During our career as investors, and now as a note servicing company for the private cash flow industry, one double-sided lament we continually hear a lot is the constant complaint about the shortage of notes – and the competition spawned by the proliferation of new cash flow entrepreneurs.
Our own experience as a note servicing company gives us “first-hand” experience that dispels the myth of a “shortage of notes”, and statistically, we can verify the existence of billions of dollars in notes available in the marketplace – it is true that there is a lot of competition… this is a fact of life.
The competition is always intense (or “in tents” – joke!!). Anytime you have an excellent product or service, there is always an enormous amount of competition and this is true in the cash flow business as well. The discovery of a secondary market for the purchase of notes secured by real estate, mobile homes and other non-public traded cash flow investments has birthed a vast and growing economy.
However, as a participant in the cash flow industry as a cash flow consultant, note broker, or note finder you can out pace, outperform and out live most of your competition… simply by making a personal decision to adopt a cutting edge philosophy from the day you initiate your business – a philosophy that will keep you on the straight and narrow path to success and financial freedom!
Endeavor to Persevere!
A key ingredient to your success in any business opportunity is the “Practice of Persistence”… a commitment which must be inculcated and practiced from “day one”, until it becomes an integral element of your daily business function.
This “Practice of Persistence” alone, will leave your competition in the dust.
Why? Because most people will try something once – but when they don’t get immediate gratification they fold. Or, at the first sign of a problem, or the first bump in the road, they typically give up, throw in the towel… and quit. Or, at the first discouraging word, most of your competitors will question the wisdom of their decision to be in the business, and they run for cover by blaming someone else, or burying their head in the sand – rather than face the fact that they just didn’t tough it out.
Take this as gospel. Most of your competition will be wiped out in the first few months of business! This is not because the note business is unprofitable or the training is inadequate. It’s because the preponderance of most prospective note professionals do not even attempt to develop primary attributes of success, or recognize that attributes such as the “Practice of Persistence” are essential to success. They may have started out well, but then something happened – they encountered a difficulty – a problem they just couldn’t find a detour around, or couldn’t take the time to check out their map for success.
Persistence coupled with goal orientation generates creativity and produces resourcefulness. Persistent behavior, practiced to the 9th power insures success. In business, persistence is one of the qualities prerequisite to success. It gives you staying power. It stares adversity in the face; finds a way over, under and/or around difficulties. Persistent action will build your business through cultivation of prospects. It doesn’t take “no” for an answer and when partnered with the honest belief and knowledge that the product or service you are delivering will result in abundant success.
There’s a difference between persistence and aggressiveness. Yet, the words are often used interchangeably. There is something repugnant about aggressive people – they can make you mad – you want to run from aggressive people. On the other hand, persistent behavior is admirable. There is something heroic about persistent people. Aggressive people are typically angry and loud. Persistent people are typically gentle yet, quiet confident plodders.
Been There, Done That!
Let me give you a practical example how “practiced persistent” behavior can and will pay off and set you apart and heads above your competitors. These practical words to the wise comes fresh off the pages of my two decades of experience working with and calling people with notes.
When I call note holders to obtain note servicing accounts, many note holders tell me they have received anywhere from 10 -15 calls, and their mailboxes are cluttered with “junk” mail, post cards and letters from prospective brokers and buyers for their notes.
Now, here’s the good news! Within 30 – 90 days, typically the calls cease and the mail drops-off almost entirely. This is where your competitors “exits stage left”. But, not you, right! You remain one of the few who routinely, religiously, persistently and consistently hang in there.
Try this strategy. Why not contact the note seller prospects after the “honeymoon”. You know, the first few payments are usually on time, then get a few days later and later. Or as the remorse settles in (about taking back paper) or they find a toy to buy or an emergency pops up. Then, where are all those note buyers who swarmed him the first few weeks??? Where is your competition?? I’ll tell you where… I hear from them all the time saying, “Hey, I sent them a post card and my phone didn’t ring, or I called and they hung up on me”.
Make sure your correspondence or call includes something like “You may not need our service today, but keep this card with your closing papers and call me anytime”. Then develop a database and follow up by “Practicing Persistence”.
Don’t be discouraged. Just keep moving forward, keep learning and growing, surround yourself with successful positive people, try not to be influenced by people who are discouraged, are critical; or who have tried something once and failed for whatever reason. They will drag you down and put you out of business. Have a plan of action and work your plan on a daily basis… you will succeed regardless of the competition.