Results 1 to 25 of 128
Hybrid View
-
02-26-2017, 01:35 PM #1jotucker1983Guest
Some notes on your response:
- When you're a one man shop that has to "do it all", you have to juggle a lot of aspects that makes it difficult to run through 100 - 200 calls a day, especially when you actually have a real Pipeline and Underwriting Queue.
- 10% commission is a little out of the ballpark to be competitive. I've done deals at 10%, but the vast majority are 2% - 5%.
I would say if a guy bought 10,000 UCC records for the entire year and he's a one man shop having to juggle everything, this might be his results from the 10,000 records:
* He is able to call through the entire list 2 times over 12 months
* He generates 700 interested merchants after both runs (I'm changing my number from earlier, after reviewing it, I believe it was too high, this range is more realistic with the status of today's UCC records)
* 70% of the interested merchants can't be funded, that's 490. Either they are stacked too high, NSFs/Overdrafts too high, bad credit, etc. That leaves 210 that pass pre-qualification.
- Of the 210 that pass, he collects 168 complete applications
- Of the 168 applications, 84 are approved
- Of the 84 approved, 40 close
- Of the 40 that close, average new deal commission is $900 or $36,000 in total
- Of that $36,000 he has to take out the cost of buying the UCC records, cost of his dialer, cost of his website, cost of his telephone system, and other costs, that might total $8,000 leaving him with $28,000 remaining before taxes.
He better have a good renewal portfolio or to be honest, he could pursue better opportunities elsewhere.Last edited by jotucker1983; 02-26-2017 at 01:39 PM.
Similar Threads
-
Newbie Have Some Questions
By IamGrateful in forum Merchant Cash AdvanceReplies: 27Last Post: 10-29-2015, 02:33 PM -
Newbie with $3500 for Lead Generation
By Just Curious in forum Merchant Cash AdvanceReplies: 43Last Post: 06-27-2015, 09:18 AM -
Are you a newbie to the business cash advance industry?
By AndreaM in forum Deal BinReplies: 2Last Post: 04-29-2015, 06:19 PM -
Need advice please
By SUPERIORFUNDING in forum Deal BinReplies: 3Last Post: 12-30-2014, 02:42 PM -
Advice for the day!
By mcaguru in forum Merchant Cash AdvanceReplies: 8Last Post: 06-17-2014, 04:36 PM