 President's
Corner
Four
weeks ago
I started to
explain the general process of the note business as it relates to a note broker.
The process being to Find them (the note holders), Expose them, Educate
them and Support them. If you are
able to complete the entire process you will then earn your F.E.E.S.!
We have already covered Finding, Exposing and Educating note holders and
referral sources. This week we will
conclude the process with Supporting them.
Previously we stated that each component of the process is interconnected
with the previous component. When we
are talking about supporting them we are talking about being available to them
for assistance when they need it. So
the question then becomes, what does support involve if we already found,
exposed and educated them? Support
comes down to two things; being available and assisting both the
investor/funding source and the note seller with the closing process when they
accept an offer from you. In other words being professional and using common
courtesy.
It’s not as hard as it sounds. When
someone calls or emails you the professional thing to do is to return the call
or email within 24 hours or the next business day.
Now I’m not saying that if you are on vacation or out of town you have
to keep the communication link open. But
at least make them aware of the situation by leaving an appropriate voicemail
message for when they call or using an auto-responder to people that email you
so they know when they might expect to hear from you.
That goes for your team as well (the team being you and the investor or
funding source and their employees). When
they ask a question about the file, get them the answer as quickly as you can so
as not to delay the process. If they
request additional information, try your best to get right on it and find it for
them in a prompt diligent manner. The
more we can work together, the faster the transaction will get to closing and
funding and the happier the note seller will be.
Also, once the note holder has accepted a price from you and the
transaction has started keep the note holder up to date at least once a week and
when a major part of the due diligence has been completed (credit, appraisal,
title, etc.). They will appreciate
it and your credibility will grow. And
who knows, maybe one day they will refer a friend that has a note to you as
well. Supporting them is all about
being professional and giving common courtesy to the note holders and the
investors that you work with.
There you have it. In the
last four weeks we have briefly touched on every aspect of the note business in
regards to the F.E.E.S. process: Finding them, Exposing them, Educating them and
Supporting them. Those are the
basics of a foundation for you to build your note business on.
Next week I will share with you what my daily routine consists of to
give you an idea of what a successful note broker does on a daily basis.
Remember, Success Demands
Action!
Keep on marketing, it’s going to
work! TWITA!
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