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Suggest You - Russ Dalbey - Eight Tips for Building a Successful Cash Flow Business
Who would want to start an online pet store. Pet lovers ofcourse. Indeed a love of pets is probably the number one criteria for setting up a small pet shop online. A pet store run online can be based upon a number of products such as wholesale pet supply stores, pet food or some other pet product.Starting a pet-based home business is not easy but again it is not as hard as you might think. Normally there is no need to have a large space to keep the pet products in. In fact if you open an online pet store where you can sell pet products, you will only need to stock and maintain select products, the bulk of what you need can actually be kept and maintained by others. The rest of the products for pets can be kept by a dropshipping company that carries products and will even process sales for you. So the purchasing and receiving of the product is handled even without the seller touching or even seeing the product. Seeing there is little need to keep products with you in the home and the products sold are not even yours the cost of setting up and managing the business is actually minimal. Nevertheless you will most probably need a website that is properly hosted. For your web hosting, you can just use one of those free sites for a start to save on set up costs. Alternatively there are still some very effective and inexpensive webhosts available.It is quite possible to use a dropshipping company for your online pet store. If you use an independent supplier ensure that they are reputable. Preferably they should also be located very close to you to ensure that you can maintain a watch on the quality and availability of wholesale pet supply products. Always make sure that you have steady supply of the products that you sell in your site otherwise you will have many disgruntled clients on your hands. Having disgruntled clients is not really a pretty thing so make sure that you give good service. Nevertheless there should be little problem with irrate customers with an online pet supply website because you remain somewhat anonymous throughout the process.As you can see it is not difficult to get an online pet store going. However it still requires dedication and the willingness to provide quality customer service. There is nothing worse than a website that is claiming to be running a money making business being irresponsible and not controlling the selling and supplying of products in as professional manner as an offline business.
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing lo
Bad things can happen to your business -- fires, floods, tornadoes and hurricanes, are just a few of the many disasters that can wipe out your cleaning business in just a matter of minutes. You have spent years building up a successful cleaning business; don't let failure to plan for the worst ruin it. Although no one wants to think about it, planning ahead can keep your business from going under after a tragic event. Many businesses never recover from misfortune: the Small Business Administration (SBA) reported that in 2006 up to 25 percent of businesses did not reopen after a natural disaster.Proper planning can also get your business up and running faster or keep your business going when others in your area are still trying to get back on their feet. The Red Cross and FEMA encourage all businesses to create a disaster plan. Even if you don't have time to sit down and write out a full-blown plan for your cleaning business, begin developing your plan by starting with the following:1. Create a list of phone numbers of your key employees and customers and keep it with you. Also provide a copy of that list to key staff members.2. Back up your computer data often and keep an updated record of that information off-site. If you keep paper records, be sure to make copies of important documents and store those in another building.3. Make a comprehensive list of your equipment, including the price, date purchased, model number, and serial number. Keep this updated as you buy new equipment and keep a copy of this off-site. It's also a good idea to photograph or videotape your office, equipment, and supplies so you have a visual record for insurance and replacement purposes.4. Consult with your insurance agent and make sure you have enough coverage. Remember, most policies do not cover flood or earthquake damage. Your insurance needs to cover more than just your building. Insurance has to also cover the replacement cost of your supplies and equipment. Make sure your equipment (both cleaning and office equipment) is covered. Most insurance companies offer Inland Marine insurance. This will cover any equipment you don't store on your property.Keep in mind you will also be replacing more than just cleaning equipment, but also office equipment and supplies. It may be necessary to rent items temporarily until you have the insurance check. So it's also important to have enough money on hand to rent the necessary equipment.Some of the things you might be renting include:* office s
As with any business, there is a learning curve involved with consistently making the largest profits possible with the smallest amount of effort. So, to ensure that you close the most deals possible, follow these eight simple guidelines:
Tip #1: Build relationships, not one-time deals.
Regardless of whether you are a full-time note broker or just working with notes part-time, conduct business to ensure that every transaction ends on a positive note. While it is true that there are billions of dollars in cash flow notes in North America, the actual network of finders, brokers and investors who work in the secondary finance market is fairly well-connected and tight-knit.
