[capaxess]

First many thanks to all those who shared their wisdom both publicly and PM, I plan to follow many of your suggestions.

As we head into the next week I'm once again hitting the UCC lists (600 new dials) plus following up from last week. I'll report results for those interested.

I did get two good prospects last week who said they needed offers, one for $500 and another $375; let's see what happens!!

Does anyone else on this board call UCC leads? Anyone?

[Karen37a]

I did get two good prospects last week who said they needed offers, one for $500 and another $375; let's see what happens!!

Oh for the Love of all that's holy and good ...someone, anyone lol

cap...ill catch up with your posts in a year ...wish you well


Ps. The Daily Funder is not a training facility (but you will learn things here). The purpose of new brokers joining existing isos is the same as new real estate agents joining an existing broker or Insurance Agents join a General Agency. Mortgage brokers join a company as well.

The person who you are sending your sales to is the one who is supposed to help you, or your sales manager .. if you need sales mentorship that the concept behind splitting commission or 1099, no one does this on an ongoing basis for free.

people do reach out to help people here but to overextend the mentorship is slightly greedy...avoiding the split

Anyone can do what they want but I did this to make a point. It isn't just about regulating Apr.

again I hope you make it gl

[MCNetwork]

Does anyone else on this board call UCC leads? Anyone?

Personally I don't call UCC leads. I prefer to call leads. It all depends on your personality and work style. Some people don't mind grinding through a thousand dials to fund two or three deals. I would rather have a few prostate exams than go this route. To each his own!

[Karen37a]

Whoever started this concept or championed the idea of " do not co-broker " and go straight to the funder caused all this drama

oh I know who that is or was



Then if an experienced broker posts ..X amount of sales PERSONALLY in 1 week/month...they get jumped

[capaxess]

Can you elaborate? I'm not a masochist, I'm looking for better ways to get things done!

[capaxess]

Oh for the Love of all that's holy and good ...someone, anyone lol

cap...ill catch up with your posts in a year ...wish you well


Ps. The Daily Funder is not a training facility (but you will learn things here). The purpose of new brokers joining existing isos is the same as new real estate agents joining an existing broker or Insurance Agents join a General Agency. Mortgage brokers join a company as well.

The person who you are sending your sales to is the one who is supposed to help you, or your sales manager .. if you need sales mentorship that the concept behind splitting commission or 1099, no one does this on an ongoing basis for free.

people do reach out to help people here but to overextend the mentorship is slightly greedy...avoiding the split

Anyone can do what they want but I did this to make a point. It isn't just about regulating Apr.

again I hope you make it gl

Interesting point, let me unpack that for a minute:

"Avoiding the split" implies that I'm trying to gain an unfair advantage by "getting" something free that I would otherwise have to pay for.

The examples you gave Real estate, Insurance and Mortgage all have robust regulatory regimes which require new brokers to begin with existing (licensed) Brokers. In MCA the existing ISO's that I've run across only provided a space from which to call the same (or worse) leads I'm calling now. Something I don't require and certainly don't need to pay for.

On the other hand, an ISO who invests in their organic lead generation and provides both mentoring and infrastructure for new brokers to succeed would be worth the "split" because they add real value to the equation.

For now at least MCA ISO's aren't under the same state-sponsored regulatory regime which, as in other industries like Real Estate, Insurance & Securities sales which are mostly meant to serve as protection for existing gatekeepers and keep out potential grass root competitors.



Also, "DF is not a training facility" doesn't sound very inclusive for those of us struggling to break into this industry. Is it bad form to ask rudimentary questions? Isn't this a forum for ALL of us who work daily trying to fund deals?

[Karen37a]

On the other hand, an ISO who invests in their organic lead generation and provides both mentoring and infrastructure for new brokers to succeed would be worth the "split" because they add real value to the equation.

Just the training alone to a new broker is invaluable. there is not a number you can put on the equation to make anyone who is great in sales want to do it.

So if you look at it from someone like me perspective or any productive Iso or Broker.

I WALKED into this business as a trained killer sales person and trainer who funded BILLIONS before she got here. Master General agent Insurance Nationally which means you BUILT single Handley an organization of 1099 brokers nationwide. Branch offices nationwide ( that's just insurance ) while simultaneously funded billions in loans...selling investments.

I have brokers telling me " that doesn't work" "I am going to the nurse's convention" " i am going to email, postcards, business cards etc et over 20-30 years

AND if I pick up the phone and go after it I can fund 1-2 million PERSONALLY vs have someone new try grab as much info from me as then can then cut my throat to get 10 points vs 7 ( I can see people coming from minute one) Then stack , cause tortious interfence between me and my good Funders or money sources . And try to yank the book of business back from some **** dump iso ...then yelling " karen has cats in her house" when you cant get it.

