PROBATE MASTERMIND Real Estate Podcast

Transaction Engineering: Underwater on Reverse Mortgage | Creative Marketing for Cold Leads | Optimizing ISA Campaigns | Probate Real Estate Mastermind Call #283

June 22, 2020 All The Leads with Coach Chad Corbett and Bruce Hill Episode 283
PROBATE MASTERMIND Real Estate Podcast
Transaction Engineering: Underwater on Reverse Mortgage | Creative Marketing for Cold Leads | Optimizing ISA Campaigns | Probate Real Estate Mastermind Call #283
Chapters
0:59
Transaction Engineering: Underwater on Reverse Mortgage
12:16
Creative Marketing: Follow-Ups for Cold Leads
27:49
Creative Ways to Increase Equity and Generate More Commission
30:50
Barbara’s First Probate Listing from ATL is Under Contract!
31:37
Date of Death Was Years Ago; Why Did They File Now?
34:29
Optimizing Calling Campaigns: In House or Outsource?
PROBATE MASTERMIND Real Estate Podcast
Transaction Engineering: Underwater on Reverse Mortgage | Creative Marketing for Cold Leads | Optimizing ISA Campaigns | Probate Real Estate Mastermind Call #283
Jun 22, 2020 Episode 283
All The Leads with Coach Chad Corbett and Bruce Hill

These calls are formatted as an interactive podcast and are held live every Thursday at 1pm EST. Join our Facebook Group "All The Leads Mastermind" to Join Us Live



PROBATE LEADS:

3-DAY PROBATE MASTERY COURSE

Get the full call recap


Join our 24/7 Probate Mastermind Community on Facebook



CALL TOPICS (Timestamps link to YouTube):

  1. Transaction Engineering: Underwater on Reverse Mortgage (00:59)
    1. Tip: Always try to find out what the total debt stack is and what lien/liens existt
    2. Bonus: How you can get more money by handing interested buyers on this deal off as a referral to another agent.
    3. Note: 67% of homes in probate are free and clear.  
  2. Creative Marketing: Follow-Ups for Cold Leads (12:16)
    1. Recent episodes with discussions on Facebook Ads and Video Marketing:
      Mastermind call 278
      Mastermind call 280
      Mastermind call 281
    2. Bonus: What script/voicemail should you use when calling an old follow-up with a new offer?
    3. Tip: Renee shares something that’s working really well to disarm people when they are ready to hang up the phone.
  3. Creative Ways to Increase Equity and Generate More Commission (27:49)

  4. Barbara’s First Probate Listing from ATL is Under Contract! (30:50)

  5. Date of Death Was Years Ago; Why Did They File Now?(31:37)

  6. Optimizing Calling Campaigns: In House or Outsource? (34:29)




LIKE AND JOIN OUR NETWORKING GROUP ON FACEBOOK: https://www.facebook.com/alltheleads

Support the show (http://www.facebook.com/groups/alltheleadsmastermind)

Show Notes Transcript Chapter Markers

These calls are formatted as an interactive podcast and are held live every Thursday at 1pm EST. Join our Facebook Group "All The Leads Mastermind" to Join Us Live



PROBATE LEADS:

3-DAY PROBATE MASTERY COURSE

Get the full call recap


Join our 24/7 Probate Mastermind Community on Facebook



CALL TOPICS (Timestamps link to YouTube):

  1. Transaction Engineering: Underwater on Reverse Mortgage (00:59)
    1. Tip: Always try to find out what the total debt stack is and what lien/liens existt
    2. Bonus: How you can get more money by handing interested buyers on this deal off as a referral to another agent.
    3. Note: 67% of homes in probate are free and clear.  
  2. Creative Marketing: Follow-Ups for Cold Leads (12:16)
    1. Recent episodes with discussions on Facebook Ads and Video Marketing:
      Mastermind call 278
      Mastermind call 280
      Mastermind call 281
    2. Bonus: What script/voicemail should you use when calling an old follow-up with a new offer?
    3. Tip: Renee shares something that’s working really well to disarm people when they are ready to hang up the phone.
  3. Creative Ways to Increase Equity and Generate More Commission (27:49)