If you plan on being in the business for longer than a few months, you want to build a reputation as a knowledgeable, efficient and honorable businessperson. The odds of you conducting repeat business with a past contact are good if you leave a good impression in the minds of the note holder, co-finder, or investor – even if the deal falls through and does not close. Word that you take care of business and treat people as you would want to be treated will spread fast. The only message that will travel faster is the grumbling of dissatisfied customers. The impression that will radiate throughout the note community about you is ultimately up to you. The heart of the note business is not really numbers and dollar signs. It’s people working with other people to find a workable solution to a problem. The human and personable service you provide is a large part of what will make others in the note business remember your name, keep your business card, and call you FIRST the next time they need help with liquidating a note.
Tip #2: Follow through to maximize your note deals.
Don’t make the mistake of assuming that “following up” or calling people back after you haven’t heard from them in a week or so will be construed as being too eager or annoying. Most note deals are not closed on the first attempt. And the vast majority of them do not get sold to the first offer, or even the highest bidder.
The importance of following up has been clearly illustrated by the National Sales Executive Association (NSEA), a trade organization for professional salesmen. Their remarkable statistics demonstrate that vast majority of deals are closed from the 5th through the 12th contact! Here is the data compiled from research by the NSEA:
2% of sales are made on the 1st contact
3% of sales are made on the 2nd contact
5% of sales are made on the 3rd contact
10% of sales are made on the 4th contact
80% of sales are made on the 5th -12th contact
Even more compelling – 95% of your competition will drop a prospect after the third try. Notice that the figures above show that putting out 25% more effort than your competition (by making the fourth contact) will typically improve your sales by 100%!
Also, specific to the note business – you may often hear from a prospect, “Sorry, the note is already sold.”
Keep in mind that different people have different interpretations of the term "sold." Unless the note holder and finder(s) have actually received their payments and all the paperwork is signed and filed, the deal is still in limbo.
So if you’re told “sorry, the note’s already sold” you should always respond –
“Well, congratulations! I’m sure you’re glad the sales process is over and that you're happy to have received your check. Do you mind me asking how much you got, so I can get a feel for the market value of a note like yours in the future?"
If they end up telling you they haven’t actually gotten the check yet, BINGO! The note isn’t sold yet. Now find out if the seller has signed a commitment letter with an investor yet to sell their note. If you are told they haven’t even done that yet, then you are still able to make an offer.
Always take another 30 seconds to inquire a little deeper and make sure the deal is really gone. Don’t give up the second you hear “the note is sold.”
Even a seller who has verbally promised an investor that they are going with their offer can change their mind and go with a different investor if they haven't signed a COMMITMENT LETTER yet. So always ask if they've done this. If not, tell them that you might be able to bring them an offer that gives them $500-1000 more – if they can give you a day or so to work up a competitive offer. Wouldn't you be willing to wait a day for that much more money? Even if you're told they HAVE signed a commitment letter, you can mark your calendar to call this contact again in about 3-4 weeks. Just inquire again if they have a note for sale, as if you've never talked to them before. If the note deal hasn't closed by then, most likely there's been a problem with the previous deal, and the note holder will be open to getting new offers to buy again.
