 President's
Corner
This
week I will continue to share with you the 35+ most common
questions I receive from note brokers and consultants about how I run my
business, along with the answers of course. Let’s
continue:
13.
How do you give your quotes – in person or over the phone?
I give 90% of prices to note holders over the phone but have also
emailed prices back to them if we have been corresponding through my website
submission form and email already.
14.
How do you find most of your notes?
As you know my core marketing plan includes Direct Mail, Referral
Network, Classified Ads, my website and my Note holders Handbook.
15.
What kind of mailer do you use for your direct mail?
We send out letters for the initial mailing and send out postcards for follow up.
16.
How many mailers do you send out each month?
On average we consistently send out 1500-2500 letters per month
and about 4-6000 follow up postcards per month.
17.
How many states are you currently mailing to?
At this point we purchase lists of names in 10-12 different states.
18.
Do you use Bulk Mail or 1st Class Mail?
After years of micro testing my direct mail program we have found that
first class postage gets us the best response.
19.
Do you call people that you mail to?
No, I have never tried to do a follow up “warm call” to people
I have sent letters to but I have heard that some brokers do very well with that
if they are able to get the phone numbers.
20.
Do you advertise in the newspaper?
I advertise in various newspapers at different times and different
intervals throughout the year.
21.
Do you invest in notes yourself?
Absolutely, although 90% of the business that comes across my desk I
send to various institutional buyer and note buyers I am able to cherry pick
through the notes and pick the ones that meet my criteria.
22.
Do you service notes for other people?
No, but there are companies that do!
23.
Do you use a credit line to buy notes?
Not me, I have never been a fan of borrowing money to buy money.
24. 24.
Do you broker other types of
cash flows?
Sure, all kinds of different cash flows and income streams come across
my desk and we have been involved in many different transactions. Among others -
Business Notes, Auto Portfolios, Lawsuit Funding, RE Portfolios, Structured
Settlements, Lotteries, Retail Installment Contracts and even Cell Tower Leases!
25. 25.
Do you modify notes?
Only the notes that I own if the payors start slipping.
Next week we will continue
with the final installment of the most common questions and answers that I get
asked.
Remember, Success Demands
Action!
Keep on marketing, it’s going to
work! TWITA!
|
