When you hear the words “Note Broker” what comes to mind first? I think lucrative, prestigious, successful and ambitious. But at the end of the day, there is nothing more glamorous about a note broker than your above-average automobile sales person. Yes, we use acronyms (BPO, ROI, WAC, WAM, TWITA…) that tend to impress the layman note holder, and many times we have to understand the governmental authority processes and regulations across the nation. We also have to be somewhat of a psychologist/attorney and have the ability to get inside the head of the note holder or payor. Most of all, we need to be a good listener (WAIT-another acronym- Why Am I Talking?).
When it comes down to it, a note broker in fact, works longer hours and endures many frustrations that the average 8 am to 5 pm employee never experiences. Here is a look at a typical day on the job, although no two days are alike:
- 7:00 AM Wake up, have a small breakfast
- 8:00 AM Walk or workout
- 8:30 AM Shower and dressed
- 9:00 AM Start the grind (passion) emails, conference calls, check for updates on current transactions, follow up with note holders on the fence, follow up with other note holders, collaborate with investors, appraisers, title companies, real estate attorney’s, etc.
- 12:00 PM Lunch while checking more emails
- 12:30 PM Return phone messages
- 2:00 PM Draft agreements, exhibits, review note package documents, more conference calls, chase note holders for missing information
- 3:00 PM Marketing planning
- 4:00 PM Prepare Note Holder newsletters
- 5:00 PM Email updates to current sellers
- 6:00 PM Dinner while letting creative juices flow
- 7:00 PM Work on future articles, newsletters and presentations
It’s a grind and the note business is competitive. You have to be on your A game every day of the week (ABC – “Always Be Closing”). A transaction closes, another transaction falls through and you never see one penny from it. You try to collect your fee from a note holder who backs out for no reason and doesn’t want to pay (even though you have it in writing); you negotiate a lower fee to get them to pay. You go 2 months without seeing a paycheck.
This takes passion, dedication, patience and the work can be exhausting. If you are just graduating from college or are considering a career change, be prepared to have 2 years of income saved. The career is rewarding if you have dedication and ambition. Having a strong current practitioner in the note business in place to assist you is also a key to success. But at the end of the day, you change the landscape of note seller’s lives. Who else do you know that can say that?
Remember, success demands action! Keep on marketing, it’s going to work! TWITA! (That’s What I’m Talking About!) ☺