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing loc
ISO 9000 is an important marketing tool and is recognized world wide. Maintained by the ISO (international standards organization), it is a family of ISO standards for quality management systems. ISO 9000 grew out of British standards institution's BS 5750. The ISO 9000 series are managed by several accreditation and certification bodies. Though the standard was first applied to manufacturing industries, it is now employed across a variety of other types of businesses.Studies show that the history of industrialization has seen lots of standards on quality issues. For instance, during the two world wars, a high percentage of bullets and bombs went off in the factories themselves in the course of manufacturing. In an effort to curb such causalities, UK?s ministry of defense appointed inspectors in the factories to supervise the production process.In 1959, the United States introduced Mil-Q-9858a, the first quality standard for military procurement. By 1962, NASA developed its quality system requirements for suppliers. Six years later, NATO accepted the AQAP (allied quality assurance procedures) specifications for the procurement of equipments. In 1969, UK and Canada introduced suppliers? quality assurance standards.During the 1970s, British standards institution (BSI) published BS 9000 (the first UK standard for quality assurance) and BS 5179 (guidelines for quality assurance) norms. During the period, the BSI held meetings with industry to set a common standard. Consequently, in 1979, the institution developed BS 5750, a series of standards for use by manufacturing companies. They were enforced through assessments and audits.In 1987, the BSI revised the standard to take in service providers and manufacturing industries also. In 1988, ISO adopted the BS 5750 standard without changes and published it globally under the name, ISO 9000.In 1994, ISO revised the standard. In December 2000, the standard was again reorganized. The new ISO 9000 standard has many resemblances to its predecessors.
Tip #2: Follow through to maximize your note deals.
Don’t make the mistake of assuming that “following up” or calling people back after you haven’t heard from them in a week or so will be construed as being too eager or annoying. Most note deals are not closed on the first attempt. And the vast majority of them do not get sold to the first offer, or even the highest bidder.
The importance of following up has been clearly illustrated by the National Sales Executive Association (NSEA), a trade organization for professional salesmen. Their remarkable statistics demonstrate that vast majority of deals are closed from the 5th through the 12th contact! Here is the data compiled from research by the NSEA:
2% of sales are made on the 1st contact
3% of sales are made on the 2nd contact
5% of sales are made on the 3rd contact
10% of sales are made on the 4th contact
80% of sales are made on the 5th -12th contact
Even more compelling – 95% of your competition will drop a prospect after the third try. Notice that the figures above show that putting out 25% more effort than your competition (by making the fourth contact) will typically improve your sales by 100%!
Also, specific to the note business – you may often hear from a prospect, “Sorry, the note is already sold.”
Keep in mind that different people have different interpretations of the term "sold." Unless the note holder and finder(s) have actually received their payments and all the paperwork is signed and filed, the deal is still in limbo.
So if you’re told “sorry, the note’s already sold” you should always respond –
“Well, congratulations! I’m sure you’re glad the sales process is over and that you're happy to have received your check. Do you mind me asking how much you got, so I can get a feel for the market value of a note like yours in the future?"
If they end up telling you they haven’t actually gotten the check yet, BINGO! The note isn’t sold yet. Now find out if the seller has signed a commitment letter with an investor yet to sell their note. If you are told they haven’t even done that yet, then you are still able to make an offer.
Always take another 30 seconds to inquire a little deeper and make sure the deal is really gone. Don’t give up the second you hear “the note is sold.”
Even a seller who has verbally promised an investor that they are going with their offer can change their mind and go with a different investor if they haven't signed a COMMITMENT LETTER yet. So always ask if they've done this. If not, tell them that you might be able to bring them an offer that gives them $500-1000 more – if they can give you a day or so to work up a competitive offer. Wouldn't you be willing to wait a day for that much more money? Even if you're told they HAVE signed a commitment letter, you can mark your calendar to call this contact again in about 3-4 weeks. Just inquire again if they have a note for sale, as if you've never talked to them before. If the note deal hasn't closed by then, most likely there's been a problem with the previous deal, and the note holder will be open to getting new offers to buy again.
