Coach): You're good.
39:58
Jim Sullivan (Host/Coach): Paul I'll have one of our sales people reach out to you right after the call.
40:01
Jim Sullivan (Host/Coach): Okay.
40:01
Jim Sullivan (Host/Coach): Appreciate it.
40:02
Jim Sullivan (Host/Coach): All right.
40:03
Jim Sullivan (Host/Coach): Awesome.
40:04
Jim Sullivan (Host/Coach): On a starting over point, where would you start with all of this?
40:07
Jim Sullivan (Host/Coach): Is it a mastery class and relistening to that?
40:10
Jim Sullivan (Host/Coach): Or is it how do I, where do I go to, to set the foundation for this and get this thing off the ground?
40:15
Chad Corbett (Coach): Whenever we get
40:15
Jim Sullivan (Host/Coach): started Bruce will, we'll
40:17
Chad Corbett (Coach): do a, a, an intro coaching call with you to see where you are, where you want to be and make some suggestions on how to do the right things in the right order.
40:24
Chad Corbett (Coach): And along with that, as I would suggest, you've already made the investment.
40:28
Chad Corbett (Coach): I would, go back through mastery and just refresh that.
40:31
Chad Corbett (Coach): And you should be lit up and very clear on what you're going to do after that.
40:36
Chad Corbett (Coach): You're two or three days from running at full speed.
40:39
Chad Corbett (Coach): Wow.
40:39
Chad Corbett (Coach): Okay.
40:39
Chad Corbett (Coach): That's awesome.
40:40
Chad Corbett (Coach): I really appreciate your time you're in and what you guys do here is really just awesome stuff.
40:44
Chad Corbett (Coach): Thank you.
40:44
Chad Corbett (Coach): Paul Darci will be reaching out to you shortly.
40:46
Jim Sullivan (Host/Coach): She's your sales rep.
40:47
Jim Sullivan (Host/Coach): I'll have her call you as soon as the call is over.
40:49
Jim Sullivan (Host/Coach): All right.
40:50
Jim Sullivan (Host/Coach): Excellent.
40:50
Jim Sullivan (Host/Coach): Last up, it should take us nicely to the top of the hour.
40:53
Jim Sullivan (Host/Coach): Is phone number ending in six, two, three one.
40:56
Jim Sullivan (Host/Coach): You're up last.
40:58
Jim Sullivan (Host/Coach): Hey, can you hear me?
40:59
Jim Sullivan (Host/Coach): Yes, sir.
40:59
Jim Sullivan (Host/Coach): Loud and clear.
41:00
Jim Sullivan (Host/Coach): Hey, so I was looking for some direction on something.
41:02
Mike: If there's enough time went on an appointment earlier I spoke with this executor yesterday, set up an appointment today.
41:09
Mike: Boy, it was tough.
41:10
Mike: Every everything she had covered, the cleanup crew, the new about the insurance.
41:15
Mike: Just about everything it was and then yeah, just hit about every roadblock.
41:20
Mike: I could never even considering using a friend as a realtor, the charge charging 3%.
41:26
Mike: Boy, this is a tough one, but I still got an, I got an appointment together.
41:30
Mike: And after looking at it.
41:32
Mike: I actually brought, and I'm an agent too, but I'm mostly an investor and I definitely thought it would be better serving her to somebody.
41:40
Mike: I sure.
41:41
Mike: I, if he listed, I can get a referral, but this is the experts expert on waterfront homes and he was telling her things about this property and she didn't even know.
41:49
Mike: So I hope that impressed her or my approach and I appreciate.
41:53
Mike: The education you guys are providing me and how I'm slowly learning some of the techniques and how I was able to, demonstrate to her clearly is that, when I spoke with you last night, I mentioned that was an agent.
42:06
Mike: And I told you, maybe I'll list it.
42:07
Mike: Maybe I'll buy it, make an offer.
42:09
Mike: But I wanted to bring Ken to provide you more value.
42:12
Mike: It just feels so good saying that coming across that.
42:15
Mike: It's a tricky situation.
42:17
Mike: And because it's, I wouldn't say it's a total wreck, but she's asking for, a lot more than an investor.
42:24
Mike: Would want, and even my associate Ken thought the house would even be listed at.
42:28
Mike: However, it's a crazy market.
42:30
Mike: It's absolutely insane.
42:32
Mike: So if the number is somewhat.
42:35
Mike: Reasonable.
42:36
Mike: I was thinking of wholesaling.
42:38
Mike: It, I'm wondering how you guys and I haven't done much wholesale and I've really mostly done we having recently, but how do you guys approach that?
42:48
Mike: How does Dave Pannell just who's doing assignments left and right.
