Are You Right for a Career in the Note Business?
Though a lot of people think a note business career is easy money, there is a lot more to it than that. The Note Industry is a very specific niche in real estate can be a very rewarding choice for just about anyone. Those entering the field have quite varied backgrounds and skill sets. You don’t need to be a “salesman”. This is primarily a service business, and serving your clients well will contribute to your success. Any given day, you may bump into a note broker who’s a recent high school graduate or a semi-retired business executive in her second or third career.
Many have found it to be a natural transition from another sales career and more fulfilling to boot! After all, you’re helping people in what is usually the largest financial transaction of their lives. That’s not to mention the emotional impact of letting go of a memory, good or bad.
If you question a group of brand new note brokers, you’ll find very diverse reasons for choosing the note business as a career. Many love the “helping people” aspect, while others want to exercise their independent nature and be their own boss. As most note brokers are independent contractors, they’re able to set their own work schedules and build their note businesses in the ways that they want.
There are also those who may perceive a note brokering career as quite lucrative, yielding excellent compensation for working when and how they want. If you don’t take anything else away from this discussion, keep top-level in your thinking that your note industry career is a business. It takes commitment and investment of time, effort and money to build a successful note brokering business. That’s whether you remain a “one person show” or if you build a team of note brokers later.
There’s another characteristic that can help less people-oriented note brokers to be successful in the note industry. Today’s tech and mobile world opens up new opportunities for success in notes. If you can work a good website that’s mobile device friendly, do some social website posting, and respond quickly with email or texting, there is a chance to connect with note holder prospects.
Some of the Pros of being a note broker can be:
•You’re an Independent Contractor and control your own business.
•Your income isn’t limited & based on your skills and work ethic.
•Set your own work schedule and vacations.
•Work from almost anywhere.
•Build future business with great service and referrals.
•Enjoy helping people in one of their largest financial transactions.
Some of the Cons of being a note broker can be:
•You’re an Independent Contractor and on your own to learn the business.
•Income can be a long time getting going and “feast or famine”.
•You have to be available when the note holders want you.
•There’s a high failure rate for new note brokers.
I hope this short article gave you some realistic insights into the note business and helps you in your decision to enter into the Note Industry, stay in the Note Industry or not. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)
Jeff Armstrong of Armstrong Capital has been a note broker and investor specializing in the seller financed note industry since 1991. He can be reached by email at firstname.lastname@example.org. For more updated and current information on how he can help you with your note business, your note investments or to request a quote on a note you currently have visit www.armstrongcapital.com.