PROBATE MASTERMIND Real Estate Podcast

Get Out of the REAL ESTATE FRIEND ZONE | How To Win Impossible Expired Listings | Probate Mastermind #290

August 12, 2020 All The Leads with Coach Chad Corbett, Jim Sullivan and Bruce Hill Episode 290
PROBATE MASTERMIND Real Estate Podcast
Get Out of the REAL ESTATE FRIEND ZONE | How To Win Impossible Expired Listings | Probate Mastermind #290
Chapters
3:02
Getting Clear On Your Offer and Building A Vendor Team
5:00
BONUS: The ATL "Hub and Spokes"
11:01
SALES PSYCHOLOGY: How To Stay Top-Of-Mind and Motivate Sellers Right Now
28:00
Mark’s Insight - How to Win Expired Listings
30:00
BONUS: 7 Creative Financing Strategies You Should Know
44:42
Getting Out of the “Real Estate Friend Zone”
47:32
CMAs and Market Absorption Analysis
PROBATE MASTERMIND Real Estate Podcast
Get Out of the REAL ESTATE FRIEND ZONE | How To Win Impossible Expired Listings | Probate Mastermind #290
Aug 12, 2020 Episode 290
All The Leads with Coach Chad Corbett, Jim Sullivan and Bruce Hill

Join us next time: https://www.facebook.com/groups/alltheleadsmastermind

Full Call Recap With Additional Training Resources: https://alltheleads.com/ccva/probate-leads-training-august-2020/probate-leads-mastermind-290

PROBATE LEADS: https://www.alltheleads.com/probate-leads

Probate Mastery - 3-Day Training to Earn a CPE Designation: http://alltheleads.com/education-training



Call Topics:
Getting Clear On Your Offer and Build A Vendor Team (3:02)
SALES PSYCHOLOGY: How To Stay Top-Of-Mind and Motivate Sellers Right Now (11:01)
Mark’s Insight - How to Win Expired Listings  (28:00)
Getting Out of the “Real Estate Friend Zone” (44:42)
CMAs and Market Absorption Analysis (47:32)


See Also:

Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Money On The Line

5 Simple Tips For Building Your Professional Network

Unexpected Places To Find More Listings and Deals: Medicaid and Social Workers



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

Show Notes Transcript Chapter Markers

Join us next time: https://www.facebook.com/groups/alltheleadsmastermind

Full Call Recap With Additional Training Resources: https://alltheleads.com/ccva/probate-leads-training-august-2020/probate-leads-mastermind-290

PROBATE LEADS: https://www.alltheleads.com/probate-leads

Probate Mastery - 3-Day Training to Earn a CPE Designation: http://alltheleads.com/education-training



Call Topics:
Getting Clear On Your Offer and Build A Vendor Team (3:02)
SALES PSYCHOLOGY: How To Stay Top-Of-Mind and Motivate Sellers Right Now (11:01)
Mark’s Insight - How to Win Expired Listings  (28:00)
Getting Out of the “Real Estate Friend Zone” (44:42)
CMAs and Market Absorption Analysis (47:32)


See Also:

Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Money On The Line

5 Simple Tips For Building Your Professional Network

Unexpected Places To Find More Listings and Deals: Medicaid and Social Workers



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

Unknown Speaker :

