1. Define your Goals: You will always be more successful if you create goals, and have plans on how to attain them. Though this is a very basic concept, most private placement brokers simply “wing it”, expecting to close the deal of a lifetime. If you are organized and well spoken on the phone, clearly stating your goals, most brokers will “pass you along” to the next person without hesitation, or tell you they can’t help from the beginning.
2. Education is Everything: If you are NOT educated in the fine details of private placement, you will NEVER be able to know what is real. In addition, if you are improperly educated, you could easily meet one of the few traders in the world, and not even know it. Whether you are an investor or broker, education is the key to determining which brokers are wasting your time, and which may be on to something. If you call brokers out with the facts and get straight to the point, they will part like the “Red Sea”, and you will eventually be DIRECT with a “trader”.
3. Find a Trader you Believe In: If you are promoting a private placement program that you don’t truly believe in, you are wasting your time. People can sense confidence and shakiness over the phone, and in the private placement world, that is your main method of communication. Do yourself a favor and don’t try to put deals together until you are completely sure that you are representing something, or someone that is real. Once you find someone you truly believe in, and you emit that confidence to other brokers in the private placement world, you will usually get places much quicker.
4. Be Confident and Calm: As we have said before, all you really have in the private placement business is your ability to communicate effectively over the phone. If you are educated, calm, collected, and confident, you will be far more efficient in your private placement efforts than someone without these characteristics. Despite the fact that this approach is far more effective in gaining a favorable response from other brokers, most brokers you will meet are anxious, undereducated, and living on a prayer. Define yourself, your knowledge base, and your confidence first, and you will be direct to a real program before you know it.
5. Creative Networking is a MUST: The most common way for private placement investors and brokers to meet is via the Internet. Whether you search through investment discussion forums, or other similar sites, private placement websites can be very limiting unless you get creative. Though this may be a good place to start, it will NOT lead you to your dream of riches. To be effective, you must use a far more aggressive approach that focuses on contacting everyone in the private placement business at once (hint: email spiders), with a goal of establishing a large contact base to network within. Once you establish a large network, and gain some experience, you can start to develop relationships with the select few individuals that you feel are real, and start to put deals together. Remember, if you network aggressively, you should always have leads to work with 24/7.
6. Organize and Follow Up : What good are leads if you don’t assess and extract the full potential from them? When you meet a new private placement broker, investor, or trader, always note their contact information, and what your gut feeling is on them. Also, it can help.
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