  4. Barbara’s First Probate Listing from ATL is Under Contract! (30:50)

  5. Date of Death Was Years Ago; Why Did They File Now?(31:37)

  6. Optimizing Calling Campaigns: In House or Outsource? (34:29)




LIKE AND JOIN OUR NETWORKING GROUP ON FACEBOOK: https://www.facebook.com/alltheleads

Support the show (http://www.facebook.com/groups/alltheleadsmastermind)

Unknown Speaker :

One of the things that you could do to really get the most benefit out of this is if they want to engage in a short sale, you be the listing agent, and then find out who the investors were that put the out that gave them offers. And I mean every one of them, and then go find the referral agent from another brokerage to represent those investors and have them make offers on a 5050 referral agreement. So you get one, you get the whole list side and half of the buy side because you're just handing them buyers. Wow. Yeah, that's that's some great advice. That's genius right there. Welcome amazing agents and investors nationwide. Today is Thursday, and this is mastermind, call number 283. Let's go to our first caller. Hey guys, how's it going? Great. How about you? Doing great excited to be on the call? We've been listening for probably two or three weeks now learning a lot of info. So we're excited to finally be applying it and actually have ran into a situation that we had a question for you guys about, we were hitting the call yesterday, and we came across a person that is in a pretty bad situation. His parents died, and he exited a house that is currently on a first mortgage. And he said he owes more on the house than what it's worth. And he's already had some investors come out and look to see if they'd be interested in buying it. But upon finding out more information, they just said they can't make the numbers work and it sounds like he had kind of given up on it as being a possibility of him doing anything on and we've got an appointment scheduled to go check that house out on Monday. But we were wondering what kind of options or plays there were in the situation of the reverse mortgage where they're in more than it's worth, this is a great opportunity for a short sale. Intuitively, you would think, well, the family doesn't have a lot to gain, you know, they probably will just let it go to foreclosure. We have really been amazed how many families even though they don't have a lot to gain, they don't really want to see, grandma or mom and dad's house get foreclosed. So they, the good news is, a large percentage of them will cooperate on a short sale. The better news is, there's really not much for them to do a normal short sale. You have to have financials, you have to have bank statements. And obviously if the, if the person on the mortgage is deceased, none of that applies, make sure that the seller will cooperate, but basically, they would just have to sign an authorization For a short sale negotiator or a short sale company, like my wife to handle the, you know, the dealings with the bank, and they're pretty much done with it. And then of course, they'd have to sign the deed at the closing. Sometimes the lenders will still give them a relocation, which is kind of funny because obviously the person's already relocated, maybe 10% of the time, they may get, they may get a little bit of moving money, most of the time, they won't there's not a real financial incentive. If the estate has significant assets, there could be an incentive for them to not get liens against the estate, which, you know, probably won't, but could, you know, affect the other assets of the estate. So, I guess to summarize, I would just let the seller know that, hey, I can let's treat this as a short sale. And, you know, you could just have your investors get in line and make offers. I will tell you though, it's probably more than likely Gonna be a owner occupied property that the lenders will take less than the property's worth, but probably not, not enough of a discount for most investors. But you know, it's not unusual for them to take maybe 10 or 15% less than the property's worth not to, not to have to foreclose. So I would just say, you know, find a good short sale company if you if you need one, I'll shamelessly give a plug for my wife. So it's nationwide, short sale solutions, and her phone number is 954-584-0000. And if you didn't get that, just email me, Jim, and all the leads, and I'll connect you with her, but all you really have to do is introduce her to the seller and she can handle it, you know, kind of start to finish. So typically, that's all you can do with those if it's if it's a reverse and it's underwater significantly. That's about all you can do. But if it's there were one of the questions I had was, you know, is it a Single lien? Like, is it just that mortgage that's putting the home underwater? Or is there other other Are there other mortgages or liens attached in the second position or subsequent and subordinate positions, because if that's the case, like for example, let's say the house is worth 200, you got to reverse mortgage for 100. And, you know, a Medicaid lane for a hospital lane for 100. You can sometimes negotiate off that second lien. Or for example, you could have a reverse mortgage and a HELOC. And that's unlikely stack, but you can sometimes negotiate with that second place lender because they know they're going to get nothing and you can settle settle them out for pennies on the dollar. And then you can actually sell conventionally, once you get that second place lien cleared, but just something I wanted to mention in the future. When you encounter these, make sure you find out what the total debt