Growing your Pinterest
Pinterest.com was recently named to the Genius 60 Brands to watch in 2012 and 70 days ago, we wrote the ultimate guide to using Pinterest in business and most of us on staff are addicted to Pinterest.
The network allows users to share photos from across the web while maintaining a link to the original source, and site traffic grew 4,000 percent in the second half of 2011, and still remains invitation only. Admittedly, the social network is populated by far more women than men and most of the pictures are of home decor, recipes and crafts, a subtle shift is taking place as more men join the network and share their own special brand of photo sharing.
We are noticing that ideas are being shared more now than at launch and we’ve been using the service for many months and in January have noticed a massive groundswell behind the network. I have personally been shocked to see my little internet secret go mainstream overnight, even bigger than Twitter ever did. People I knew from high school and my first jobs are there, people from church, my family (even the ones I don’t talk to often), and even our hair stylist was telling us about her photo sharing boards on the site last week. The population of Pinterest is booming and it isn’t like other social networks where people get a profile and chat, there is actually something to do and boy, do people do it. “Addicted” is the most commonly used phrase in regards to Pinterest.
More than sharing house pictures
As the site goes mainstream, there is a fantastic opportunity for businesses to join in and to actually be useful without violating the culture of the personal coffee table chat feeling. By being useful, any user can gain influence and while that sounds disingenuous, it makes sense that if you devote any time in your day to a task that it has something to do with your job.
The best way to be useful is to start “Boards” (see this guide if you’re lost) that pertain to your career, not just the topics suggested by Pinterest. As you can see below, I strayed pretty far from the suggested Board topics (click to enlarge):
Below is a short and very incomplete list of some ideas for boards you can create to be useful (thus more likely to influence):
- Pictures of your clients as a “thank you” board. Pictures of friends on social networks that have made an impact on your life.
- If you are a Realtor, post pictures of homes you have sold or that are for sale (inside and out) – this is your chance to tell some back story and feature interesting photos (garden gnomes, cool knobs on cabinets).
- Start a board devoted to your area – landmarks, leaders, news, whatever, but be specific.
- Post pictures of your team, your office, your messy desk, your coffee maker, etc. to tell the back story of a day in the life at your office. Feel free to use a mascot or gnome as the traveling story teller.
- Post something of very specific interest – maybe a photo tour of all of the local coffee shops with your thoughts as comments, or as featured Yelp reviews as comments.
- Tell your own story – post photos of you as a baby all the way up to today. The more embarrassing, the better.
- Post pictures of ideas on how to use your product or services. Retailers, post pictures of people using your product and servicers, post pictures of sad people not using your services and happy people that do, with testimonials from your website below the happy people.
- Post pictures of all schools in the area and in the comments, put their current ratings and special features or programs and a link to the data (on your site, preferably).
- Publish pictures from your blog, but don’t overdo it. Ask a question or publish a board to solve a problem. One board I have is “ideas on how to save housing,” and I’ve seen some very creative idea boards that are useful as well.
Note that silly is good, it is a laid back group of users. So for #6, maybe a board of “Embarrassing Jeff Pics” or for #2, “Interior shots that didn’t make the cut” or for #5 “local hipster joints and the hipsters that conjoin in the joints.” Entertaining is more memorable and less salesy and dropping the sales pitch will get you a lot further here. When entertaining is not appropriate, be conversational. And like any social network, it is best to remember to comment on other people’s pins and boards and share their content as well – it’s easily overlooked common sense.
Pinterest has a great mobile site, is easy to use (especially with the help of some Chrome extensions), a burgeoning population and a helpful community of sharing users, so be useful to gain influence, it will get you much further than broadcasting junk or just repinning everyone else’s pins.
Disputing a property’s value in a short sale: turn a no into a go
During a short sale, there may be various obstacles, with misaligned property values ranking near the top, but it doesn’t have to be a dealbreaker!
It’s about getting your way
Were you on the debate team in high school? Were you really effective at convincing your parent or guardian to let you do things that you shouldn’t have been doing? How are your objection-handling skills? Can you flip a no into a go?
When working on short sales, there is one aspect of the process that may require those excellent negotiation or debate skills: disputing the property value. In a short sale, the short sale lender sends an appraiser or broker to the property and this individual conducts a Broker Price Opinion or an appraisal, using special forms provided by the short sale lender.
After this individual completes the Broker Price Opinion or the appraisal, he or she will return it to the short sale lender. Shortly thereafter, the short sale lender will be ready to talk about the purchase price. Will the lender accept the offer on the table or is the lender looking for more? If the lender is seeking an offer for a lot more than the one on the table, mentally prepare for the fact that you will need to conduct a value dispute.
Value Dispute Process
While each of the different short sale lenders (including Fannie Mae) has their own policies and procedures for value dispute, all these procedures have some things in common. Follow the steps below in order to conduct an effective value dispute.
- Inquire about forms. Ask your short sale lender if there are specific forms that you need to complete in order to conduct a value dispute. Obtain those forms if necessary.
