Script for Cold Calling Professionals
What Is Cash Flow Notes Networking? Answered Here
1st Call (Do not show your business card as you walk in. You will look like a salesman)
Hello. My name is ____________. I am an investor. I buy real
estate notes. Does your boss work with clients that have real estate
notes? May I have one of your boss s business
cards? Take the card and turn it over to write the receptionist s name on the back.
I'd like to leave my business card for your boss (use his name
if you know it). I may be able to help any of his clients that need to
sell their notes. That's all. Turn around and leave. As you get to the
door turn around and say, I'll check back next week to see if there are
any of his clients that I can help out.
2nd Call (Have the first issue of your newsletter or a brochure with you this time)
Hi, remember me? I stopped by last week and left my business card for your boss. Did he
mention that he would like to talk to me about any client of his
that might need to sell a note? (If NO, continue). Well, here is a copy
of a newsletter that I publish periodically (or a brochure describing
what I do). It has more information about the kinds of notes that I
invest in and how I might be able to help someone who needs to sell a
note. Will you please give it to him?
3rd Call (95% of the time this is the last time you will visit this professional)
Hello, I've left my business card and a copy of my newsletter
for your boss. Does he have a need to talk to me about the type of notes
that I buy? Ok, so 95% of the time you will get to this point and that
will be the end of that professional. But, 5% of the time you will talk
with one of these professionals. If a professional has the type of
relationship where clients will ask about how to raise money, he will
know what you are all about. You are a very rare commodity. You have a
virtually unlimited source of money for purchasing
privately held notes. This kind of professional will want to
know more about you. He will want to ask you a few questions to see how
you can help his clients.
Questions that Professionals may ask you
Q: What is your discount rate?
A: It varies depending on the quality of the note. The quality
of a note is determined by the amount of equity in the property and the
credit and/or payment history of the note payor. (If you get pressed for
more information continue, but try to not be this specific at this
time). A really good quality note will have at least 20% equity and 3
years of on time payments. In today's economy, a note like that may
bring as much as 90% of the payoff balance of the note. (Actually, on a
note this good you will get bids of as high as 99%, but don't tell them
that or there is no room for your commission.)
Q: How long does it take you to fund a note purchase?
A: It will take approximately 3 weeks from the time that I
receive the documents that I need to open an escrow. (It will usually
take about 4 or 5 weeks, but this is because it takes the client a week
or two to get you all the documents that we need)
Q: What's in it for you?
A: If I buy the note I'll receive the monthly payments on the
loan. Hopefully, I'll get back more than I pay for the note.
Q: How big of a note can you buy?
A: I can fund notes up to $50,000 quickly. If the note is bigger
than that, I work with several other investors that can joint venture
on notes of almost any size.
Q: Are you an investor or a broker?
A: (Never represent yourself as a broker. There is no such thing
as a note broker.) I am looking for notes to buy for my own portfolio.
However, if you have a note that is bigger than I would buy, I work with
several other investors that can fund notes of almost any size.
Q: What kind of notes can you buy?
A: (If this question gets asked, you have a very good prospect.
He would not ask this question unless he already knew about our
industry.) I buy real estate notes, but I work with several other
investors that can purchase almost any kind of cash flow (He is asking
this because he has some type of note in mind; business, commercial,
mobile homes, annuities, probates, auto, boat, lotteries, royalties,
etc. If you point out that your interest is in Real Estate notes, you
will not have to field questions about types of cash flows about which
you know nothing.)
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cash flow notes referrals-c
