7 Tips For Effective Private Money Appointments

I’ve had unsuccessful appointments and very successful ones… and I’ve learned some simple things you can do to drastically increase your results.  Check out the tips below to make your appointments as effective as possible.

1) Attitude is Everything
There is no substitute for a good attitude. I love Henry Ford’s quote, “If you think you can do a thing or think you can’t do a thing, you’re right.” If you think you can get private money for your deals, you’ll get it!

2) Location
Office – If you have an office, that’s probably the most appropriate place to present. But if not, no big deal. You could also use the conference room in one of your team member’s offices – your title company, attorney, accountant, etc.

Restaurants – I’m not a big fan of doing presentations over lunch or dinner. I think it detracts from the purpose of the meeting. However, other investors have been very successful presenting over a meal… just try it out and see if it works great for you… if it does keep doing it!

Coffee Shops – Great place to do presentations. I’ve done countless presentations at Starbucks. A coffee shop is a “neutral” place so the private lender prospect doesn’t feel threatened that they’re on your turf (in your office).  And if you meet at a coffee shop… offer to buy your prospect a drink or snack.

Prospect’s Home – The prospect’s home is another good alternative.  This could make it easier on your prospect, which may help to get the appointment.

3) Dress the Part
Clean cut, well groomed, and professionally dressed is best. I always seek to dress at or above the level at which my prospect will be dressed. Also, I definitely don’t think a suit is necessary, but if that’s what you feel comfortable wearing, go for it.

4) Be On Time for God’s Sake
And by on time, I mean at least 10 minutes early.  You want to have a few minutes once you get to the meeting location to breathe deep and gather your thoughts.

Being late is not something that you want private money prospects to associate with you. Actually, that’s the last thing you want them thinking especially at this stage in the relationship.

5) Are All Decision Makers Present?
You do NOT want to give your presentation unless all decision makers are there. Typically when someone is married, this means both spouses. If you get to the meeting and one of the people couldn’t make it, reschedule it. You’ll jeopardize signing them up as a private money lender otherwise… because second hand information doesn’t cut it.

6) Be Respectful of Their Time
The best way to be respectful of someone’s time is to ask, “Are you on any certain time schedule today that I should be aware of?” Your prospect may have to pick up kids from school or be at another meeting across town in half an hour. If your prospect has another commitment that doesn’t give you sufficient time for the appointment, it’s best to reschedule.

Being on time (10 minutes early) is also being respectful for their time.

7) Don’t Answer Questions You’re Not 100% On
You don’t need to worry about coming across as an expert know-it-all when you’re getting started with private money. If someone asks you a question that you’re unsure about, simply say, “Great question. You know what… I want to make sure that I’m 100% right before I answer that. I’ll make a note of it and get back to you soon.”

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