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Show me someone who does not market for notes on a regular basis and I will show you someone who does not belong in the note business.

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President's Corner

      May has arrived and with it the middle of the year is fast approaching.  How has your note business been doing this year?  Is it time to tweak, improve or adapt to the ever changing market?

       I find myself on airplanes frequently with my speaking schedule. Recently I have noticed that no matter what airlines I am flying that the pilot has "air time" with the passengers on each flight. The words are all about the same. They share the weather in the city we are headed to, the time we should be arriving, the details about the lavatories and not to congregate in the aisles, as well as the great flight attendants, and then they always say something like this, "We know you have a choice when you travel and we are happy that you have chosen to fly with us, and we appreciate that. We ask that if your future travel plans involve flying that you will think of us first. So sit back, relax and enjoy the on-time flight to wherever."

       The pilot set up the outcome in the passenger's minds by stating it up front. He started by building a trusting relationship with the passengers that he couldn't see, by coming across as very approachable. Then he told us the important things we should know about the flight and who would help us if we had a problem and then in conclusion, he asked for our repeat business. Trust for me is built on the sound and the sincerity of the pilot's voice.

       That isn't that much different than when you talk to your note holders. To build a strong note business, you need to have repeat and referral business. What easier way than to ask for their continued business at the end of each and every phone call.  Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          I have been working with a lady for about two months now who has agreed to take a bid for a land note that she has, but she unable to find some of her original documents like copy of the signed note, and the settlement statement. Is there a way to retrieve these documents from anywhere or are the originals the only ones we would be able to work with to move forward with the brokering process?

                                                        ~ Mike

A - Hi Mike!

          Thanks for the email! The first place I have them look is the place where they closed the sale of the property. The Real estate attorney, title company or escrow company may have those documents. After that, if the note is being serviced the servicing company will have the original note. They can also look in their property file, their safe deposit box or anywhere else they put important documents. The settlement statement can be overcome with copies of proof of the down payment. However, the original note is the one document that we have to have, that is the document we are purchasing and it must be an original. If the note is lost the only thing to do is to go back to the buyers/payors and ask them to sign a new (copy of the original) note and usually buyers have no incentive to do that. I hope she can find the note! Hope this helps!                                                          ~ Jeff

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