They were preparing to sell their home with someone else to hand out the paperwork yet. And her husband had a massive heart attack. And he subsequently died. And so she called me out of the blue. She's like, hey, Jay, you know, Paul just had a heart attack, we got the four plugs. I don't know what to do. And because of this program, and because of the people I've put in place, I was okay for someone to talk to this. They'll talk to this probate attorney, and we're gonna do this, we're gonna do that. And she was just just gonna leave me. Donnelly blown away, but she was like, I feel so comfortable. I'm not even going to talk to anyone else. Because you have everything. You have everything in place, I don't need to talk to anyone else. And so it's a level of trust there now because she hasn't seen me as just a real estate agent to be more she sees me as like a guy with, you know, the complete solution. And that's all come from this program here. So I want to thank you guys for that. And for the training that I'm one of the most In the world, the most valuable currency in the world is the impact you have on other people. Welcome spectacular real estate agents and investors nationwide. Today is August 6 2020. And this is mastermind call number 290. And we do have three in the queue. So we have four in the queue now, feel free to jump in first up this week is jumping in. Yes. Before we get started, I mentioned so because of this is we have a kind of a blended audience. So yesterday was the first Wednesday of the month. And we had the monthly roleplay call if you're not one of our subscribers, and you're new, new To our audience, we those those calls are uploaded all the leads calm and our call archive. So all the leads comm forward slash cc VA or on your favorite podcast platform. So if you're part of this discussion each Thursday, you may not be aware that we do a monthly roleplay call for one hour, we have those archived on the site or you can jump on to Stitcher, overcast iTunes, wherever you consume podcasts and you can actually take them with you now. So if you missed the roleplay call yesterday, be sure and jump back in and listen to that call. Yeah, it was a good one. We had two very brave souls that one start to finish took us through their conversations with the sellers and were willing to be critiqued and they both did an excellent job. So definitely worth listening to and they're both relatively new. And you know, they've already pretty much got it dialed in. So definitely worth a lesson and thank you for your patience. First up is phone number ending in seven, six. seven, nine, you're up. Hey, yeah, this is Mike. I was one of the role players yesterday. And so one of the things that I took from the conversation and critique that I had was to really believe in what I'm offering. So I'm trying to develop that and figure out how to how to vet the the partners, you know, like clean out services, things like that. And what was the best way that you guys found to do that? I think for me, it's just matching values, right? Like if you want to work with a contractor who would be equally suited to serve a 94 year old Sir, you know, widow, as a family of 16 kids who all live out of town and he has to manage all those, you know, has to manage all those expectations. So If he's the kind of person that's running his business, like a business treats people fairly, he's ethical integrity is important, then they're probably a good partner for me. So that would be, I would say, my number one, like the first filter that we do our business values align. And if so, you have a pretty good chance of everything working out, no matter what happens, you're always gonna have surprises. And expectations will be unset and mismatch. But if you have similar value, you're usually you can work it out, you can have mature, you can come to mature resolutions on it. So that's, I think that's probably my only criteria. If you get more specific like in each of the individual seats, I have more specifics and that's something we do in mastery. We go through literally three dozen different vendors. We look at who the the you know what the metaphor we are using the spokes wheel. So the vendor is a spoke and you're the hub. But we cannot look at the spoke show you three ways to find them like what like the right filters to you know, to filter out to be get it right the first time. And then each of the things that those people can do once they're in place like each of the solutions. And I've been teaching in a mind map like I made a, I'll share this in the Facebook group after this call. But I mapped all this out kind of in a mind map where on the left hand, left hand side, it's your internal team, like your your real estate business team. And on the right hand side, it's your vendor team, and all the services can hear you and your clients. And there's a lot of overlap. Many of your vendors are also should be part of your your referral network. So for example, you know, an estate sale company is a great vendor partner, but they're also a great referral partner, as is an estate planning attorney, a probate attorney, a nursing home employee, a registered investment advisor. Those are all key spokes in the We'll but they're also from a marketing standpoint, like because they bring value to your marketing message. But they're also very valuable referral partners because they have contact with people and the end of life phase before a death occurs. So that you can start to get a lot of referrals. So we kind of look at it from each of those, those perspectives and then mastery, but I will come back and post that in mind map in the show notes here, and I'll drop it in our Facebook group. So you can see what that looks like. Okay, and I guess, yeah, I think I was like more, like Patrick tactically like, so how do you start in a business like this? You don't have all those people in place? Do you just start picking up the phones and calling people and having conversations that way to get them on board. So that's all good information and very helpful, but I guess maybe I didn't tell you what your question is a very common one. A lot of people think well, I can't get started until I This dream came because I'll be lying to people. And the reality is if you I mean, I know you're relatively new to real estate, but typically you don't have the level of support behind you that you do as a subscriber here. Like, if you needed an estate sale company and you didn't, you were hitting dead ends, you can call our team and we'll have one for you within an hour, like so what I what I tell most people is you just need to believe that, you know, if you had a $50,000 check on your desk, and you couldn't deposit that until you got these, you know, these five team members in place, how long would it take you it before the sunset today, you would have those five solutions in place. So you could you could get that deal. So build your team as you need them, but proceed with confidence that you that you can do that. And like I said, I've never had somebody call on me like oh my gosh, I told this family I could do x and now I can't find the right partner and it If you're in Mayberry, like if you're in a town of 10 people that might be an issue but if you're in any anyone who's in a, you know, in any city of any size, we can find multiple probate attorneys, cleanup crews contractors. So the short answer is market with confidence that you can do all