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Proactively help clients who may be facing foreclosure due to COVID-19

(REAL ESTATE MARKETING) You may be wondering how you can proactively help your clients who might face foreclosure. We have suggestions that may help your clients more effectively.

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Proactively prevent foreclosure eviction

Current times are worrisome at best. Not only are people worried about the virus, but about losing their homes, careers, and financial stability. For many real estate professionals, job security is looking a little less secure. For real estate clients, both past and present, the worry of losing their homes is becoming increasingly imperative. In order to alleviate some of the worry surrounding COVID-19 and foreclosure, proactively emailing your clients with a list of available resources could help combat fear and the possibility of foreclosure.

There is no sense in being overly optimistic about the current situation, as none of us are certain how COVID-19 will affect everyone, but often, knowing where to turn if need be, can help relieve looming anxiety. Proactively emailing your clients a list of available resources and steps to take in the event they believe they will be facing foreclosure, will let them know you’re thinking about them and the current situation.

It will also reinforce the fact that real estate professionals are aware COVID-19 isn’t just about physical symptoms; it’s about the emotional and financial ones as well and while we’re all doing our part to help prevent the spread, there are other resources that may be needed, should the time come.

The most important thing to stress straightaway to them is the urgency of time. With any possibility of foreclosure, the quicker your client is able act, the better their chances of being able to save their home. Depending on their mortgage lender or servicer, and their agreed upon terms, the options vary. Let them know there are options, but time is of the essence. Stress to them the importance of contacting their lender and not to delay in taking the first step. There are modification available (provided they meet the requirements) for VA, FHA, Fannie Mae/Freddie Mac, online mortgages, and others, so long as your clients contact their lender and discuss their options as soon as they think foreclosure might be in their future.

I have seen some sources recommending that real estate professionals recommend to their clients they curb their spending in an effort to save their homes from foreclosure; however, in these tumultuous times, I think most clients already know that spending will need to be adjusted. With the rising cost of groceries and medicine, finances should be discussed with the lender, as to not further stress the client, in my opinion.

While it may seem obvious that clients could find this information on their own, remember when you’re already under pressure, it’s difficult to think clearly. It’s easy to feel like you’re drowning and there’s nowhere to turn. Your clients already trust you. They trust that you are an expert in your field and you’ll know the most reliable sources to seek out should things turn more critical. Proactively be a trusted resource for your community during this difficult time and we can all help each other breathe a little easier.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Real Estate Marketing

How knowing ASL as a Realtor makes you more accessible

(REAL ESTATE MARKETING) Since America is the cultural melting pot, language can be a sizable barrier. One language that many people forget about is ASL, but not these Realtors

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ASL signs

The wonderful world of real estate is full of twists, turns, negotiations, and legalese. Most people struggle to grasp the language and terms clearly. If ASL, American Sign Language, is their primary language, having a realtor fluent in ASL could be quite helpful. Deaf clients are often underserved in real estate dealings.

There can be a language and communication issue when deaf customers work with hearing agents. Nobody needs any disadvantage when the paperwork is signed. People need to be able to follow along in every conversation and negotiation well, to understand what is being offered and what they are agreeing to. An ASL-fluent real estate agent is an excellent way for deaf people to fully participate in and understand their own real estate transactions.

No matter what, people need a realtor who’ll lead the way, guiding them through the intricacies of the contracts and terms, and advocating for them when needed. With every step of buying a home or property, most customers have questions. Therefore, for deaf people, finding a realtor who speaks their primary language, ASL, is a key factor.

It isn’t always easy to find realtors in your area who are fluent in ASL, but we found Amy Seely, of The Seely Group with Keller Williams Realty in Austin, Texas. Seely grew up with deaf parents, and has used ASL her whole life. “Because I grew up with deaf parents, I feel that it’s my duty to help the hearing and the deaf communities,” says Seely.

Maria Galluci, real estate agent in Fort Collins and Colorado Springs, has a similar story. She grew up with deaf parents, and after acting as their interpreter when they bought their home. That experience led her to pursue a path in real estate, as she realized sometimes people take advantage of them due to the communication gap.

