A New Sales Outlook
Some people react to someone else’s success as if that success had taken something away from them. When you resent another person’s success you restrict your own chances of success. In order to attract success, you need to welcome it wherever you see it. If a coworker lands a terrific vendor, be happy for them, celebrate with them, help them with their extra work. The more open and considerate you are the more you improve your ability to succeed....Continue Reading This Article >
Sweet Smell of Success
One could argue, if your not inspired first then you won’t want to perspire. That’s how most people think! They keep waiting for that one good idea to inspire them and then they’ll want to put in the work. That’s exactly the opposite of what Edison meant. Inspiration doesn't just show up. You have to work at it. Creativity doesn't just show up, you have to be determined and put in the work to make it happen....Continue Reading This Article >
Submit an application with a 720 FICO and the funding source replies “We only approve 740’s and above now.”...Continue Reading This Article >
Fall in Love with your Lessees
Let’s use LOVE as an analogy for obtaining repeat business. Why? Because everybody wants to be loved! If you fall in love with leasing, you become inspired and enthusiastic and your customers can feel your passion. Fall in love with your customers (to be clear, think of it as loving kindness, not romantic love) and you end up taking the best course of action for them and their business. It becomes a win-win situation....Continue Reading This Article >
Getting The Most Out of a Leasing Convention
Once you are at the conference, get to the exhibit space early. I’ve watched many exhibitors over the years. Some sales reps stay out late the night before the show, roll into the exhibit hall five minutes before the doors open and talk to prospects while nursing a hangover. Then as soon as the exhibit floor closes, they are outta there! They spend more time talking to the co-worker they came with, than rubbing elbows with prospects and existing customers....Continue Reading This Article >
Three Ways To Differentiate Yourself in a Weak Global Market
As leasing companies realize that the current economic climate is not going to correct itself anytime soon, sales reps have to face the fact that things have changed for the long-term and their strategies must change too....Continue Reading This Article >
Making Change Work For You
Whether we like it or not, equipment leasing has changed in ways that we never would have expected twenty years ago. Major funding sources are gone, computers make approval decisions, and transactions of $200,000 are being approved without financial statements. However, if we fix our vision on timeless principles like trust, integrity, honesty and good customer service then the surface changes won’t effect your business’ foundation....Continue Reading This Article >
Progress in a Declining Market
The thoughts that continually go through your mind will either help or hinder your progress. If you let thoughts of lack continually be your dominate thought, you not only hurt yourself, you corrode your soul....Continue Reading This Article >
Keep Your Chin Up
"This, too, will pass."...Continue Reading This Article >
The internet gets busier everyday. The upside of this is that it’s easier and more efficient to connect with lessees and vendors. The downside is that if you don’t claim your space, your competitors will. Heaven forbid that your competitor has a name similar to yours. If he is on the social networking sites and a customer googles your name, he most likely will appear first. It’s called your internet footprint. An internet footprint is the impact you have on the web....Continue Reading This Article >
Zen and The Successful Leasing Professional
Zen leasing uses the Law of Detachment to achieve sales. The Law of Detachment says that in order to acquire anything in the physical universe, one must give up one’s attachment to it. This does not mean that the salesperson gives up the desire to make a sale. Rather, the salesperson gives up his or her attachment to the result. The Law of Detachment is more than a technique to increase sales volume; rather, it can be cultivated as a way of life. At this level the salesperson strives to present the truth as clearly and directly as possible. He has a sincere desire to help his client, and let’s the chips fall where they may....Continue Reading This Article >
Timing and Chemistry
Imagine prospecting a fabulous vendor on the very day they are contemplating changing leasing companies. You float out of that sales call as if you hit the lottery....Continue Reading This Article >
Re-Look at Your Vendor Programs
We've all heard about what's happened in the equipment leasing world over the last year or two. Many people are saying that there are fewer competitors out there and I believe that is certainly the case. Given that fact, you should spend time examining your dealer programs to make sure you're getting the most out of them. A couple of years ago, many leasing companies made concessions--rate or otherwise--to dealers that could have left for a competitor. If they have fewer options today because we are in a more realistic credit environment, then you should consider pulling back some of those concessions. It will certainly not be easy, and you shouldn’t do it across the board. But there are opportunities out there....Continue Reading This Article >
Broker Commissions – Follow-Up Report
In my initial article about broker commission three main questions were raised:
Why do funding sources limit the amount of points paid, sometimes as low as ten points or less?
Why are some funding sources who are trying to attract brokers willing to pay 20% or more?
