Published on February 27, 2009
Brokering Bank Notes: 101 Starring Sherry Nickels as Sherry Nickels 1
Meet Her … Know Her … Study Her www.samanthastable.com 2
How is She Marketing Herself? 3
So what is Samantha “selling”? 4
What Samantha “Sells” Breaking down Samantha: • She has connections – she knows people • She can find many people for you because she knows a lot • She “understands” you because she is a socialite herself • Trust – you can trust her • She knows what she’s doing 5
Applying this to Note Brokering “But, Dean, I’m No Samantha!” All you need to know is 1 • She has connections – she knows people buyer good seller & 1 good • She can find many people Quality isbecause she for you better than quantity knows a lot She “understands” you becausewhat happens in a Learn she is a socialite • trade (A-Z = essential) herself Say something, do it. • Trust – you can trust her Integrity and follow-through • She knows what she’s doing Study, learn, then do (A-Z) 6
1st Step: Finding Sellers Put yourself in a seller’s shoes… If you think it’s hard to find Notes, imagine how hard it is to find good buyers! 7
1st Step: Finding Sellers Ask yourself “How can I make their life easier?” • www.WePayLotsforYourBadNotes.com • Google? • Linked In? • Your key value-add to Sellers is: Find & Vet • Due diligence on buyers • Manage expectations • Find out their history of performance • Set up an introductory call • Personalities are critical 8
1st Step: Finding Sellers Keys to success: • You work with “qualified” buyers • Explain how you work with sellers & deliver value • Understand their expectations 9
2nd Step: Finding Buyers Qualify your buyers: • You can simplify the process down • An Investor Questionnaire • Determine experience level and business model and exit strategy • Be humble – let them teach you You can’t “Qualify” a buyer if you know nothing about buying notes 10
Where to find them Online forums, your own research • RE forums (smaller buyers) • Company websites (investment funds, hedge funds, private equity funds, Note investors) • Don’t ever be intimidated – you don’t need an MBA in order to facilitate a trade! • And remember Samantha … If she demonstrates she knows what she’s doing, WHO CARES if she’s a 1-woman show? 11
3rd Step: Bringing the Two Together It’s an art, not a science • Who’s your client? Seller or Buyer or Both? • Meet their needs … • Buyer may want you to find out “color” before spending time • Seller may want you to bring indicative bid before spending time • No two clients are ever the same. Just find out what they want to do, and work to make it happen. 12
4th Step: The Close Once again, it’s an art, not a science • Communicate, communicate, communicate • DO NOT assume Buyer and Seller are always in sync • Never take anything personally • Spend time where you need to Find out what each needs, and deliver 13
Covering your bases A good broker continues to deliver value • Payment on-going? Typically 12 months • Keep in touch, show a Buyer more pools • If a broker brings me “value” as a Buyer, I may use them EVEN IF I already know the Seller • Tracking trades? Sometimes you go on trust • Also, ask your Seller to cc you on emails 14
The 4 Keys to Successful Brokering 1. Determine if the buyer can really buy 2. Determine if the seller will really sell 3. Bring the two together: Know what each is looking for when you bring them together 4. The Close: Maintain communication between the Buyer and the Seller – lose 1 and there’s no trade The better you know the process and the product, the greater the likelihood of a trade (and you making $). 15
Learning the Process & the Product • www.NoteBuyingProfits.com/preorder • First 5 buyers get our new Broker Module for Free – to be released by March 31st – with tools and training to make you money $ • www.NoteBuyingProfits.com/brokercourse to get onto the priority list when the first comes out – and you’ll be first ones to hear of it 16
Next – Banker Talk March 11: 5pm PT, 8pm ET – Talk to Saprina, a loss mitigator at a collection company. Practice makes perfect For PAC Members only 17
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