 President's
Corner
Regardless of how you feel about
it, negotiation is an essential
part of the note business. Here
are some things to think about
when preparing to negotiate with
note holders:
Know your Note Holders needs -
If you continually anticipate
your note holders need next, you
can engage them in an ongoing
conversation. Do this throughout
the negotiation process (i.e.
from the first phone call).
Lead with your strengths - Use
your natural talents and do what
comes naturally to you.
What works for one does not
always work for another.
Role Play - Enlist the
assistance of an associate,
family member or friend and role
play through all of the seven
steps. You will be
grounded in every aspect of the
transaction and will develop the
approach that works best for
you.
Prepare an answer for every
objection - Don't get caught off
guard with an unforeseen
objection or question.
Think through every possible
scenario and practice your
answers until you can deliver
them without sounding defensive
or nervous. This does not
mean you have to bring up the
objections with them but rather
wait for them to ask before
giving the information.
Leave the door open for future
business - Explore the note
holders needs, present and
future. It is often more
productive to follow up with
note holders rather than try to
get the transaction when they
don't really need the money yet.
Know when to walk away -
Sometimes there are transactions
that are just not worth closing.
If a transaction is not good for
both you, the note holder and
the note buyer, don't do it - it
will be better for everyone in
the long run.
Remember, Success Demands
Action! Keep on marketing, it’s
going to work! TWITA!
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