I got this email from someone evaluating BankProspector recently.
I hear this a lot, most of our subscribers have had other asset manager guides or directory subscriptions in the past. I think one of the big challenges with a ‘guide’ or a directory is that the data is old by the time you are done entering it. In an industry where there’s been broad consolidation and closures (15%-20%), where bankers are moving from bank to bank just to stay employed, I have a hard time seeing how a guide can stay current.
BankProspector provides all the financial data you need to find and qualify lenders with assets including late and non performing loans and REO, and the contact plugins we use connect to live databases of information that are curated every day by thousands of people (crowd sourced).
I wouldn’t claim that we have the end-all solution for doing business with banks but I designed it based on my own needs as an auctioneer operating outside of Boston MA calling on any number of the 180+ banks located here looking for new business.
I’d say anyone who is serious about remaining in this business and thriving through this real estate crunch needs to have solid bank relationships, our goal is to provide tools and data to real professionals who use our data to make the necessary relationships and make more money.
Here’s another one:
I’m afraid there’s no shortcut to getting banks as clients. We provide research software, contact data, and some training/education on what to do with it all so that you can identify banks and bank contacts. We do not put you directly in touch with decision makers. You have to find, approach, qualify, and make your own deals. Any other route and you are not direct, that’s all there is. Anyone who can get in the middle will want a piece and right they should, that’s the way this business works.
The only way I know to be successful in this business is to find the right banks, find the right contacts at those banks, then call, email, or otherwise contact them until they pay attention to you.
Pricing is as low as $25/month with an annual plan.