Your first contact with a prospective client may be your only contact so it is important to make a convincing case for them to use your service.
Your message needs to be professional, concise and compelling. This is true whether the communication is by phone, letter or email. Of course, those who have purchased my Business Plan System know I am a proponent of sending a letter first then following with a phone call most of the time. My sample "prospect letter" included with my material has proven to be a great tool in getting a prospective client's attention (and often prompting them to call you).
You only have a short amount of time to convince a prospect your service is valuable to them. My sample script provides a good guide line for the phone conversation but I encourage you to alter the wording to fit your own personal style. To close the deal, I have sometimes found it helpful to tell a prospect they can always hire an attorney if I am unable to negotiate an acceptable settlement first. Since there is no cost unless I am successful, they have nothing to lose.
Always take your first contact seriously and ensure the communication reflects favorably upon you and your service. It may be your only opportunity to turn a prospect into a fee paying client.
Scott F. Soape
Thursday, November 20, 2008
Saturday, November 8, 2008
How to Make $100,000 + a Year
You've heard me say a six figure income is possible in the commercial debt resolution profession. Earning fees of several thousands of dollars per case is certainly one way to get there... but there are also other ways.
Let's look at 3 different examples:
EXAMPLE 1. If you can close 5 cases per week generating a fee of just $400 each, you will earn $2,000 per week. With 52 weeks in a year that gets you $104,000 per year. Since most cases take no more than a couple of hours TOTAL time to negotiate & close once you land a client, that's about 10 hours per week. (Keep in mind a $400 fee is about the minimum you should earn on a case, so lets look at another example.)
EXAMPLE 2. If you can close only 3 cases per week generating a fee of $700 each, you will earn $2,100 per week. That comes to over $109,000 per year.
EXAMPLE 3. Now figure you earn the average fee of about $1,200 per case and close only 2 cases per week. At $2,400 per week you will make nearly $125,000 a year!
You can assume you will have a wide mixture of cases earning a wide range of fees. Some may only earn you $350 while others generate fees of $3,000, $5,000 or $10,000+. That's the nature of this business. Sure, some weeks you may not close ANY cases, but other weeks you may close numerous cases each day. Other weeks you may only close one case but that case might earn you a fee of $2,000 or more.
The business is out there and making $100,000 + per year is possible if you incorporate ALL of my recommendations for getting leads & closing cases. Making more money just means contacting more prospective clients and closing more (or bigger ) cases each day or week. Of course, nobody says you have to make a six figure income. If all you need or want is an extra $400, $800 or $1,000 per week, then it will take fewer cases to get there. Follow my program and the potential is absolutely there to earn whatever level of income you desire.
Scott F. Soape
Let's look at 3 different examples:
EXAMPLE 1. If you can close 5 cases per week generating a fee of just $400 each, you will earn $2,000 per week. With 52 weeks in a year that gets you $104,000 per year. Since most cases take no more than a couple of hours TOTAL time to negotiate & close once you land a client, that's about 10 hours per week. (Keep in mind a $400 fee is about the minimum you should earn on a case, so lets look at another example.)
EXAMPLE 2. If you can close only 3 cases per week generating a fee of $700 each, you will earn $2,100 per week. That comes to over $109,000 per year.
EXAMPLE 3. Now figure you earn the average fee of about $1,200 per case and close only 2 cases per week. At $2,400 per week you will make nearly $125,000 a year!
You can assume you will have a wide mixture of cases earning a wide range of fees. Some may only earn you $350 while others generate fees of $3,000, $5,000 or $10,000+. That's the nature of this business. Sure, some weeks you may not close ANY cases, but other weeks you may close numerous cases each day. Other weeks you may only close one case but that case might earn you a fee of $2,000 or more.
The business is out there and making $100,000 + per year is possible if you incorporate ALL of my recommendations for getting leads & closing cases. Making more money just means contacting more prospective clients and closing more (or bigger ) cases each day or week. Of course, nobody says you have to make a six figure income. If all you need or want is an extra $400, $800 or $1,000 per week, then it will take fewer cases to get there. Follow my program and the potential is absolutely there to earn whatever level of income you desire.
