One of the most profitable real estate investment ventures is inherited property: probate. Gaining access to probate leads can increase your real estate investment returns.
This article walks you through how to find these probate leads and market to them. How are inherited assets found?
1) Local courthouse
The best way to locate probate leads is at the county courthouse. Probate filings are shown in all local courthouses. Probate filings always include the name of the decedent, the executor, also called the administrator, and beneficiaries. The executor is usually a lawyer. Frequently, one of the beneficiaries assumes the role of trustee to reduce attorneys’ fees. The beneficiaries are usually relatives, and they are the ones who have inherited the property.
2) Publications
In my local market, we have publications that summarize all court filings in the county courthouse. These posts also include sequences and are good sources of clues. You probably have such a post if you live in a large metropolitan area. You’ll have less work because you won’t have to go to court to get probate leads.
3) Probate Lawyers
These can provide you with good clues. In my business, they are not a major source of leads. Lawyers have never been a source of settlements for me, even though I have contacted them. But this may be because I focus more on courtroom leads and posts.
4) real estate agents
Most home sellers first try to sell through a real estate agent. Don’t be surprised if you find probate offers listed in the MLS as an estate sale. If you work with a real estate agent, you should be able to easily identify these offers easily.
Marketing for Probate Prospects
Once you get the names of the deceased, the next logical thing to do is find out if they owned any real property. You can do this on your local county website. The property may still be in the name of the deceased, or their estate, such as the John Doe Estate.
Next, you need to know the beneficiaries. You must remember that recipients are grieving and should be treated sympathetically, not aggressively. I send them a nice sympathetic letter every 30 days for 6 months. The probate process can take a long time, but 6 months is enough. When it’s time to sell, it’s you they’ll think of first if you’ve been consistent.
I no longer contact the listed probate attorneys because they rarely respond. In addition, beneficiaries should try to save money by minimizing attorneys’ fees and generally delegate administration to one of the beneficiaries. If you find probate leads through a real estate agent, then you should make an offer through a real estate agent. If you mail applications with the name of the deceased, they will be returned stamped “Deceased.” If you don’t have beneficiary addresses, it’s best to work with the real estate agent.
