 President's
Corner
Next to marketing for notes
negotiating the acceptance of
prices is the second most common
question I receive from brokers
so this week I would like to
touch on persuasion.
Persuasion is not only an art,
it is also a science, and
researchers who study it have
formulated a series of rules for
moving people in your direction.
HEre are a few effective
persuasive strategies to help
you improve your negotiating
skills:
1. Don't offer too many
choices. When talking
about the number of options you
offer a note seller, sometimes
you can offer too many choices,
which often frustrates people.
I find that offering no more
than 3 price options to a note
seller (a full purchase and 2
partials) seems to be ideal.
2. Request active
commitments. Ask in a
way that elicits an active
response. Instead of
asking "...why do you want to
sell your note?" or how much do
you want?", you might say
something like "...gee, that's a
great note, why would you want
to sell that?"
3. Argue against
self-interest. Trust
is a critical component to
persuasion. The surest way
to be perceived as honest is to
admit to a small weakness in
your service immediately prior
to communicating the strongest
pro argument. For example,
"...our full purchase offer is
not your best option, our
partial purchase offers get you
a lot more money for your note."
4. The threat of loss is more
persuasive than the potential
for gain. Instead of
telling the note holder what
they stand to gain from selling
their note, tell them instead
that they stand to lose out on
an opportunity if they don't get
cash for their note now.
5. Make people feel as
if they've already made progress
toward a goal (of selling
their note). For example,
"...If you send us a copy of
your note and settlement
statement we can firm up our
prices before you make a
commitment..."
These are just a few ways to
begin the process of improving
your negotiating and being
persuasive. Remember, Success Demands
Action! Keep on marketing, it’s
going to work! TWITA!
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