Before we begin to analyze structured settlement leads, let’s talk about what we are getting the right leads for. If we are getting the right leads for structured settlement, what is a structured settlement?
I will paraphrase Wikipedia when I say a structured settlement is basically the insurance company or a financial institution paying you the amount that they owe you in parts over some length of time instead of a full amount.
Here’s an interesting example of this. If you crashed your car, the insurance company should be paying you some amount, but they make a deal with you stating that they would pay you smaller amounts over, let’s say three years.
But what if I am not okay with this? The thing about this game is you don’t have to be. It is all about perception and it would vary from individual to individual. If you are a person who would want the entire amount in one go, don’t settle. However, here is an instance where this would make sense; you are now guaranteed a smaller amount of money every month or depending on the terms of the agreement.
If you are someone who would have spent all the car insurance money in one go, I personally feel you should go with the second option. That makes sure to keep a check on you and guarantees that you are getting returns in future.
Getting back to structured products, they are very diverse and can range from a wide array of choices each sometimes having multiple options. A majority of them usually work on an annual level and so payments are made the same way. Further, most of them are linked to the market so they would work the way the stock market worked.
There are some plans that would not tank with the market and can protect the investor in the long term.
How do I find leads for structured settlements?
I would not blame anyone for getting into buying and selling of structured settlements game since a recent study shows this as one of the most profitable lines to be into in the recent past.
Not only is it important to get structured settlement leads, but you have to make sure that you have leads that you can follow through with. They have to want to go the distance. Finding people who would rather wait to get staggered payments over a length of time, over getting one payment to begin with is difficult. Most of the people that you run into would not look at the big picture and would prefer settling immediately.
Instead of reinventing the wheel, there are experts who have done this before and this is the advice they give
- Do not invest your time cold calling, or shooting out email to a list of people, it will not get you anywhere, it would be the opposite with a bunch of people being disappointed and you getting yelled at over the phone. It might not sound like something now, but after hearing it from a couple of people, it is enough to ruin your day and make you rethink your life decisions.
- Approach a professional client data-basing company and get them to do the work for you. It might not be easy to walk up to them, swallowing all your pride, but this is the better solution. These companies already have this information and they are waiting for someone to buy it off them. You will have to explain to them your expertise and what exactly you would like to work with and they would be able to customize the list that they are selling you to meet your needs.
- When it comes to handling processes, find companies that already take care of them, that way you can focus on what you are good at.
- Now you no longer have to talk to a bunch of people with a 4% conversion rate and some math like that. You know you are talking to people who are already interested in giving you this information and getting this done.
What do I have to do to get into the game of selling leads?
There are a bunch of things that you can handle but the most important would be deciding who you want to handle it with or if you would like to take care of this by yourself.
After you have this much sorted out, you have to make up your mind on the type of structured investment that you want to get through. As mentioned in the beginning, there are a lot of branches of this game and each of them has their own perks and challenges.
Finally, the last thing, which should sometimes substitute the first, is making sure you know your content better than anyone else. You have to know what you are talking about and that too in so much detail that you can respond to any difficulty with legit answers. There is a difference with pretending to know and actually knowing, the latter is the way to go.
You should be one of those guys who likes being questioned and always has the answers. You should accept the challenge. Sometimes your clients open new doors in their ignorance and you realize something that you didn’t know before. Other times you might find that they are smart and an interesting challenge for you to handle since they are just checking out their options.