Note investors are busy. They have leads to call, due diligence to go through, deals to work on, and in general, a business to run. The daily tasks pile up and can get overwhelming or gets to a point where it just doesn’t get done. Utilizing a virtual assistant is one of the best ways to minimize the amount of work you actually have to do in your note business while still seeing productivity and growth. This blog post will share with you some of the ways you can utilize virtual assistants in your note business.
What Should I Outsource?
Your options for outsourcing are endless, but we like to suggest starting with the tasks that take up the bulk of your time, tasks you dislike, or tasks you often avoid completing.
We have a list of some of the most common items people outsource within their note business. We suggest coming up with your own list of tasks you feel would best support your business’s growth and you current needs.
I start with this task because it was the area of my business I spent a large portion of time and was the first task I decided to outsource. When I started investing in notes, I still had a full-time job. My time spent at home (when most others we’re relaxing) was spent going through any new inventory I received. I would stay up to all hours of the night trying to get my bids in as quickly as possible, but I missed out on a ton of opportunities while getting burnt out at the same time. That’s when I decided to outsource the entire preliminary due diligence process.
I’ll be honest, it’s not the easiest task to train someone on. There are a lot of moving parts and it involves detailed research. Initially, I wasn’t sure I could trust someone else to complete due diligence the way I wanted or as thoroughly as I needed. I knew if I trained them properly and gave them to support to succeed at the task, they could learn the process just like I did. I created an entire program with step by step videos and guides to help them along the way. While it was slow going at first (I had a sharp learning curve about how to train the VA too), eventually I had a virtual assistant that was well versed in note due diligence and was completing tapes for me when I was at work!
It has been an incredible tool for my business and I trust the results I receive because I know they have been trained to properly conduct this research.
Finding & Contacting Sellers
This is a great way to utilize virtual assistants in your note business. Finding quality leads is the name of the game, whether they are individual note owners, hedge fund managers, or banks. Without a source of inventory your business can’t grow.
We’ve used our virtual assistants to find leads on LinkedIn and create lists of banks to call from platforms like distressedpro. They gather which leads look most qualified (I showed them what to look for on both platforms) and simply add all the information pertaining to the bank or lead into a spreadsheet for me to market to. How awesome is that? It saves me time and grows my business without me being the one to do it.
Writing Blog Posts
It’s often suggested as your building your brand and your note business to blog about investing in notes. It creates a sense of authority and models you as an expert in the industry. It’s a source for raising capital, for finding other sellers, and simply for marketing yourself as a serious buyer within the market. Creating quality content takes time and while I’m not suggesting outsourcing this task completely, there are ways for you to have a virtual assistant help you.
We used a VA in the past to help us find content that would be useful to write about. If it was a complicated topic or a personal experience we wrote the article ourselves. If it was a pretty straight forward topic we would give them the authority to write their own article. When we were actively putting out content they were producing at least 4 articles for us a month. It was time saved on our end and put pressure off of us to find topics to write about.
SEO. We all know we should have it (and be constantly working on it), but unless you have a background in it, it’s likely you know nothing about it and are doing zero for it! Experienced SEO assistants (especially if they are in the US) come at a steep price but if you want to rank in google, be found online, or have your content mean something in the world wide web then the cost is worth it. We suggest finding a qualified virtual assistant in another country that require less pay because their cost of living is lower in their country. Most of the time they are extremely well versed with SEO and have a lot of experience to bring to the table. With that being said, vetting any potential VA’s looking closely at their past experiences are crucial here.
Marketing is one of the first tasks many investors outsource to an assistant or to a company. It can be intimidating if you’re not well versed on how to use the platforms, what practices are best in marketing for your business, or what resources to use to simplify the process. Marketing experts get paid big bucks to do this and for good reason. While I haven’t personally outsourced this, it is on my to-do list! I have colleagues in the note business that have utilized virtual assistants to create Facebook or Instagram posts and send emails (like newsletters or lending opportunities) from templates. If you’ve had personal success with this we’d love to hear about it!
Clerical Work/Phone Calls/Day to Day Business
I’ll be honest, I spend way too much of my work week doing simple and mundane tasks like calling counties to verify property taxes or potential code violations, creating online accounts to pay utility bills, or completing forms for new deals or closings. These tasks are some of the easiest tasks to outsource! If you find a virtual assistant who is proficient and English and is able to carry a phone conversation well, they’re a keeper and will be an asset for your business!
We suggest outsourcing this, not necessarily to a virtual assistant, but to an “in house” assistant, or a professional bookkeeper. We bring up this option here because we feel you should not be doing this yourself! It’s an extremely time-consuming task that can be outsourced to someone who is highly qualified to handle it for you for really not that much money. If haven’t already outsourced this, please trust us and just do it!
This list is just a taste of what opportunities are out there for utilizing virtual assistants in your note business. I hope it gives you some ideas on how you can leverage your time to grow your business!