If you’re looking to expand your note buying quickly and substantially, then one of the best places to start is by dealing with your competitors in a number of ways.
In fact, this article will show you 4 ways by which you can work with your competition for mutual benefit:
#1: Find out how they fund notes
Learning about your market can be one of the smartest things that you can do and there are a number of ways by which you can do this. In one instance, a person hired a college student to conduct interviews of how people find and fund notes for a college paper. Another simpler way of doing this is by taking your competition out to lunch.
#2: Joint venture
Another way to find out how your competition funds notes is by going on a joint venture with them. You can pick up a lot of information from them in terms of both techniques as well as their experiences with note buying.
#3: Buy their business or branch office
If you find that one of your competitors wants to sell his business and probably move to another city, then you can purchase their business or even their branch office. The latter can also be just as advantageous as you will get to know how they find and fund notes.
#4: Get referrals from them
Note buyers only buy one-fifth to one-third of notes sold to them and which is why staying connected with them can mean that there is a goldmine waiting for you already. You can easily purchase the notes that they aren’t interested in while learning how to fix a bad note in the meanwhile.