42:52
Mike: So impressed to hear that and so encouraged by it.
42:55
Mike: How do you guys approach that?
42:57
Mike: When, so I'll shut up and let you guys tell me how you guys do it.
43:01
Mike: Yeah, Chad, before you answer listen to last week's mastermind call.
43:04
Mike: We had a guy named Earon that made a half a million dollars last year wholesaling.
43:09
Jim Sullivan (Host/Coach): He was probably one of our most successful wholesalers, but Yeah, the recording, you can go to our website or you can go into iTunes and listen to last week's call chat.
43:18
Jim Sullivan (Host/Coach): Anytime Eric had the steps he was doing.
43:20
Jim Sullivan (Host/Coach): Yeah, exactly.
43:21
Jim Sullivan (Host/Coach): Okay.
43:22
Jim Sullivan (Host/Coach): Good.
43:22
Jim Sullivan (Host/Coach): Okay.
43:23
Jim Sullivan (Host/Coach): Chat versus the basics of it.
43:25
Jim Sullivan (Host/Coach): You want to get the home under contract on a purchase agreement with a of your, if your intent is to wholesale, it, give yourself a large enough window to find the buyer.
43:34
Jim Sullivan (Host/Coach): Typically, most people are doing 30 days and you can double close that if you don't want to disclose your margin.
43:41
Jim Sullivan (Host/Coach): Or are you going to assign the contract?
43:43
Jim Sullivan (Host/Coach): And that's what most people choose to do because they're being upfront and transparent in the negotiation.
43:48
Jim Sullivan (Host/Coach): So you can simply assign the deal the other way that you can make much larger than normal.
43:54
Jim Sullivan (Host/Coach): Revenues off of this is what I suggested earlier from a brokerage standpoint, if you're worried about liability and your broker, doesn't like that wholesaling and take a flat fee, the listing for $10,000, and then don't offer a cooperating broker commission and you just need to be prepared and, to, to address that with the other agents in your market, if they don't pay attention to the listing and they go show it.
44:18
Jim Sullivan (Host/Coach): Okay.
44:18
Jim Sullivan (Host/Coach): But you can get paid multiple ways.
44:20
Jim Sullivan (Host/Coach): It really depends on what your business is, what your goals are and how transparent you want to be with those sellers.
44:27
Jim Sullivan (Host/Coach): Sure.
44:28
Jim Sullivan (Host/Coach): And I have no problem with being transparent because I feel like it always works out in the end.
44:31
Jim Sullivan (Host/Coach): You got nothing to hide.
44:33
Jim Sullivan (Host/Coach): Just sleep better at night.
44:34
Jim Sullivan (Host/Coach): Can you tell me because the brokerage I belong to definitely does flat fees.
44:39
Jim Sullivan (Host/Coach): Cause I often use a flat fee, myself when I, and I just pay out the two and a half or 3% when I'm rehabbing and flipping a home.
44:47
Jim Sullivan (Host/Coach): So how would it work would I would with$10,000 as a flat fee.
44:52
Jim Sullivan (Host/Coach): So would I be splitting that with the other realtor or how does it work?
44:57
Jim Sullivan (Host/Coach): That's your choice.
44:57
Jim Sullivan (Host/Coach): What I suggested was that you don't offer a cooperating broker commission.
45:03
Jim Sullivan (Host/Coach): So you would be the listing agent.
45:05
Jim Sullivan (Host/Coach): There would not be a cooperating broker commission.
45:07
Jim Sullivan (Host/Coach): If they w if they brought you a contract, you don't owe them a commission.
45:11
Jim Sullivan (Host/Coach): You could decide to give them one, but you're clearly saying this has, 0% cooperating broker commission as offered.
45:18
Jim Sullivan (Host/Coach): So you're not obligated to pay them anything.
45:20
Jim Sullivan (Host/Coach): And, what I tend to do, I don't believe in dual agency, I don't think you can ride two horses with one ass.
45:26
Jim Sullivan (Host/Coach): And I don't think you can fairly represent two people objectively.
45:30
Jim Sullivan (Host/Coach): So what I do is if I'm going to do that, I'll do a flat fee as a number, not a percentage.
45:36
Jim Sullivan (Host/Coach): And then when the buyer I'll run it through my buyers list and when the buyer comes back, I'll present the offer to them with the first page, being an unrepresented party at the end, them that clearly indicates that I represent the seller and the seller only offer that as a benefit to them.
45:51
Jim Sullivan (Host/Coach): I've listened.
45:52
Jim Sullivan (Host/Coach): You don't need to pay me a commission.
45:53
Jim Sullivan (Host/Coach): The sellers taken care of me.
