How To Reach Probate Leads In Real Estate Investing
Probate real estate investing, or investing in inherited property, is one of the most profitable real estate investing ventures. Accessing probate leads can mean big profits for your real estate investing business.
In this article, we look at how to get probate leads and how to market to them.
How do you find inherited property?
1) Local courthouse
Your county court house is the best place to find probate leads. All my neighboring counties have a place where they display all the probate filings. Probate filings always include the name of the deceased, the executor, also called administrator and beneficiaries.
The executor is usually an attorney. One of the beneficiaries frequently takes over the role of the administrator to reduce attorney fees.
Beneficiaries are usually relatives, and are the ones who have inherited the property.
2) Publications
In my local market, there are publications that list all filings in the county court system.
These publications also include probates and are good sources of leads.
You are likely to have such a publication if you live in a big metro area. You will have less work because you will not need to go to the courthouse for probate leads.
3) Probate attorneys
You might get good leads from probate attorneys. In my market, I do not consider them an important source of leads. Attorneys have never been a source of any deals for me, even though I have contacted them.
But this may be because I concentrate more on courthouse leads and publications.
4) Realtors
Most home sellers first try to sell through a Realtor. MLS listings can be a source of probate listings too!
You can easily identify these deals easily if you work with a Realtor.
Marketing to probate leads
Once you have the name of the deceased, you then find out if they owned property. In the current age, you can do this on the internet on your local county website.
You may find that the property may still be in the name of the deceased, or their estate such as John Doe estate.
Once you find they owned real estate, you must then reach the beneficiaries. You must remember to handle beneficiaries with sympathy not aggression.
I usually send them one letter every month for 6 months. Probate process can drag for a long time but 6 months is good enough.
They will think about you first when it comes time to sell if you have been consistent.
I no longer contact the listed probate attorneys because they rarely respond. Also, the beneficiaries must try to save money by minimizing attorney fees, and usually delegate administration to one of the beneficiaries.
If your leads come from a Realtor, then you will need to make your offer through the Realtor. If you send mail to the address of the deceased, it will bounce back stamped "Deceased" by the post office.
Your best bet in this case will be to work with the realtor if you do not have the addresses of the beneficiaries.
No matter what type of real estate investing business model you do, it is important to close as many deals as you can spending as little money, time and effort as possible to be profitable. Learn how an automated real estate investor website can simplify your business putting more money in your pockets.
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