How to approach probate leads

Question

So I’m considering focusing some heavy attention on probate leads and investing, but don’t know much about it or where to begin. I’ve got a mentor who has access to probate leads but I’m afraid of coming off the wrong way when approaching. My question is how do you prefer to work probate leads; as in cold call, door knock, direct mail, social media, funeral home and probate lawyer referral; and how well does it work for you? (If you can give a response rate that would be fantastic!)

Sharon Vornholt · Answer

Probates have always been my #1 source of leads. They have to sell the property in the estate in almost every case before the heirs can get what they’re inheriting. Thanks for the shout out @McKinley Crowley

Sharon Vornholt · Answer

@John Moore - I understand what you're saying about direct mail being expensive. It is. But you have to remember that these folks have lost someone. They are grieving. And at the same time, they must take care of the "business" of settling the estate which includes selling any property in the estate.  After doing this for more than a decade, I can tell you cold calling these folks is not the way to go.  They don't like it, and they get upset. The other part of this is that this isn't a "one contact" type of situation. That's why direct mail works so well. You want to send them through a very nurturing series of letters (a direct mail campaign) over time that let's them know that you will be there when they are ready to sell. That might be next month or in a year. Each situation is different. You really have to understand the psychology behind probates to be successful in this particular niche.

Mark Pedroza · Answer

The person you'll need to contact is the PR (personal representative). They make the decision as to which real estate agent that they want to work/list with.

If it's a wholesale situation the PR will make that same decision as well.

But remember that the attorney representing the estate will be looking out for the best interests of their clients..

John Moore · Answer

@McKinley Crowley that’s ironic because I actually downloaded her podcast recently. I was just looking for some personal opinions on what’s working for some of the BiggerPockets folks. I’m also from northern Ky, only a few hours from where she likes to do things. I was considering cold calling over direct mail personally but I don’t want to be intrusive either..

Patrick M Nichols · Answer

I would recommend dealing with the probate attorney wherever possible. It's his or her job to represent the family and provide objective advice.

Depending on the state or the type of case, there may not be an attorney so this could be a trial and error process.

McKinley Crowley · Answer

Check out @Sharon Vornholt's blog/podcast "Louisville Gal's Real Estate Blog" she is very well versed in marketing to Probate leads so that is a great place to start. If you decide to go the direct mail route let me know and I am happy to discuss more with you.

Cheers,

Sharon Vornholt · Answer

My pleasure @John Moore.

John Moore · Answer

@Sharon Vornholt thank you so much for all your advice 🙏🏾

Mark Johnson · Answer

@John Moore As an agent, I’ve been prospecting probates for the last year.  I suggest calling the PR.  AllTheLeads.com focuses on probates and has some good info and lots of masterminds and role plays on their YouTube channel.

How to approach probate leads

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