America's Largest Social Network for Default Real Estate Professionals
There is a huge shadow inventory of probated properties that are unlisted, unpublished, and unknown. If you are seeing a lack of inventory in your market, you owe it to yourself to seriously look at the probate niche and reach out to the executors/administrators that are tasked with liquidating their loved one's assets. The numbers are staggering - with an aging boomer population, trillions of dollars will transfer from one generation to the next.
Many real estate professionals shy away from probate for a couple reasons. One, it is sometimes viewed as "ambulance chasing". This is a myopic view, in my opinion. The family NEEDS to settle the estate, cash out and move on to build memories. This is obviously a difficult time for families, and they MUST dispose of assets in a dignified manner. A compassionate real estate professional that helps them through this trying time is certainly not an ambulance chaser - they are providing a huge value.
Also, many agents/investors are under the impression that probate is a complex transaction, too arcane to delve into. There are some things to know, yes, but it's not all that different from a traditional sale.
In the next post, I'll get into the more meatier topic of getting probate leads and how to work them to get more consummated real estate transactions.