How to Become a Successful Note Broker

Become a successful note broker and master the note business.

Becoming a successful note broker can lead to earning a six-figure annual income. Note brokers who do well in the industry have learned to master a few key areas that help them to succeed when others are dropping out. Focusing on one key part of the note industry, and then moving on to another part of the business allows successful note brokers to maximize their yearly revenue. Areas a note brokers may specialize in include real estate property, lottery payouts, and structured settlements. The steps below will guide you in becoming a successful note broker.

Instructions

1. Become a marketing expert. Focus on a single area of marketing at one time. Begin with sending postcards to a target market of your choice. Know that in the direct mail industry, a one percent response rate is considered good. If you want to get 10 people calling you regarding their note for sale, you must send out 1,000 letters. Contact a postcard marketing company that has a proven track record of success when it comes to postcard campaigns and acquiring lists.

2. Ask the postcard marketing company you choose to show you examples of previous marketing campaigns that have done well. Pick a marketing company that mails the cards, finds lists, and does everything you need to be done in terms of postcard marketing. Make sure you focus on one kind of note seller at a time. For example, if you are going to focus on people holding real estate notes, do not send postcards to people with structured settlements as well. Mail to the list you obtain from the marketing company at least four times over a one month period. Find the postcard marketing company you will use by speaking to other note buyers, using an online search engine, and going to local real estate investor meetings.

3. Become a great salesperson. Buying a note from someone involves getting the seller to the point where they know, like and trust you. Remember they are selling you something that will translate into a great deal of money in their pockets. Convince the seller that you can do what you say you are going to do. If you must spend hours with them on the phone, drive to their home, and show them examples of other note deals you have closed, be prepared to go the extra mile. Enrolling in a course which will teach you how to sell is a good idea. Taking a sales course will allow you to learn expert sales techniques such as knowing how to close, mirroring the personality of your seller, and understanding the different types of people you will face.

References

• Noteworthty USA: Note Buying Techniques
• Creative Funding: Advanced Note Business