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Reputation Management: Are you who they think you are?

What is the most important thing you have in business? The answer has the power to build your business, and it has the power to tear it down. It can’t be held, and it can’t be seen. It has more value than money, and it’s free. The answer is reputation. The reputation of your business is arguably the single most important asset that your business has.

But you don’t own your business reputation — you manage it. You inspire your reputation, you feed it, you care for it, you rely on it and ultimately, you live with it, but you don’t own it. It’s given to you by the people who interact with you personally, professionally and online.

The tone from the top

Key in managing your reputation is setting the tone from the top. Your actions, your deeds, and your comments (both online and in person) set the tone of your reputation. The people who work with you and support your efforts should mirror that positive tone, and subscribe to your core values. The speed at which information disseminates across the social world and the volume at which this information is broadcast make reputation and its management crucial for business success.

For Loan Officers, reputation management is crucial. The people interested in your reputation are on track to make perhaps the single biggest purchase of their lives, so you you can bet that your reputation plays a big role in whether or not they will choose you over the next guy. So what are some practical points to consider when looking at ways to maintain and improve your reputation.

Stick to your word — if you say you are going to do something, do it. Reliability is one of the main pillars of reputation. Being reliable communicates that the products you are offering are reliable as well.
Help others — As a loan officer, you are the guide and partner in a tricky and confusing portion of the home buying experience. It can be said that shopping for a house is the part everyone knows how to do. (At least they think they do, after all, it’s shopping.) However, the actual purchase is quite a bit more intense. Being helpful and supportive to the client and the other principle players will go a long way in creating a positive reputation.
Don’t speak poorly of others – Thumper said it best, “if you can’t say something nice then don’t say nothing at all.” Speaking poorly of others inevitably reflects back on you and your efforts. If you bad mouth the competition, you’ll get a reputation you may not want.
Get involved — Attend community events, help people out, donate to charities with either funds or your time. People will see this and your reputation will benefit. Get involved on social-media sites, share valued information for your clients and your community.
Be aware of what you broadcast — Politics may be fun to talk about with your friends or colleagues, but blasting your social media with your views might alienate potential clients. It’s okay to have opinions but when you are in the spotlight, you might consider pleading the fifth. (Sports on the other hand require no such tact, GO BLUE!).
Act quickly on complaints — Identify and understand any negative information circulating about you. Whether online or by word of mouth, you need to identify it and ameliorate it as quickly as possible. Reach out to anyone complaining about your efforts and engage with them. If the conversation is online, move it out of the public arena into a controlled channel like email or phone. Communicate clearly and directly. Let the person know that he is being heard and that you intend to resolve any issue to a positive outcome. If and when you are successful in dealing with the issue, you should consider asking the formerly disgruntled party to retract or delete any damaging comments, or at least post a follow-up to inform future readers that the issue was successfully resolved (positive resolutions posted online are tremendous in building a positive reputation).
Defend yourself — There are 2 parts here. You need to defend yourself from damaging attacks from others, of course, but you may also need to defend yourself from yourself too. Remember that video from the toga party at the delta house? Yeah, a lot of fun back then, but if you are working with a couple planning a loan strategy, you may not want your image associated with a beer bong and a bed sheet. Either delete that stuff or be very sure you fully understand and are using the privacy settings appropriately.On the other hand, you may have a former customer who goes above and beyond the level of ‘dissatisfied’ and wants to exact some ‘blood payment’ by damaging your reputation. In cases like this, you should first reach out, and publicly respond. One suggested approach is to offer to discuss the issue directly and then post your office phone. Sending a private message as well will reinforce your position.
Clearly responding to negative posts or reviews shows you are serious about helping, even in the face of dissatisfaction. Also, by replying, you challenge the identity of the poster. Anonymous posters will not often reply to offers of engagement and you will have a good case to have the content removed. If they engage, again, you need to quickly move the conversation out of the public eye and into a private, controlled channel.

Reputation management is fast becoming a hot button issue. In a recent Forbes article, Cheryl Conner proposed that in the very near future, a reputation ‘score’ will be more important than a credit score. Protecting and nurturing your reputation is key to keeping it healthy, and in the end, is a lot easier than repairing it. What are you doing to understand and maintain your reputation?

