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President's Corner

       Did you know that according to Forrester Research, “It costs six to seven times more money to acquire a new client than to maintain an existing one.” What does that tell you? I believe it’s telling us to get back to basics: Focus on the present and service each note holder like he or she were your last.

       People buy from people they know and like. So, don’t impress potential note sellers with how many years you’ve been in business or how many awards you have won; instead, spend your valuable time (and theirs) creating the relationship and paying attention to their wants and needs. Why? Simple: Consistent income in the note business is a byproduct of fostering relationships. You can’t make money unless you demonstrate your worth, and people will work only with people they know and like. Echo … echo.

       Then what? Follow up. Ask for a review. Ask for referrals. Actually have a conversation with your note seller because if you created a solid relationship with them and did your job well, then asking them if you can do an equally stellar job with their friends, family and colleagues should be easy. After all, that’s what you do. Right? So, don’t hide from your note holder prospects. Instead, embrace them, foster them, respect them. Again, talk with them.

      Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          I was listening recently to you being interviewed about the note business. One thing you mentioned in the interview shocked me. You said that you do 40 worksheets to close 1 deal! This seems like a number that will discourage a new note broker. If it takes 40 worksheets for you to close 1 deal (and giving that you are an expert), what would the numbers be for the newbie? This ratio is somewhat discouraging to me. I realize that some deals might close sooner, but there is no guarantee. It no doubt will take much longer. Given these numbers, how can a new broker stay excited and motivated? Thanks for your comments.

                                                            ~ Don

A - Hi Don!

          Thanks for the email! Great question. Welcome to the real note business, no hype, it's not easy and it is a huge numbers game. Not sure when that interview was but my 2014 statistics show that it took me about 37 worksheets for every closed transaction. Don it takes time, effort and money to do this business. It is simple but not easy. The fact that it is a huge numbers game is what some people don't like about the business. You've heard the saying if it was easy everyone would be doing it. I was talking to a rehabber friend of mine the other day in Chicago, IL. I asked him how many properties he looks at and makes offers on before he actually gets one. He said that he thinks it is about 100! So he has to drive around and physically go to 100 properties, make offers on 100 properties and negotiate on 100 properties before he gets to buy one to fix and flip. That's his choice. I do not have to drive anywhere and waste time or money on gas, meeting people face to face, on estimating repairs, etc, just a different perspective. That makes my business look really good at only 40 worksheets for every closed deal from sitting at home and getting on the phone. That is my choice. You might be able to stay excited and motivated by knowing that the next deal could be the next worksheet! Hope this helps!                   ~ Jeff

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