Scott F. Soape
Saturday, November 1, 2008
Repeat Clients - The "Icing on the Cake"
There are always new clients in need of our service. Financial disputes are constantly occurring and lawsuits between businesses are an ongoing certainty all over the country. So, our service is always in demand.
However, as I teach in my Business Plan System, repeat business from current clients is "the icing on the cake".
Once you have identified a potential client with a problem debt, you can bet they have several other creditors hounding them for payment. ALWAYS ASK!
This is the easiest source of new business you will encounter. After your client sees what a great service you have to offer with their first problem debt, they will gladly allow you to negotiate settlements with their other creditors. After all, they have nothing to lose... and potentially, thousands of dollars to gain.
Ask about their other problem debts when they hire you AND ask about their other problem debts once you negotiate a settlement on the first debt. A satisfied client is your BEST source for new business!
Of course, my Business Plan System explains all you need to know. Please visit my website at http://www.debtresolutionbiz.com/ for details on this profession and feel free to contact my office with specific questions.
Scott F. Soape
However, as I teach in my Business Plan System, repeat business from current clients is "the icing on the cake".
Once you have identified a potential client with a problem debt, you can bet they have several other creditors hounding them for payment. ALWAYS ASK!
This is the easiest source of new business you will encounter. After your client sees what a great service you have to offer with their first problem debt, they will gladly allow you to negotiate settlements with their other creditors. After all, they have nothing to lose... and potentially, thousands of dollars to gain.
Ask about their other problem debts when they hire you AND ask about their other problem debts once you negotiate a settlement on the first debt. A satisfied client is your BEST source for new business!
Of course, my Business Plan System explains all you need to know. Please visit my website at http://www.debtresolutionbiz.com/ for details on this profession and feel free to contact my office with specific questions.
Scott F. Soape
Thursday, October 23, 2008
How to be REALLY Successful
I am often asked: "How much money can I expect to make in this profession?"
Well, the answer is: "It depends."
I can teach you how to be a professional debt negotiator and where to find the business, but it is entirely up to each individual to decide what to do with these skills and this knowledge. A six figure income is certainly possible; it just depends on the amount of effort you are willing to put forth.
I think the best and easiest to understand comparison is with individual real estate agents. When you think of all the real estate agents you know, I'm sure some are making a great deal of money while others may just be doing OK. And some may only work part-time. Simply being in the business is not enough to ensure financial success.
Although all licensed real estate agents start with the same knowledge of their profession after completing their training, it is their individual effort that differentiates their financial success. Knowing how to sell real estate does not mean an individual agent will necessarily make a lot of money. Most highly successful ones have to hustle for business, especially when they are just getting started and until they build a reputation.
The same can be said for professional debt negotiators. The cases are ALWAYS out there but some effort has to be put forth in order to really make a LOT of money. By following my recommendations for locating court case leads as well as for building ongoing referral relationships with as many other sources as possible and sticking with it, you can be assured a substantial stream of fee revenues.
Schedule a portion of each day or week for prospecting new clients, building new referral relationships and for reinforcing those already in place. Tell everyone you know and meet what you do. Network with other business people. Create a professional looking website. Advertise when it is in your budget. Send direct mail information to bankers, accountants, CPAs, business brokers, etc. In short, create an identity as the "go to" person for any business experiencing debt problems in your area. (As your business grows and as your budget allows, you can add some of these marketing strategies. There is no need to spend a lot of money up-front.)
Sure, you can work this profession on a part-time basis and some debt negotiators are perfectly happy earning just a little extra income. There is absolutely nothing wrong with that. However, if you want to be at the TOP TIER of this profession, take the extra effort to build relationships and a reputation early in your career... it will quickly translate into BIG fees and financial success.
Scott F. Soape
Well, the answer is: "It depends."
I can teach you how to be a professional debt negotiator and where to find the business, but it is entirely up to each individual to decide what to do with these skills and this knowledge. A six figure income is certainly possible; it just depends on the amount of effort you are willing to put forth.
