Cold calling Probate Leads

[Leah Bonner]

Hello! 
Just putting together lots of probate leads and have been trying to brain storm a general script for my va, 
I have been reading on mixed sides, some say don't speak about the death others say do. And both have good reasons, -also when its in probate doesn't that mean the Representative had to file for the probate, meaning they had there grieving moments and are ready to move on with the estate(?)-

anyway any advice will be really appreciated! Should I just have her call and say "hi im calling about the property at 123 main street and was wondering if you have any plans with it yet, we have helped many people deal with unwanted properties ... etc etc etc" 
PLEASE AND THANK YOU :) 

[Kenneth Reimer]

@Leah Bonner Leah, I'm a strong believer that people that are interested are interesting. When you hop on a cold call, and you're able to get the attention of the client, ask open-ended, thought-provoking questions. This will force the client to paint the picture of their situation, and will allow you to find how you can help them. Obviously, the assumption is that you're trying to take advantage of this person. The challenge you have to overcome is convincing the client (often in 30 seconds or less) how you can help them. They need to know that it will be a win-win situation.

Also, I wouldn't assume anything about the state of grief of your clients. Instead, I would ask if they are comfortable having a conversation about the topic. Overall, just be human over the phone. The fact of the matter, is that you can actually help these people. You have to believe that. People can sense confidence over the phone, and it's absolutely crucial that you believe that, or else you will come off illegitimate. 

Hope this helps you Leah!

Kenny Reimer

[Sam Craven]

Leah,

Kenny nailed the 1000ft ideas of cold calling someone in this situation.

How are you getting probate phone numbers in your county?

[Account Closed]

@Leah Bonner   I think it might violate the biggerpockets terms of service to express what I think about someone that calls the relatives of dead people to make a buck off their tragedy.

[Leah Bonner]

@michael Biggs I can see how you think that's bad but it's actually helping them. With what your saying then you must think wholesaling in general is bad. But they have a burden and I am willing to provide a solution that's how almost every business works. 

@Account Closed that's actually really good advice, thanks so much. 

[Kenneth Reimer]

@Sam Craven Thank you Sam, I think we should give @Leah Bonner a vote for asking such a great question!

[Account Closed]

@Leah Bonner   Actually some people that call themselves wholesalers are good and some are bad.  Many of the ones I know are dishonest.

Do you do assignments?  That is actually what most wholesalers want to do.

[Rick H.]

I'll bet I've talk to well-over twenty thousand (20,000!) people in probate over the last three decades. 

Couriously (to me anyway) was that before my stroke in 2009 I was widely considered to be one of the best on the phone in real estate, however when I returned to work in 2010 I had totally lost my confidence. 

My speech was unaffected but my cognitive skills were severely hampered and I just could not organize my thoughts. 

This lead me to work like heck trying to recapture those skills that I once possessed but had not documented or memorialized for later reference. Boy was that an expensive, aggrevating lesson!

After experimenting with any number of sales and conversion formats and even a few scripts, I've concluded that it's more important to be a careful listener than a big talker. I've relearned to guide the conversation in certain ways.

That doesn't mean you don't need to connect with the prospect, because you do, however they need to have someone to release their frustration with their situation to. 

And that's you! 

If you're smart, you learn how to subtlety aggravate the pain, offer compassion and solutions and take good notes.

If the want yo tslk about their issues with death and grief, fine. But don't bring it up as it doesn't solve their problems or move the situation forward.

[Mark Pedroza]

@Leah Bonner

Also when your researching new probate files take notice that the PR has included their email address.

This is a bonus. Write down then re-write what you want to say then send. Not to deter you but the PR and heir's are going through mixed emotions.

Good luck...

[Joshua Martin]

@Rick H. Do you always call probate leads? And I'm sure the fear of rejection is greater than the reality, but what percentage would you say are deeply offended or nasty with you? And additionally, if you receive a very aggressive response do you stop mailing them? (I'm almost sure you don't ;)

Switching my probate marketing from a realtor angle but who can also provided a cash option and a list of cash buyers. Brainstorming what I can do in addition to direct mail, naturally cold calling came up but it seems like a difficult prospect group.

One more question if you'd be so kind: what have been your best probate referral sources? I've found the attorneys I've talked to either non-receptive or already have established relationships where they pass their referrals. I'll try to get face time and see what I can do, but over all your years doing this have you connected with estate planners, nursing homes, hospice centers, priests or any other businesses or non-businesses that have been worthwhile relationships?

Thanks in advance.

Best,

  JTM

[Pratik P.]

@Leah Bonner

I cold call every probate lead I get each month and also mail to them, so maybe I can help. 

My biggest suggestion is to not use a script as it turns into an interview. I open with "Hi, my name is Pratik and I work with local real estate investors. We noticed that you're currently in the probate process for a property in the area and were wondering if you're interested in selling it". Then if they're looking to sell, LISTEN! They will tell you 90% of what you need to know. Once you determine motivation, ask what their timeline is and how they would like to proceed. 

If they're not interested, they'll usually just tell you and end the conversation. I've never had any probate lead yell at me. Most of them know probate records are public.

@Account Closed

Many people who inherit these properties don't really want them and just want to liquidate all the decedent's assets. Sellers know that you're investing to make a profit or in your terms to "make a buck". The key is to not pressure them. You have to take a "Hi, I'm here if you need me" approach. 

[Bhekizwe M.]

As seen by Micheal Biggs response, some might be out of anger but follow up has its stages.Denial, anger, acceptance (whatever) but persist, you'll get the deals.

Make yourself known to the seller (PR/executor) as a problem solver and warm up the lead with follow ups

[Account Closed]

I could not possibly disagree more with @Bhekizwe M.  In Texas, many people would consider those "follow ups" at best to be phone harassment.  If you call a number on the do not call list, then it is phone harassment on the FIRST call.

Be VERY careful.

By the way, probate lawyers have a term for people that do this.  They are called "vultures".  All the ones I know will report "wholesalers" to the state for possibly practicing without a license if they find out that you are doing an assignment.

[Cody James Cressey]

@Pratik P. Commenting on this old feed, hope you see this! I just started skip tracing probate leads using the deceased name and I'll get anywhere from 1-9 numbers back for each contact. As I am making my way through the calls and talking to different people who are associated with the deceased person, what is the best way to identify if they have affiliation with the property? I love your opener, however I feel like I shouldn't say that to each number as it could be an old work office, old number, or whatever. Hope that question makes sense. 

[Bob B.]

The deceased's lawyer (that wrote her will) was the only competition on the last house I purchased from an estate.   

[Mark Pedroza]

Originally posted by @Cody James Cressey:

@Pratik P. Commenting on this old feed, hope you see this! I just started skip tracing probate leads using the deceased name and I'll get anywhere from 1-9 numbers back for each contact. As I am making my way through the calls and talking to different people who are associated with the deceased person, what is the best way to identify if they have affiliation with the property? I love your opener, however I feel like I shouldn't say that to each number as it could be an old work office, old number, or whatever. Hope that question makes sense. 

Whomever filed a petition for probate will be the PR (Personal Representative). This is the individual that you will identify who is affiliated with the decedents estate..

[Jeffrey Grieshop]

@Bob B.  how exactly do you know this? Was the petition for probate as @Mark Pedroza mentioned not filed publicly anywhere? if it was, someone at least had access to that info. and could have moved on it. That would be competition, not? I am curious. You did mention a will. Would you kindly share more details about how the lawyer was your only competition? 

@Mark Pedroza thanks for your insights in this post and some others. You laid things out quite clearly!