The arrangement is basically that note brokers use their superb marketing skills to find qualified notes for the note buyers to purchase and then their ninja negotiating skills to get the note holders to accept the offers.
Instead of just brokering a note, you are also very much so, selling your expertise. So which is more important to a note broker, leads or lists? That depends on where your leads are coming from what marketing methods or where you are getting your lists from and the criteria for those lists of note holders. In a difficult market and a changing industry, the best path to success for a note broker is to be adaptable and willing to work with both note sellers and note buyers.
Every note professional these days seems to be glued to his iPhone or laptop screen. To understand how to maximize your relationships as a note broker, start by asking the basic questions: who do you know, and who knows you?
The answers will go far in revealing the extent of your sphere of influence, the collection of people for whom you and your business have weight. The greater your sphere of influence, the more of a magnet you become for prospective note holders—and the better your chances of turning them into note sellers.
To maximize your note business, you need to participate in your community. Get exposure in the flesh, and make sure people know what you do. You should also treat everyone you meet with the same courtesy and attention, no matter who they are or what they can do for you—after all, you never know who may become the next note holder or who might be able to give you the next referral.
But while quantity is good, quality is even better. Visibility is great, but if your only goal is to get everyone and anyone on the hook, knowing everybody in town will actually work against you.
Your reputation in your community greatly influences your trade. People obviously want to work with note brokers they trust. The most sustainable business model is one in which your transactions with others are always mutually beneficial. Follow up with recent note holders to see how the payments are coming in. Distribute an email newsletter to all your note holder contacts and potential referral sources. Send personalized notes and birthday cards.
Use social media and maintain a presence online. The gesture only takes a minute or two, and it can pay huge dividends in the long run.
Each contact you make has a value, and each note holder also has a lifetime value. Like many jobs that require a high degree of social interaction, the note business is best learned by time on the water, by doing, by interacting with as many leads, note holders, note buyers and referral sources as possible.
So get to work! Next month three more solid tips in my second of this three part series. Jeff Armstrong of Armstrong Capital, your favorite Master Buyer, has been in the cash flow industry since If you have a little bit of money to spend on the lead acquisition process, take out a small print ad in newspapers, real estate publications, and any other relevant publication. Magazines read by financial professionals, especially those in the real estate business, are excellent ad resources.
Be sure to include a website and phone number so sellers can reach you easily. You could also send out postcards to individuals. Corporations, on the other hand, need to be wowed, so send corporations informative brochures or letters. Another fantastic option is to use online SEO practices to gain leads. If your call to action is compelling, you should be able to gain leads within a matter of minutes. Contact Amerinote Xchange for Further Information. Ultimately, the best way to ensure a successful transaction is to work with experienced industry leaders.
Note broker training can only get you so far, and working alongside a knowledgeable expert is the key to getting your feet wet without drowning. Call Amerinote Xchange at , or reach out to us online here , and one of our friendly experts will get in touch the very same day. Count on Amerinote Xchange as a reputable resource for all things related to mortgage note buying and selling.
Tara Mastroeni is a real estate and personal finance writer. See full bio. Molly's diversified background and experience lies in the areas marketing ad-tech, team-building, operations-management, sales and strategic relations management. Molly has a BA degree from Temple University. Abby is the co-founder and Chief Acquisitions Officer. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam.
Learn how your comment data is processed. Capturing Notes with No Budget A significant amount of training can only come from experience. The Ideal Seller Part of your note broker training involves recognizing the right seller for your goals. Find Sellers through Courthouse Leads Another option is to seek out courthouse leads. Partner with a Realtor Reach out to local real estate agents and ask them to let you know if they run into any seller-financed mortgage notes.
Small Budget Lead Acquisition If you have a little bit of money to spend on the lead acquisition process, take out a small print ad in newspapers, real estate publications, and any other relevant publication.
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