Any real broker if they wanted the ****ty sale, you would never know it went underground and backdoored ...this is ridicoulous. The only way to hold the client is if they want to do business with you ( and i neveer backdoored in my life, not even to the cut throat brokers...i felt bad for them, knew it was their last paycheck, I was going to send them a link to food stamps)

** I am not the only Iso that this is being done to...its being done to ALL .So ill take a rain check

So you tell me. Am I a masochist to give advice to brokers who then spit on me or disrespect me?

If you take advice from someone who never did it before it's an OPINION or theory, not fact

You must DO FIRST then Teach


I had to sit in some stupid training session from a broker who cant sell or train ...saying "ok everyone grabs your calculators" what is 100k times 1.30

That alone was a life-changing exercise in patience.

Also being karen and mingling and haveing Funders who fund 500k -1 million a month teach me computer programming

[Karen37a]

Bottom line. There is some base sales knowledge that someone needs to open an Iso to be successful ...regulations or not

If i had $1 for every time I gave someone advice who then said " no that's not it" in life and on these boards and if I was paid by the word

I could feed all the starving children on the planet

As long as you do not take away my BMW and Hermes purse to feed them...everythings fine

[MCNetwork]

Opening an ISO is not rocket science. Barriers to entry are almost non-existent. A newbie may stumble out of the block, stammering and spluttering over his sales pitch, and have an abysmal closing ratio but eventually he'll find his footing as he gains experience and confidence. Working with an ISO or mentor will definitely shorten the learning curve but it is not essential to being successful. As long as you work hard and have the right attitude and willingness to constantly improve, you'll do fine.

You may not personally fund a zillion dollars per month like Karen, but if you can fund a few hundred grand while keeping your expenses low, you'll create a good living for yourself. Good luck to you!

[Karen37a]

Opening an ISO is not rocket science. Barriers to entry are almost non-existent. A newbie may stumble out of the block, stammering and spluttering over his sales pitch, and have an abysmal closing ratio but eventually he'll find his footing as he gains experience and confidence. Working with an ISO or mentor will definitely shorten the learning curve but it is not essential to being successful. As long as you work hard and have the right attitude and willingness to constantly improve, you'll do fine.

You may not personally fund a zillion dollars per month like Karen, but if you can fund a few hundred grand while keeping your expenses low, you'll create a good living for yourself. Good luck to you!

Yeah thats why massive brokers went out in a body bag


You cant possibly believe what you said with all the backdooring and bull**** that goes on , on top of the sales knowledge, underwriting, algorithms, compliance etc

And I have been doing this for too long...Ill take the lawn boy on my team with hustle vs the MBA...all day every day

Works the same on Wall st...you need books smarts AND street smarts to make it

[MCNetwork]

Massive brokers went out of business because their expenses were...well, massive. New ISOs should keep their operations lean and tight and not bite off more than they can chew. Work from your parent's basement as you learn the ropes and decide if this is the right industry for you.

[Karen37a]

Massive brokers went out of business because their expenses were...well, massive. New ISOs should keep their operations lean and tight and not bite off more than they can chew. Work from your parent's basement as you learn the ropes and decide if this is the right industry for you.

And their expenses were well urm um massive because they DID NOT TAKE THE ADVICE OF AN EXPERT ISO ME

saying freee leads , 2 cents, refurbished computers 1099 on these boards for 3 years now


so good YOU LEARNED WHAT I TOLD YOU FROM DAY ONE

NEXT!

[MCNetwork]

You cant possibly believe what you said with all the backdooring and bull**** that goes on , on top of the sales knowledge, underwriting, algorithms, compliance etc

You can make this business as simple or as complicated as you want. If you think you need to master algorithms and binary sales pitch regressions then that's your choice. But if you believe sales is a matter of building rapport to solve a merchant's pain point, then that's an equally valid approach. There are many ways to skin a cat!

[Karen37a]

You can make this business as simple or as complicated as you want. If you think you need to master algorithms and binary sales pitch regressions then that's your choice. But if you believe sales is a matter of building rapport to solve a merchant's pain point, then that's an equally valid approach. There are many ways to skin a cat!

Rather than learn the hard way its best for them to have a mentor ...who won't do it unless they are paid orrrrrrrrrr

next up to the batter's box ( they will strike out)

This is like a huge default convenor belt over 30 years for me...keep on doing it

I just meet new people

And there is ZERO chance of me ever taking in uncoachable brokers or giving out the total secret sauce

Gl

# 1 Clue. The Organization( business or anything) or Sale Force cant grow bigger than the leadership ability of the ones in charge ...if people do not drop their egos they can never grow past x...( which is why I couldnt get past 500-1000 ( at any given time) licenced brokers, and why I read so many books ...leadership ability)

See you at the Top because the bottoms way too crowded

[capaxess]

Opening an ISO is not rocket science. Barriers to entry are almost non-existent. A newbie may stumble out of the block, stammering and spluttering over his sales pitch, and have an abysmal closing ratio but eventually he'll find his footing as he gains experience and confidence. Working with an ISO or mentor will definitely shorten the learning curve but it is not essential to being successful. As long as you work hard and have the right attitude and willingness to constantly improve, you'll do fine.

