I have been a icensed real agent for 33 years and have enjoyed an above average income but what really made the difference in my income was when I started working with Probate Real Estate. This niche can take any real estate agent with the right tools and information to six figures per year.
It is common knowledge in the Real Estate industry that the average agent makes less than $30K per year in the business and 20% of the agents make 80% of the money. This is nothing new but for those in the 80% bracket who want to jump to the 20% income bracket I recommend you look at becoming a Probate Agent.
Most agents prospect by farming, open houses, and sphere of influence to produce leads in which to take listings and produce sales. I have done them all and was a major farmer in my early years. Many a door knocked, magnets passed out, garage sales sponsored, flags on Flag Day and although did help my income, didn’t really make a serious impact. Farming is still dealing with a small percentage of homeowners who are going to sell and you’re hoping they call you when they do. I don’t believe farmers do a transaction per month from farming although 4-6 listings per year from farming aren’t bad. Agents who farm will also come across a few sales and maybe refi’s if they are working loans but the point is, 1 deal per month for most farmers doesn’t happen. For a Probate Agent a transaction per month is very probable as I have been doing this for years.
Let’s think about this for a moment. In my Counties in Northern California (Alameda and Contra Costa), I research about 100 new probate files open each month which have real estate. In my last 20 years of doing probates I would say somewhere around 50% plus of the heirs are going to sell the probate real estate. This means 50 of those 100 per month are going to sell which means 600 leads per year. If you’re on top of your real estate game do you think you could find 12 of those executors to work with (listing) or 12 of those probates you didn’t list but had a buyer for. The numbers really get crazy.
If you’re a full time real estate agent, you should be looking at probate real estate and adding Probate Agent to your business card and client services. I have consistently averaged 12-15 probate transactions per year and I didn’t work the listing end. I approach the estate from a position of buying the probate (wholesale) and then flipping. I didn’t want to take the time to farm and just list because I wanted to cut my work hours down. Working probates cut my work week from 60 hours to 15 hrs during the 90’s as I wanted more time with my kids. Now the amazing fact is my income went up. I earned from 1 probate flip what took 4 listings or sales to earn.
I have been teaching investors and agents how to do this since 1992 and just this year (2007) has started workshops and probate clubs for my DF students to learn this system. I have the time now since I semi-retired from the real estate business by handing over my general real estate business to my son. I am enjoying the time I spend with my DF students teaching agents how to become a Probate Agent doing a transaction per month if they are good and persistent, and to my students who are investors only on how to find, purchase and flip probates. There are also students of mine who are agent/investors like me who want to do both.
If you’re not earning six figures per year in your real estate business, or you want to add another six figures to what you are doing already you need to look at probate real estate and in becoming a Probate Agent.
"A new law in 1987 changed everything and is the basis of my system. I teach "5 Levels" of income opportunity for investors and or agents to buy and sell probate real estate. This system is what I do every week and most investors or agents do not have a clue how this works."