of those things. And then as you need them, go find those people. And if you have extra time, like you know it, let's say you have an extra two or three hours a week, just block that on the calendar and say vendor relations prospecting. And then you call contractors you call cleanup crews and you start to them. But don't let it hold you up as the big takeaway that I want you to get is don't feel like you're behind the eight ball because you haven't gotten your dream team built just in that market with confidence that you know, that dream team can be built piece by piece as you need it without the customer ever knowing that you you know that it's your first deal with and Mike I'm going to chime in if your internal ethics are telling you that You need to appropriately market yourself and and create the proper message and you don't have the team that you want. What you can always do is say, hey, look at me as your concierge, I am the person that can get you anything that you need. If I don't already have the connection, I'm going to go find it for you. And I'm going to put that person in place, I'm going to make sure that they're a good, good partner with us as well. And speaking of that, one of the key people that I've found for my personal team recently, and I didn't even know really know that this existed and I guarantee a lot of our subscribers don't there legitimately value centered, empathy based concierge services in every city around the country and many cities have lots of these. You could partner with one of these people and basically make them an extension of your team. And they've probably already used the services that we're looking for thousands of times over and has already done the legwork of vetting these service providers for us. So you ask to plug into their network. They'll generally gladly share their, their connections with you, especially if you use them for your kind of concierge based service that you need. Okay, yeah, that makes a lot of sense. So I'm actually going to reach out to that mail. You sparked something in my memory because when my father in law passed, we went to our counties like elderly services, just and they gave us like lists. And I'm even still have that stuff. I just kind of forgot about it then. I didn't put the pieces together, but that really, really helps Bruce. Thanks. Great. All right. Thank you sir. And great job yesterday, Mike on the role play, everybody should go listen to our we have three more in the queue. Next up is phone number ending in seven, nine sevens fix you're up next. Hello, guys, it's Rene here in Hollywood. And quick question I'm finding because the LA courts are still closed, and people like court dates, you know, for the letters of testamentary. So they can actually do something and then make a decision to actually do something. I'm just curious from all of you and anybody else who wants to chime in on the call, what kind of value propositions are they offering? Because it's quite a long time. You know, it's between now and like November, you know, if they got pushed again. So, yeah, whatever you can offer updates on things that are sold that can potentially offer vendor needs, you know, clean out and stuff. It's just curious what anybody else is doing any sort of unprecedented times to stay top of mind without being annoying or just offering something that just they can get on their own or somebody else is going to be offering them. So something we've been talking about a lot in the last couple weeks. I don't Have you we haven't I don't think you we haven't heard from you I'm sure you were there listening but the strategy of you know offering the post no trespassing signs on all all all real estate assets. So that's something you can do like think about Property Preservation you have a background in reo so what can I do to make sure you know safety sanitary and legal liability is contained right. So is there is there you know, broken glass peeling paint missing handrails like should you should you like secure the property? From a liability standpoint, if anybody were on the property to get hurt, those are reasons to get contractors over there and meet face to face. Or it can be as simple as you know, I can put this no trespassing sign inside the home so it's I can't just peel it off the glass, but we can post it on the inside and that way you're protected if somebody does gain access and become a squatter. That's a great reason to get over there and meet them face to face. It actually is a history It's a really big deal if they get a squatter, it's unlikely to happen in most neighborhoods. But if it does, it's a big deal. So that's something you can do to just really demonstrate how you're proactively, you know, putting the family's best interest first, even though they can't do anything, don't have the authority to sign contracts, your assumptive really closing them by engaging with them, like by showing up doing work for them. So if you proceed this assuming like, Hey, listen, you know, we started as early on when you guys couldn't do anything, and just throughout the whole process, assume they're working with you. And that's really powerful. Like when when you like it, that'll that'll shape your language and how you interact with them. And they'll just be like, Oh, well Rene's been with us for three or four months. She's helped us all the way from the very first we didn't even know that we needed to change the insurance. So when it is time to sign paperwork, and then obviously the other thing you know, you can get a letter of intent signed. So it can be a letter of intent to purchase a letter of intent to represent whatever that is. Whatever you know, Whatever your strategy, whatever they need and whatever your broker is comfortable with, but a letter of intent is just for the mental commitment. Otherwise you can consider things like Self Storage, you know that they may want to get the house empty. They aren't allowed to sell anything, but what if you get it out to self storage and get the house empty. So your contractors can actually get into the house and give you a scope of work and bid the job and have have the entire rehab plan already laid out. So like, you know, getting getting personal property moved off site can sometimes be helpful if they're gonna say, plan to do renovations, anything that doesn't dispose of the property that will, you know, store the property or preserve the property. Those are good things to be doing right now to really make a good impression with them. Yeah, beautiful. Okay. And I did hear some of that and I piecemeal as, as I can think of some of the higher end properties. People live in the neighborhood. They pop by all the time. But I think the best one is I did find a great vendor here who's almost like a one stop shop for me that I'm making those introductions. She does auctions, she does a lot of different things. I believe that she's a trustworthy person, not just get that sense from her and I think she wants to do more business with me and create more business with me. And so the best I can do is to potentially hand off that relationship like hey, you know, her name's Regina. So hey, Regina, you know, I'm helping you. You know, she'll put in a good word for me all along and then you know, people around here you know, talking two or three or four agents or whatever, so the best I can do is to offer that and then what's working and this is a shared with everyone else, too