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              Best practices for note brokering is one note to one investor.

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President's Corner

       One thing I think every note broker needs to remember is that if you do not think the price you are giving to the note holder is a good price, neither will the note holder.  I’ve read lots of books on negotiating and here is one of the best tips I can pass along.  It has been proven that when you have a smile on your face your voice has a much more pleasant tone that when you do not have a smile on your face.  Try it out yourself.  Go in front of a mirror say your company name and your name (i.e. “Armstrong Capital this is Jeff”) then, take a breath, smile and say it again.  If you listen closely your voice will have a much more pleasant tone when you are smiling. To the left of my desk on the wall there is a mirror and every time just before I make a call or just before I answer the phone I look over in the mirror and smile. If you just do this one simple thing, when you are filling out a worksheet or presenting your offers the tone of the conversation will be positive.

       Another thing you can do is show the note holder a couple of different ways you can purchase their note.  In other words, do not just give them a full purchase price.  Give them a full purchase price and a couple of partial purchase options.  You will be much more successful if you offer note holders 2-3 different ways they can sell their note.  Buy the whole note, buy the next 120 payments or buy the next 60 payments.  Whatever you come up with let the note holder know that the do have options. If you are just offering a full purchase you are severely limiting your potential as a note broker.  One of the things that happens when you offer options is that the note holder will say things like “oh, I didn’t know I could do that” or “how much can I get for 144 payments” or “I would love to keep some of the payment every month for some income” and they realize that contacting you was the right way to go.  You help them with their need and you create a positive experience for all involved.

        It all ties in with getting that story behind the note, doesn’t it?  If we know that they need $10,000 to pay off some credit card bills, can’t we give them an option to buy a few years of payments for $10,000? Most likely we can.  These are just a few of the ways to present yourself and your services to note holders in a positive light. 

       Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          I need your advice. I have had several response to my mailing but unfortunately have never really been able to close on any because  my buyers accepts the quote which is usually  about 900 dollars less than I was quoted but would renege because they were  or said they were given a higher quote after having accepted the quote. I am really getting extremely discouraged. In one instance I think my funding source must have cut me out, should I give up or persist?

                                                                 ~ N. Shields
A - Hello!  Thanks for the email!    

          Well, just so you know you are not alone. It has been tough to get and close deals for all of us out there but we are at least still able to get a couple a month. Maybe you need to find out who these magical investors say they are paying more than you so you can use them too (or maybe they are not able to close on those inflated quoted numbers). Maybe you are not setting the sellers expectations good enough on the first phone call or maybe there is something missing in your negotiating. All I can tell you is that we are still here, there is still business out there and we are all in the same boat.  Hope this helps!  TWITA! ~ Jeff

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