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing lo
You know - the decision you make when selecting a Merchant Account provider may be much more important than you think. Why? Because you will rely on their service many times a day, as you take in credit card payments for your business.The fees your merchant account provider charges, as a percentage of sales, will add up to tens of thousands, even hundreds of thousands of dollars, over the course of a few years!Bad or mediocre customer service can cost you many hours of nail-biting anxiety as you struggle to straighten out problems that may not even be your fault.Hidden fees can cut into your profits while early termination penalties force you to remain stranded without the freedom to get out and retake control of your future.If, for any reason, your credit card processing falters, your business will feel the pain. That is why it's very important that your merchant account provider pass some qualifications including these:Qualifier #1. Integrity of the Provider.Unfortunately the merchant account industry is full of deceptive claims and ruthless businesses that feast on the lack of knowledge that merchants have about our industry. Therefore, be on the lookout for these potentially “problematic” indicators:(a) When you call during business hours, do you get an answering machine instead of a live representative or a professional answering service?(b) When you ask about your processing costs, do you get straight-forward answers or just confusing blabber?(c) Do they post teaser rates all across their website with “free” terminal giveaways and ridiculously low rates?(d) Does their website have a valid domain name or are they just representing another merchant account provider?(e) Are they a member of the Better Business Bureau (BBBOnline)?(f) Do you see any security seals like Authorize.net, VeriSign or Komodo displayed on their website? This lets you know that their website is secured.Qualifier #2: Price Structure of Provider. Rates and fees you will be charged are critical! Ask the merchant account providers to provide a list of all of the COSTS associated with processing credit cards including things like:Monthly minimums, annual fees, supplies, early cancellation fees, minimum contract term, access fees, PCI compliance fees and rewards card surcharges. These are often the hidden costs that catch you after a contract is signed and dated.Here are some questions to ask a potential merchant account provider.sed from the 5th through the 12th contact! Here is the data compiled from research by the NSEA:
2% of sales are made on the 1st contact
3% of sales are made on the 2nd contact
5% of sales are made on the 3rd contact
10% of sales are made on the 4th contact
80% of sales are made on the 5th -12th contact
Even more compelling – 95% of your competition will drop a prospect after the third try. Notice that the figures above show that putting out 25% more effort than your competition (by making the fourth contact) will typically improve your sales by 100%!
Also, specific to the note business – you may often hear from a prospect, “Sorry, the note is already sold.”
Keep in mind that different people have different interpretations of the term "sold." Unless the note holder and finder(s) have actually received their payments and all the paperwork is signed and filed, the deal is still in limbo.
So if you’re told “sorry, the note’s already sold” you should always respond –
“Well, congratulations! I’m sure you’re glad the sales process is over and that you're happy to have received your check. Do you mind me asking how much you got, so I can get a feel for the market value of a note like yours in the future?"
If they end up telling you they haven’t actually gotten the check yet, BINGO! The note isn’t sold yet. Now find out if the seller has signed a commitment letter with an investor yet to sell their note. If you are told they haven’t even done that yet, then you are still able to make an offer.
Always take another 30 seconds to inquire a little deeper and make sure the deal is really gone. Don’t give up the second you hear “the note is sold.”
Even a seller who has verbally promised an investor that they are going with their offer can change their mind and go with a different investor if they haven't signed a COMMITMENT LETTER yet. So always ask if they've done this. If not, tell them that you might be able to bring them an offer that gives them $500-1000 more – if they can give you a day or so to work up a competitive offer. Wouldn't you be willing to wait a day for that much more money? Even if you're told they HAVE signed a commitment letter, you can mark your calendar to call this contact again in about 3-4 weeks. Just inquire again if they have a note for sale, as if you've never talked to them before. If the note deal hasn't closed by then, most likely there's been a problem with the previous deal, and the note holder will be open to getting new offers to buy again.