is that if it is a bit of a fixer, it may qualify for that seller to not have to pay the commission. So I have if, again, you know, you guys Fill out the conversation. But that gets people's attention because I'm not just another real estate agent calling. And I've noticed that sometimes they don't understand what we're offering, they just hear us as like an investor or another agent or like we've haven't quite cut through the noise. But that has gotten their attention, meaning I still get paid, but the investor will pay my portion of the Commission. So that's been very effective as well as it's a little bit out of scope of what my original question is and what your answer is, but that has been helping. As far as differentiating who I am and what potential offer there can be because I do ask people, are you opposed to selling the property prior to prior to doing it protect, can talk prior to it potentially coming to market and they get curious what that means. So hopefully someone understands what that is. It's more of like almost like a wholesaler mentality as a realtor. And that's working well. Yeah. I have an idea of specifically for you, Renee, that I want everyone else that might be in a market where you do have judicial backlogs and you're waiting on letters testamentary. Renee is in California and she has kind of a mini mastermind with Bill Gross and john Fraker. Bill is also a certified probate expert and john as a probate attorney and real estate professional MVP, but you have that little group. I think it will be good for you and Bill and john to get together and design a letter. And maybe in the first letter, maybe in your second letter, but what can you like the 2020 probate timeline? What can you do? What Shouldn't you do? And what we can do you know what, what we can do what we can do to help every family and maybe list out the services that are or the things that they're prohibited from doing right now, and it's the first paragraph is something like you know, everything stirred up 2020 has been quite a year I realized that, you know, several of the families we have spoken to didn't really know what they could or could not do because the attorney wasn't properly communicating that we sat down my team. You know, we sat down with our California licensed probate attorney. And we clearly defined in this state what can and cannot be done before receiving letters testamentary and that might be your first marketing piece. And do you think do you think anyone else is going to be sending that like, like you're you're really differentiating yourself by saying in case you didn't know here's what you're here's what's prohibited, but here's what we can do right now. And here and here are the things that we know everyone should do. If you haven't done these Please call today. Let us get this in place. And that would be the example of the no trust like posting the property, crowd. You know, the safety sanitary measures of preservation, and getting proper making insurance policies on homes. You might break it into three categories like that. But think about that as as your direct mail piece. How powerful would that be? Because chances are a lot of these people don't know what they can and cannot do. And in my experience, most 80% of probate attorneys don't. They don't communicate thoroughly with with her. They don't properly set expectations in a non COVID environment. And now I have to imagine these people were like, well, let's where the objections I don't know attorney just said the wait till he calls, he'll tell us what to do. So they're sitting there doing nothing, not knowing what they're allowed to do or not allowed to do. So that just that that ends up having them do more of nothing. So anyways, that's just an exercise. I know you've you've got that little network, you can do it for everybody else listening. Call probate attorney in your market, call the probate clerk in your market and say, Hey, we work with a lot of families going through probate and a lot of them are kind of confused what they can and can't do. Would you be willing to just sit with me for a few minutes or jump on Zoom and just make a quick list of do's and don'ts. And you can anyone can do this in your own market. You don't have to have a little mini mastermind or have a probate attorney. You can do this by simply calling the probate clerk and saying, What's the environment like in this court? How long are the judicial backlogs? And what are the do's and don'ts? And just send an update letter instead of marketing and soliciting the family? What about a newsletter? Like, here's what's happening in the los los angeles probate court system and what you should expect, here's what you can and can't do. So maybe it's a newsletter format with you and your vendor partners. So you can say, you know, here, meet our contractor, john doe, I know he can do these services. And these are the services he can handle on your to do list and these are the services he can handle that are currently on your don't list but he can handle two or three months down the line. So just sit with that idea and see I mean, the simple form is just send a letter that kind of says these But you could also collaborate with your probate attorneys and all your other vendors to do kind of a Los Angeles County probate environment update. And they could get used to seeing that, you know, this month and then next month and the next month, and that's something is Bill Gross is on here. He would be an awesome person for you to co create that piece with. But I think that's gonna make a big difference. And they'll feel like they're well informed. And you get all the credit for that. Right. But I think between the three of you guys, you have kind of a little dream team to do a project like that. That's let me chime in. Yeah, yeah, go ahead. I was gonna chime in and tell you, Renee, and really everyone listening to this call. Why what Chad said is so important. As consumers, we're designed to not take action on things that we're uncertain about, and the majority of the prospects and the leads that were families that we're trying to serve today are not selling a house and and selling the house is truly something that they plan to do if they're not doing it. It's normally because they're just uncertain about the process. And so what you're doing with an approach like Chad just mentioned is you're you're leading from contribution and leading from education, you're not only telling them the things that you can do to take off their plate, but you're actually giving them the timeline that they need to be following in the steps that they can be taking, which gives them more knowledge, which leads to more comfort which leads to faster decisions. And if you want people to actually use your services faster, educate them first and it really goes to kind of that whole jab jab jab hook approach where you you educate you offer you offer content and contribution multiple times before you really go for the close. And people are gonna be just teed up in in begging you to do business with us as probate experts and specialists. If we can offer more value and educate them and, and put them at ease about where they should be in the process. So that was really valuable chat. I liked what you said that that idea is is genius. Yeah, I keep shaking my head. So thank you, you know, sometimes it's like you kind of know the answer. I mean, I think Chad, you've alluded to that