Lesson 15-You, as an independent Case Broker, Hold the Key
You, as an independent Case Broker, Hold the
Key
“I may be able to get you some money quickly” is what the independent Case Broker can
say to a potential Applicant because the independent Case Broker holds the
key to the Applicant’s immediate problems: Your independent Case Broker connections.
Your connections are the advance companies that
will work with you. As an independent Case Broker, making these connections to advance companies is not only
your responsibility, they are essential to your independent Case Broker
business. If you don’t have these connections, you don’t have an independent Case Broker
business.
But how do you make these connections with the advance companies? Here are the
three steps that you need to do:
- Research and compile– The obvious place to do your research is the Internet. You
are searching for companies that will write checks to injured parties before a lawsuit is filed, not after. When you find one, start
compiling a list with all of their contact information and, (this is a helpful hint) names of people that work for the company. It is easier
to get them talking and agreeing with you, if you have a name of a person that you can ask for directly.
This is not difficult. Recently, Case Brokers did a quick search (it took
under three hours) and found 26 advance companies that fit the description of a
company that does pre-filing (of a lawsuit) advance payments. You can do
this.
- Contact and cultivate - After you do your research and compile a list of advance companies that fit the bill, you
will then need to contact each of them and find out if they will work with you. Here is a slight warning: If they don’t know you, some advance companies will pass, but others
want to acquire as much business as they can (after all, you will be bringing free customers to them) and will be happy to work with
you. After you have a track record, the early advance companies that took a pass will be a little more receptive.
Cultivate simply means that, once you have made contact with a person in the company that can actually cut a
deal with you, develop a professional work relationship that will allow you to call them if there is a problem or if you have a question
about their process or a suggestion on how to make your forwarding of cases to them more efficient.
- Negotiate – This is really
important and completely up to you if you want to get paid for your efforts. You have to negotiate a fee or a
commission (usually a percentage of the amount of money advanced to the customer you brought in) if you want to see any money.
Some advance companies already have a set amount that they pay, but
once you build up your reputation in the business, it will be time to re-negotiate (and if they don’t agree, it didn’t hurt
you for trying and you can always go someplace else).
Just a word of advice: Don’t stop with one
advance company. You should have a number of advance companies in reserve to shop cases around that were
turned down by the first advance company and to negotiate a higher commission for you.
It is just
this simple: Your independent Case Broker connections to advance companies allow you to take the Applicant’s vital case
information and deliver that information to the people that can write a check to the Applicant…the advance company (and then,
if the advance was successful, another check is written to you).
“Do you want me to get you some quick upfront money?” is the question that the independent Case Broker can ask, but the decision is all up to
the injured person (or their legal representative). If the answer is “No”, then they are not interested in a
“win-win” situation for them (more on the “win-win” later). But, if they say “Yes” and they
are ready to get started on their way to a possible early payment, then you are ready, too.
It will be time to collect some vital case information…but first, you will need to discuss bankruptcy with the prospective Applicant.