One of the things that you need to always think about with the cash flow notes business is the need to be creative. Even more than that is to be creative in solving the problems of others. You will close more deals if you work hard to find, recognize and resolve the note holder’s problem. If you are only thinking about making a buck then you have already lost the deal most of the time. This is a hard concept for many to truly accept, after all you are in business to make money right? This is true but like anything in life, your success is more related to how you treat others than you might think.
Those who succeed are usually the ones willing to think about how to best serve others. Your service or product will be better if you strive to make certain your customer is taken care of. In the cash flow notes business this means you need to find out where the mortgage note holder’s pain is.
- Why are they thinking about selling?
- How much do they need to solve their pain?
- Can they resolve their problem with a partial sale?
- How can you help them get what they want?
Sometimes getting an understanding of what the note holder needs is as simple as asking them why they want to sell. Other times you might need to be a little more covert in your questioning. Sometimes people are private and don’t want to share with you their “pain”. They don’t realize that knowing this will help you resolve their situation and find you a solution. You might just try telling them with a comment like this: “John, I can help you best if I understand why you need the money. Sometimes you can get what you need without losing the entire investment you know is so valuable. Can you give me a bit of clarification of why you are selling?”
This kind of questioning may help you to ease the “need” out of the mortgage note holder and that will give you the power you need to begin working on a solution for them. Most of all, be sure that the note holder knows you are interested in finding the perfect solution for them.