before and it's now more than ever, you know, now that enough time has gone by that it's, it's evident and apparent to me from the feedback on the phone, that it's, it's like the first you know, whatever I'll say months. People are still getting hit with the, the We Buy cash for how the you know, that whole message, right? cash, cash, investor, whatever. And they can't do anything. So in a way, it's a gift. Because, you know, along comes a message like we're describing and they still can't do anything here in LA right for another two months, maybe four months total. And so Yeah, I really appreciate that messaging is like it could sink in. As well as that there's other guys might go away. It's been my experience that more the investor wholesaler types that are just using probate as another column, but they don't really care are coming from contribution and the messaging occurs like, I want to buy your house at a discount and there's That's it, you know, we just buy cash cash for keys kind of thing, that this type of message has the opportunity to actually land so I'm not fighting such an uphill battle. Because many people have said to me, oh, this house would have already been on the market or I would have already been moving forward, but I can't. So anyhow, there's a silver lining in all this. So Renee, how are you gonna? How are you gonna spend all this money in January? You know what time you guys are getting? I don't know Santa is going to be good to us this year. Gotta go. I want to like I want to congratulate you on thinking Like a business owner, like a true entrepreneur, you know, you're faced with something that very fortunately, most people on this call don't have to deal with. But you're facing a four month judicial backlog and you instead of sitting there twiddling your thumbs or bitching and complaining or quitting, you're saying what can I do to provide value? What can I do to set up my pipeline for four months down the road? Because I need money then too, right? So good for you. And keep doing that. Keep thinking outside of the box. And for anyone else who's on here. If you're in one of these markets, where you do have a judicial backlog, think about it. If you're heading into what appears to be a global depression, you need money more this coming January than you have any January in the past. So if you let off the gas and lose momentum on a campaign you work so hard on that's the worst thing you could possibly do. So Rene, your thanks for being a great example on always being being transparent and willing to share with us but keep keep coming up with good ideas like this and keep serving these people and you'll have one of the best damn first quarters you've ever had. Yeah, Rene, I was gonna ask you, you said something with the engineers it. You said something at the end there that rang a bell with me, one of my original mentors in the business over 40 years ago used to always say, figure out what everybody else is doing. And whenever possible, do the opposite. You, which is kind of what you're doing. You made a reference to they're getting all these calls of adjusters pay, like pay cash for your house. And you are so different from that you're so opposite, that you just automatically stand out. So good for you. I know you're gonna have a 2021 you know, hey, you're gonna do as long as you can. I mean, 2020 but 2020 one's gonna be awesome for you. And hopefully the end of this year, you'll close strong too. So thanks for being willing to participate and give us great content. All right, guys. Well, I have Thank you. Go ahead. No, go ahead. You want to say something else for next? Oh no, I just consider You know, real estate is kind of like the fashion industry. It runs every six months, you know, I'm already thinking of it's already January in my head, right? It's like the fashion industry is you're thinking of spring or you're doing winter, right. It's like that. So, yeah, everything I'm doing and particularly for probate is my year started in July, and it will pop in January. So hopefully people really hear that for themselves. If you feel like you're in a slump or in a mental funk or whatever, it's just, you just have to move forward. It's just we've been thrown a curveball here. So don't give up. Absolutely. And you can obviously hit curveballs. So thank you guys really have more in the queue. There's plenty of room for more hit star six and hit one. In the meantime. Next up is phone number ending in 2292. You're up next. Hey guys, this is Mark I'm calling in from Can you hear me okay mark, I got UO Hey, how you doing? Hey, okay, hey. So I, I got all the leads popped into my newsfeed about a week or so ago and I decided to explore it. So I don't know much about this stuff. And I've been talking to your salespeople and whatnot. Anyway, I've watched or I've gone through, I purchased the first couple of the training part, the recorded part that wasn't live. And as I was going through that as as sort of like drinking from a firehose, and I've been in some of the recorded calls, I've been out to YouTube watching some stuff and I was like, man, there's a lot of stuff I don't know. So what I decided was I needed to get and I needed to learn a lot more about this stuff. And I figured if I still learn a few things, I would start taking leads and then I would quit because I would just, I would just get frustrated and overwhelmed and stuff. So, and I'm sitting right in the corner right in the center of three pre populated counties in the Houston area. So I don't, I think the, the opportunities are abundant to say the least. But as, as I was watching the first session of the training, Chad said something that that really hit home and it was talking about, you know, the expired leads. And so I always said that, you know, a lot of people are really doing their clients a disservice, you know, not being able to sell their house. And so, I've been doing this for just five, almost five years now. And I've got this, this one. One listing I've had, it's actually getting ready to expire and I've done probably about as good as I can. But I realized, you know, if I had some more solutions for these people, you know, I might be able to, to meet their needs better. And what so one of the things was, and this is just a confirmation, I was thinking that they could probably do an owner financing deal and get on with their lives and do what they wanted to do. And so part of this was just, and I've heard on some of the other recordings that the episode that's shift happens, Episode Four kind of goes through that. And so without getting buried in a lot of stuff, I just wanted to find out that was the right direction to, you know, provide that solution for them. Yeah, absolutely. That's, that's the best resource we have for aggregated creative financing content. In so the question I have you feel like, I mean, it sounds to me like you've done what you can for a marketing stunt. point on that particular listing and you can't lower the price anymore because they have marginal equity. Is that right? No, they they actually own the house outright. And they, they just feel like it's worth more money than me. It hasn't even I've shown it probably 14 times in the last six months. The houses in really, I mean, phenomenal condition, but it's just really kind of a yucky plan. And there's houses selling all around them. And so they're like, why isn't this house? Is it just because we have yucky plants? Like