Have you heard this one? What do you call a bus load of lawyers going over the side of a cliff with one empty seat?
A wasted opportunity!
NO, NO, NO!
A ton of wasted leads.
Attorneys can be a excellent source of deal leads for you and I. Many of you reading this, live like my wife Kris and I, in major metropolitan areas. It is not uncommon for there to be thousands and thousands of attorneys in the yellow pages. So how can we make this a fertile ground for real estate deals?
The answer can be boiled down into two main areas of focus, they are:
A. What do we say to them when we get the opportunity to talk with them?
B. Which attorneys or types of practices do we want to talk to?
We'll examine "A" first: What are we going to say to these attorneys when we get them on the phone? For years I've been using a simple script that covers all the basics. Here's what I say on a typical call.
RING, RING...receptionist, "Good Morning Dewy, Cheatum & Howe, may I help you? (OK so I couldn't resist)" "Good Morning, this is Bill Barnett is David (or what ever my best guess is for the attorneys first name) in?" "Yes, will he know what this regards?" "I might could work with David or I'll just need a referral." "Hello, this is David." "Good Morning David my name is Bill Barnett and I'm a local real estate investor, here in Fort Worth." "Yes Bill what can I do for you?" "I know from time to time you have property that comes across your desk that must be sold for you to be able to close the file (Bill, what does that mean, close the file? In many cases, this is when the attorney gets paid). The next time that happens, think of me. May I send you my business card, or better yet may I drop a few off and shake your hand?"
It's a pretty simple choice at this point, yes or no. If it's "Yes", drop the cards off and if it's "NO" thank them for their time, be polite and professional and move to the next one.
OK, now we know what to say when we get them on the phone so let's take a look at B. Which attorneys or types of practices do we want to talk to? There are several areas of legal specialization that are attractive for us. In my opinion and experience there are 5 major types of attorneys for us to work with.
1. Divorce. Over 50% of the marriages in America end in divorce. In many cases the couple has a piece of real estate that is affected in some manner. One spouse may simply sell their half to the other or in many cases the property is sold outright to complete the divorce. A lot of couples who insist on fighting during the divorce while the attorney bills mount up have to sell the property to be able to pay off the attorneys.
2. Estate / Probate. Many properties involved in an estate or probate are quickly sold because the heirs don't want the property. For them it's a headache. They may live out of town or out of state. They may have renters in the property and they don't want to become a landlord or as it is in most of these cases, they just want the CA$H!
3. Bankruptcy. This is a little different due to the fact that we will end up dealing with the court appointed bankruptcy trustee attorney and not necessarily the attorney handling the bankruptcy for the homeowner. This can be a very lucrative area to deal in. Yes the trustees want to get as much as they can for the property but they are also looking to move the property in a timely manner. Check with a local bankruptcy attorney in your area as state laws differ on how real estate is affected by bankruptcy.
4. Tax. In many cases when someone has to engage a tax attorney things with the IRS are already very unpleasant. Liquidation of real estate may be the best solution to be able to clear things with Uncle Sam. There's nothing quite like the IRS to create a truly "motivated seller".
5. Real Estate. This one is rather obvious, but you would be surprised how many investors have not had a conversation with their real estate attorney regarding possible deals referred by the attorney. YOU HAVE TO ASK! This is a major player in your "POWER / DREAM Team" anyway so make the most of the relationship.
Please be aware that no attorney has the right to give you their client's name without expressed permission from the client as that would violate the attorney client privilege. However, the attorney can give your card to the client all day long. If we are providing them with a service that helps them get paid, they are much more likely to want to work with us.
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