Armstrong Capital Newsletter

October 2008

 

 

Jeffrey R. Armstrong

President of Armstrong Capital

 

 

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            Hello! Fall has arrived and this has traditionally been a great time of the year for the note business.  This is the perfect time to get to note holders.  They need cash to pay for their summer vacations and they are looking ahead and will need cash for the upcoming holidays and travel. Keep up your marketing, do your follow up and definitely offer partials.

            First I want to address some concerns over the note business.  I've gotten lots of emails and calls lately about how the recent mortgage mess and economy worries are affecting the note business. All I can tell you is what's going in my business. For me I have noticed an increase in the responses I am getting from my marketing efforts. I have also noticed that of the prices that have been accepted and transactions that have been started more of them have unacceptable credit and are dead right away. Of those accepted offers where the credit is acceptable I have seen more transactions cancelled because of low appraisals. But with the poor credit and low appraisals there are still plenty of transactions that are getting closed. The majority of the transactions I have been closing have been partials. Over the last year my statistics show that almost 9 out of 10 transactions that I have closed have been partial purchases. I can't stress enough how critical it is for the survival of your business to offer several options. You will get more transactions.

            I was picking up my daughter from high school the other day and I parked next to a hill covered with green plants with little red flowers that extends for a couple of hundred yards. As I was waiting I looked at the ground cover more closely and I noticed hundreds of bees flying from one flower to another to collect the nectar. As I watched a little longer some bees would stay at a flower longer than others. I don't know much about bees but it looked like the bee that arrived at the flower first collected all of the nectar out of the flower. Then when another bee landed on the same flower they knew in an instant that there was no nectar left and moved on to another flower.

            So what do bees have to do with the note business?  A couple of things came to my mind as I was watching them.  First of all it seemed to me that the first bee that landed on flower was getting all it could from one flower.  When a note holder contacts you do you try to get all you can get from one deal or do you leave a little something on the table for the future?  I know of several note brokers who are no longer in business today because they only offered full purchases and tried to get all they could from every transaction. Second, the bees that were flying from flower to flower hoping to find a little nectar never returned to the flower again. If a note holder contacts you and they do not accept one of your offers do you just move on to the next note holder, never to contact them again?  I have found in the note business that if they don't want to sell today you must follow up with them on a consistent basis until they have a need for cash. Follow up is critical to getting more transactions and for survival in the note business.  Lastly, there were hundreds and hundreds of bees going after the same flowers on the same hill bumping into each other from time to time and most getting very little nectar.  Are you chasing the same notes that everyone else is chasing or have you found your own little niche?  Going after the same notes in the same way that others are doing may not be the most effective way for you to run your business.  Be creative in your marketing and you may be surprised at the results.

            People need money now more than ever and we are in the business of helping note holders get a lump sum of cash for all or part of their note when their need for cash arises.  Have a great month!  Keep marketing, it's going to work! J

 

Jeff Armstrong

 

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Jeff Armstrong is President of Armstrong Capital and was the Editor of the NoteWorthy Newsletter from 2006-2008. He is a member of the Million-Dollar Club, a Master Broker/Buyer, visiting instructor for the American Cash Flow Institute, Instructor for Nouveau Riche and the author of several best selling industry books. He can be reached by calling 800-845-3055, faxing 818-865-2323, e-mail jeff@armstrongcapital.com, or visit www.armstrongcapital.com and click on "Note Brokers" for answers, articles and information about his Master Broker services and how Armstrong Capital can help you succeed.

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