stack is because if it's broken apart, whoever's in the subordinate positions are very motivated to negotiate With you, and you can sometimes rebuild equity just through negotiating with the debtors. Yeah, for sure. Um, one. One other question that I've been thinking about while you guys were talking was they actually had the foreclosure filing on 316. So back in March, they have started the process. He said that he just wants to get out of it at this point, there is no other solutions he wants other than get out of the situation. And I am a realtor. And we were wondering if it would be better to get the short sale company to do it or if we could get the listing ourselves? Well, I would say both. Yeah, absolutely. Both if if the foreclosure has been filed, as long as as long as there's no sale date, scheduled within the next 30 days, the short sale company can almost always or you could probably do it yourself. If you knew what you're doing. You can almost always get the same stopped at least once or twice. And the short sale companies like my wife's or you know any of them, you still get your real estate commission, you list the property. They just handle the paperwork in all the dealings with the bank, and they basically get their feet out of the deal. It doesn't it doesn't come out of your commission. And Matter of fact, the lenders insist that the property be listed, because they want to see that you're making an effort to get, you know, close to market value. Yeah, that's great. That is great play for you, because the family's pretty checked out. They don't, they don't really care. And one of the things that you could do to really get the most benefit out of this is if they want to engage in a short sale, you be the listing agent, and then find out who the investors were that put the that gave them offers. And I mean every one of them, and then go find the referral agent from another brokerage to represent those investors and have them make offers on a 5050 referral agreement. So you You get one, you get the whole list out of half of the buy side because you're just handing them buyers. And if you're if the the negotiator is going to see that there's two separate brokerages involved, they usually won't trim your commission. If you try to do it through the same brokerage, oftentimes they'll cut you down to like 3%. So that's why I'm recommending you find the referral agent to just hand it to on a silver platter and let them represent your buyer, the buyers that have already tried to make offer I've already made verbal offers. That way you can you can get a little bit more out of the deal. Wow. Yeah, that's that's some great advice. That's genius right there. What about the possibility of they mentioned that the place was just had never been touched? It was not updated at all. He mentioned kind of hoarder house. There's a lot of stuff in there. What about the possibility of getting the listing and then partnering with As an investor, we're bringing in some private money to try to buy it and then flip it ourselves. Yeah, it's certainly certainly a possibility. Generally, though, there's exceptions. But generally, the lenders are going to do an appraisal and they don't usually sell at investor prices. There's exceptions. I mean, if you can show a lot of repairs, if you can show it's right in real bad shape. You know, there's a chance you can do that for sure. But but usually they won't. If you look up the if you find out which which bank it is and look up their health score, look how many distressed assets they have on their balance sheet. Oftentimes, if they're really hurting, and they know they can get liquidity like right now, as we're coming into the part of the cycle where you can get the deepest discounts on short sales because banks are soft, they have they have major liquidity issues, so you can do your homework and kind of See the likelihood? Like if you look at the if you look at the FDIC filings for that institution, you can see you know how many bad assets they have on their books. And the more bad assets they have, the more motivated they are to start clearing them. So they can get liquidity make new loans. So you could, there's a possibility, what I would say, if you're going to be the listing agent, you should, you should have an entity that is in no way associated with your name. So it doesn't look like well, you should have just make sure to cover your assets if you're doing that. You don't want it to appear as fraud, like you're acting in an agency position representing the sell side of the transaction. But then you're going around and you're also participating on the buy side. And some folks get themselves in hot water with short sales because of that, so what you may end up you may want to be the lender on the deal. So, you know, maybe you're the listing agent and you loan money to the investor that flips and you take your point As a lender, not as a principal, that that's a cleaner deal where you could still get the profit. But you would you would earn profit as interest, not as as equity. Yeah, that's some great advice there. For sure. Definitely some avenues we hadn't thought of yet. That's great. Awesome. Well, yeah. All right, I answer quite a bit for our situation. So thank you guys so much. We really appreciate it. All right, appreciate you. Thanks for participating. next guest and just so everybody else knows 67% of homes in probate are free and clear so that sometimes we troubleshoot these more these more complex deals. You know, everyone everyone's gonna find that like this is a place that we oftentimes transaction engineer the more difficult