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Working with Professionals for referrals
What is cash flow notes networking?

 

     Professional individuals are often one of the best ways to work this business long term. Everyone will have different preferences perhaps as to which professionals are best to work with. If you have a background in finances on the mortgage or real estate side you might prefer real estate agents or brokers or Title companies. If you have worked around numbers or the accounting side of finances then you will likely be more inclined to talk to the accountants and financial planners. All of the professionals listed on this page may be good possible contacts.

  • Accountants, CPAs and Bookkeepers
  • Attorneys (Real Estate, Estate and Probate, Divorce, Bankruptcy)
  • Mortgage Brokers and Loan Officers
  • Board of Realtors
  • Builders, Contractors, Developers
  • Title and Escrow Officers
  • Mobile Home Sellers
  • Nursing Homes, Retirement Homes
  • Property Management Co.
  • Real Estate Agents & Brokers
  • Financial Planners
  • Mobile Home Parks
  • Bail Bondsmen

MAKING YOUR VISITS TO PROFESSIONALS

Most of these professionals will not have a clue about what you do in this business. Most are not familiar with the note industry or even know what a note is. For this part of your business we recommend you start with a direct visit to these individuals. Each time you will be in their office for only a very short time. For the first visit, you will need only your business card.
 
For the second visit, you will want to have a newsletter or a flyer that describes what you do. You can get these printed through OvernightPrints.com for very good prices. Understand that 90% - 95% of these individuals will not know anything about this business. This is usually because they do not have the type of relationship with their clients that will cause the client to come to them if they are in need. The newsletters you create should be designed to help them understand what the business is all about and how it may help their clients. Obviously, the professional who does not have clients with notes is NOT your prospect. It will just be a numbers game again. Get by 10 or 20 to find the 1 that will be your referring professional. It takes time to develop this strategy. There are two main things that you have to overcome.
 
  • First, you will find that even those professionals that tell you that they might need your help with a client, may not need your services more than once a year.
  • Second, the professionals that can refer clients to you will need some time to feel that you are credible.
 
The newsletters we provide will be a great benefit in this area. If they are professional looking they will give you a great deal of credibility right from the start! You will want to have a new edition of the newsletter every month for this small, select group of professionals that have indicated that they will send you referrals. I suggest creating a very custom newsletter that give some very clear details about how you can help them.
 
How many
You really need just a couple dozen professionals sending you notes for this to be a successful part of your business. If each of that small group send you only one referral a year, that's 24 deals each year. This will occur as you start this approach. If your commission is only $2,000 per deal (and it will almost certainly average more than that) you will earn $48,000 from this source alone! Obviously this can be a magnificent part of your note business.
The best thing about this strategy is that it eventually grows by itself. With direct mail you are constantly purchasing more lists of people to mail to. With professionals, once you do a deal that helps one of their clients, they will refer you to other professionals. Over time, your small select group of professionals will grow by itself. In the long run, this strategy becomes more like Public Relations than marketing, advertising, or selling. In the initial development there is definitely a lot of contacting and selling.
 
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