Making the decision to start your own Note Business is a big decision. Everyone has different things to consider when they begin a new career, but make sure that you don’t these common misconceptions slow you down or stand in your way in your pursuit of becoming a successful Note Professional.
Misconception #1: Certain types of people do better in the Note Business than others.
Has anyone ever told you “wow, you’d be great in sales”? Are you worried because you’ve heard others say that, but never about you? Don’t worry, there is no certain “TYPE” of person that has an advantage over others in the Note Industry. One of the greatest things about our industry is that everyone has an equal chance at success. Think of the diversity and background of the note holders all across the country. Most of them probably never thought they would ever have a Seller Financed Note and will need the services of a knowledgeable note professional in the future. Chances are you’re a great match for many of them.
The only requirements for someone to become a great Note Professional are 1. You must be willing to learn 2. You must be consistent in your business 3. You must have a desire to succeed.
Misconception #2: It will be more difficult for me because I don’t have a sales background.
The Note Business, like every other industry has its own language, its own terms, and simply having a sales background is not a determining factor on whether someone is going to succeed in our business. Many of the top producing note professionals across the country came out of jobs and other careers that did not involve any type of sales at all. The key to their success is that they learned the language of the note business quickly and were able to communicate very effectively with note holders. It’s important to understand that if you don’t have a sales background, you’ve got just as good of a shot at success as everyone else, and if you do have a sales background, it doesn’t mean automatic success. If you apply the principals that helped you find success in your previous endeavors (High School, College, Sports, Work, Career) you’re likely to find success here too.
Misconception #3: It’s not the right time to get in because of the market.
This is one that can keep people from realizing their goal of becoming a Note Professional for years. The market is always changing, and there is always going to be something scary about making a career move or taking a step to furthering your education. When the Real Estate market was in its worst downturn in history from 2008-2013 there were still people that came into the note business and started incredible careers. As the market improved, more and more individuals look into being in the note business, creating more competition for the available notes. Guess what, each year new note professionals come in and create great note businesses. The market won’t dictate your success or failure unless you let it.
You control your destiny in this business, the mis-conceptions are simply that, misconceptions. Hope this helps! 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, your note investments or to request a quote on a note you currently have visit www.armstrongcapital.com to email him and subscribe to his weekly Note-Able Newsletter.