As a note broker or note buyer you are in sales. As a salesperson it’s not only what you say to the note holders, it’s how you say it. Sales equals communication. The more and better you communicate with note holders the better you will become at negotiating and getting them to accept a price for their note. Here are some communication tips to help you with this process.
Talking to Yourself: The way you psych yourself up for the call to give the note holder your prices and options (a negotiating call) affects how you come across to them over the phone. If your inner dialogue is full of phrases like “I really need this deal; I hope they say yes” and I hope they think my price is good enough,” you will come across as desperate. Instead, think things like “I really want to help this note holder,” or I’m going to give them all of the options and information, and they will make the right decision!” You will refocus your attention on the note holder and come across as relaxed, caring, competent and genuinely interested in helping.
Talking to Others: By discarding certain overused or awkward sales terms, you will go a long way toward improving your acceptance record, simply because you will come across as more professional, more competent, and less pushy. Take the word “contract,” for example. This word has many negative connotations. At worst, it gives the note holder the impression they are locking themselves into something unpleasant and difficult to get out of. Instead, use the word “agreement.” This word brings to mind a pleasant arrangement between friends, rather than a sales trap, and makes the note holder more open and accepting of what you have to say.
Power Talking: The suggestion is to remove words like “just” and “hopefully” from your vocabulary. They make you sound uncertain. Compare the phrase, “I’m just calling to let you know about…” to “I’m calling to let you know about…” In the first phrase, the word “just” minimizes the importance of your information. As for the word “hopefully,” it is recommended that you get rid of it altogether. As I see it, “hopefully” is unnecessary and suggests incompetence. You will not “hopefully” get the note holder the best deal; you will get them the best deal.
Listen very carefully to how you communicate with yourself and with your note holders. Start to incorporate some of these ideas into your communications and watch your sales (acceptance rate) go up! Be kind, keep safe and stay healthy. 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 investor and broker specializing in the performing seller financed note industry since 1991. For more updated and current information on how he can help you with your note business, note investments, note appraisals or to request pricing options on a note visit www.armstrongcapital.com to email him and subscribe to Jeff’s Weekly Training & Tips Newsletter.