Should there be a cap for the amount of points paid, or should it be determined on an individual basis?...Continue Reading This Article >
Objections We All See
In 1988 I would drive my Saab to a vendor’s location and ask them “Do you have any apps for me?” Inevitably they said “No, we don’t have any leasing deals for you right now, but you can stop back in a couple of weeks.” A couple of weeks would go by, I’d stop by again and they would tell me “No leasing deals now, but feel free to stop by again.”...Continue Reading This Article >
Continuous Partial Attention
At a recent sales training seminar a rep had his laptop open while I was presenting. His manager told him, in front of everybody, to shut it. He responded that he was taking notes. The manager said he didn’t care and to still shut it.
Was the rep taking notes?
Or was he looking at the status of his NCAA pool?...Continue Reading This Article >
Sales Makes it Happen
After talking to some sources I have found that the general range of points paid is from 3% up to 20%. Balboa and Main Street pay up to 20%.
I’ll take on the role of investigative reporter to provide you with more info on this subject. Please share your knowledge of typical points and deal sizes (I’ll keep you anonymous if you like), I’ll compile a summary and share the information in a follow-up article to make us all more knowledgeable on current industry trends....Continue Reading This Article >
Three Ways to Spring Board Your Vendor Marketing Program
As a Broker, you have noticed the changes in the leasing industry over the past couple years. If anyone questions this just go to leasingnews.org and review “The List”.
The industry is going though changes, has your marketing plan? Are you marketing to vendors differently than you were a few years ago? You are probably doing some direct mail, or sporadic broadcast faxing, but is that enough? It is if you want average results. If you want remarkable results, however, you must do more. When you put on your marketing hat you must concern yourself not only with who you will reach, but also how you will reach them and with attaining a satisfactory response rate....Continue Reading This Article >
Five Tips To Increase Sales NOW!
We are half way through 2002. Are you half way toward your sales goals? After fifteen years of leasing experience – from training and speaking, to coaching and sales – I firmly believe that there is business out there for every member of the NAELB. How do you get your share? Here are five tips to increase sales NOW. Read and reflect on the ideas. Apply them to your business. Visualize the specific scenario in which you could implement an idea. Then try the idea. Just like the Stairmaster collecting dust in my basement, none of this stuff will help you reach your goals unless you put it into practice....Continue Reading This Article >
What's Right with Leasing
Here are some of the words and phrases being used about the leasing industry today:
· Cherry picking
· Fund your own deals
· Razor-thin margins
· Desperate for revenue
· Higher losses
It is an easy time right now in our business? No. Are some leasing companies thriving? YES! How can you keep a positive outlook in the face of all this negativity? Take a look at the following:...Continue Reading This Article >
Leases, Loans & Sales... Oh My!
One way to sell more equipment is to offer monthly payments on each and every proposal you create. By putting the equipment cost in terms of a monthly payment, the customer can conveniently acquire the equipment without writing a big check.
Most equipment leases are classified as either a capital lease or an operating lease. The terms operating and capital lease relate to the world of accounting—more specifically financial reporting....Continue Reading This Article >
The annual UAEL & NAELB conferences are just weeks away. Both associations want you to attend, but they rarely give you any tips on what to do once you get there.
I went to my first NAELB meeting in 1995, and even though I was working for a funding source, I had a hard time striking up conversations. It seemed like everybody knew everybody else, I knew no one, and felt like a big loser.
Now I walk into an NAELB meeting and I’m comfortable, there are brokers who are my friends, and we’ve helped each other out over the last several years. What I’ve come to realize is that you can’t hurry love…or professional relationships....Continue Reading This Article >
Practical Ways to Land Vendors
What can you do to boost profit and volume? In today’s market, your existing vendors are selling less equipment. So, one of the first things to do to boost volume is to land new vendors. It's as simple as that, and fortunately there is less competition out there today.
How do you land new vendors? I suggest comprehensive monitoring of your sales force. Are they making enough calls? Are they just talking to prospects that are friendly, but don’t have volume? Measure their activity level, the number of calls, length of calls, and also code the leads they are calling on. Leads can be coded three ways:...Continue Reading This Article >
Surviving A Recession
Many of today’s brokers and lessors have never experienced a recession, because of that they may get caught up in the negativity created by the media and feel helpless. The world is not coming to an end, the economy as a whole has just stopped growing for a brief period. A few areas will be hit significantly, most will not be affected that dramatically. There are ways that you can make sure that you are not dragged down with the unfortunate minority. In my opinion there are three key themes you need to focus on to make the best of market conditions we haven’t experienced in ten years. Prepare for tough times when you feel they are coming, react quickly and appropriately to what is happening and return to a focus on the fundamentals you may have strayed from during the easier times....Continue Reading This Article >