scenarios. Typically, these deals are pretty cut and dry. They're they're pretty straightforward. We got a little creative on that one, but the vast majority of these are held free and clear. And the ones that Do have encumbrances like debt against them. It's usually a HELOC or a reverse mortgage. So they're not really complex. So if you're just getting started, don't be alarmed that they're not all that tough. Yep, next up is a frequent contributor. Renee, you're up next. Hello, guys. I think that I don't know if I have an actual question. It's more just to think out loud. And I probably know the answers but I'd love to hear where I can be better or do better. So I have am currently going through and will be complete by the end of next week or sooner, every single lead that I've had, and like re going through the system to make sure that you know, updating it, did it sell what have you. What I'm finding is that there's a lot of you know, not interested not selling. When I put unable to contact that means that the phone number I have or not correct? So I guess it's, it's like the question being, you know, I have more of that than actual follow up. So what do I do with all these potentials outside of just mailing them that I could utilize? Because it feels like there's not really a lot in there. And I'm going to probably be going on a year in August. So it's not as as you know, all the leaves is just getting me what they're getting me I just want to know what I can do better and be better with one area of La because the other areas are not open. So I kind of just have one chunk of the county. So you, you were on at least one of the calls already talked about Facebook ads, and so aren't you? Yeah, yeah. That's your icon. Although I can't remember what you meant. mastermind call it was it's been in the last, the last time we discussed it was in the last three or four calls. cat will link it in the show notes for this episode. After after the call, I wish I had it in front of me but I don't but there's there's been two episodes maybe three in the last couple of months where we kind of really pulled that apart and talked about it at length. That's that's your best shot. I mean, if you're just not, you know, you're in one of those markets where people are more privacy conscious. And it's it is more difficult to get to get the right phone numbers. If we don't have their numbers, and they're not responding to our direct mail, you know, obviously building your referral network is one way of doing it. But as far as a direct response, you need to get some videos on Facebook and get in front of them multiple times per day at you know, pennies like pennies per per impression. Over time, when that when they're ready, they'll think you know, you're gonna look like a huge, they're gonna see you everywhere. They're gonna see you on Instagram On Facebook, like on other websites, because you're gonna have a small audience that you're targeting your budget at. So you're gonna have, you know, 10 to 20 daily impressions on those people. And that's, that's your best chance. Okay, are we good Facebook ads? Yeah. Are we able to, I'm just gonna ask, are we able to get you emails in your market or not? Are you getting them not leads? Not really. I mean, no. Okay. And that's not just you guys. That's kind of like being across the mic brands in the last, you know, 15 years of even doing this when email was more prevalent, you know, I still never got that much. So it works best it seems in this market is either obviously networking, right, that ends up being like a warm lead. No matter what you're doing. I'm making a blanket statement, not a probate statement, but It's that or direct mail, but just at a higher level, you know, like I'm in the investors, I now are just blasting out stuff. And I do get responses and feedback from the phone, it just seems like it takes a lot longer. And then whatever phone numbers I typically get, they're not always good. So it's not a fault of someone, it's just a matter of, you know, try to get in front of these people, because then what I'm seeing is, whether I was ever going to be the favorite or not, I still don't feel like my name was even in the hat. Because as I'm going through stuff, I'm seeing where either people said initially they were not interested, which probably means they had a real estate agent on the line because now I'm going through stuff a couple of more months later, you know, 234 or five months later, and those properties have sold. And when I look to see the date I got it like I might be calling January's list. They told me in general, I'm not interested. So anyway, I'm meshing two things together. They're here. I'm just trying to figure out the highest and best use of my time. And it's a little frustrating because you know, me actually getting in my app app and getting in front of people outside of just direct mail and now you know, Facebook, it just seems slim to none. So I guess my overarching question is when you're talking to people in bigger markets or markets like mine, is this somewhat of a theme or what I just don't want to keep burning time hoping for something else when I could be spending it somewhere else. No, I mean, come in, like even even in like New York City, which is super competitive. And you know, I'm right here. The phones are the X Factor. Like that's, that's where our folks do really well. Like even if the male is not performing the way they want it to. If they double down on the phone, they usually get a result like and Seth has first year I think, did like a million bucks in his first year as a real estate agent in Midtown. Yeah. factor is the phone. But