A quick Google search pulled up various databases of ASL-fluent real estate agents, based on area. One database lists 64 Texas real estate agents who speak ASL. We found another for DC, MD, and VA. Thank goodness for the internet. Hopefully deaf people will be able to find a realtor adept in ASL and experienced in real estate. Finding the ideal realtor who can walk you through the process is worth the time spent searching.

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Real Estate Marketing

Warning: User-generated content hikes your business insurance rate

(MARKETING) User-generated content is a phenomenal marketing tool when used properly, but it can impact your business insurance rates and potentially E&O rates…

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user-generated content

The use of “influencers” on social media and the sharing of user-generated content (UGC) isn’t a new thing in social media marketing. In fact, it’s one of the best ways to generate excitement and curiosity about your brand.

The best reviews are always those from real users, and the best advertising is the one you didn’t have to create: Those are social media marketing golden rules.

The implementation of user-generated content however, is rife with some potential troubles, especially when added to your own website.

A lot of businesses can operate under the idea that the average social media user is okay with the sharing of their content. While some of them will be, you run the risk of crossing an invisible line with someone who then generates negative press about you and/or your company. And of course, there is always the possibility of litigation.

Some insurance companies aren’t taking UGC into account, even today, while others will certainly ask whether you’re using it (and will charge you accordingly). This could impact your business insurance rate and potentially your Errors & Omissions rate.

It’s in your best interest to be above board on user-generated content and it always begins with the first step – asking for permission. How you ask for permission depends on the medium, but be sure to get a DM, email, tweet, or something that clearly shows the content creator giving you the right to use that image (and document that permission in a way that you can locate it in the far future). This prevents you from getting into a whole lot of trouble, and allows you to use user generated content most effectively.

Pro tip: If you’re going to be working with the same brand ambassador or influencer, make sure any contracts or agreements you have include a waiver that allows you to repurpose content they create that impacts your brand.

This is an easy thing to do, and it will help protect the integrity of your brand and your online presence – make sure it’s part of your social media strategy.

But it should be noted that there are merits to only using content that you create yourself – it’s more secure, more controlled, and it typically decrease the cost of your business insurance as it’s less risky. Because a lot of brands don’t ask for permission, UGC takes on some risk and skyrockets insurance rates.

The decision to use UGC should be a smart one, and if you do decide to use it, just follow the golden rules: Ask nicely and keep a paper trail.

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Real Estate Marketing

What skills will help real estate marketers survive the AI takeover?

(MARKETING) Quality marketers are constantly evolving, but getting your head around artificial intelligence can be a challenge – let’s boil it down to the most relevant skills you’ll need.

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Woman leaning on a glass wall separating her from wall of data servers managed by AI.

When Facebook and Twitter were born, a new era of social media was ushered in, opening the gates for new areas of expertise that hadn’t existed before. At first, we all grappled to establish the culture together, but fast forward a decade and it is literally a science with thousands of supporting AI technology companies.

So as Artificial Intelligence (AI) takes over marketing, doesn’t that mean it will replace marketers? If you can ask your smart speaker in your office what your engagement growth increase was for your Facebook Page, and ask for recommendations of growth, how do marketing professionals survive?

Marketers will survive the same way they did as social media was introduced – the practice will evolve and new niches will be born.

There are 7 skills marketers will need to adapt in order to evolve. None of these are done overnight, but quality professionals are constantly grooming their skills, so this won’t be stressful to the successful among us. And the truth is that it won’t be in our lifetime that AI can quite process the exact same way a human brain does, even with the advent of quantum computing, so let’s focus on AI’s weaknesses and where marketers can perform where artificial intelligence cannot.

1. Use the data your new AI buddies generate.

In the 70s, the infamous Ted Bundy murders yielded the first case that utilized computing. The lead investigator had heard about computers and asked a specialist to dig through all of their data points to find similarities – a task that was taking months for the investigative team. After inputting the data, within minutes, they had narrowed their list of suspects from several hundred to only 10.

We’re not dealing with murderers here in the marketing world (…right, guys?), but the theory that algorithms can speed up our existing jobs is a golden lesson. As more AI tools are added to the marketplace to enhance your job, experiment with them! Get to know them! And continue to seek them out to empower you.