- Gather information. Your goal is to convince the lender to accept the buyer’s offer, so you need to demonstrate that your offer is in line with the value of the property. Collect data that proves this point, such as reports from the MLS, Trulia, Zillow, or your local title company.
- Take photos. If there are parts of the property that are substandard and possibly were not revealed to the lender by the individual conducting the BPO, take photos of those items. Perhaps the kitchen has no flooring, or there is a 40-year old roof. Take photos to demonstrate these defects.
- Obtain bids. For any defects on the property, obtain a minimum of two bids from licensed contractors. For example, obtain two bids from roofers or structural engineers if necessary
- Write a report. Think back to high school English class if necessary. Write a short essay that references your information, photos, and bids, and explains how these items support your buyer’s value. This is not something that you whip up in five minutes. Spend time preparing a compelling appeal.
It is entirely possible that some lenders will not be particularly open-minded when it comes to valuation dispute. However, more times than not, an effective value dispute leads to short sale approval.
Short sale standoffs: how to avoid getting hit
The short sale process can feel a lot like a wild west standoff, but there are ways to come out victorious, so let’s talk about those methods:
What is a short sale standoff?
If you are a short sale listing agent, a short sale processor, or a short sale negotiator then you probably already know about the short sale standoff. That’s when you are processing a short sale with more than one lien holder and neither will agree to the terms offered by the other. Or… better yet, each one will not move any further in the short sale process until they see the short sale approval letter from the other lien holder.
Scenario #1 – You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they will proceed with the short sale, and they will offer Bank 2 a certain amount to release their lien. You call Bank 2 and tell them the good news. Unfortunately, the folks at Bank 2 want more money. If Bank 1 and Bank 2 do not agree, then you are in a standoff.
Scenario #2 – You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they cannot generate your approval letter until you present them with the approval letter from Bank 2. Bank 2 employees tell you the exact same thing. Clearly, in this situation, you are in a standoff.
How to Avoid the Standoff
If you are in the middle of a standoff, then you are likely very frustrated. You’ve gotten pretty far in the short sale process and you are likely receiving lots of pressure from all of the parties to the transaction. And, the lenders are not helping much by creating the standoff.
Here are some ideas for how to get out of the situation:
- Go back to the first lien holder and ask them if they are willing to give the second lien holder more money.
- Go to the second lien holder and tell them that the first lien holder has insisted on a maximum amount and see if they will budge.
- If no one will budge, find out why. Is this a Fannie Mae or Freddie Mac loan? If so, they have a maximum that they allow the second. And, if you alert the second of that information, they may become more compliant.
- Worst case: someone will have to pay the difference. Depending on the laws in your state, it could be the buyer, the seller, or the agents (yuck). No matter what, make sure that this contribution is disclosed to all parties and appears on the short sale settlement statement at closing.
- In Scenario #2, someone’s got to give in. Try explaining to both sides where you are and see if one will agree to generate their approval letter. If not, follow the tips provided in this Agent Genius article and take your complaint to the streets.
One thing about short sales is that the problems that arise can be difficult to resolve merely because of the number of parties involved—and all from remote locations. Imagine how much easier this would be if all parties sat at the same table and broke bread? If we all sat at the same table, then we wouldn’t need armor in order to avoid the flying bullets from the short sale standoff.
Short sale approval letters don’t arrive in the blink of an eye
Short sale approval letters may look like they’ve been obtained simply by experts, but it takes time and doesn’t just happen with luck.
Short sale approval: getting prepared, making it happen
People always ask me how it is that I obtain short sale approval letters with such ease. The truth is, that while I have more short sale processing and negotiating experience than most agents and brokers, I don’t just blink my eyes like Jeannie and make those short sale approval letters appear. I often sweat it, just like everyone else.
Despite the fact that I do not have magical powers, I do have something else on my side—education. One of the most important things than can lead to short sale success for any and all agents is education.
Experience dictates that agents that learn about the short sale process
have increased short sale closings.
Short sale education opportunities abound
There are many ways to become educated about the short sale process and make getting short sale approval letters look easy to obtain. These include:
- Classes at your local board of Realtors®
- Free short sale webinars and workshops
- The short sale or foreclosure specialist designations
As the distressed property arena grows and changes, it is important to always stay abreast of policy changes that may impact how you do your job and how you process any short sale that lands on your plate.
The most important thing to do is to read, read, read. Follow short sale specialists and those who blog about short sales on AGBeat, Google+, facebook, and twitter. Set up a Google Alert for the term ‘short sale’ and you will receive Google’s top short sale picks daily in your email inbox. Visit mortgagor websites to read up on their specific policies and procedures.
Don’t take on too much
And, when you get a call from a prospective short sale seller, make sure that you don’t bit off more than you can chew. Agents in most of America right now are clamoring for listings since we are in the midst of a listing shortage. But, if you are going to take on a short sale, be sure that it is a deal that you can close. And, if you have your doubts, why not partner up with a local agent that can mentor your and assist you in getting the job done? After all, half a commission check is better than none!
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