I was, you know, since we're assuming that you've already exhausted that option, you've already exhausted direct mail. That's why I suggested Facebook. So, you know, you could. And the other thing, I would think I had an idea. It's gonna depend on where do you believe property values are headed in the next 12 months in your market? Well, we have so many micro markets, but just to give you the short answer, I think it'll, quote unquote, decrease a little bit from where it should have been. It was so inflated, so it's just going to flatten out. But some certain micro markets may not. You think it's in the sellers best interest to take advantage of the rally we're in right? Yeah, yeah. So you may change your message from a probate services message to a catch the falling knife message and market to them via a newsletter. So you can do a Los Angeles County Court update where you and Bill Gross actually go interview these people. I know that you have a relationship with him and he's done it already, he would probably help you with this. And you guys could collaborate to create a newsletter. So the first section of the newsletter can be an update on Los Angeles County probate proceedings. Were you just talking about what's happening and what how long the backlogs are and what they could expect. And then the second part is a real estate update. And you can do one side court one side real estate or one side probate one side real estate and show them what's happening in your local court environment. And then flip it over and show them what's happening in your in your local real estate market and what your prediction is for where that's headed. And I would even run an example of the holding costs of a $600,000 house if they have to sit and hold it for six months and then there's even a 10% price correction which is very, very likely But but put the math down there like run out like two columns scenario one is selling in the next 60 days. Scenario two is selling in the next six months. And just use your best professional opinion of where the markets headed and what and what your price correction might be what you're seeing as rents have already softened like 9% and your city. So that alone, that and with Airbnb basically being non existent right now, and all the speculative buying in Los Angeles and the short term rental space. The numbers aren't him, but your prices are going to correct. So if you can use that to kind of bring that to that bring that into their awareness because there's so much good news in the housing market right now, but give it give it a bit that will shift but if you can bring like make them aware of that they could be costing themselves a lot of money by not not taking advantage of this market. Do it in a newsletter format, so you're not selling anything, you're informing them of the local probate environment and the local real estate environment. So it's just a, it's a very different mail piece from what you've been sending. I would still send it in a greeting card envelope. Just so you're sure you're sure that it gets open, but you could try them develop a new like, like you and john Fraker and Bill Gross you guys are meeting already get together and collaborate on this and have john have some commentary from john in there as a state licensed attorney, you know, put a quote in there and put a paragraph in there about you know, what he sees happening and so it'll give you a lot of credibility and you've already got your little group put together with my last thought is, I am getting, you know, on a high note, I mean, I'm getting a decent number of phone calls, that I get to leave messages for that sound like they're the right person, you know, they either have the person's out going on name or at least the phone number that's answering. And so what I heard is maybe instead of it just being well, I do I do your message Tad, you know, I sent out a message last week, you know, message and I'm getting a decent number of callbacks from that. I'm just curious, would you change that to a probate? Anything or leave that as the message? And then number two, if they pick up, maybe instead of just saying, Hey, we're a service, you know, we pick up where the lawyer leaves off. Perhaps it could be more of a newsletter type of conversation. I think what I would suggest if so, if you're going to do the newsletter idea, I would probably change your message so it works in tandem. Yeah. Hey, this is Renee. I'm a probate probate expert here in Los Angeles County. Listen, I've done some court research as well as some market research. And I have a newsletter that I would like to send your family but I wanted to verify the address that Send it to can you please give me a call back and drop a drop it like that leave a ton of curiosity let them know that you have something of value and you're trying to verify an address, that's all and they're gonna be like what the hell the probate expert what she has to send us and you know some of them are going to be armed. So just you know, you're strong enough to stand up to that on the phone, I know you are. Just understand if they're armed and like if they're, if they're really suspicious in the beginning, it's your job to disarm them and make them feel comfortable and trust you. So, but I think that will work. And it's, it's, you know, because you're changing your mail piece, change your message and, and it's, you know, obviously send it to everybody, but before you send it if you can get them to call to verify their address. That's a good reason to get them on the phone. Okay, all right. I'll let you thank you with that. What's working to at least hear