Brokering Bank Notes: 101
Starring Sherry Nickels as Sherry Nickels
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Meet Her … Know Her … Study Her
www.samanthastable.com
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How is She Marketing Herself?
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So what is Samantha “selling”?
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What Samantha “Sells”
Breaking down Samantha:
• She has connections – she knows people
• She can find many people for you because she
knows a lot
• She “understands” you because she is a socialite
herself
• Trust – you can trust her
• She knows what she’s doing
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Applying this to Note Brokering
“But, Dean, I’m No Samantha!”
All you need to know is 1
• She has connections – she knows people buyer
good seller & 1 good
• She can find many people Quality isbecause she
for you better than quantity
knows a lot
She “understands” you becausewhat happens in a
Learn she is a socialite
•
trade (A-Z = essential)
herself
Say something, do it.
• Trust – you can trust her Integrity and follow-through
• She knows what she’s doing
Study, learn, then do (A-Z)
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1st Step: Finding Sellers
Put
yourself in
a seller’s
shoes…
If you think it’s hard to find Notes, imagine how
hard it is to find good buyers!
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1st Step: Finding Sellers
Ask yourself “How can I make their life easier?”
• www.WePayLotsforYourBadNotes.com
• Google?
• Linked In?
• Your key value-add to Sellers is: Find & Vet
• Due diligence on buyers
• Manage expectations
• Find out their history of performance
• Set up an introductory call
• Personalities are critical
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1st Step: Finding Sellers
Keys to success:
• You work with “qualified” buyers
• Explain how you work with sellers & deliver value
• Understand their expectations
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2nd Step: Finding Buyers
Qualify your buyers:
• You can simplify the process down
• An Investor Questionnaire
• Determine experience level and business model and
exit strategy
• Be humble – let them teach you
You can’t “Qualify” a buyer if you know nothing
about buying notes
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Where to find them
Online forums, your own research
• RE forums (smaller buyers)
• Company websites (investment funds, hedge funds,
private equity funds, Note investors)
• Don’t ever be intimidated – you don’t need an MBA in
order to facilitate a trade!
• And remember Samantha …
If she demonstrates she knows what she’s doing, WHO
CARES if she’s a 1-woman show?
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3rd Step: Bringing the Two Together
It’s an art, not a science
• Who’s your client? Seller or Buyer or Both?
• Meet their needs …
• Buyer may want you to find out “color” before
spending time
• Seller may want you to bring indicative bid before
spending time
• No two clients are ever the same. Just find out what
they want to do, and work to make it happen.
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4th Step: The Close
Once again, it’s an art, not a science
• Communicate, communicate, communicate
• DO NOT assume Buyer and Seller are always in sync
• Never take anything personally
• Spend time where you need to
Find out what each needs, and deliver
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Covering your bases
A good broker continues to deliver value
• Payment on-going? Typically 12 months
• Keep in touch, show a Buyer more pools
• If a broker brings me “value” as a Buyer, I may use
them EVEN IF I already know the Seller
• Tracking trades? Sometimes you go on trust
• Also, ask your Seller to cc you on emails
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The 4 Keys to Successful Brokering
1. Determine if the buyer can really buy
2. Determine if the seller will really sell
3. Bring the two together: Know what each is looking for
when you bring them together
4. The Close: Maintain communication between the
Buyer and the Seller – lose 1 and there’s no trade
The better you know the process and the product, the
greater the likelihood of a trade (and you making $).
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Learning the Process & the Product
• www.NoteBuyingProfits.com/preorder
• First 5 buyers get our new Broker Module for
Free – to be released by March 31st – with
tools and training to make you money $
• www.NoteBuyingProfits.com/brokercourse to get onto
the priority list when the first comes out – and you’ll
be first ones to hear of it
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Next – Banker Talk
March 11: 5pm PT, 8pm ET – Talk to Saprina, a loss
mitigator at a collection company. Practice
makes perfect
For PAC Members only
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