You may not personally fund a zillion dollars per month like Karen, but if you can fund a few hundred grand while keeping your expenses low, you'll create a good living for yourself. Good luck to you!

I get that, thank you!

I was invited to sit at a desk for a few weeks at a well know funding group and "shown the ropes" so to speak. It became clear to me quickly that the whole model was predicated on convincing other brokers I was a "direct funder", convincing them to submit deals to me under false pretenses and then trying to either fund and then get the renewal or straight up just back door the broker.

Not for me.

I may not make zillions like Karen but I used my same skill set to achieve pretty spectacular (and verifiable) commissions in the past.

Techniques and methods are like tools, they are only as good as the one using them. That is, by themselves they have no value unless they're implemented. My pitch may need work but I'm executing properly by maintaining consistency and dialing large numbers. I would be VERY interested if anyone else makes similar calls to compare notes. PM me if you don't want to discuss publicly.


I am committed to learn this and succeed:

[Karen37a]

I have verifiable licences ...they tracked me down

I will not give advice to you now ( when you evolve into the next level of understanding)...i can just go back to laughing at the nasty remarks some make towards each other and watch the " i was backdoored fights"

Hard to believe you did phone sales before...were they inbound leads?

[J.Celifarco]

Opening an ISO is not rocket science. Barriers to entry are almost non-existent. A newbie may stumble out of the block, stammering and spluttering over his sales pitch, and have an abysmal closing ratio but eventually he'll find his footing as he gains experience and confidence. Working with an ISO or mentor will definitely shorten the learning curve but it is not essential to being successful. As long as you work hard and have the right attitude and willingness to constantly improve, you'll do fine.

You may not personally fund a zillion dollars per month like Karen, but if you can fund a few hundred grand while keeping your expenses low, you'll create a good living for yourself. Good luck to you!

completely agree with this. Like you said many ways to skin a cat. If you ask 5 people on here how to be successful in this business you will get 5 different answers.. Every person/ISO that is successful has their own "secret sauce" that makes them successful. Anyone who thinks there is only one way to make it in this industry is crazy

[Karen37a]

completely agree with this. Like you said many ways to skin a cat. If you ask 5 people on here how to be successful in this business you will get 5 different answers.. Every person/ISO that is successful has their own "secret sauce" that makes them successful. Anyone who thinks there is only one way to make it in this industry is crazy

There isn't BUT a new person would be better served to send the deals to someone who knows what they are doing and wants them to succeed and they only way most would care is if they were making money off of them or with them

So again...Sales mentorship etc...the majority should come from an isos sales manager or

Struggle ...this is why people do not make it Coachability

anyway its not my problem..gl

[MCNetwork]

Capaxess, using your approach of dialing UCC's is the way most ISO's start out. You just have to make sure you have the right expectations. Consistency and follow up is key to building your pipeline quickly and efficiently. The first 90 days will usually be the hardest for you. Many people quit before they can overcome the initial inertia and gain some momentum. In order to avoid becoming a statistic, I would offer the following tips:

1. Invest in a good CRM (Salesforce, Zoho) to track and follow up your leads.

2. Invest in a good drip email marketing program (like Mailchimp). It will take an average of 5-7 touches to convert a cold prospect so you have to have a system in place to nurture your leads. 100% of all businesses need money at some point so you have to be ready to pounce when the time comes.

3. Consistent daily prospecting is key. Make it a habit of making at least 150 cold calls EVERY day without fail. There are no excuses. If you can't commit to doing this, you won't last.

4. In the beginning, you'll probably have a 0.5-1% closing rate. That means out of every 200 live conversations (disconnects and voicemails don't count) you can expect to close 1 to 2 deals at some point in the future. When that may occur all depends on how good your follow up is. If you need that money to make next month's rent, then you'll be in trouble. Make sure you have enough savings to last a few months or you'll be in desperate straits pretty quickly. It's all a numbers game.

5. Set your monthly financial goals and reverse engineer the effort it will take to meet them. For example, if you need to earn $10,000 per month then that means you'll need to close about $120,000 in deals per month. In my experience, the average deal size is about $18,000 so you need to close about 6-7 units. To close 7 units, you need to speak to about 700-1000 merchants. To speak to 1000 merchants, you have to make 2000 dials which translates to about 150-200 dials per day. You get the picture.

6. If you can maintain this torrid pace, then you'll build enough revenue after about 6 months to start investing in lead sources like mailers, off shore call centers, SEO, PPC, etc. This is the natural progression. The next 6 months will be brutally hard and most people don't have the work ethic to see it through but the light is at the end of the tunnel!