in this market a more challenging market is I've noticed when I'm calling The older leads, even if it's like, three weeks after two weeks after I've gotten the fresh leaves, that I say, you know, I'm not an investor. And I'm not a lawyer. Sometimes I don't always say I'm not a lawyer, but that seems foreign people because they're getting hounded by the investors. And no one's really bringing them value. So at least they can listen to what I'm going to say. So if that's a value to anybody on the call that just seems to work calmly differential and like calm, but people seem to like, not hang up or no, we're not selling or any of that stuff. So that's a that's a side note. Anyway, I'm onward. I'm still enjoying this. I'm just want to talk to more people and be of more service and it just kind of feels like roadblock a little bit getting in. So let's try this. Yeah, hang in there. Thanks for always participating and being willing to ask for help. Yeah, you know, yeah, you can always Renee, you could always move to the Midwest a little, slightly less competitive areas. And I've already tried that. I tried to get her to move with Tulsa, Oklahoma, and she says, I've heard about not liking cows or something. Yeah, well, listen, you know what, on a serious note on that I'm not well, you know, willing to just per se give up on Los Angeles, but I'm also I don't also have enough pride to where I have to be here. So is there I know this is kind of like a tricky question for you guys to answer, but it's like, you know, after having done this for, it'll be about a year. I'm wondering if I shouldn't, you know, incorporating and starting to get a little bit costly. I just have to budget myself, you know, initially, but, I mean, I'm not opposed to going somewhere else. You know, I'm not too proud to do that. I just I guess we've done it successfully. We have some counties with like 50 to 75 leads where we have no support. scribers and never have, like there are opportunity zones everywhere. If you're willing to work virtually, we can we can give you like a list of, you know, 10 counties we would recommend and you can you can look but you can basically pick a county where nobody's doing this and there's more than 50 leads a month and you're basically guaranteed before in the success well that a conversation I have with you offline or the sales department or about Yeah, yeah, this talk to whomever your salesperson and they can pull pull lists and look at show you ones where we have a good lead count, but no subscribers and then you can start to look at this Get yourself a list of 10 markets and choose choose one of them that makes the most sense for you. Okay, yeah, I had a great idea but the time we've been exposed to you, but I also know that you can make the successful in any market even LA is this isn't a lot tougher there and I think that's what you're you're going yeah, yeah, yeah. Yeah. Hang in there usually closes. Yep. Yeah, thank you. And lastly, just on that note that, you know, have closure on that for me is I don't, I don't think I'm gonna do that. Now. That's a probably like a six month consideration. I'm still gonna, you know, exhaust what I have and then be open. I'm open. I'm open is what it is. So anyway, we'll leave it. There. As I circle back. You guys will know. Already. All right. Thank you. Awesome. Thank you. That'll be interesting. recording. We'll, we'll we'll plug you together there the first and second half of Rene thank you for hanging out. Okay, Bruce, I know, Bruce, I know you're back and you said you had some advice for the previous caller. You want to you want to jump in with that? Sure, sure. So the previous caller, for some reason my phone was not allowing me to chime in earlier. I didn't catch his name. But hopefully, hopefully he's back on here. What one thing that I've found when, when you're going in on, let's say there's a reverse mortgage and a short sale depending on how far underwater it is, because the last thing that he had mentioned when he kind of was about to jump off the phone with maybe just buying the house itself. One of the things that a few of our subscribers are doing and I'm currently experimenting with, is actually going in as with an investment, and not buying the house might sell for or ourselves, but, but bringing some cash to basically make themselves right side up, add some equity into the process. So get yourself either cash yourself or an investor, invest that investor cash into the property, boosts the property value and then if you're boosting the property value, you can almost do Are your commission percentage so you could go in and say, Hey, I'm gonna raise your property value by 510 15% with my investors cash, and it's gonna be a 10% commission or it's gonna be an 8%. commission. There, there are all kinds of creative ways to generate equity for our clients for our clients. And, and also generate an additional level of service that we could charge for on our end. I just need to be careful with the timeline because when with a reverse mortgage, you typically have, you know, a six month timeline. But if they have already filed the notice of default, then they're outside of that six month window, they've already called them out do so if you were to do that you better have you better have a really good team that that you can do construction very, very quickly. Like you need to have a very aggressive plan because you got you're now on a foreclosure timeline which in this environment, it's very likely they have judicial backlogs that aren't as holding up the foreclosure. So it could still work. But you've got to get your Can you have to get your