Well, yeah, that's that's kind of it. So, I mean, every house will sell at a price you just haven't hit that price yet. Right. And they're not. They're not. They have resistance to price reductions. Yeah, they had it listed last year was somebody else. I met him I think at an open house or something and said let's try it. I think what will what will happen if I don't provide a different solution is it will expire? No problem. I try to do the same thing next year Potter that nobody always. Yep. Well, it'll all be your fault if you don't do something the next week or so. Right. Right, go back. Here's what I would do it. So the asset tree unclear, right? Yep. Is this a probate home or just no as they're living in it or, you know, their kids are all gone, they just want to sell it and move to Kentucky. Okay, I would make them a net sheet. You'll see that in session three of probate mastery. If you haven't gotten that already, we use a net sheet. And you could you could model out conventional sale at a price you believe it would actually sell at, and then model out probably a full price sale at their current their current price. And then tell them where you're going to find that buyer. You're going to go to all the buyer's agents, you're going to go to all of the good loan officers, and you're going to let them know that you have the ns again, it's going to be up to the listing will be amended and updated. So you'll check yes on the owner financing available field and MLS. And I would say, you know, coming up on on the expiration of this listing, there's one of two outcomes for me, either, I find a way to get you what you need. Or you blame me for this and move on and hire somebody else and repeat the same thing. And I know what I think is best for you. Because if you if you list if you use the same methodology and the same price that we've used for the last year, I pretty much know the result for the next year. So what I'd like to do is give you an option. Option one, I'll give you some options. Option one is let's price down to the market and actually below the market. Because we know from the 16 showings we've had that the market is telling us clearly the home the asset is overpriced, and it's probably because of the layouts and you know, that's something that's out of our control. But if we can price below tomorrow And we can create we can generate enough interest then we can we can create an auction mentality and potentially sell it at market at that what I believe is market price. And chances are they're going to flinch I would do this in person if I were you read their body language and they're going to flinch. I'm like, Okay, well, that's how I thought you might react. So what I believe is best for both me and you long term requires a lot less of a concession than saying we're willing to take less money. The only concession I need is that you trust me and agree to think outside of the box. And the payment for that, like the benefit to that is I'm actually gonna make you guys a lot more money than you've asked me to make you over the last 12 months and I wasn't able to, and you're kind of falling on your sword here. But you're letting them know they're in control and you're trying to get them to do something they're probably not having thought about or might not be comfortable with. So I'm going to fall on my sword and show them the big benefits and make it myself Give them a chance to be the hero in their own scenario. And then pitch to them. Like, you know, we have a lot of a lot of Mexican national buyers in this market. Many of them are entrepreneurs, they're business owners, they own painting companies, contracting companies, they either don't have permanent citizenship, or they don't have two years of work history, you know, since they started their companies, and because of supply and demand, always drop the price in real estate when you agree, Mr. seller. So if we have almost zero supply and a high demand from people who are who are cash rich, but credit poor, do you think that we might be able to get this premium price and if I could show you a way that you could make a reasonable interest rate we could take a safe what you feel like is a safe downpayment and get a reasonable interest rate. And you could have we could basically turn this house into an annuity for you. Do you think that would work for you and present it as a plan like help them see who this buyer is? Because if you go try to get them to owner finance it, they're gonna be like, Oh, it's gonna be a catastrophe, someone's going to come in here and strip out all the copper and set up a meth lab and then it's gonna they're gonna have to foreclose and, like they will form their own story. So painting the picture for them, show them what your vision is for, here's what the price is. Here's what the downpayment is, here's who the buyer likely is, like, build it as a persona. It's this person. It's this mega national contractors in the second year of business, but he hasn't filed two tax returns, but he's got $50,000 in cash. And the reason I'm saying that is that's a very common owner financing buyer prospect in the state of Texas. I have a lot of people who are doing 50 6070 deals a year this way. And they typically will take a 10 to 20% down payment. They'll charge you know, market price, like retail price or sometimes retail plus a premium. They'll do it on a 30 year amortization on a five year balloon. So that person has five years for the home to appraise. And there's an appraisal clause written in there that basically just extends it. So at the same terms, it will extend another five years if the home doesn't appraise. So that way you've mitigated the risk for the buyer, they're not going to get the note called just because the market went down, which is likely to but I would present it to them as a ready to go solution. So it's not like Well, I think you should listen owner financing sign here, but Right, right, right. Yeah, with the monitors and presented as a strategy you know, more than a tactic. Okay, well, so but I got the story down. That's great. Are the other technical I guess the components is that is that all in the in that session for that I was referring to? Well, here attorney will handle all that. I mean, you just you basically the things you need to account for and the purchase agreement would be more well known. Back up, you need to basically sign a listing amendment that says that the listing expiration date has been extended to, and the owner the private remarks will now say x, and the owner finance field will now be checked. Yes, and those are probably the listing amendments that you need, then the next step is, is when coaching the buyer's agent, if there is one, when coaching them through the purchase agreement, they just need to make sure in the finance category or the finance section of the contract that they address, you know, and honestly, like what what I normally do is in the financing, just check owner financing, see additional terms and then I'll go to additional terms and say, you know, be basically defer that to the attorney and just make it their responsibility to structure the note and the deed of trust and to communicate with the buyer to make sure they understand it and that takes you out of it and keeps you away from any you're not answering legal questions and exposing yourself to me possible risk of practicing law without a license. That's, that's the safest way to