5 Marketing Mistakes Made By Note Brokers & Investors
Published: Tue, 11/27/12
funds, fixing up and reselling on a note. Imagine if you can come in
and buy the paper they create (and broker that paper if you elect
not to keep it)!" -- Lisa Moren-Bromma
Hi ,
In this issue is an exclusive interview with nationally-known note
and real estate marketing expert Lisa Moren-Bromma.
I asked her questions including:
How is the current real estate market affecting the note business?
Is this a good time to be a note investor or broker?
What are the major marketing mistakes you see note buyers/brokers
making?
Why do some succeed, but many fail, in the note business?
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If you're in the note business, or still waiting to close your
first deal, let's chat. My business model includes paid consulting
in seller-financed transactions, which allows me to structure them
for the maximum financial benefit of all parties, and often enables
me to buy all or part of the note at closing (simultaneous note
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where I provide ongoing training and the kind of one-on-one support
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-- Dawn Rickabaugh, "The Note Queen"
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5 MAJOR MARKETING MISTAKES MADE BY NOTE BROKERS AND INVESTORS
An interview with Lisa Moren-Bromma
Lisa has been a real estate investor since 1978, a note investor
since 1988, and is a well known marketing expert. She has consulted
for some of the nation's top financial services industries in the
private mortgage, business loans, and idividual retirement plan
arena.
Lisa, you travel more than anyone I know. How is the current real
estate market affecting the note business around the country?
The current real estate market is unsettled to say the
least. The banks are being stingy with lending guidelines. More and
more they are turning down good borrowers, even at the closing
table. A deal that gets lost and back on the market is a motivated
one. Once back on the market, the seller is more desperate then
ever.
If the note broker did their marketing, the next call
from a real estate agent or seller will be to the broker who can
solve their problem. I have had the opportunity recently to pick up
a couple of good opportunities in situations just like this. The
deal fell through at the closing table and the seller became
desperate.
What are you hearing about the state of the note business today?
The word on the street is that the note business isn't
what it used to be. Part of the reason for this is the funding
sources that are available to brokers, part of it is the lack of
professionalism on the note broker's part to do what is necessary
to get the deal funded and closed. That said, there are still many
note brokers making a living brokering notes to either private
investors or true funding sources. (for a list of current funding
sources available see THE PAPER SOURCE REGISTRY OF NOTE INVESTORS:
http://papersourceonline.com/registry-of-investors/how-to-get-in/).
Is this a good time to be a note investor or broker?
I believe now is a good time to be a note investor or
broker. As an investor, I have worked with real estate investors
buying paper from those who bought, fixed and resold on contract or
created a note and deed of trust.
Think about it. Real estate investors have a hard enough
time getting a loan generally. Many investors are buying property
wholesale through private funds, fixing up and reselling on a note
and deed to an end user. Imagine if we can come in and buy paper
they create (and broker that paper if we elect not to keep it)!
What are the major marketing mistakes you see note brokers and
investors making?
To me, our business is about building relationships.
There are many ways to market, but I believe that we are in the
people business and that sellers want to do business with brokers
they trust. People skills are important to success as a note broker.
The major marketing mistakes I see people making are:
1) not being prepared;
2) not understanding the paperwork;
3) not being properly licensed in states where a license is
required;
4) not asking the right questions;
5) not understanding or factoring hard costs associated with
brokering the transaction or acquiring a note.
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