construction done, and get it on the market and get it closed before that courthouse date and the courthouse steps date occurs. So just be like these are you can do some creative things. And just like Bruce said, you can create equity out of thin air on these, but you better know your local probate process and the timeline. And you better understand the reverse mortgage process and timeline and your local foreclosure timeline. Because otherwise, you have some exposure you might not be aware of on a typical deal with a reverse mortgage, you have a tighter time on you. So just make sure you know what you're doing. It's a good point. Good point. Yep. Yep. All right. Well, we have two more in the queue. Next up is phone number ending in 6800. You're up next. Yes, Hi. My name is Barbara and I call this are on our company line because I got cut off when everybody else did. But my question and I'm, I'm an old agent, but I'm new to this and I'm really excited because I can see how I will do better as time goes by. And by the way, I have listed my my first listing from from this and it's under contract and I couldn't be happier. But at any rate in going through the list I have seen I'm in Northwest Arkansas, I have seen there are a lot of them where the people have died like four or five years ago and they're now just now doing probate and I'm in a quandary, as to how the approach a family where so much time has gone by, since they have passed away. So, oftentimes, I call those retroactive probate. Oftentimes that means they just stayed in the home, somebody was living there and they stayed in the home after the death and just kept paying the taxes in that person's name. And then eventually they go to refinance the home, or they go to sell the home. And title won't clear they can't get they can't close the chain of title. So they have to go back and retroactively probate the estate of whomever was on title so that they can get them off of title. Okay, all right. So it may be it may be part of, you know, just where it was raised to be creased out. And since rates have decreased where they have, it could be that more people in your area are trying to refinance assets and that's when they learn Oh, If we didn't know what probate was five years ago, what do we need to do? It could be driven by the interest rate drop. Okay. I've been an agent for 42 years I've seen when we had to use creative financing. I was out in California for 34 of my back liars. So I've seen quite a few markets. But I am so excited about the prospect of working with people were, you know, with the fact that I'm older, I'm competing with younger, more aggressive agents. And I either don't have it in me or you know, I don't think I'm as smart when it comes to using the internet. So, you know, I feel I have a value in this kind of a niche and I can't tell you how much I appreciate which guys are doing. Well, thank you, by the way. Yeah, we appreciate you, Barbara, and you're our winner of the week so far. You've got it. You've got a success story. Thanks for this abbreviated call. I think you got a good tip. Okay, thank you guys. Okay. All right. Take care. Next up is phone number ending in seven, seven to six. You're up next. Hi, this is Jeff and Kansas City. I have a question about using your ISP for calls versus doing it directly. Do you have any sense of difference in conversion rate for the third party calls versus the subscribers doing them directly and then the second part That question would be what actually does that call look like? Is it just specifically to set an appointment does it they go in a little deeper? Do I have any say over what that call looks like and what's the feedback to me from those calls so you're going to get a better result making your own calls because it It matters more to you and you've got a salesperson skill set right like but if that's not going to happen, and you have to use a third party are the one thing to note is we we no longer call since we valid that new DNC validation, we're not calling those numbers that that are on either state federal DNC, or unknown, letting it database they get flagged and they're not those those calls won't be made from our call center. Most individual practitioners are going to make those calls anyways. They they realize that, you know, they're comfortable with with the risk and they don't There's a huge liability. So their contact rates are way higher because they're calling every single lead and every single number on that lead. So the difference is going to be if you do it on your own, you're probably going to be comfortable calling all the numbers where we will only call the non DNC numbers, and just the contact rates will result in a higher conversion. Okay, so question real quick chat, what what ballpark is what that percentage is with the DNS days? over your leads? I'd say nationwide, it's probably 60%. But it's heavier in some markets and lighter, lighter and others. You know, like, you could imagine California like Southern California has got that's what Renee has some trouble like it's there's a higher prevalence of DNC registration there than there would be in Montana. Okay, and do you think that I mean, I'm trying to do my we talked about we can try to put together you know, some some You know, budgets. And looking at it, and I'm just curious, the plug in that number is going to be a pretty important one is conversion rates for those calls. I mean, do the calls. I'm just trying to figure out what I want to do. But so you have the time and like, if you have the time, like we always like when the subscribers make their own calls, because nobody will