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President's Corner

       Last week I gave you three phone tips to help you be a great note professional when on the phone.  Here are two addition phone tips for you.

       4. Listen attentively. Put everything down when you answer the phone! Easier said than done, isn't? How many times have you been in your office answering email, talking on the phone, listening to your ipod and sipping on a Diet Pepsi? Me too. Shame on us. Note Holders don't like to be ignored and by multitasking, we are not focused on the customer's wants and needs.

       Visualize the person, even if you don't know them so that you remind yourself you are engaged in a two-way conversation. If you still have trouble listening, start taking notes on what they are saying. Use a headset if possible, to keep your hands free. By taking notes you can verify with them as well as yourself, the important points of the conversation and the action items that needed attention.

       5. Outcome. If the phone call has been successful, the first 30 seconds established a positive perception about you through voice, and tone and focus. The last 30 seconds will be when the caller finalizes their opinion about you. You can make that a positive experience by thanking them for calling, reviewing the problem you were able to solve and then most importantly, thanking them for their continued business.

       The way you speak over the telephone conveys 85 percent of your message, so by focusing on these 5 tips I gave (last week and this week) you can make it a smooth conversation in your business each and every time your phone rings.  Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          How do you suggest approaching people to have them buy notes with their SDIRA's (Self-Directed IRA's)?

                                                      ~ Suzie 
A - Hi Suzie!

          Thanks for the email! I really had to think about this one because I want to be very clear yet I do not want to discourage anyone. The short answer is that YOU should NOT approach people to buy notes with their SDIRA at all. You do not have the experience or knowledge yet to educate them properly about the investment. It is my personal opinion that you have no right to even attempt to sell a note to a private investor (whether in their SDIRA or cash on hand) IF you yourself have never purchased a note. I also think that you shouldn't even think about attempting to sell a note to a private investor, as the note broker in the transaction, when you have never even brokered one to an institutional or other experienced note investor. In fact, I do not think you should even attempt to try to broker a note to a private investor unless you have brokered AT LEAST 100 notes AND purchase at least 10 notes for your own account.
          There are some individuals out there that may have extensive financial and real estate experience who might attempt to sell to private investors sooner but I would say that few should. The reason being that there is no business like the note business and even individuals with real estate experience or a financial background really know nothing about the seller financed note business (how it works, the hurdles, surprises, risks and rewards) and should get a good number of deals closed under their belt both brokered and purchased. In addition, when an individual purchases a note they should know all about the investment they are making, the good, the bad and the ugly, BEFORE they make an investment decision.
         When I teach people about how to buy a note for their SDIRA or other investment vehicle there is a right way and a wrong way. When a note is purchased correctly the investor will never, ever, ever lose their money (initial investment) even in the event of default and foreclosure, IF, IF, IF they purchased it properly in the first place. If a note is purchased incorrectly (for the wrong reasons, spontaneously without doing proper due diligence, etc) or without knowing all of the risks the possibility of losing their money is very likely.
          Just because a note broker is unable to get a note sold to an institutional or other experienced note investor (there is probably a good reason for it) you should not try to pawn it off on some naive individual investor who doesn't know any better.  This was a great question. After being in the note business over 24 years now please remember this is only my two cents on the subject. Hope this helps!

                                                      ~ Jeff

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