Starting A Judgment Referral Company

There are two popular ways to start or run a judgment-related business. You can do everything yourself, or you can outsource some or all of a judgment business. There are many ways to learn how to recover judgments and run a conventional judgment recovery business. This article highlights an alternative idea for a judgment business, where you refer most or all incoming judgment leads to either a judgment broker or a nationwide collection agency.

An important part of any judgment business is finding potentially good judgment leads. There are not as many good judgments out there as there used to be. Usually, the easy ones are recovered by the creditors or their lawyers. This article is my opinion, and not legal advice. I am a judgment referral expert, and am not a lawyer. If you ever need any legal advice or a strategy to use, please contact a lawyer.

Judgment brokers, and possibly some collection agencies and others, pay referral fees for judgment leads you send to them. The choices are usually pennies per raw lead, or about 5% of what is eventually recovered in the future. Most people do better with 5% of what may be recovered in the future.

To increase the chances of a judgment lead paying off, you might try to get a copy of the judgment, and what is known about the debtor along with the judgment. That way, you will know the creditor is serious, and the creditor's judgment will be ready to be enforced.

You could create a nationwide judgment recovery referral business, using only marketing. If you only refer judgment leads, then no judgment recovery knowledge or skills are needed, you only need to use marketing. To do this, you start by finding a judgment broker or a good collection agency.

In this business model, you tell judgment owners you know the best company to recover their judgment. When the judgment debtors have assets, judgment owners do not have to assign their judgment, and can get their judgments recovered at the best rates. If the debtors are rich, judgment owners get the best possible rates. That should help sell many creditors.

Because you will know the best place to refer creditors to, you simply screen the creditor a bit, and gather information and refer their judgment lead. You should learn enough so that you will know what you are talking about, however when you do not enforce judgments, life is much cheaper and easier.

If you simply refer all incoming judgment leads, and owned no judgments, you could work in every State. You could help judgment owners worldwide, without learning much about judgment enforcement laws. For this to work, the following conditions must be true, to avoid complications, legal involvement, or appearing in court, at least not for any matters related to the judgment leads you refer:

1) You do not have ownership of any judgments.

2) You do not represent anyone else.

3) You do not try to enforce any judgments.

4) You do not contact any debtors.

5) You do not charge any money, or have any contracts with any creditors or debtors.

If you only refer judgments and follow the five conditions above, you could have a home-based judgment referral business. All you would need is a computer, a simple database or spreadsheet to keep records on, a backup solution, a phone with voicemail to catch missed calls, a fax (or a web-based fax solution, for example UnityFax.com), and a post office box (or the UPS store).

If you refer all incoming judgment leads, your job is marketing. The new way is the web, unfortunately everyone has discovered this, so it takes a lot of work or money to get noticed. I recommend making or getting a simple web site, if only to save you time explaining things. You could hire, or do your own web and SEO marketing, or just put up your web site. You could market by getting 1,000 business cards printed and dressing well, and handing them to people coming out of court, or to attorneys. Or, you could have no business cards at all, and use only the internet.

Even if you decide to start or run a judgment referral business, nothing stops you from learning how to recover judgments, and taking and enforcing certain judgments where the debtors are local to you.

Mark D Shapiro 

6 Points of a Successful Employee Referral Program

So you've heard that employee referrals are a great cost saver to any organization? Moreover it also reduces the time taken to fill a position which in turn makes sourcing a candidate simple for any recruiter. But is this task as easy as it sounds? 

An employee referral program is essentially using your employee's connections which may be their relatives, friends or acquaintances for a vacancy in the organization. So far so good but here are 6 important elements which need to be considered before rolling out an employee referral program. 

Before we get into the topic, let us understand that employee referral programs are an activity which can get long term benefits to any organization since it is getting an entire new culture of referrals for which employee participation is of utmost importance. 

Here are my 6 key elements for the creation of a successful referral scheme: 

1) Don't make it complex 

A simple plan is always more effective than a complicated one even if the latter is more rewarding. Moreover if people don’t understand something they will lose interest very quickly. The entire process should be well planned and kept as simple as possible so it does not tie up the valuable time and efforts of your recruiting team. It may also save a few dollars. 

2) A right Direction 

Employees are the driving force for the success of any referral program, so think carefully about how you will do this and what your incentive will be; some schemes offer vouchers, some offer movie tickets, some offer team nights out, some offer cold hard cash. Whatever it may be, it must grab people's attention and match your culture. 

3) Network is the key word 

Social media is the answer for low employee participation in a referral program. Try LinkedIn, Facebook and Twitter.your employees will be hooked too. They should be encouraged to post new roles through their social and professional network platforms to maximize the reach for each of the vacancies posted. This habit of social recruiting should be encouraged positively and made an integral part of the company's culture, especially for all new employees. 

4) Visibility 

The culture of employee referrals will be integrated to the company culture but this will take time. It is very important for your referral program to gain full visibility for it to have a good start and making the employees understand the rules of engagement and potential rewards.Communication from the C-level, posting on the intranet, posters by the coffee machine, use whatever it takes to get the message out. Just do it. Then repeat. 