I think the best and easiest to understand comparison is with individual real estate agents. When you think of all the real estate agents you know, I'm sure some are making a great deal of money while others may just be doing OK. And some may only work part-time. Simply being in the business is not enough to ensure financial success.
Although all licensed real estate agents start with the same knowledge of their profession after completing their training, it is their individual effort that differentiates their financial success. Knowing how to sell real estate does not mean an individual agent will necessarily make a lot of money. Most highly successful ones have to hustle for business, especially when they are just getting started and until they build a reputation.
The same can be said for professional debt negotiators. The cases are ALWAYS out there but some effort has to be put forth in order to really make a LOT of money. By following my recommendations for locating court case leads as well as for building ongoing referral relationships with as many other sources as possible and sticking with it, you can be assured a substantial stream of fee revenues.
Schedule a portion of each day or week for prospecting new clients, building new referral relationships and for reinforcing those already in place. Tell everyone you know and meet what you do. Network with other business people. Create a professional looking website. Advertise when it is in your budget. Send direct mail information to bankers, accountants, CPAs, business brokers, etc. In short, create an identity as the "go to" person for any business experiencing debt problems in your area. (As your business grows and as your budget allows, you can add some of these marketing strategies. There is no need to spend a lot of money up-front.)
Sure, you can work this profession on a part-time basis and some debt negotiators are perfectly happy earning just a little extra income. There is absolutely nothing wrong with that. However, if you want to be at the TOP TIER of this profession, take the extra effort to build relationships and a reputation early in your career... it will quickly translate into BIG fees and financial success.
Scott F. Soape
Thursday, October 16, 2008
Case Closed in ONE Week!
Although this case cannot be considered the "norm", it is another great example of how quickly these cases can play out...
On Thursday, October 9th, I contacted a court case lead and offered my service. The business owner asked for details on the case since he had not yet been served the citation for the lawsuit so I offered to call the plaintiff's attorney and find out for him. The attorney was out until the next week but promised to call me with the details upon his return. I relayed this information to the business owner.
On Tuesday, October 14th, the attorney called me with the details and I called the business owner who immediately hired me. I faxed a contract to him and got a signed copy back a few minutes later.
By the way, when I called the attorney I also asked him how much of a discount his client might accept to settle the lawsuit quickly. He indicated a 30% discount would probably be acceptable but it would need to be a lump-sum payment.
That same afternoon, I faxed an offer to settle at a 46% discount (you never know unless you try).
On Wednesday, October 15th, the attorney countered at a 33% discount so I knew that was as good as it would get. I conveyed this to my client and he accepted.
Just ONE WEEK after first contacting a lead I had earned a $930 fee! And as usual, all parties benefited: my client saved several thousand dollars & the creditor received money without additional collection expenses.
Scott F. Soape
On Thursday, October 9th, I contacted a court case lead and offered my service. The business owner asked for details on the case since he had not yet been served the citation for the lawsuit so I offered to call the plaintiff's attorney and find out for him. The attorney was out until the next week but promised to call me with the details upon his return. I relayed this information to the business owner.
On Tuesday, October 14th, the attorney called me with the details and I called the business owner who immediately hired me. I faxed a contract to him and got a signed copy back a few minutes later.
By the way, when I called the attorney I also asked him how much of a discount his client might accept to settle the lawsuit quickly. He indicated a 30% discount would probably be acceptable but it would need to be a lump-sum payment.
That same afternoon, I faxed an offer to settle at a 46% discount (you never know unless you try).
On Wednesday, October 15th, the attorney countered at a 33% discount so I knew that was as good as it would get. I conveyed this to my client and he accepted.
Just ONE WEEK after first contacting a lead I had earned a $930 fee! And as usual, all parties benefited: my client saved several thousand dollars & the creditor received money without additional collection expenses.
I think its important to note this case was the result of a referral from an independent Associate who will be sharing a percentage of the earned fee. Please contact me for information on how you can work with your own independent Associates and receive an ongoing stream of qualified leads from different jurisdictions.