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Marketing To Seniors Online

Post author By theibisnetwork
Post date December 7, 2014
Categories In Blogging, Facebook, Marketing, Networking Strategy, Social Media, Twitter

There are more seniors online than you may think and not tailor your marketing efforts toward the older demographic may result in a loss of potential clients. According to statistics, 59% of adults age 65 or older are now internet users, 47% have high-speed broadband, and 77% have a cell phone. Research also states that the fastest growing social-media demographic is the 74-and-up age group, Surprised? The social-media sites that host the largest population of older adults include Facebook and Twitter with approximately 39 million users age 65 and older, and that number is expected to increase to over 50 million by the year 2020.

Here are a few things every business should be doing when marketing to seniors online:

Keep things simple — You don’t want to crowd your information with a lot of hoops to jump through.
Create trust — according to a recent survey, the thing seniors are most apprehensive about when online is being scammed. Make sure they know you are real. Leave your name and phone number under all of your informational posts so they can easily reach you.
Use a large font on your blog and in email — You don’t want your posts to be overlooked simply because someone had trouble reading them. Make sure your font is 16px or larger.
Cater towards family — Write family-oriented posts to let them know that you are a family person yourself, and you have their best interests at heart. This will also appeal to family members who are overseeing elderly loved ones’ finances.
Respond quickly — Make sure they know you received their comment or question by responding in a timely manner.

While the online elderly population is undoubtedly growing, there are still 41% that have not yet begun using the Internet and may be eager to learn. With that being said, maybe offering some educational outlets for your potential and current clients would be beneficial to your business. Having informational pamphlets readily available on your desk or even hosting a social-media educational class could open new doors of opportunity for you and your company.

Click the link to learn about The Demographics of Social-Media

Content for Inbound Marketing

Content and inbound marketing.

Inbound marketing is marketing people don’t hate, and it starts with good content. It’s relevant information that your target audience searches for, and its goal is a resulting action on their part. At its heart, content communicates with your target market without pitching them.

If I sell goldfish, and I write an article on the best names for goldfish, and you like goldfish, there’s a good chance we’ll share a moment online in the near future. And when you read my article, you’ve validated my efforts. You might share my content, you might join the conversation with a comment, or you might just wait until I write another article about goldfish. But no matter what, you’ve just found me and you are interested.

Now, what if I’m a guy looking to prequalify for a loan, and you just wrote an article about tips to effectively prequalify. That article, that content is gonna interest me. It might just interest me enough to learn more about what you wrote. And if you ask for them, it will probably get me to share my contact details. After all, I just read your article, right?

It’s not just writing, either. All forms of media are in play: blogs, video posts, eBooks, podcasts, articles, goldfish lists, white papers and more. If you are providing relevant, useful information that addresses a pain-point or solves a problem for your potential customers, you are creating the chance for them to become clients. By providing them with timely, helpful information about a service you provide, that they find useful in their search for that service, you’ve created an opportunity to catch their attention.

Justify yourself

Today, customers are in control and they are showing it. They are looking you over and kicking your tires long before they contact you. They do more than 60% of their research before they make a move. And they are doing it by consuming content. 90% of consumers find custom content useful and 78% believe the organizations behind the content are interested in building good relationships. When people read your content, they start to build trust in you. And get this, Google loves original content. They recognize it and boost your ranking. Bonus!

Cost is an advantage too. The average cost to generate a lead through content for inbound marketing is about half the average for outbound marketing.

Eighty percent of business decision-makers prefer to engage with a company they are considering through a series of articles versus advertisements. Your content can put you in their view, so make sure that the information you put up answers their questions and positions you as a valuable, trusted option. When potential clients make the trip to your site, they are more likely to become your customers when they find value. Conversion rates are nearly 6x higher for sites with relevant content over those without.

What is good content then?

Good content is anything that delivers you conversions. Converting a reader to a subscriber, from a subscriber to a potential, and from a potential to a client.

Good content speaks the client’s language, and matches their tone.

Good content identifies and addresses a knowledge gap. (Think about the most common question that people ask you about your service. That’s the knowledge gap you need to address first.)

Good content knows the audience, and makes them the focal point of everything. It grabs the attention of potential clients through genuinely useful information. It’s content that’s not about you, it’s content that’s about them, and what they need. Your content will work if it is focused on their needs.

