Distressedpro is a great service that provides a ton of information on the thousands of banks that have NPN's. Laneguide is also a great tool to use that is a little cheaper but doesn't give you the reporting that DP does.
Honestly as far as calling asset managers, most people don't do that. They go after the low hanging fruit from hedge funds and listing websites like FCI, Watermark, Note Depot, etc. They don't take the time to call and follow up and follow up and follow up. 80% of sales are made after the 5th contact and most investors are too lazy to follow up with a simple email 5 times over 5 weeks or once a month.
I've used both DP and Laneguide to help build my list of emails and contacts that I email regularly (at least 1-2 times a month) and follow up with phone calls (at least 1-2 times a year).
The only thing you guarantee by not calling banks is that they won't send you anything. If I make 50 phone calls, I average getting 15 asset managers on the line, 3 NDA's, and usually 1 tape/deal. It's a numbers game plain and simple. I'm about the long game vs the instant gratification that most people want who have zero patience, business building or marketing skills.
I'd be interested to know if anyone else can share their insights as well. I know that Scott Carson promotes it when you join his program. My feeling is that the ship has likely sailed trying to contact the small regional banks to get these, as the banks already have the relationships with many buyers.
Distressedpro is a great service that provides a ton of information on the thousands of banks that have NPN's. Laneguide is also a great tool to use that is a little cheaper but doesn't give you the reporting that DP does.
Honestly as far as calling asset managers, most people don't do that. They go after the low hanging fruit from hedge funds and listing websites like FCI, Watermark, Note Depot, etc. They don't take the time to call and follow up and follow up and follow up. 80% of sales are made after the 5th contact and most investors are too lazy to follow up with a simple email 5 times over 5 weeks or once a month.
I've used both DP and Laneguide to help build my list of emails and contacts that I email regularly (at least 1-2 times a month) and follow up with phone calls (at least 1-2 times a year).
The only thing you guarantee by not calling banks is that they won't send you anything. If I make 50 phone calls, I average getting 15 asset managers on the line, 3 NDA's, and usually 1 tape/deal. It's a numbers game plain and simple. I'm about the long game vs the instant gratification that most people want who have zero patience, business building or marketing skills.
Thanks for your input! It's good to know that making some headway in connecting with asset managers in this competitive market is still doable, as long as you're committed to hustling for it.
@Pari Thiagasundaram Did you end up subscribing to bankprospector and if so, how is it working for you. I'm interested in any feedback on that product and distressedPro in general. Thanks!