do it as Don't try to be too. You know, don't try to be too technical with it. Don't be ashamed to say, You know what? additional terms. Attorney john doe will be handling the closing he will he will work with buyer and seller destructure the details of the owner financing agreement. And labor basically, you're, you're saying I pretty much know what I what I need to know right now. I just need to do it. That's right. That's exactly Okay. All right. All right. So very good. I appreciate that. And then, in terms of me getting up to speed is or other than the, you know, the the training that I'm already doing to finish that. Is there any series of YouTube videos or whatnot that because, you know, I've been on a couple of these mastermind calls, it's all interesting. But unless you're actually doing one of those things, it's like, okay, it's, well, I'll file that away, and I'll pull that out when they need it. So you're struggling It sounds like you like that you like learning through video, right? I learned anyway, I mean, just I just need something in front of me that you know, I can absorb and go Okay, here's step one, step two. So the you know, the idea for me is I've got one solution in my quiver right now I need a need a couple more when I saw your, your, the way you know how your it was some kind of chart that you showed about the different aspects of the business and all those pieces. I'm missing all but like one of those pieces. So I got to start adding those solutions into my quiver, I guess you could say. Yes. And I don't know. probate mastery is the best. The best thing that's going to keep you on track. You can use that the way it's taught. If you were to follow that and just understand or Do the action items, and it's the way probate mastery is laid out is very linear. So although it's so I could take somebody who's never even heard of a probate transaction, and get them up to speed where they're running in the top 5% of agents in the country with them three days. So my advice is, you know, you've already paid for the best aggregate tool that you have, I would focus on that wholeheartedly first. And session two is going to be really useful for you because it's really going to get you clear on the strategy and all the things that you can do and who is going to help who's going to do those things for you. So you're not doing the work, but you're still getting the credit. And then session three is going to focus you on the conversation, how do we talk? How do we start? How do we get the conversation started? We keep it going stay in control, the leader, not a salesperson, and then what do we how do we how do we take that to the face to face appointment once you feel comfortable, and that's I mean probate mastery is it's you know, we've got nine hours of actual instruction. And then you've got an additional, almost six, five hours, six hours of kind of freestyle q&a more like we have on these calls. So yeah, even if you just focus on the core teaching of, you know, sessions one, two, and three, if you just focus on those nine hours, then the supplementary piece to that would be if you go to our playlist and all youtube.com forward slash all the lead playlist, look at tips from the trainer. And look at Ask the Expert those are two series that there's not much there's not redundancy there. That's why those were carved out as separate series. So tips from the trainer are usually videos like if I hear something if I see if I get the same question repeatedly or see the same struggle repeatedly. I try to make a tip from the trainer video to address that just so that you know if I'm having a one on one conversation coaching with a coaching conversation. Only me and that person know that that happened. Whereas if I put it out of the tips from the trainer, then everybody has the, you know the benefit of being able to hear that answer. So that's where a lot of those things live, like things that weren't necessarily covered in the training, but blind spots that were common among many people. That's what that series is the other series, ask the expert, that's where people outside of the real estate space that have a higher level of knowledge in this niche than we do, we bring them in, and we interview them. So like probate attorneys, the last one we did is with probate, cash and estate advance company. So those are good, good additional supplemental resources to probate mastery. And then obviously, the roleplay is the other playlist. So we have, I don't even know 60 hours of archived roleplay. So session three of mastery will give you a really clear understanding of how we know what the framework is for this conversation. But because there's no screen The roleplay is a great supplement to that, because you can hear me and other people, you know, Bruce and our subscribers, you can hear it presented 10 different ways 12 different ways rather than just the way I present it and mastery, right? So those three playlists, your tips from the trainer, ask the expert and roleplay would be your three supplementary pieces. But make sure you've got a good understanding of what probate mastery that's that's kind of doing the right things in the right order to keep you on track. Fantastic. I appreciate you looking forward to jumping in. All right, thank you. Next up is phone number ending in 0727. You're upset. Hello, everyone. How you doing today? Well, I'm Jonathan Hawkins in Dallas, Texas. I hope everyone's doing well. So Exactly. They I love it. I love it. That's one of the first thing I want to start off by saying thank you guys for this program because it has made In different absolute local real estate agent in Dallas, of course, I was working working hard. But I was a teacher before for 14 years, I was an instructor in the classroom. So my newest clients was one who only saw me as a teacher, even though I knew she and I have tried to sell the property and, and they went to market with someone else before and expired and I'm still talking to them and they're like CNS. Nice this cute, okay. And but the license found that before that I was working with the probate. And so they were preparing to sell their home with someone else to hand out the paperwork yet. And her husband had a massive heart attack. And he subsequently died. And so she called me out of the blue. She's like a J. You know, Paul, just at heart attack, we've got the four plugs. I don't know what to do, and because of this program, and because the people are put in place was okay for some dudes talk to this, you know, talk to this probate attorney before Going to this, we're gonna do that. And she was just just completely Donnelly blown away. But she was like, I feel so comfortable, I'm not even going to talk to anyone else. Because you have everything. You have everything in place, I don't even talk to anyone else. And so it's a level of trust there now, because she doesn't see me as just a real estate agent anymore. She sees me as, like a guy with, you know, the complete solution. And that's all come from this program here. So I want to thank you guys for that. And for the training of that. So the most valuable energy in the world, the most valuable currency in the world is the impact you have on other people. And that's awesome, man. Thank you for thanks for sharing that. Like, yes. As the teacher he taught you she got the lesson, right? She did. If she was actually the person in the office that was dealing with all the teams and