Throughout all of the interviews I have completed for EstateSales.NET, the running theme is a passion for helping those in need and easing stressful situations. The topic I'm going to cover today is no exception. For Part 2 of our Partnership Series, I sat down with Phillip Vincent, co-founder of Mom's House in Kansas City, Missouri, to discuss the unique partnership opportunities property investors and estate sale companies share.
In this interview, Phillip and I discussed how Mom's House works and how estate sale companies can build relationships with property investors.
As a self-proclaimed "deal junkie," Phillip began his career backward. Starting as a builder and eventually working his way to becoming a real estate investor, Phillip is now in his 22nd year in real estate. Philip realized helping families figure out how to solve their problems matched his personality and talents, which led to him founding Mom's House in 2011. Mom's House is a network of homebuyers whose goal is to ease the burden of selling a home of someone that is transitioning into a senior living environment.
Phillip refers to Mom's House metaphorically as a "three-legged stool" guided by three questions. Where is mom going to get the best care? How will we sell the house? What are we going to do with mom's stuff? As an estate sale company, you work with clients who often try to find the answers to those same questions. This article is an overview of the topics covered in the live interview.
What exactly does a property investor do?
Property investors purchase properties outright from the homeowner while bypassing the real estate market. The buyer may get less for the property than if they sold it the traditional route, but they may receive the money faster than if they had spent time readying the house for the real estate market themselves. With the nature of the transaction being outright, property investors usually purchase homes in an as-is state. They invest in the property themselves, often reconditioning it, and then they sell the house for a profit.
Mom's House functions similarly, but they take it a step further and specialize in assisting seniors moving into senior living. They purchase houses outright with the contents included and help their clients find the best care. Property investors under Mom's House are consistently looking for estate sale companies to sell off the contents of these houses.
Why consider connecting with a property investor?
We covered the lead potential you can gain when developing relationships with real estate agents in our previous interview with Tommy Sibiga. Phillip Vincent explains how building a relationship with a property investor is similar and a great way to gain estate sale leads. Property investors find themselves in situations where the homes they are purchasing still contain the contents, and they must be cleared out before making repairs and putting the house on the market. That's where your estate sale services come in, and a developed relationship keeps your company top of mind.
Having a relationship with a trustworthy property investor can also be beneficial to your client. As an estate sale company, you have first-hand knowledge of the many situations and decisions your clients face with the estate. You may have clients who need to sell the house fast to pay expenses or live far away, and selling the home from a distance is a burden.
If your client is in a situation where a property investor might serve their needs, you could provide the client the contact information for the property investor. Only your client can or should be the person deciding what to do with their property, but often knowing their options can help them navigate the situation better.
Developing a relationship:
Attending networking events, making cold calls to local investor firms, and following through with received referrals can all be great ways to find a property investor or develop a relationship. Mom's House has a nationwide network of licensed real estate investors, and you can reach out to them through the website MomsHouse.com. Phillip also suggests networking with the Real Estate Investors Association (REIA). Another way is to provide a lead to the property investor should your client need their services. This is a great way to foster a business relationship. Everyone loves leads!
Note, property investors should not be looking for compensation for a referral when they send a lead your way. Look for a property investor to work with that is invested in what they do, professional, and empathetic to your client's situation.
We want to thank Phillip Vincent again for sitting down for an interview with EstateSales.NET! We hope you found this interview helpful and informative about networking and working with property investors to serve your clients best. To find out information about Mom's House go to their website at MomHouse.com. Be sure to check out our Grow Section for more business-building articles!