As a Note Professional, you probably spend a significant amount of your negotiating and marketing effort on conversations with note holders, then following up with them. With a full list of note holders and consistent follow-up, you’re bound to obtain plenty of new transactions, right? Most of the time, that’s absolutely correct. However, finding the right note holders and following through by contacting them doesn’t always produce the kind of results you’d like to expect.
In order to turn a note HOLDER into a note SELLER, you’ll need to get your note holder to agree to some type of sales conversation, which usually happens over the phone. The sales conversation could be an hour or a quick five minutes, as long as you find out the note holders needs and explain what you have to offer.
There are numerous ways for a note professional to accidentally turn a note holder away from their services. When you’ve made a lot of contact with note holders without obtaining new note holders, it’s safe to assume that something isn’t right about the way you’re interacting. If your service meets the needs of the note holder, and it’s priced within the range of the current market, what else could be preventing your note holder from becoming a note seller? Avoid the common mistakes note professionals make during sales conversations by following these tips:
Increase Your Telephone Skills – A lot of people are nervous or unprepared when it comes to speaking on the phone, which doesn’t allow them to engage the note holder on the other end of the phone call. In order to prepare yourself, write out your main points ahead of time and practice them. You could even consider a public speaking class, practicing with friends, or recording yourself and listening to the recording afterwards.
Use the Right Words – Improve the content of your offer, ensuring your approach allows note holders to understand what’s in it for them. Focus on the benefits and results for the note holder, instead of focusing on descriptive features or the process of your work. Begin messages with “you” or “your” and use these words consistently throughout your offer. Many note professionals speak the “me” or “my” language, subconsciously making the note holder believe it’s all about the company, when the note holder would much rather hear what’s in it for him/her.
Make Sure Your Note Holder is Qualified – Make sure you’re speaking to a note holder who has a true need to sell their note at a discount. Learn more about your target market and identify which segment of your market is most likely to accept your offers. Research your note holders ahead of time as well, even prior to marketing to them.
Target Your Offering Towards the Note Holder – For example, if your note holder is looking for cash for a specific need, discuss that. If your note holder is looking for one time lump sum, discuss that. In addition, if you’re aware of a specific pain point for your note holder, discuss the solutions that your company has available for this.
Become Well-Known and Recommended to Note Holders – Chances are, if you’re well known and have been recommended to your note holder, they’ll have no problem taking time to talk with you. Consider increasing your professional visibility through referral-building, networking and direct contact.
Increase Your Competitive Advantage – If note holders are already talking to someone else, reposition your service in your marketplace. How can you show note holders that your service is higher quality, more unique and effective, or better for their business?
Don’t Overload Your Note Holder with Services – When you start discussing all of the services you offer, your note holder won’t be able to figure out what you actually do and how it’s aligned with their needs. You may offer a wide variety of services, but most of your note holders are looking for a specified service. Narrow your focus and pitch the service that your note holder most likely needs the most.
Engage Your Prospects and Commit to Taking Action – Engage your note holder and commit to taking action. Be prepared and confident during your conversations.
If you follow these tips during your conversations, will you continue to make mistakes once in a while? Absolutely. Will you turn every note holder into a note seller? Absolutely not. After all, you’re only human. However, these tips will help you avoid the common mistakes many note professionals make, and eventually lead you to become more successful and productive during conversations. 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 info@armstrongcapital.com. 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.