Realty411 Magazine A Spotlight on Charles and Lena Sells | Page 74
Often, they do not live near the
inherited property and simply want
to sell it as quickly and easily as
possible. If they know the property
needs updates, they may not want
to have to deal with that hassle and
would rather sell the property at a
discount. In addition, since they
inherited the property, anything
they make on the property is extra
for them so they are less worried
about getting maximum value for
the property. Probate properties
may be available for thirty to fifty
percent off of the market price and
are generally available for a quick
closing.
So, probate leads are a great
way to diversity and increase your
lead source. But once you have
probate leads, what do you do?
Probate leads are not like all other
leads and should be treated
differently.
Do offer to help the
executor/heir. Remember
they have recently suffered
a loss and are grieving.
Since probate leads are generated
when probates are filed in a local
courthouse after a death, it is
necessary to be especially warm
and considerate when speaking
with executors and heirs. They
have recently gone through a very
tough time and are probably
overwhelmed with the loss of their
loved one as well as all the legal
and financial issues they are faced
with as the executor of the estate.
For some executors/heirs, the last
thing they have the time or energy
to deal with is a recently inherited
piece of property. They may not
live near the property and may not
have the time to take care of basic
issues with the house. For instance,
suddenly having another yard to
maintain can seem daunting. You
can help by offering to mow the
lawn, trim shrubs, or water plants.
Sometimes the heir or executor
simply need someone to talk to.
You can be that friendly person
they can speak with. Offer
condolences and let the executor or
heir take the lead in how much
they want to talk about their loved
one. Simply asking what they need
help with can go a long way.
Do continue to reach out to
the executor/heir. One mailing
or phone call will not be
enough.
Unlike other leads sources, it is
hard to know when will be the
right time to reach out to an
executor or heir. In some cases,
information available when they
decide they are ready to sell.
Do be honest about how you
can help and why it is
beneficial to you both.
Executors and heirs have a lot
going on. They will know that you
are interested in making money
and not just a stranger who showed
up to help out of the blue. It is best
to be honest and explain that you
make money by purchasing
properties below market value,
fixing them up, and reselling them.
And that it might be helpful for
them to sell you their property
below market value so that they do
not have to deal with the hassle of
fixing up a house to sell and then
listing it. Remind them that you
can help them get cash quick, but
there are no guarantees of how
Do offer to help the executor/heir.
Remember they have recently
suffered a loss and are grieving.
heirs want to sell property as fast
as possible. They may be ready to
sell quickly so they can move on.
In other cases, heirs are reluctant to
sell their loved one’s property.
They may hold onto it for months
before feeling pressured to do
something with the property. We
have learned that it is important to
regularly reach out to executors
and heirs and recommend doing so
for at least a year. Sending a mailer
or making a phone call every other
month is a good timeline. The
important thing is for the executor
or heir to have your contact
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long it would take for the house to
sell at full value. This is a winwin
situation for you and the executor
or heir, and you should be up front
about that.
Don’t forget about historical
leads. Heirs often don’t sell
right away.
New users of probate leads
often think that the leads have a
short time on the market. However,
that is not the case. Generally it
take some time for Executors to
get all of the paperwork filed>