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing lo
Procedures for incorporating in Illinois are very simple and can be done easily, or by seeking legal help. As there are numerous benefits, people are choosing to incorporate their new business ventures more readily.Steps for Incorporating In Illinois:It is best if an attorney is hired to guide you through the process of selecting the right legal structure for your business. It could be a C, S, Closed, professional, or non-profit corporation.Selecting the right name is the next crucial step for incorporating your company. The name has to neither be original and not a duplicate of any other registered business nor be in the list of reserved names. Care should be taken to ensure that the name selected does not state or imply that the corporation is authorized to carry out business in insurance, assurance, indemnity, the acceptance of savings deposits, banking or as a corporate fiduciary unless authorized by the proper state agency to do so. And the name must contain the words “trust,” “pawners,” or “cooperative” if indeed it does engage in any such business. The corporation has to conduct business only under the registered name and it must end in the words or abbreviations of the words “Incorporated,” “Corporation,” “Company,” or “Limited.”There must be a minimum of one incorporator and they may be natural persons above 18 years or be another corporation. They have to file the articles of incorporation with the Secretary of State of Illinois and pay a fee of $175. The state will process them within 20 business days.The articles must contain additional documents providing: Names and addresses of the incorporators. Statement of purpose. The number of shares authorized to be issued as well as the number of shares that the corporation proposes to issue and the consideration to be got for such shares has to be listed too. Name and address of registered agent, who has to be a resident individual of this state, whose business office is the same as the registered office or a corporation with authority to transact business in this state. That is authorized by its articles of incorporation to act as such agent and whose business office is the same as the registered office. It is mandatory to file a copy of the articles in the county where the registered agent resides.There has to be a minimum of one director and the board of directors may amend, repeal, or adopt bylaws. The bylaws have to be maintained in the principal executive office. Directors may appoin
If they end up telling you they haven’t actually gotten the check yet, BINGO! The note isn’t sold yet. Now find out if the seller has signed a commitment letter with an investor yet to sell their note. If you are told they haven’t even done that yet, then you are still able to make an offer.
Always take another 30 seconds to inquire a little deeper and make sure the deal is really gone. Don’t give up the second you hear “the note is sold.”
Even a seller who has verbally promised an investor that they are going with their offer can change their mind and go with a different investor if they haven't signed a COMMITMENT LETTER yet. So always ask if they've done this. If not, tell them that you might be able to bring them an offer that gives them $500-1000 more – if they can give you a day or so to work up a competitive offer. Wouldn't you be willing to wait a day for that much more money? Even if you're told they HAVE signed a commitment letter, you can mark your calendar to call this contact again in about 3-4 weeks. Just inquire again if they have a note for sale, as if you've never talked to them before. If the note deal hasn't closed by then, most likely there's been a problem with the previous deal, and the note holder will be open to getting new offers to buy again.
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing lo
...While "attitude" was enough to build the smaller Pyramids (like that of King Sneferu), the largest, grandest, and the only of the Seven Wonders of the Ancient world still standing, with a height of 450 feet and 756 feet square: The Great Pyramid of Khufu, needed more than just a great attitude.True greatness lies in self-actualization through workWhen work becomes choice, it no longer manifests itself as work. It is the convergence of personal desire and the actions we gladly take.As it turned out from the discovery of a Workers Cemetery, building Pyramids was a dangerous business. Even with a great attitude, that's a real bummer. So why would anyone choose to put in their whole hearted effort and risk their lives in the process. Was it Bak, or feeling special, or was it more?Harvard's George Reisner found workers graffiti created by "Building Teams" that called themselves names like "Friends of Khufu" and "Drunkards of Menkaure".These findings and ancient Scrolls suggest that these teams were made up of many classes of people on a rotating basis. This means that the managers, architects, and even the priests would take part in building.Did Pharaoh himself go down and carve bricks? Only Ra would know.But in today's context when nurturing the psychology of a superior workforce, a Hands-on CEO often commands greater respect.Why?Because he/she leads for others and not for a personal ego trip.The term "Hands on" should be qualified here: a CEO that gets into other peoples job because of frustration or tries to do everything themselves is counterproductive. The hands on type I'm talking about is an individual who takes the time to have assist his personnel by supportively guiding them. And, who lets his subordinates teach him what and how they are doing in order to have a greater understanding of even the least significant function. This would be a Leader who may see a mop and proceed to clean the floor while the janitor's on his break, then ask the janitor if he did it right when he comes back. Or, who may go to the source when a manager is having difficulty with equipment and assist him in solving the problem as the manager takes charge. These of course must be taken in context of time requirements, but a great leader will have more time because they would be more effective in assisting people to achieve greater and faster results.In these teams people were equals and as equals established unique identities within the masses. Each of these teams was divided
Tip #3: Don’t neglect your local market.
Even if you live in a rural area, you can typically develop more than enough referral business in your own backyard. In a well-developed residential community or urban environment, your “hometown” market may not need to be any bigger than the county you live in. In more rural areas, you may need to add a few surrounding counties to your target. But, just a few radio stations or publications generally cover a sparsely populated region, so the amount of advertising you will find necessary should not be excessive.
