 President's
Corner
A
couple weeks ago I started to explain the general process of the note business
as it relates to a note broker. The
process being to Find them (the note holders), Expose them, Educate them and
Support them. If you are able to
complete the entire process you will then earn your F.E.E.S.!
We have looked at Finding Note Holders and Exposing
Note Holders to your services. This
week we will touch on Educating them.
As mentioned before, each component of the process is interconnected with
the previous component. When we say
you need to educate them we are talking about educating both the Note Holders
themselves and your potential referral sources (people who might come in contact
with note holders on a regular basis). Keep
in mind we have already found them and exposed them to our services with our
marketing. So the question then
becomes, how do we educate them? The short answer is a website, handbooks,
follow up and regular contact.
After the initial contact note holders and referral sources can educate
themselves on your website. That
means I think you should have some kind of a website with at least the basic
information about what you do and an online worksheet they can fill out to
submit their information to you.
You probably already know that one of my best marketing methods is to
follow up by giving note holders my “Note Holders
Handbook.” They can buy it
or I’ll send it to them for free if they call and ask for it.
It has all of the information they will ever need about owning a note and
how to sell it including a place for them to keep track of the payment record every
month. Every month when they get a check they pick up my orange book and
write down the payment received right in the book.
It is a constant reminder that they can get cash for their note and is in
their hands every single month..
You can also educate them by follow up.
Following up with note holders and referral sources with a phone call
every 2-3 months is not something everyone wants to do but I’ll tell you it
pays off in the end. Even just a
short message saying something like:
“Hello! This is Jeff Armstrong from Armstrong Capital. I spoke
with you back in November about the note you are receiving payments on and I
just wanted to follow up with you to let you know we are still interested in
buying all or part of your note. If
you would like an updated price please call us back at 800-845-3055 and we’ll
be happy to give you some options. Have a great day!”
Regular contact for is done by email to your network of professional
referral sources. A short
pre-written email that you can cut and paste on a monthly basis to your network
of referral sources is all that is needed. You
may also consider starting a monthly, quarterly, or semi annual email newsletter
to send to them as well. Anything
you can do to keep your name in front of them so that when they or one of their
clients needs to sell their note, they will contact you. Other ideas for follow
up and regular contact are sending postcards or e-cards to them, whatever you
can come up with that is inexpensive but keeps your name in front of them will
do the trick.
Those are the basics for Educating both Note Holder’s and referral
sources about your services. Next
week we will tackle Supporting Them, the fourth and final component in the
process of earning F.E.E.S. in the note business.
Remember, Success Demands
Action!
Keep on marketing, it’s going to
work! TWITA!
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