October 26, 2009
Who Decides What Your Time Is Worth?
At the bottom of every page of this website, you will see the same disclaimer. "Our efforts stay focused on note holders. If you are a note finder, a note broker, or anyone other than the actual note holder, please do not contact us."
Why would we want to possibly turn away future business from these other sources? Well, to be brutally honest, because there is no potential business from these other sources. Most fall into a category I call "time wasters". In other words, they are happy to solicit advice, mentoring, etc., but never actually provide anything of value in return.
Let me be clear - I am happy to help a note holder that is trying to get a lump sum for his/her real estate note. I understand that we won't always be able to put a deal together, but that's just the cost of doing business.
As the Editor of an industry newsletter, I get a completely different kind of caller. One recent call involved someone who EXPECTED me to mentor him through his first note deal. Keep in mind I wouldn't partake in the commission - I was just expected to show him the ropes. When I told him I was not a 'mentor', 'coach', or 'instructor' and instead suggested he subscribe to the newsletter or buy some of the 'how-to' books we sell in our online bookstore, he became combative. "Isn't helping people what you guys DO??!!
There is a difference between helping people by providing a forum for their education and being expected to work as a charity. If I'm going to work for free, it will be as a volunteer for our church, a recognized non-profit charity, or friends and family. I will not GIVE my time to someone else's pursuit of profit.
The idea for this blog came from several recent encounters I've had with friends and family. Many come to me for my advice in matters related to real estate, mortgages, investing, etc. I came to the realization that compensation never accompanies solicitation for 'white-collar' work, yet it always accompanies 'blue-collar' work.
For example, I have a friend who is an electrician. When he helped me install my hot tub, I knew that he expected to be compensated for his time, even though I paid for all the parts, etc. Yet for all the hours of work I've done for friends with regard to their finances, I have never received (nor even been offered) compensation for my time. Why is that?
The bottom line: I've had to put my foot down on how I dedicate my time each and every working day. For every minute I spend with some new broker in the industry who wants a 'free coach', I have one less minute to spend with you, a note holder who needs my help. That's why we had to resort to putting a disclaimer at the bottom of our web pages.
That won't deter people who find me through the newsletter's website, but it's a start. Think of it this way: How would you feel if your employer asked you to "take one for the team" and work for free today?
That's what I thought.
Make it a great (and profitable) week.
Our efforts stay focused on note holders. If you are a note finder, a note
broker, or anyone other than the actual note holder, please do not contact