45:55
Jim Sullivan (Host/Coach): You're a sophisticated investor.
45:57
Jim Sullivan (Host/Coach): You don't really need an agency at 3%.
45:59
Jim Sullivan (Host/Coach): Do you?
46:00
Jim Sullivan (Host/Coach): Okay.
46:00
Jim Sullivan (Host/Coach): Perfect.
46:01
Jim Sullivan (Host/Coach): Here's the blue pen.
46:02
Jim Sullivan (Host/Coach): And that's been a really smooth way for me to do it.
46:04
Jim Sullivan (Host/Coach): I've done assignments.
46:05
Jim Sullivan (Host/Coach): I've done the flat fee.
46:07
Jim Sullivan (Host/Coach): It's really just what works best for you and your broker.
46:10
Mike: Okay, you would the concept of doing a flat fee because I'm not going to have, I'm not going to find them a buyer and I'd like to cast as big of a net.
46:18
Mike: And I'm going to tell you if I'm a realtor or many of them will read the print, they'll see that there's no money in it for them.
46:25
Mike: And I won't be able to serve the seller.
46:28
Mike: So I would rather do a flat fee, maybe charge a separate consulting fee say it's a 500 CDs, a thousand say whatever it is, and then just assist the seller with the flat fee, paying a two and a half percent out of the seller.
46:43
Mike: Would do, and I'm getting that way.
46:45
Mike: I'm getting it's, it may not be as cheap or it may be just as cheap.
46:50
Mike: It depends on how much the, the half a percent differences.
46:54
Mike: But she, as I mentioned, she had him at 3%.
46:57
Mike: So if I do a half a percent and and do a let them pay out two and a half percent.
47:03
Mike: Did you ever hear that?
47:04
Mike: Concept, is that something that would ever fly?
47:08
Mike: If I said, Hey costs $500 to a flat fee, but I'm going to help you out here.
47:12
Mike: And I'm going to charge you this consulting fee.
47:15
Mike: Other than that, here's, you're going to pay out two and a half percent because these people do seem like they may, since they threw out a 3% and even throughout the possibility of inputting it on Zillow few weeks.
47:25
Mike: So whenever I hear that, I'm thinking, It's an, it's a nickel and dime fight.
47:30
Mike: And so I'm trying to think, what can I do to maybe get the D get something out of it?
47:35
Mike: Sure.
47:36
Mike: A couple of things here.
47:36
Mike: One, the advice I gave you earlier was assuming you had your own buyers list because you're talking about wholesaling.
47:42
Chad Corbett (Coach): So if you are trying to retail a deal using that method, don't do that.
47:46
Chad Corbett (Coach): It doesn't make any sense.
47:48
Chad Corbett (Coach): If you're selling at a discounted price as is, where is then that makes sense on this particular deal that you're talking about.
47:56
Chad Corbett (Coach): It doesn't sound like it is a wholesale.
47:57
Chad Corbett (Coach): It's not a distress sell in any way.
48:00
Chad Corbett (Coach): That's going to be a different approach, right?
48:02
Chad Corbett (Coach): So if you list something at$300,000 and it appraises for, 302,000, you're not going to have a ton of people that are going to step up and, buy as is, whereas without an agent.
48:13
Chad Corbett (Coach): So if it's more of a conventional deal, that's not the same advice.
48:17
Chad Corbett (Coach): In that case, what I would recommend is find an agent that, you know, and trust, give them, have them give you a referral fee and don't do the work you're not good at, or you don't want to do, but get compensated for connecting them to the deal.
48:30
Chad Corbett (Coach): Sounds good.
48:31
Chad Corbett (Coach): All right.
48:32
Chad Corbett (Coach): Excellent.
48:32
Chad Corbett (Coach): Ending to our call guys.
48:34
Chad Corbett (Coach): I want to thank everybody for showing up to down a particularly.
48:37
Chad Corbett (Coach): Thank the awesome.
48:39
Chad Corbett (Coach): Chris and Dave and Richard success stories.
48:41
Chad Corbett (Coach): I think everybody learned a lot from it, and I want to challenge each of you.
48:45
Chad Corbett (Coach): Take one.
48:46
Chad Corbett (Coach): Thing that inspired you the most on this call.
48:49
Chad Corbett (Coach): Go out and put it into practice and come back and share the results with the group.
48:53
Chad Corbett (Coach): Next week.
48:54
Chad Corbett (Coach): Stay healthy, stay safe, stay productive.
48:56
Chad Corbett (Coach): And we will talk to you.
48:57
Chad Corbett (Coach): Same time.
48:57
Chad Corbett (Coach): Next Thursday.
48:58
Chad Corbett (Coach): Take care, everybody.