ever care about your business as much as you or more importantly know as much about your business and your service as you. So I didn't answer the second part of your question, but in our call center, we set 80% of the appointments, we set our phone appointments, 20% of the time will get you all the way to the front door. If we if we have really good engagement, we can keep it rolling and not have to go too deep into the specific services that you'll provide or anything that requires a license conversation or a conversation that requires licensure. Then we'll get you all the way to the house. We'll get you to the front door. But that's only about 20% of the time. So there's a lot of benefit to you doing and however, you are a business owner and your time should be worth somewhere between 50 and $5,000 an hour in real estate. So it just doesn't make sense for you to do it because you have more dollar productive activity. You can use our call center, we also have a kind of a business relationship or partnership with voice logic. And they have some interesting solution. So ringless voicemail is I'd say, as an absolute don't do it right now just because of the nature of how, how many attorneys need to shake people down for revenue right now. But they they kind of found a loophole and er and TCPA they they mean, I'll give it a more fair statement. They created an innovative service that is TCPA compliant that doesn't it has basically the same impact as ringless voicemail so they use a live caller They call it voicemail courier. So they'll actually use a live caller call your list. And 20% of the time people will pick up. And that case they will say, a message deliver from, from Jeff Johnson, would you stay on the line to listen 94% of the time they stay on the line to listen. And then all the other ones just get dropped his voicemail. So it's a live caller. So it's TCPA compliant. But you get to basically the net net result of of a RVM campaign. And then the other thing is as far as customized scripts and working directly with you know, the third part of your question. They do have a live call center and they're Toronto based neutral neutral accents. I've been in their call center and they've got to get operation but they'll work they can work with you on custom scripts and and you know, make specific calls for you. You just you buy blocks of minutes. So instead of where we call it a per lead basis. there you're going to buy like a block have minutes I think it starts at 1500. But if you want to check that out, you can go to voice logic.com forward slash ATL or all the leads. And there's the rundown of the three. The three options that they offer specifically for our customers and the discounts are on that page. So, voice logic.com forward slash ATL. He would put their results up with yours. Do you think that there'd be similar to what you guys are doing? I would I like the idea that I get more calls. And I mean, they've done really well. So john miscellaneous. I thought I saw him on this call earlier, but he did a campaign. I think it was his first campaign he had 7% conversion. On his first live call campaign through through the voice logic caller and the owner, the company Steve worked directly with him to get the write scripts. So, yeah, from what we've seen, we've had really good success with it. I appreciate that. Thank you. All right, guys. I guess my noise my line has been noisy doesn't sound better now, Chad. Yeah. Can you guys hear me? Okay, good. I just, I just picked it up. I guess it was the speaker. All right, next up and last up possibly this week is phone number ending. Games. No phone number James. You're up next. Are you there? James? Jim, Jimmy jamis I guess I was seen as an alias. It was a nickname work. I guess that are well Renee is back on today. It looks like you may be last up this week. You're back. Are you there? Yeah. service? Sure. Are you guys open to or willing to if I had another list? That is not a probate list, but list of homes that I'm looking for phone numbers for that title just doesn't seem to work on. If I paid for that, could that run through your system? So yes, we have a file. We do that for subscribers only. And and we ask that you do it in batches of at least 100. You know, don't send us like two or three at a time. But we Yeah, we will. We will do that for existing subscribers. No problem. And that's just reach out to support. Yeah, at all. Yeah. And I think this is Yeah, just supported all the leads term. And I believe Tim can verify it, but I believe it's $1 for all the phone numbers. I believe that's what what we basically do it really close to our costs for you. Okay, beautiful. Thank you. All right, you're very welcome. Well, guys, I was 100. And we started off with about 180. We were 178, we went down to 30. And about two thirds of you came back. So we sorry for the technical glitch, I think it was across multiple carriers. And it's just like it happened a few days ago. I think it was, a lot of people were affected. But thank you all for hanging in there. I want to end these calls like I always do. I want to thank all of you for for being here, for hanging into the end of the interrupted call. And I want to particularly thank those who actively participated. I want to challenge each of you. Take one idea, one thought one thing that inspired you on this call, go out and put it into practice. And please come back next Thursday and share your results with the group. Thanks for being here. Guys. Make it a great day. And we will talk to you same time next Thursday. Transcribed by https://otter.ai

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