When someone new to the note industry tells me, “I have yet to find a note,” I have to wonder if they are even trying.
Ok, that might have sounded a little rude – that is not my intent.
I could understand someone saying they are having trouble finding “buyable” notes. But even with a small amount of marketing, and dumb luck, you should be seeing some notes.
When I first started my mortgage note business in a 500 square foot apartment most of what I saw in the beginning was junk. It took some tweaking to learn how to find better quality notes.
I admit, that “tweaking” process took awhile. At the risk of sounding like my grandfather, “you don’t know how good you have it now.”
If you are having trouble finding notes, here are five reasons that no one even knows you buy notes.
1. You have done nothing
This is my favorite. Someone contacts me and says that they have not found any notes. When I ask them what they have been doing to find notes they say, well, “nothing.”
Just knowing how to buy notes doesn’t mean people can find you. I always figure about 80% of note business success lies in the marketing. If you do nothing…nothing will happen. Why does that surprise people?
2. You have not told the right people
Note buying is not like selling magnets or the latest health drink. Limiting your marketing to family and friends will most likely not get you very far.
You need to tell professionals what you do. People like Real Estate agents, CPA’s, Bankers, Loan Officers, etc. These are people who are more likely to see notes on a regular basis than your mom.
3. You are not social
By “social” I don’t mean throwing cocktail parties and going to the Kentucky Derby. No I mean you are not taking advantage of all the groups on social media. Facebook, LinkedIn, Twitter, Google+ Circles.
Anything you can do to get your name out there helps.
4. Your website sucks
I have talked about this one before. In today’s day and age, you need to have some sort of web presence. The “free” website that you got off the Internet won’t cut it. You need something that looks professional – I mean you are going to handle someone’s money (or, at the very least, help them get some money for their note). You need to look the part.
Check out these Note Buyer Sites for some ideas for turn-key sites made just for note buyers.
5. You keep trying to go your own way
Look, I learned these lessons years ago. For the most part, there are only so many ways to find notes. Don’t keep trying to re-invent the wheel.
There are proven methods to finding notes – that have been used for decades – and still used today. Why would you not stick with what works?
Looking for ideas? Check out all the free articles here at NoteInvestor.com or step up and get our best marketing methods (with all the materials you can just add your name to) in the Finding Cash Flow Notes Training.
At the end of the day, it is still (just) a business.
The note business is just that. A business. It is not rocket science, but it does take work. The good news is that there is an unprecedented about of resources at your disposal.
In some ways it is not the amount of effort you put into it…but the right effort.