Double the Mileage of your Note Business Marketing
-Joel Cassway
Has your note brokering business reached the levels you anticipated? Are you getting responses to your marketing that you need and want? Or, is something missing?
Maybe things are OK, but you expected better results, more responses, more transactions. Unless you are working a well-thought-out marketing plan, chances are your business is running on
fumes instead of high octane fuel.
The best way to supercharge your business and get more mileage out of your marketing is to keep working
qualified leads. By all means, service letter recipients who request more information and/or eventually do business. But, it is critical you don't disregard the
non-responders.
My 30+ years of experience in the note business shows that the pool of note holders who didn't respond or simply wanted more information are
still a viable resource for your marketing efforts. Perhaps the time was
not right for them to sell.
(Would you believe 75 percent of my completed transactions are with sellers who
initially were not ready to do business? If you don't follow up and keep the lines of communication open, imagine the business you could lose!)
The key is to provide more information - information that convinces them to sell now! Or alternatively, you must share data that clearly shows when the time is right to sell,
YOU are the person to call.
Getting potential note sellers to remember you is paramount. And, because few folks have photographic memories, it is imperative you give note holders something they will keep. When it comes time for them to sell they must have your name and phone number. If they do not, someone else (your competitor!) will get the business.
Here are two simple steps for doubling the mileage of your marketing and keeping your name in the minds of prospective clients.
1. Become a professional mortgage appraiser. Don't confuse this with real estate appraisals; it's a separate service and just as valuable. A segment of the note holders you encounter may simply need to know the values of their loans.
Note valuations are a valuable resource for partnership purposes, estate planning, business dissolution, divorce settlements and more. (Don't discount note holders who are merely curious - a valuation may be all they need to act!)
Almost everyone who needs a mortgage appraisal requires the assistance of a
financial professional. And where do they go to find that person? The other financial professionals in their lives. This leads right into step #2:
2. Network with fellow professionals. When note holders don't know where to turn when they want or need to sell a mortgage, they often ask other professionals in their lives such as
attorneys, accountants or financial planners for help.
If you build ties with key players in these industries, you will be the one to whom business is referred. Don't let working with these professionals intimidate you. Providing mortgage appraisals will establish your credibility and give you an entree into this
professional market.
Another benefit of working this hidden market is that mortgage appraisals can serve as a
separate income stream too. Whether you complete a note selling transaction or not, you can get paid for providing this valuable service.
I first established this program for the long term potential. Isn't it logical that anyone who pays for an appraisal would naturally come back to the same person when it is time to sell the loan?
An appraisal can be as simple as a one page Letter of Opinion (that's how I started) or as complex as my current seven-page document with attachments. The completed packet may include photographs of the security, copies of all pertinent documents and all the necessary information about the loan.
(As a beginner, you may need to provide a few complimentary valuations. But after that, you can charge for your expertise.)
Whether a transaction results then and there or not, the appraisal will be kept. When it's time to sell, the note holder will dig out the appraisal and call you. After all, you are the trusted professional the person paid to provide the appraisal in the first place.
Double the mileage of your marketing by offering note appraisals to those who aren't interested in selling now. You'll get in front of note holders in a way your competition does not - as a trusted adviser and
note appraiser.
This professional image elevates your status in the marketplace and enables you to more easily deliver your message. (Potential clients will listen to a professional appraiser and keep his/her recommendations handy should the time to sell arise.)
Plus, the biggest bonus of all is that you get paid whether a transaction results or not.