[Karen37a]

Capaxess, using your approach of dialing UCC's is the way most ISO's start out. You just have to make sure you have the right expectations. Consistency and follow up is key to building your pipeline quickly and efficiently. The first 90 days will usually be the hardest for you. Many people quit before they can overcome the initial inertia and gain some momentum. In order to avoid becoming a statistic, I would offer the following tips:

1. Invest in a good CRM (Salesforce, Zoho) to track and follow up your leads.

2. Invest in a good drip email marketing program (like Mailchimp). It will take an average of 5-7 touches to convert a cold prospect so you have to have a system in place to nurture your leads. 100% of all businesses need money at some point so you have to be ready to pounce when the time comes.

3. Consistent daily prospecting is key. Make it a habit of making at least 150 cold calls EVERY day without fail. There are no excuses. If you can't commit to doing this, you won't last.

4. In the beginning, you'll probably have a 0.5-1% closing rate. That means out of every 200 live conversations (disconnects and voicemails don't count) you can expect to close 1 to 2 deals at some point in the future. When that may occur all depends on how good your follow up is. If you need that money to make next month's rent, then you'll be in trouble. Make sure you have enough savings to last a few months or you'll be in desperate straits pretty quickly. It's all a numbers game.

5. Set your monthly financial goals and reverse engineer the effort it will take to meet them. For example, if you need to earn $10,000 per month then that means you'll need to close about $120,000 in new deals per month. In my experience, the average deal size is about $18,000 so you need to close about 6-7 units. To close 7 units, you need to speak to about 700-1000 merchants. To speak to 1000 merchants, you have to make 2000 dials which translates to about 150-200 dials per day. You get the picture.

6. If you can maintain this torrid pace, then you'll build enough revenue after about 6 months to start investing in lead sources like mailers, off shore call centers, SEO, etc. This is the natural progression. The next 6 months will be brutally hard and most people don't have the work ethic to see it through but the light is at the end of the tunnel!

Archie you do not cold call, you hate it...you have said over and over " you graduated from it"

The reality is you are being clipped off the front because you are making the same exact mistake he is making off the top of the script

I can understand hating it when you are yelled at all day " take me off your list" or any version of " you are the1000th call today" also known as ..go get fckd

That does not happen to me i figured it out in 1980


I made a computer flow chart ( computer programming) to not have the sale( file) dump out or create an infinite loop thru words

[MCNetwork]

I hate cold calling but that doesn't mean I don't have experience doing it! Believe me, I've dialed tens of thousands of names in my career...

And there is no Jedi mind trick that will turn a "no" into a "yes". We are selling expensive money, and merchants have to be in pretty desperate straits to take a 1.35 cash advance.

[Karen37a]

I hate cold calling but that doesn't mean I don't have experience doing it! Believe me, I've dialed tens of thousands of names in my career...

And there is no Jedi mind trick that will turn a "no" into a "yes". We are selling expensive money, and merchants have to be in pretty desperate straits to take a cash advance.

And I got yelled at when I worked for someone making me the highlight of the monthly meeting

Lets all look at karen she made 7 calls this week and blah blah..karen you are going to get fired

ok and lets see who is # 1 omg Its Karen " how did she do that"

if people are going to tighten up to keep the sales "in house" and not go to pay pal...banks etc. They have to first say" ok this is not working"

[WestCoastFunding]

And I got yelled at when I worked for someone

You deserved it.

[Karen37a]

You deserved it.

lol

Actually they just pissed me off so I got my name to the top of the Sales whiteboard and they took it down LOL

i brought a screwdriver and put it back up

they tossed it in the dumpsters out back

__

ps . People wouldnt hate cold calling if they were not being told no no and go get fcked all day

That's another sales course I would give .... conquering objections up front Vs Overcoming objections and rebuttals


I explained it on these boards 3 years ago

its like a word game ....they say ...blah blah blah House and you take the last word and spin out of it

And you have to avoid words or you get trapped ( its like you opened a whole new can of worms) ...this is until you gain their confidence and give you more than 30 seconds on the phone, then full disclosure

Id like to have a carnival dunking booth or a taser at the next broker fair...put some people in it and then they say a word TAZZZZZZZZZZZZZZZZZZZZ, dunk in the booth

[Karen37a]

People should read some of the responses and rude remarks to me saying

What does that have to do with X

Watch me pull the objection in,,, conquer x and get the subject back on track

10 came at me ... conquer, slap away objection, conquer objections, pull in objection, slap away... the meat of pitch...pull into close

West Coast is the hardest he starts quoting Von Mises

** when someone takes the conversation or goal outside of certain bounds you must Pull back into the center and pull down thru the pitch and close

And THAT is the Lehman close( partial)...not Stratton...half is karens invention

Boxers warm up before they go in the ring