Did you know...

     In the beginning, speaking with and negotiating with a note holder can be terrifying.  With experience (time on the water), these activities will become natural.

Upcoming Events

 President's Corner

       This month I am writing about ways to build rapport and trust with note holders. Another suggestion is to focus completely on the person to whom you’re speaking and to treat them as the most interesting person in the world.

         Be present with the person to whom you’re speaking and make sure you are paying close attention, asking good, thoughtful, relevant questions and listening well. Do not focus on the phone in your pocket, the siren on the fire engine driving by or the person who just walked in the door. Give the person you’re talking to your undivided attention.

          If you ask people who they are most interested in, the majority will say themselves if they answer honestly. So treat your note holders as if they’re incredibly interesting. Ooze caring, empathy and understanding while keeping in mind that these feelings must be genuine.

          Building trust and rapport with a note holder is a big key to your success in the note business. Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          Wow. I called this guy to let him know what our offers were for his Note and BLEW my ear off. He said that I had greatly insulted him after he spent 20-years building the value of a property to $60.0K and we were ONLY willing to offer him 20-something thousand and that we were a bunch of crooks. I attempted to explain that his Note carried a VERY low interest rate and did not have the market value he thought it did. He didn't want to hear it and only kept berating me. I was very close to just hanging up on him but didn't. Any recommendations for the future should something like this come up again?

                                                     ~ Bob S.
A - Hi Bob!

       Well, this could be a case of not educating the seller on the very first phone call. On that first phone call as you are building rapport and finding the need you are explaining the negative factors to the seller. Just as you mentioned the low interest rate, low down payment, long term, odd type of property, short-term balloon, etc. Whatever is a negative characteristic you are educating the seller such as "Oh, you only have a 5% interest rate on your note? Why did you give the buyer a 5% interest rate? IF the seller could qualify for a 5% interest rate, what didn't they go to a bank and get a loan and give you 100% of your money? Our underwriter's are not going to like the low interest rate. That is really going to bring down the value of your note."
       For every negative characteristic you are explaining this to the note holder and by the end of your first conversation they might even be thinking that their note is worthless. So when you come back to them with ANY kind of an offer they will be grateful AND if they really need the money may even accept one of your options. In addition, you will never be berated again for offering to buy their note at a discount because they will know up front that their note isn't worth as much as they thought is was. Good question, hope this helps! Hope this helps!
                                                       ~ Jeff

So you want to invest in or broker notes?

Been trying for awhile with limited or no results?

Check out the most talked about, current and innovative educational tools, training, mentoring, assistance and support services in the industry! Updated for 2016, click here to start growing your note business today!

If you have missed any of our Newsletters click here for our

Archived Monthly Newsletters!

If you have a note business question you would like answered in this newsletter just email Jeff!

Get started in the Note Business with the Complete Note Business Starter Package - includes consultation's with Jeff!