Tired of competing in the same neighborhoods and chasing the same leads? Probate real estate is one of the most overlooked yet profitable niches in today’s market. Families going through the probate process need guidance and a trusted realtor by their side to help them sell a property efficiently and quickly.
Still feeling on the fence? Here are seven reasons you should explore the probate real estate niche:
Consistent, Predictable Flow of Leads
As a real estate agent, you are used to facing dry spells. But agents handling probate real estate cases get steady, consistent business opportunities. Probate cases occur throughout the year.
Moreover, probate properties are often not listed on the open market. Instead, they are sold through the probate court or via private lead sellers. The result? You get access to off-market opportunities.
Less Competition
Most real estate agents avoid probate because they believe the process would be too complicated or even uncomfortable. This is why probate properties have less competition from other realtors.
Probate leads are a gold mine for building your real estate business. You can become the go-to expert and gain access to untouched listings.
Potential for Higher Commissions
Less competition means greater income potential. Probate properties also have higher price points than average listings. As a result, you can pocket greater commissions.
Probate real estate often includes:
- Primary residences
- Rental properties
- Land
- Commercial buildings
- Personal property that needs to be liquidated
This will help you build multiple revenue streams.
Motivated Sellers
Many times, heirs or executors don’t have an emotional attachment to the property they have acquired, which makes sense. Some heirs have to pay debts and settle the estate. As a realtor, this means faster decisions and fewer emotional barriers.
Dealing with motivated sellers also increases the likelihood of a quick closing. Save time while earning a handsome commission.
Strong Referral Partnerships
We agree — handling probate real estate is inherently complicated. But the process will facilitate connections with other professionals, such as attorneys, appraisers, and title companies. Each one of these professionals needs a go-to probate realtor, and you will be their first choice.
You can build long-term business through professional networks and expand your business.
Opportunity to Provide Emotional Support
Losing a loved one is emotionally distressing. Families in probate are often grieving, confused, and overwhelmed by legal steps. As a probate realtor, you can become their lifeline in such difficult times. You will help them navigate legal procedures and ensure total compliance.
Offering emotional support is a highly rewarding aspect of this job.
Leveraging As-is Sales
Most probate properties are sold as-is. In simple terms, the property is sold in its current condition. The buyer agrees to take responsibility for all repairs and maintenance without any warranties or guarantees from the seller.
You will be bound to disclose known issues, but you are not obligated to make any repairs before closing. This will streamline transactions and minimize negotiations over repairs and updates.