Scott F. Soape
Wednesday, October 15, 2008
The Tricky Part
You may wonder after reviewing my website "how can this profession pay so well and why aren't more people doing it?".
The answer is: this profession pays so well because we are providing a very needed and valuable service AND precisely because so few people are doing it.
The actual "work" is not that difficult and my Business Plan System explains everything in detail on what to do. But that is not to say it is effortless. As I have said before, the tricky part is not necessarily negotiating the settlements... the really tricky part is convincing business owners our service is better than the alternative.
What is the alternative?
1. If a debt has been incurred, the alternative is a lawsuit.
2. If a lawsuit has been filed, the alternative is a money judgment.
3. If a judgment has been awarded, the alternative is legal collection of the entire debt plus attorney's fees, back interest on the debt, court costs and collection expenses incurred.
As strange as it may seem, many business owners are in denial and just ignore the issue even when confronted with these alternatives (no matter how far along they are in the process). This means we sometimes have to offer our service to lots of people before we land a client. That's the tricky part and that's why there is not much competition in this profession AND why we get paid so well. The more people you can contact, the better your chances of landing a fee paying client!
By working several jurisdictions for court cases and broadening your referral base, you will ensure a steady stream of leads and increase your odds for fee paying clients. Keep at it and you will see the BIG PAYOFF in substantial, ongoing fees... and the very real potential of a six figure income.
Scott F. Soape
The answer is: this profession pays so well because we are providing a very needed and valuable service AND precisely because so few people are doing it.
The actual "work" is not that difficult and my Business Plan System explains everything in detail on what to do. But that is not to say it is effortless. As I have said before, the tricky part is not necessarily negotiating the settlements... the really tricky part is convincing business owners our service is better than the alternative.
What is the alternative?
1. If a debt has been incurred, the alternative is a lawsuit.
2. If a lawsuit has been filed, the alternative is a money judgment.
3. If a judgment has been awarded, the alternative is legal collection of the entire debt plus attorney's fees, back interest on the debt, court costs and collection expenses incurred.
As strange as it may seem, many business owners are in denial and just ignore the issue even when confronted with these alternatives (no matter how far along they are in the process). This means we sometimes have to offer our service to lots of people before we land a client. That's the tricky part and that's why there is not much competition in this profession AND why we get paid so well. The more people you can contact, the better your chances of landing a fee paying client!
By working several jurisdictions for court cases and broadening your referral base, you will ensure a steady stream of leads and increase your odds for fee paying clients. Keep at it and you will see the BIG PAYOFF in substantial, ongoing fees... and the very real potential of a six figure income.
Scott F. Soape
Friday, October 10, 2008
Answer Date Deadlines
As indicated in my Business Plan System, it is always important to stay aware of the answer date deadlines for pending lawsuits. Most jurisdictions allow a defendant between 2 to 4 weeks to file an answer (response) to the court after they have been served the citation (notice of the lawsuit). The citation will indicate the deadline. If they fail to file an answer within the prescribed time, they risk a default judgment being issued against them for the full amount claimed plus additional expenses.
Always ask your new client if they have been served and, if they have, when they were served. Make note of the answer date deadline so you can request an EXTENSION if your negotiations are not completed by that date.
Most creditor attorneys are willing to grant an extension to the answer date if you ask. Getting it in writing is always a good idea but some attorneys may just grant an informal verbal extension. Either way is fine.
If you ever encounter a case where the answer date cannot be extended, be sure to notify your client and recommend they hire an attorney to file an answer on their behalf in time. You will lose a client but it is much better than the alternative of a default judgment.
Scott F. Soape
Always ask your new client if they have been served and, if they have, when they were served. Make note of the answer date deadline so you can request an EXTENSION if your negotiations are not completed by that date.
Most creditor attorneys are willing to grant an extension to the answer date if you ask. Getting it in writing is always a good idea but some attorneys may just grant an informal verbal extension. Either way is fine.
If you ever encounter a case where the answer date cannot be extended, be sure to notify your client and recommend they hire an attorney to file an answer on their behalf in time. You will lose a client but it is much better than the alternative of a default judgment.
Scott F. Soape
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