The demand for probate leads has increased greatly in the past few years. With the rise in the popularity of probate leads, individuals have started finding new ways that can be used to market probate leads efficiently. Notably, investors can use direct mail campaigns to target potential leads.
The way probate leads real estate works is quite different from other lead types. One key difference between them is that unlike other types of leads, probate leads are not driven by the condition of the market. In addition to that, no matter if there is a recession or not; a seller’s or buyers’ market, probate leads and probate leads real estate are always going to be valuable.
What is a Probate Lead?
Probate leads are potential sellers who have inherited properties after the death of a relative. These properties are often situated far from the new owner. This makes the new owners want to sell the property as soon as possible. Either they are not able to take care of the property or don’t need it as they already have a house of their own.
In addition to that, because the inheritance process was done so quickly, the new owners are usually not ready to take on the financial responsibility of the property. Research has found that around 40% of homes that are newly listed as real estate probate leads are sold within six months.
Where to Find Probate Leads?
While being on the lookout for probate leads, it is important to be cautious about getting probate leads from any independent website. Since probate leads are known to be one of the most valued types of lead, you will have to do sufficient research before you decide on accepting a person’s claim to have authentic leads. Instead, you can consider going right to the source.
How to Market Probate Leads Successfully?
Although probate leads are more expensive than other types of probate leads, they can be more than worth your investment. The important things for marketing a list of probate leads are empathy, variety, multitouch, and patience. Let’s discuss them in detail.
- Be Patient
Marketing probate leads for investors requires a great of patience. Understand that these people have just gone through the loss of a loved one; hence, they should not be bombarded. Rather, send some follow-up messages first and never give up quickly.
- Make a Multitouch Campaign
Probate leads always have a lot going on. Hence, if you want to stand out, you will have to send multiple mailings. Along with helping you look professional, a multitouch campaign will also make you come off as a serious buyer of probate property.
- Be Empathetic
When pitching the multitouch campaign, you have to do more than just send postcards. Sometimes, you also have to send informal letters to generate probate leads. While sending the letters, you will have to make certain that the letters are not too informal, too short, or too aggressive.
Probate leads are known to be one of the most lucrative and best residential real estate-related leads that you invest in. For this reason, many real estate professionals strive to grab well-vetted probate leads.
Here are a few reasons why this kind of leads has so much popularity and how they can be advantageous for investors who can leverage their information of the pre-probate leads and probate process along with their good customer service skills.
1. Owners are very Motivated to Sell their Property
It is very likely of owners of probate properties to not want to have the responsibility of taking care of the property that has been left to them. This often leads them to sell the property at a comparatively lower price as compared to the price they might set under normal circumstances.
In addition to that, individuals who are left with probate property know that they will eventually have to deal with the taxes on that property. Hence, these things can provide a great deal of probate leads for investors and agents.
2. Owners are in a Weak Bargaining Position
In certain cases, probate properties require a lot of work to be done on them. This usually happens because older people at times put off repairments on their homes as they grow old.
As a consequence, the need for repairs lowers the price of the property. Hence, real estate investors can splash out on the property for a good deal.
3. They are Great for “Flipping”
If the repair costs are not too much, the probate leads or properties can be fixed and sold to get a significant profit. However, here real estate investors have to be very vigilant. In many cases, probate properties can need such excessive repairments that it would not be worth the investment in money and time to repair.
Given that, every proficient investor should be careful while investing in probate property. The condition of the property should be assessed carefully before making a deal with a probate property owner.
4. The Property is Liquidated Quickly
Another great thing about real estate probate leads is that both the creditors and the state are usually willing to liquidate probate properties as quickly as possible. As a result, real estate investors can get a bonanza and even greater benefits in the long run.
How to Get Probate Leads
A lot of real estate professionals start off with obituaries. The issue with utilizing this as a source is that the real estate professionals worth their salt knows this is where individuals are supposed to start.
Hence, it can get a bit hard to find fresh probate leads that other investors have not gone over already. As a real estate investor, you can also find probate leads with the help of legal notices. However, there is a problem with this approach as well. Here, you will have to do cold calling along with a bit of work before your efforts would pay off.
You have to be very careful with probate leads.
Despite their popularity, it is common for individuals to not be able to market their probate leads efficiently. Here is everything you need to know to market probate leads.
