In the current real estate market, a lot of note brokers (seasoned or new), are suffering from the sluggish trends just as the primary mortgage brokers are suffering. But, is there more than meets the eye here? You bet there is.
For example, many mortgage brokers would say that business is slow and they are twiddling there thumbs all day. That is probably true for the mortgage brokers that are not participating in the reverse mortgage business and/or the FHA loans as well as other forms of creative advertising.
It is the same for the note broker. For note brokers it is time to get creative as far as advertising to your Target Audience. For those of you note brokers with websites, I would focus on Search Engine Optimization (S.E.O.), in order to keep up and exceed the competition on the web. Participate in an Google AdWords campaign to generate new business or, some other Pay Per Click Advertising (P.P.C.).
Then you have the majority of note brokers that do not have a website/web presence or if you do, it is not search engine friendly. Well how about going back to basics. Visit your local county courthouse/recorders office and create a mailing database for a postcard campaign (cheap and effective). For every 100 postcards you send out, typically (if done correctly), you should have at least 5-7 respond back. Out of those 5-7, you should be able to close at least one, right? Of course. So what, you spend about $56.00 on stamps (0.28 per stamps for a postcard), gas to the courthouse, $20-$35 on ink for the printer (use cartridge refill service) and, $15-$30 for the post cards themselves. All totaling about $120-$200 depending on how many you send. I wish those were my advertising costs!
Then you always can fall back on classifieds advertising which is extremely underrated. Try placing an ad in your local newspaper classifieds section. Or, even go as far as local and surrounding newspapers. If you have some serious capital to play with, I suggest advertising in the Wall Street Journal's classifieds section (Mortgage Note Broker Services or Sell Your Mortgage Note). Entrepreneur Magazine is another tremendous resource as far as classifieds advertising.
Whatever you do I wish you the best of luck.
For example, many mortgage brokers would say that business is slow and they are twiddling there thumbs all day. That is probably true for the mortgage brokers that are not participating in the reverse mortgage business and/or the FHA loans as well as other forms of creative advertising.
It is the same for the note broker. For note brokers it is time to get creative as far as advertising to your Target Audience. For those of you note brokers with websites, I would focus on Search Engine Optimization (S.E.O.), in order to keep up and exceed the competition on the web. Participate in an Google AdWords campaign to generate new business or, some other Pay Per Click Advertising (P.P.C.).
Then you have the majority of note brokers that do not have a website/web presence or if you do, it is not search engine friendly. Well how about going back to basics. Visit your local county courthouse/recorders office and create a mailing database for a postcard campaign (cheap and effective). For every 100 postcards you send out, typically (if done correctly), you should have at least 5-7 respond back. Out of those 5-7, you should be able to close at least one, right? Of course. So what, you spend about $56.00 on stamps (0.28 per stamps for a postcard), gas to the courthouse, $20-$35 on ink for the printer (use cartridge refill service) and, $15-$30 for the post cards themselves. All totaling about $120-$200 depending on how many you send. I wish those were my advertising costs!
Then you always can fall back on classifieds advertising which is extremely underrated. Try placing an ad in your local newspaper classifieds section. Or, even go as far as local and surrounding newspapers. If you have some serious capital to play with, I suggest advertising in the Wall Street Journal's classifieds section (Mortgage Note Broker Services or Sell Your Mortgage Note). Entrepreneur Magazine is another tremendous resource as far as classifieds advertising.
Whatever you do I wish you the best of luck.
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