everything of our teachers who's been administrator in the office direct to the principal so when she saw me flow she's like, Oh, you know your teacher you're a great teacher but I don't know about this whole real estate thing cuz this is my biggest asset. And she wanted to make sure that with competent but just dealing with me there was space right here seems like oh my god isn't some new way to see Johnson Hawkins now. So that's awesome. I appreciate it. Now I'm still I'm still sick. I'm still a rookie. So my question my second question is this. I put together the absorption, you know, had absorbed the house and everything else but I'm not really cool on how to present it properly. and want to know if there's anything if there's been put together or even just to see someone deliver it because I'm kind of winging it on my own. Just on my own, cuz I've never seen that before until you actually put, you know, solace in probate mastery. I've never seen that before. So any help with that? I don't have any recorded training on that. You can always fall back to a comparative market analysis instead of a market absorption analysis. Are you comfortable with a CMA? Oh, definitely. Okay. So you can always use you can always use a CMA. The reason I like the market absorption analysis is it gives me two years of data. It brings in the expireds, the actives the pendings now it shows me who I'm competing with and who was obviously I you know, overpriced or under marketed, but it's intimidating till you don't have a handle on it. Just put that up, put that in your in your queue is something you're going to perfect. Don't feel like you have to do it in the appointment. And as I say, in mastery, I take that as that's kind of the that's a leverage point as well. All right. So if I find myself if I find myself in front of a family who have who have unrealistic price expectations, and or they just want to challenge me on the valuation, then that's there for that reason. But nine times out of 10 I don't even I don't even use it. I leave it with them. So they feel like they're like, Oh my God, we made the right decision. I don't even understand what this guy brought. How do I interpret this? And it's by design like the market absorption analysis, the way I present it, it's it's almost meant to be confusing without my presence. So if it ends up in the hands of my competitors, they're like what the hell this guy's an idiot. I don't know what this is because they're they've been trained to do one thing right inside the Boston CMA CMA, CMA. So it's something that doesn't hold music playing. Yeah, I thought me it is. I know who it was that they needed themselves. Now. I won't I won't count on him. But it's on now. But anyways, Jonathan, so like I show you kind of in that last section session a section of session three and masteries, kind of how I'm pulled the 12 to 24 months in zero to zero to 12 months. And then I leave the bottom, the bottom half of that form blank. You can I don't have a recorded training, if you I'm sure there's stuff out there. I took it from the commercial real estate world. So when I was risking my own money as a new investor, I said, you know, how do I how do I get a better analysis tool than a CMA or trusting some software to cop out my properties? So I started using that because I was brand new to the market. So I took it from the commercial real estate world. I don't quite remember I think it was from a book. It might have been from how to succeed in commercial real estate BY JOHN Bowman or mastering real estate and mastering real estate investment, my Frank galleon le, those are two books that I read around the time that I started doing that. And I'm guessing I finally found it. But anyways, it's something that took from the commercial industry to differentiate myself and to protect my own investment. But if you look around bigger pockets two might be a good place like that. Just Just google search and bigger pockets search market absorption analysis, I have to believe I'm not the only person out there doing it, someone probably. And if you have if you don't find what you need, call support or or email support and have them elevate you to my calendar. And we can do I can, maybe we'll actually do it together and I'll record it and do it as a tips from the trainer for everybody. Be Awesome. All right. Well, we have two more in the queue. Chad, can you go a little over today or do you have a Do you have Yeah, I'm okay. And so 215 All right, so two brief, brief callers left. The next one is phone number ending in four or 512. You're up next. Yeah, Chad has to get the lunch at 215 so we gotta let him go. Hey, this was Richard in Birmingham. How you guys doing? Good. It's been a while Been a while. I got a quick question for you, Chad. I know you back a long time ago and I had it in my folder and I can't find it. Got a house and the insurance company AAA cancelled it because they found out her dad had passed away. What are the two companies that you had mentioned before that we could get insurance on a vacant house? The ones I use in Virginia are American modern. And they can express American modern and they can express. Okay, yeah, and then here are just a little bit here in Birmingham, we've had a contract. I've got five right now this hailed up but had one in February we just closed down at this one from everything that's been going out. Yeah, yeah, it's been crazy. Richard if neither of them are in your market, what I have found is just look for an independent company, you know somebody that isn't State Farm or Allstate, and this company called tapco and they actually are underwritten by Lloyds of London. They're pretty where they're pretty much everywhere and small little independent carriers will usually offer it but what I can pick up the phone and have insurance coverage in 15 minutes I use when I slip properties or visits a hassle to go through all the inspections that make you go through. Okay, did you say Capcom? cipc Oh tap tip CO is the one I use. But any independent contractor just tell them you need You know, you need and I use it in Florida during hurricane season or if a house won't pass the hurricane, you know, the my five point inspection I just I usually use that when I flip houses. It's, it's, it's more expensive. It's about 50% more expensive, but it's quick, you can get coverage, you can get coverage instantly. Right. And most of their most of them are probably underwritten by Lloyds of London or a big carrier like that. But there are several different companies that go under. Yeah, now you said Chad American modern, what was the other one? They can express. They can express. All right, I appreciate you guys. All right, thank you and it is perfect timing. It's the top of the hour. A great call today guys your calls but we really dug into the issues that we talked about. So want to end this call the same way I always do. I want to thank each and every one of you for being here. Particularly The four or five people that actively participated. I want to challenge each of you take one thought one idea. 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. In the meantime, stay productive, stay healthy. Have a great week and we will talk to you same time next Thursday. Take care Transcribed by https://otter.ai

SALES PSYCHOLOGY: How To Stay Top-Of-Mind and Motivate Sellers Right Now
Getting Out of the “Real Estate Friend Zone”
CMAs and Market Absorption Analysis