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Product Highlight
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Tip of the Week
Did you know....
When on the first phone call or
negotiating on the phone with a
note holder the last thing out
of your mouth should always be a
question.
Upcoming Events
November 22, 2014
New
York, NY
Secrets of Paper
Renatus
TBA 2014
Los
Angeles, CA
Secrets of Paper
Ask Jeff to
come and
speak or
teach
to your group
or
at your
event!
Watch for Exclusive
Fred Pryor
CareerTrack
seminars
facilitated by Jeff,
details coming soon!
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Quote
of the Week
“We
make a living by what we get, but we make a
life by what we give.”
―
Winston Churchill
 President's
Corner
Following up with note holders
has gotten me more transactions
over the years than waiting for
them to get back with me.
Follow up is critical in the
note business. Last week I
gave you a couple of tips on
following up with note holders
and here are a few more.
Directly Ask if You Should Stop
Reaching Out
If you’ve followed up a few
times and still haven’t heard
back, it’s worth directly asking
if you should stop following up.
After all, you don’t want to
waste your time, either. I’ll
sometimes say, “I know how busy
you are and completely
understand if you just haven’t
had the time to reach back out.
But I don’t want to bombard you
with emails or calls if you’re
not interested. Just let me know
if you’d prefer I stop following
up.” Most people respect honesty
and don’t want to waste
someone’s time, and they’ll at
least let you know one way or
another.
Stand Out in a Good Way
I once had someone trying to
sell me something that I was
remotely interested in but that
was nowhere near the top of my
priority list. Every week, he’d
send me a new email quickly
re-explaining what he sold—as
well as a suggestion for good
pizza to try around the city.
Why? He had seen a blog post
where I mentioned I’d eat pizza
24/7 if I could, and cleverly
worked that into his follow-up.
It made him stand out in a good
way, and as a result, we
eventually had a call.
The lesson: If done well, a
little creativity in your follow
up can go a long way.
Change it Up
If you’re not connecting with
someone, try changing it up. In
other words, don’t send the
exact same email or call at the
same time of day on the same day
of week. Getting people to
respond can sometimes just come
down to catching them at the
right time. If you always follow
up in the morning, maybe try
later in the day a few times.
Don't forget about Saturday's
too!
Above all: If someone does ask
you to stop following up, stop
following up. But until you hear
that, it’s your responsibility
to keep trying. Remember,
Success
Demands Action! Keep on
marketing, it’s going to work!
TWITA! |
Would You Like to See Your Ad
HERE?
Email Us!
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Feature Article
The Ideal Note Holder
I
believe that most people go into
the note business backwards.
They develop their website, get
business cards and then sit and
wait for note holders to come to
them. Yes, those tools are a
must these days to incorporate
into your marketing efforts, but
instead of waiting for them to
come to you, it's a million
times easier to actually market
to the exact note holders with
the notes that we want to buy.
So I will share with you some
knowledge about how to find our
ideal client, or rather, our
ideal note holder...Read
More
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Question of
the Week
Q
- Hi Jeff,
Based on what you know about the current market for notes, what would you say
the average fee is that a broker should expect to make per note? I've been told
its $2500-$4500 depending on the note but I wanted your thoughts.
~ Andre
Hi Andre!
Oh man, I love questions about my note business statistics. So here you go...
In my 23 years of brokering notes my average gross commission as of the end of
2013 has been $3,880 gross (less costs) in percentages it has averaged out to
7.76% gross. If I break it down to full purchases VS partial purchases my
average commission on full purchases has been $2,276 and my average commission
on partial purchases has been $6,929. And 75.6% of my closed transactions have
been partial purchases. Realistically, what it really comes down to when you are
trying to decide on how much you should deduct for yourself is what looks good
to you, what is fair, what is your competition offering and how many transaction
you would like to close this year. This business is a big numbers game and I
personally would rather close 10 transactions at a $2,000 commission each than 1
transaction for $10,000.
Hope this helps!
~ Jeff
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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
2012, click here to start growing your note business today!
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