5) Shout it loud! 

If there has been a successful hire through referrals then make everyone knows about it. The employee that made the referral in the first place should be acknowledged. Reward management plays an integral part in the case of employee referral programs. This will inspire others too. 

6) Do not expect the impossible! 

Be patient and don't expect magic from your referral program. Have you heard of any company sourcing candidates only from employee referrals? 100 % referral hires? Even big brands globally use employee referrals as a single element of their overall multi-channeled recruitment strategy. 

So your referral program will be no different. It will take time to evolve and deliver. But in case there is something which is not working, change it.

 savio vadakkan

Leveraging Social Media as part of a Referrals Program in Sales

"Now, we trust strangers." That's how New York-based Universal McCann sums up their 2008 study on the impact of online social media on society. They note that there has been a real explosion the number of ways in which people can share information and influence decisions. The marketplace used to be run almost exclusively on face-to-face meetings and transactions. Today, that has been transformed into a space occupied by networks of people where social capital is earned and valued.

This has important ramifications for sales, because the real power behind social media is how it can help transform you from being a complete stranger into a known quantity even among groups of people you've not even met yet. As marketing and social media strategist Kneale Mann sums up rather nicely, the benefit is that "social media can eliminate the cold part of the call."

To be clear, I'm not saying that salespeople and business owners should get out there and post ads all over the place on their favorite social media websites and ask for referrals outright. In fact, that's a strategy that's doomed to fail, because it breaks the golden rule of reciprocation: to ask something from others, you ought to provide them with something of value first.

Be a resource. Provide something that's truly useful to readers. That's the key leveraging social media. The referrals come later, only after you've demonstrated that value over a period of time, and after you've have earned it through your work providing products or services to your client.Let's look quickly at a few of the leading text-based social media tools out there today... 

Twitter: Twitter has the unique advantage that it caps individual posts (or "tweets") at 140 characters, so the onus is on you to be succinct. However, it also tends to encourage prolific tweeting, so you remain top-of-mind among fellow twitterati who follow you. Don't just clutter your tweets with details of what you're up to daily. Use this service as a modern method of broadcasting something of value. Have a link to a great product review...a great article featured in a marketing magazine…or a hot tip about a trend in your profession? Share it here. If followers find it useful, they can choose to re-tweet it. Voila! Your message just picked up extra traction. 

LinkedIn: Widely considered as social media's go-to place for business, LinkedIn helps you connect all your professional relationships and trusted personal contacts. This service is a great way to reinforce your network of clients and suppliers and discover previously untapped connections between people you know. It's also a great place for testimonials—to receive them and to write them about others who have provided you with great service. One of the best ways to communicate your expertise and gain followers on LinkedIn is by asking and answering questions. To do this effectively you can:

Join groups that are relevant to your business and participate actively in the forums;

Start your own group, focused on creating a community of focus on your product, service or topic / expertise area;

Search for questions based on keywords and supplant yourself in the middle of an ongoing conversation; and 

Ask questions that will help you start a dialogue or gather research in an area that can better serve your customers and prospects.

Regardless of how you use questions make sure that you are delivering value in your answers. Do NOT shamelessly pitch your products or invite people to "check you out" on the web. Use the questions function in LinkedIn as a tool to showcase your expertise and knowledge in a specific subject matter and users will seek you out as a resource. 

Facebook: While many treat Facebook as a more personal-focused networking tool, there's no denying that it's a great place to get noticed just by maintaining a presence. Remember: this is one of the most visited places on the web every day. Nielsen research in January 2010 ranked Facebook third among the top-ten web brands in America today. Therefore, if you have a time-sensitive message that needs to get out, this is a good place to do that. Top-ranked real estate agents are masterful users of Facebook, using the status updated to post news about their latest hot listings, encouraging readers to share that news with friends and family.

Make sure to create a fan page for your business and invite clients to join. The best companies ensure they deliver knowledge updates in the daily fan-page status field. They also share links and resources to fans on a daily basis. The aim is to create an active community that will dialogue with you and between themselves. You will attract referrals and testimonials if you provide high value advice everyday and reward the community for participation.

Consumer forums: For salespeople, online consumer forums can be a great place to share your product knowledge and offer advice...in other words, to be a valuable resource. Don't EVER use these forums to pitch. Readers will frown on that and your social capital will be hurt. Instead, create a thread in which you introduce yourself as a sales professional who is knowledgeable about the products or services you sell and that you'd like to invite readers to post any questions they might have. This is a great way to start a dialogue with people and it gives you an opportunity to really demonstrate that depth of knowledge that you keep talking about.

There are many other social media sites, of course, and that list is endless. The list I've shared today is focused on text-based sites, but visual-based social media (e.g., YouTube and Flickr) is another important, rapidly growing segment. Take some time and do your research. Find out where your prospects gather online and find a reason to join in on the conversation. If you do this in a way that's pitch-free and value focused, people will appreciate your efforts and that goes a long way to helping to build an online presence that is seen as memorable and as a valued resource for readers and potential customers alike.

Colleen Francis