[video] Does probate real estate really work?
Jonathan Khorsandi on Mar 01, 2022 posted in Probate Real Estate
Hey, folks, welcome to this quick video. Hopefully just three or four minutes.
In this video, I'm going to talk to you about why we are going to use probate real estate. So why probate real estate? Before we get into this, I want to welcome you.
My name's Jonathan Khorsandi.
I'm one of the co founders of Probate Data. We've been around for over twelve years.
And in this video, I really want to get to the core of "why probate real estate". And more importantly, obviously, you're watching this video how we can help you get more with less, basically get more leads, get better leads with less effort.
So let's dive in. Why probate real estate?
Let's talk about some of the key central components of an ultimate probate real estate lead. In fact, I would say these are the key components of any type of leads you want out there. So if you have these seven components, there's actually ten of them.
I made three sub points, but seven, it's easier to remember, right?
So seven essentials of the ultimate appropriate real estate lead. So it all starts with what we call explicit motivation.
Explicit motivation, not implicit. So let me define what that means.
Implicit is when you're trying to figure out if now is the right time that people might want to sell. So implicit is implied. We're trying to look at data sets, right? This is not probate real estate. This is implicit.
This is like when you have a farm and you're buying farms from your title, you're getting leads and you're like, well, these guys have been there for 30 years, there's a good chance they might want to sell.
So keep sending letters to them, keep talking, keep calling, because you might just hit them at the right time when they're thinking about selling. So that's implicit, you're trying to deduce that people might be willing to sell.
Explicit, which is what probate real estate is.
Explicit means that they're explicitly, they're expressing they're ready to move forward. They want to sell. And this is why probate estate is so powerful. When you're prospecting with Probate, you're working with cases, with leads where people have filed some paperwork at the courthouse, and now they want to move forward. And in most of the cases, 85% of the time, there's real estate in there that needs to be sold due to many different circumstances, we're not going to get into right now.
But basically, here's what's going on. Someone passed away. They didn't have a fully vested living trust. The whole thing needs to go through probate because that's the only way they can settle the estate debts and pay off the heirs. And that's where you come in as an investor or as an agent.
Explicit motivation. Explicit.
They're expressing it out that they're ready to move forward.
Which brings me to my next point. There's a lot of equity in these properties because the people that are passing on now leaving property behind are the baby boomers.
And they are the children from the Great Depression. And guess what? In the Great Depression, they learned not to trust banks. So they taught their kids that are now currently the baby boomers to not trust the banks.
Put all your money into your real estate, something that's tangible, you can hold onto.
So a lot of times these are cash poor people are passing on and real estate rich. So tons of equity because they spent their whole life paying off the debt.
So when someone files for Probate, that means they're sending a signal.
They're saying, I am ready to move forward. We have to move forward because we got to sell, let's say Grandpa's house or grandma's house. They passed away five months, five weeks, five years ago.
It doesn't matter when they passed away. What matters is that they file for Probate.
So the moment they file, that's the moment they're thinking about, how am I going to sell this? How am I going to do this? And probably shortly after filing for Probate, within 30 days or less, they're realizing there's no money in that state. All the money is tied into the real estate. Therefore, they must sell.
Timing top of mind awareness. That's where timing comes in. Now, let's talk about availability. Okay.
Now, Probatedata has this unique definition.
Availability. I'm going to talk you through at least three sub points that I mentioned before. Availability means you want to call on estates and call on cases and the executive administrators where we know the property is available. So that means it hasn't sold. The property hasn't sold since the Probate filing.
It also means it's not listed since the Probate filing date. And it also means that the name of the decedent matches the name on title. So when you have those three things, property haven't sold, hasn't been listed since filing date.
And the name of the decedent, the person that passed away name matches the name on title. Right.
So when you go to a title company and you see the property matches the name of on title not listed, not sold since finally, that means it's available. And one point we didn't put in here, we did put it in here. Phone numbers of PRS. That makes for another great real estate lead and email addresses of PR.
So PR stands for personal representative.
Could be Executor or Administrator. Right. So this is why you really want to work with Probate cases, because the administrator or Executor also runs a personal representative or PR. They are the ones in charge of the entire situation. And they're the ones that can sign the dotted line to sell the property.