Atomic Reach studies your content and finds ways to enhance what you’re delivering. CaliberMind augments B2B sales, Stackla hunts down user-generated content that matches your brand efforts, Nudge analyzes deal risk and measures user account health, and Market Brew digs up tons of data for your SEO strategy.

See? Independently, these all sound like amazing tools, but call them “AI tools” and people lose their minds. Please.

Your job as a marketer is to do what AI cannot. Together, you can automate, do segmentation and automation, beef up your analytics, but no machine can replicate your innate interest in your customers, your compassion, and your ability to understand human emotions and predict outcomes effectively (because you have a lot more practice at being a human than the lil’ robots do).

2. Take advantage of AI’s primary weakness.

As noted, you have emotions and processes that are extremely complex and cannot be understood by artificial intelligence yet. Use those.

How? Compile all of the data that AI offers and then strategize. Duh. AI can offer recommendations, but it cannot (yet) suggest an entire brand strategy. That’s where you come in.

And more importantly, it cannot explain or defend any such strategy. One of the core problems with AI is that if you ask Alexa a question, you cannot ask how it came up with that information or why. This trust problem is the primary reason marketers are in no danger of being replaced by technology.

3. Obsess over data.

AI tools are young and evolving, so right now is the time to start obsessing over data. What I mean by that is not to use every single AI tool to compile mountains of useless data, but to start studying the data you already have.

The problem with new tools is that marketers are naturally inquisitive, so we try them out and then forget they exist if they didn’t immediately prove to be a golden egg.

Knowing your current marketing data inside and out will help you to learn alongside AI. If you aren’t intimately familiar, you won’t know if the recommendations made through AI are useful, and you could end up going down the wrong path because something shiny told you to.

Obsess over data not by knowing every single customers’ names, but be ready to identify which data sets are relevant for the results you’re seeking. A data scientist friend of mine recently pointed out that if you flip a coin five times and it happens to land on tails every time, AI would analyze that data and predict with 100% certainty that the sixth flip will be tails, but you and I have life experience and know better.

Staying on top of your data, even when you’re utilizing artificial intelligence tools will keep you the most valuable asset, not the robots. #winning

4. Don’t run away from math (no wait, come back!)

One of the appeals of marketing is that math is hard and you don’t need it in a creative field. But if you want to stay ahead of the robots, you’ll have to focus on your math skills.

You don’t have to go back to school for data science, but if you can’t read the basic reports that these endless AI tools can create, you’re already behind. At least spend a few hours this month on some “Intro to Data Science” courses on Udemy or Coursera.

5. Content is God.

We’ve all said for years that content is king and that feeding the search engines was a top way to reach consumers. You’ve already refined your skills in creating appealing content, and you already know that it costs less than many traditional lead generating efforts and spending on content is way up.

Content can be blogging, video, audio, or social media posts. Artificial intelligence will step in to skyrocket those efforts, if only you accept that content was once king, but is now God. What is changing is how customized content can be. For example, some companies are using AI tools to create dozens of different Facebook ads for different demographics, which would have taken weeks of human effort to do in the past.

Because content is what feeds all of these new smart devices, feeding your brand content effectively and utilizing AI tools to augment your efforts will keep you more relevant than ever.

6. Get ahead of privacy problems

Consumers now understand what website cookies are, and know when they’ve opted in (or opted out) of an email newsletter, but to this point, humans have made the decisions of how these data choices are made. Our teams have continually edited Terms of Service (ToS), all done not just with liability in mind, but to offer consumers the protections that they want and have come to expect.

But AI today doesn’t have morals, and consumer comfort is not a factor unless humans program that into said AI devices. But it still isn’t a creature of ethics like humans are. Ethical challenges going forward will be something to stay ahead of as you tap into the AI world. Making sure that you know the ToS of any tool you’re using to mine data is critical so that you don’t put the company in a bad position by violating basic human trust.

The takeaway

You’re smart, so you already knew that the robots aren’t taking your job, rather augmenting it, but adding AI into your marketing mix to stay ahead comes with risk and a learning curve. But seeing artificial intelligence for what it really is – a tool – will keep your focus on the big picture and save your job.

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