What does it take to truly succeed in the note industry? I’m not just talking about a moderate level of success. This means being able to succeed to the level that you’re able to provide the life for your family or for yourself that you want to provide utilizing your business. After 25 years in the note industry (and still going strong) I have identified five key traits of those note professionals who experience an incredible level of success.
The first is this: these note professionals have an unwavering commitment to their success and their note business. Too many note professionals come into the business with the mindset of “trying” the note business and they’re part time, they’re sort of in, sort of not in, and not really sure if they want to make the jump into the note industry. The note professionals who are truly successful realize that if this is a business, you can’t do it part time. You go all in and you dedicate everything you’ve got to the success.
As Steve Jobs once said “the difference between entrepreneurs who succeed and those who don’t comes down to persistence.” Persistence. It comes down to how persistent you’re willing to be when everybody else is “trying” or “experimenting” with the note business. If you want to have that level of success the first thing you’ve got to do is become unwaveringly committed to your success in your note business.
The second thing I believe that separates the top note professionals from everybody else is they have a dedication to excellence. They don’t go in and try to deliver what note holders expect; they don’t try to just meet note holder expectations. What they do is they try to raise the bar. In the note business, the expectations that people have of note buyers, let’s be honest, is really really low because of a few bad apples. Just meeting note holder expectations doesn’t cut it. They figure how to be excellent at everything they do, from the service they provide to the communication they deliver; everything they do has to be excellent. Be honest with yourself and say “is this something that maybe I’m coasting a little bit? Maybe I could be doing a little bit better on?” If you can, do it. Don’t settle for anything less than being excellent in all that you do.
The third thing that separates them from everybody else is they make very very quick decisions. That doesn’t mean rash decisions. That also doesn’t mean decisions where they just go out and they don’t do the research or they don’t figure out what the right decision is. It means that they don’t waver back and forth. When they figure out that there’s a direction that they need to go, they act very quickly. They make that decision, they move forward and they realize that you can always make a new decision. No decision is ever set in stone. No decision is permanent. Nothing can’t be undone for the most part. If in business you make a decision, you move and it’s the wrong decision, you just make a new decision and move a different direction. If you’re wavering, if you’re just sitting on the fence going “I don’t know if I should, I don’t know if I can,” you’ll be left behind. The world moves too fast. The note industry is evolving at a rapid pace and it takes somebody who’s willing to step up, to be fast in their decisions, and to trust their gut to move forward.
The fourth trait of highly successful note professionals is they have a compelling vision for their life and for their business that extends far beyond the next transaction. Too many note professionals in this business are transaction focused. Where’s the next deal coming from? I’ve got to get that next deal. They never looked beyond what’s staring at them right now. Successful note professionals realize the next deal is important but what’s beyond that next deal is even more important. They’ve got to have a vision for what is it that they’re trying to create in their life and what is it that they’re trying to create in their business.
Ask yourself this: why are you in the note business? Why are you doing what you’re doing? Why is this important to you? If you don’t know why you’re doing it or you don’t know where you’re going, you’re just going to burn out on your own business. You’re going to get exhausted and frustrated and it’s never going to be something that makes you come alive and makes you passionate. You want to figure out what’s the vision beyond that next transaction.
Number five is they are people of action. What they understand is they cannot wait for the conditions to be perfect before they make a decision to act. Too many people want to wait until everything aligns before they act. They keep waiting and waiting and waiting. Nothing is ever going to be perfect. If you’re waiting for perfection to act, you’ll never take action. A perfect plan that’s still sitting on your desk where you haven’t taken action on it is never as successful as a plan that’s imperfect but that’s being acted on. A perfect plan sitting on your desk isn’t doing anything for you.
Ask yourself “are you a person of action” or “are you somebody that does the ready, aim, aim, aim and never quite pulls that trigger?” Be somebody who pulls the trigger knowing that you’re never gonna have perfect aim before you fire. 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, your favorite Master Buyer, has been in the cash flow industry since 1991. Specializing in the private mortgage note niche and seller financed notes he can be reached at 818-865-2322 or by email at firstname.lastname@example.org. For beginning to advance training opportunities, resources, to learn more or to obtain a quote visit armstrongcapital.com and secretsofpaper.com.