Whether you want to get a listing signed or a sales agreement signed, they're the ones with the authority. They're the ones that have been given the job by the courts. So if you can call them, you can email them also, if you have their mailing address, you can mail them. You can go door knocking It's all there. That's why probate real estate is so powerful.
Now, last thing here is you want to cross check with the Do Not Call National database.
So there are services out there we can cross check with the phone numbers for the PR. Right? So you got to look up the phone number, get the emails and all that. But also, you want to make sure that they're not on the do not Call list because of the numbers on the Do Not Call list.
Depending where you are in the country, what the regulations are, there could be dire consequences for that. So everyone kind of live up to their own level of comfort with calling or not calling on the people that are on the Do Not Call list.
Okay, so those are the seven things that really go into making the ultimate probate real estate lead. So let's talk a little bit about what if. Okay?
Now imagine that's what goes into a probate real estate lead. That's all available in the probate real estate lead. You got to do a little bit of scrubbing. You got to find out that it hasn't sold, hasn't listed.
You got to find out that the name matches the name on the title. And also you've got to look at phone numbers using skip tracing email addresses. And you got to cross check, make sure it's not undoing a call. What if you didn't have to do any of those things? Zero.
What would that mean? What would it mean if you had access to endless leads? Let's talk about the first point. Just imagine all the things I just described that goes into the ultimate probate real estate lead. You don't have to do any of that because we can do that for you.
In fact, we do it for you.
We have algorithms and services and the technology to put all this together.
In fact, we've partnered up with the number one, the biggest provider you've probably never heard of in your industry, which is Core Logic. And maybe you've heard of them. Core Logic provides all the data to your title companies, whoever you're working with, whether it's First Fidelity, First American, Chicago, Title Attorneys, Escrow, whatever title company or escrow you work with, that gets you all the title information.
They get it from CoreLogic. And guess what? We partner with CoreLogic. We pull information from there. So we give you real updated information on the property and the title of the property.
Right? And then also we give you the phone numbers. We have email addresses. We also make sure we let you know if there's any of the phone numbers on the Do Not Call list. All this is done for you inside Probate Data.
And now you have access to endless leads.
What do we mean by that? Imagine going back in time and finding cases that were filed six 8, 9, 12, 18 months ago and the property still shows available because guess what? We're scraping the MLS for you as well. And looking at the listings and making sure that the property that's in the state matches the name matches with the decedent.
The decedent matches with the name on title, but also every so often, about once every two days, we scrape and we crawl the internet and say, has this property been sold or listed since the filing date? So if it was filed a year ago, the property still hasn't sold and it's still the name of the decedent.
Guess what? There's still an opportunity. So that's what I mean by endless leads.
We will get you new leads as they get filed directly to your inbox. You don't have to log into probatedata if you never want to. It's there for you if you want it, but you don't ever have to log in because we'll send directly to your inbox with all this information in it in a spreadsheet or a PDF.
And also, what if you knew this lead source would always be there? And that's what I'm talking about.
We'll send them to your inbox. And if that's not enough, you can always log in and go back in time and find leads where no one is prospecting yet. They really need your help. Whether you want to make them a good offer as an investor and move the process along or you want to list the property as an agent, they need your help.
And what if you have endless access to these kind of leads and you knew that this lead source will always be there?
More importantly, what if you could start today? This is really the bottom line here. I've gone over three minutes. I know, but I got excited. I really wanted to tell you about this.
And if you're on the fence here, you know we got a free trial. We know you can get in. You can get started within five minutes. You can have leads in your inbox. You can start prospecting today with phone numbers, email address availability, cross check, all that good stuff.
Okay, so go ahead. The power of prospecting in probate really gives you more control and more freedom. That's really what it comes down to. More control and more freedom because you're dealing with what I said before. Explicitly motivated sellers that need your help. So start today.
We'd love to see you guys join us and get in on the free trial and we'll see you on the other side. Thanks you so much for sticking with me here. I know I went way over three minutes, but hopefully it was well worth your time and we'll see you in our members area. Be well now. Bye.