Generally speaking, people tend to respond better to local businesspersons. Remember what was stated in tip #1 – you’re building relationships with people, not just conducting business. Local dialect and common knowledge of local areas or customs can go a long way to warming up your client and helping them to drop their guard and start treating you like a person, not an adversary. Take advantage of that intrinsic benefit by conducting effective marketing locally first. You may find that doing local marketing can be less expensive and ultimately increase your Return On Investment as well (look at Tip #8 below). The important thing is to always make a concerted effort to contact as many of your hometown targets as soon as possible. Tip #4: Call, don’t email.
Email has become an incredible tool for efficient and low-cost communication. Effective communication is a key aspect of any business, but especially the note business.
Because of the ability to work on deals long distance, you’ll often work on deals with people you’ve never met in person or seen face to face. After all, as long as you can send faxes, mail documents, type emails, or talk on the phone, you can close note deals with people far away!
As a note finder, you are not a salesperson. You’re simply looking for people that already want what you offer – the ability to trade money later for money now. If the note holder doesn’t want to sell, you shouldn’t waste a lot of time trying to convince them otherwise.
Still, you need to “sell” yourself – your abilities, your knowledge about notes, the accuracy of your market assessment, and certainly your honesty and your character. Because of the fact that the other party may never actually see you in person, it is that much more important that you develop a relationship where both of you are comfortable with the other.
Always strive to establish a real “connection” with the other party, despite the distance. When given a choice, make an effort to interact with prospective note sellers, finders, or other contacts by phone rather than e-mail. This is especially true if it’s your first time “meeting.”
Calling your contacts on the phone generally gives you much better results than e-mail, for four reasons:
1. You’ll be able to develop a sense of trust and rapport between yourself and the contact much more effectively on the phone.
2. Any key questions asked via e-mail are more likely to go unanswered, glossed over or even ignored completely.
3. You can more effectively communicate a sense of excitement, urgency, positivity, or anything else you want to convey through your voice inflections, volume, and tone.
4. On the phone, you will have much better control of the situation, especially if you’re trying to get more information, or negotiate a note deal.
When you’re ready to close a deal, issues of control during communication are even more important.
Making an offer to buy a note via e-mail is not recommended. If you’ve been working with a client that prefers email communication, you can certainly email them and tell them you have an offer ready for them, but you need to talk to them for a few minutes to go over the details. If the note holder truly wants to sell, is should not be too much to ask for them to talk to you for a while, regarding the LARGE AMOUNT OF MONEY you are ready to offer them.
On the phone, after you make an offer, you might hear "well, that offer is not high enough" or "I'll think about it and get back to you," or maybe even dead silence.
In all of these situations, you have recourse. You can ask:
"What is the price you're seeking that would convince you to sign a commitment letter with me to sell the note immediately?"
or -
"OK, but I can only honor this offer for about 24 hours. Can I ask what is keeping you from making your decision today?"
E-mail doesn't give you the ability to immediately respond to the seller’s statements or thoughts. In fact, it puts you at a disadvantage, because waiting for an answer to your e-mail puts you on the seller’s schedule as you wait for a reply.
On the phone, you have the opportunity to STAY IN CONTROL and maximize your odds of closing the deal.
Tip #5: Be open to any type of cash flow that you could profit from.
The cash flow market is a lot bigger than simply notes secured by conventional Single Family Residence (SFR) and private residential homes. While the residential seller-financed note market is already estimated to be an over $91 billion industry – with nearly $3 billion of new notes created annually – there are even more opportunities for unbelievable profits for note finders and investors out there.
By allowing yourself to take a crack at notes on manufactured housing, commercial and multi-unit rental properties, and manufactured homes in parks and on private lots, you will literally expand your potential for profits two or three-fold.
There are an estimated $105 billion in business notes – cash flows secured by a company or corporate entity – as well as another $70 billion in manufactured housing industry! And these industries will continue to expand – about $25 billion in new business note
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