Executors Make the Decisions
PROBATE REAL ESTATE LEADS HEATING UP DESPITE CHANGES IN THE MARKET LEON MCKENZIE
If you have never invested in probate real estate before , then this is the best time of the year to start looking at probate leads and how you can get involved . Unlike traditional areas of real estate , the probate market offers a significant upside to investors who understand how it works . Sharon Vornholt writes , “ Probate real estate investing is one of my favorite strategies . I have found the folks in probate to be one of the most motivated groups of sellers , as they almost always want to sell the property in the estate . This group of people is what I like to call a ‘ captive audience ’ for your direct mail ; in addition , probate investing is a much less crowded field than some of the other strategies like foreclosures .” 1
Executors Make the Decisions
Executors for a probate are under the requirement by the local court system that they close the estate in a certain amount of time . As part of the requirement , Executors have the ability to sell and make deal on the property that is available . Most Executors are more than willing to make a great deal on a probate property as they are well aware that the home or property may need work . This is especially true if they live out of town . Coordinating intown visits with a busy family life at home may be too much for many Executors to manage well . This makes them even more willing to sell property at a good discount .
One of the best aspects of the probate process is that the leads stay viable for a very long time . This is due to the fact that Executors and family members are in the middle of the grieving process . While you might assume that Executors would put the property on the market right away , in fact , it can take quite a while . Vornholt writes , “ Not only does the executor have to have to sell any property that is in the estate , but they typically have to sort through a lifetime of personal belongings . I know from experience — this is a very difficult job . These are items that were valued by the deceased . Often the family members have a sense of guilt over disposing of things that played such an important part of this person ’ s life , so they just put off the whole process . It ’ s not at all unusual for someone to contact me about selling property in an estate after a year or more has passed .” 2
What does this mean for you as a new probate investor ? You have time . When a property comes on the market , there will be time to market to the Executor . That is one of the most important aspects of a probate business , the marketing plan . Sending regular mailings out to Executors is the most widely used method of offering your services . Making sure that these mailings are sent on a planned basis – usually every month – ensures that when a family is ready to sell property they have your information handy . Says Vornholt , “ Understand that if they are not ready to sell the property at this time , it doesn ’ t mean that you need stop your marketing efforts . Continue to check in with these folks to see how settling