Armstrong Capital Newsletter
November 2008
Jeffrey R. Armstrong
President of Armstrong Capital
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Hello again! With all that is going on with the economy and the real estate market I hope you've all had a productive and stable October. At the beginning of October I attended the NoteWorthy convention in Las Vegas. It was a smaller convention than previous years but the attendees seemed to be a good tight knit group of individuals and companies coming together to further their knowledge and grow the note business. Lots of ideas were exchanged and relationships cemented. I would say that the overriding feeling of the attendees was that yes, business is tough, but we have seen tough before and come out of it with even more opportunities and profit potential.
This month I'd like to make a few observations about how NOT to do business. WANNA LOSE BUSINESS? Follow these three easy steps, which are sure to help your competitors prosper and promote your downfall.
Don't Do What You Promise. My post office is a daily reminder of this principle. When we moved a few years ago we expected our change of address cards to be delivered. They weren't. And recently, the registration stickers for our car were returned to the state, never reaching us. Then a couple of months ago my state licensing exam for continuing education and renewal never made it to me. Luckily they have a grace period. Mind you, I have nothing against the post office, my dad was a letter carrier for 35 years and I know how much pressure they are under every day to perform. Overnight carriers have prospered thanks to the fate of our mail being as mysterious as those socks that somehow get lost in our laundry.
As it pertains to the note business, don't promise a note holder something that you know you can't deliver. A price that is unrealistic, funding of a note in a week, documentation issues that you know can't be worked around or even setting up the seller's expectations for more than you know you can deliver.
Don't Show Up on Time. I learned this one the hard way more than
15 years
ago when
I had a note holder that was going out of the country and needed to speak
to me
before he left. Being a chronic multi-tasker, I always sought to
squeeze in one
more thing, resulting in calling people back later than I had promised and
getting back to people later than expected. One such day I called
this
particular note holder back the next day instead of when we had agreed and
he
had informed me, "I already signed an agreement with someone else
yesterday."
To this day I do my best to never let that happen again. Such lateness can
kill
a note business. Even little things like getting back to the note holder
the
next day to give them a price or calling them when you said you would call
them
even if you don't have what you were waiting for (a credit check, an
appraisal,
an answer, etc).
Let People Know How Busy You Are. I can't keep count of the many times I had to find another investor, get a new price, switch appraisers or title companies because they didn't return a phone call or email. Each time, someone else prospered by replying promptly. The 24 hour standard for returning a call has been usurped by instant mail and communicate-from-anywhere technology, making those who respond quickly the winners. However, there is still a place for respectfulness, courtesy, professionalism and ethics to balance your note business so that you can still set business hours, take a vacation and have family time.
Here's my point: Keep your promises as best you can, be on time and respond as quickly as you are able, and you will prosper & not your competitors. TWITA! Make sure you get out there and vote! Have a great month! Keep marketing, it's going to work! J HAPPY THANKSGIVING!
Jeff Armstrong
Jeff's Speaking and Instructing Schedule
Location Date Event (click for info & registration)
Glendale, AZ December 15-19, 2008 Nouveau Riche
Westlake Village, CA March 2009 Secrets of Paper
Glendale, AZ April 6-10, 2009 Nouveau Riche
Orlando, FL May 21-24, 2009 Growing Wealth Convention
Glendale, AZ July 13-17, 2009 Nouveau Riche
Glendale, AZ October 5-9, 2009 Nouveau Riche
Contact Jeff today for information about having him Speak or Teach to your group!
Note Business "Rainbow Package"
All newly redesigned and completely updated for 2008 the total "Rainbow Package" of Jeff's books including Scripts and Tips (with new industry documents disc), Every Single Profitable Note Marketing Idea In The World (almost) (with Note Holders Handbook on disc), Personal Cash Flow Prosperity (with 2 audio CD's), the Note Holders Handbook and the Glossary of Real Estate Note Terms. Purchased separately you would pay $216.22. But today you can get all 5 of Jeff's cash flow books for only $175.00!
NEW FOR 2008! Secrets of Paper 101 - Audio Disc Set - only $99!
Complete recording of SOP 101 beginner's workshop with workbook plus + click here for more info
Only $99 if you order it through this email (regularly $149)!
Jeff Armstrong is President of Armstrong Capital and was the Editor of the NoteWorthy Newsletter from 2006-2008. He is a member of the Million-Dollar Club, a Master Broker/Buyer, visiting instructor for the American Cash Flow Institute, Instructor for Nouveau Riche and the author of several best selling industry books. He can be reached by calling 800-845-3055, faxing 818-865-2323, e-mail jeff@armstrongcapital.com, or visit www.armstrongcapital.com and click on "Note Brokers" for answers, articles and information about his Master Broker services and how Armstrong Capital can help you succeed.
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