And most important for success: good content is a call to action. It engages and informs the client, and then gets them to contact you. It might be with a call, or by simply sharing their info, but in some way, it makes the reader connect with you.

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120,000 new mortgages

How many underwater mortgages does it take to change the rules? The answer is north of 120,000. As of November 25th, that is the number of homes currently heading toward default that will be eligible for repurchase by the previous mortgage holders. The change in policy creates the opportunity for people to purchase their foreclosed homes for the property’s current market value, not the original value of the mortgage, as has been the case. The policy change, announced by Federal Housing Finance Agency director Melvin Watt is, in its simplest form, a principal reduction intended to keep families in their homes.

Earlier in his career as a state representative in North Carolina, Mr. Watt pushed for targeted principal reduction for homeowners drowning in mortgage debt. In parallel with this view, in 2013, a coalition of Attorneys General from Massachusetts, California, Delaware, Illinois, Maryland, Nevada, Oregon, and Washington wrote to President Obama, “FHFA’s refusal to consider principal write-downs as part of a comprehensive mortgage modification policy is inconsistent with its combined goal of asset preservation and foreclosure prevention”, and further, “It is far more profitable for any financial institution to hold a portfolio of performing $200,000 mortgages that keeps families in their homes than a portfolio of non-performing $250,000 mortgages headed toward default,” (letter)

The changes came before the announcement

Earlier this summer, the Washington Post highlighted the story of Jaime and Juana Coronel who repurchased their house after foreclosure prior to last Tuesdays announcement. The couple had been renting the house in a program designed to keep homeowners in their homes. In July of this year, more than sixty groups, including the ACLU, the NAACP and the National Consumer Law Center sent a letter to Watt asking him to ‘swiftly reverse the GSE policy on principal reduction’. Last Tuesday’s announcement confirms the move in this direction.

Now that this has happened, what will be the affect? These new mortgages would only be available to qualified borrowers in a primary residence that are 3 years removed from their foreclosure, and only if the properties are owned by Fannie and Freddie. In a great number of cases this is the end of the story, as many of these former homeowners have moved on, or are not in a position to qualify.

For some, though, the 3 year rule for a federally backed mortgage may not be a stopper. Potential borrowers may find haven in alternative financing, such as loans through non-profits. Featured among these are many regional players like Boston Community Capital and CalHFA MAC.

The effects of this policy change are certainly in their infancy with many more announcements to follow. One thing is for certain, the LOs with access to the right tools have 121,000 more mortgages that may be suddenly in play. And with 1.6 million more mortgages in danger of foreclosure than average, principle reduction mortgages may be worth keeping an eye on in 2015.
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The Good Side Of Regulations: Reverse Mortgages

Fonzie never rode a motorcycle. No, really (well, once, but they had to pull it out from under a truck afterward). Henry Winkler, the actor who played Fonzie, struggles with dyslexia to the point that he has never been able to handle the motions required to ride a motorcycle. On Happy Days, he would sit on a motorcycle frame that was on a trailer and get pulled around by a truck. And he looked cool doing it.

The trick was to create the image that what he was doing was really happening. And it worked.

Today, Henry Winkler is back on TV as a spokesperson for reverse mortgages, attempting to create a positive image (primarily for the company that pays him, but also for the loan type and the industry as a whole). And the issue on which he speaks is getting a lot of attention in media, both traditional and social. The narrative surrounding reverse mortgages is, let’s say, polarizing. But unlike The Fonz on Happy Days, looking real isn’t good enough — this industry will have to convince the audience that what they are seeing is actually a real option with tangible benefits.

Today, reverse mortgages are gaining some positive attention as new rules make the option more attractive to both borrowers and the certified HECM loan officers who handle them. About 14% of older Americans are tapping into their home equity, providing them with the opportunity to stay in their homes and the trend for the future is looking bright.

New rules and regulations take into account if the borrowers can afford their property tax and home insurance, and in turn are creating a more appealing image for reverse mortgages. Many experts are now promoting reverse mortgages to older individuals as a way to effectively plan for the future.

Old Dogs New Tricks

In July 2013 congress passed the Reverse Mortgage Stabilization Act. The new rules make sure that homeowners who are applying for reverse mortgages can afford their homeowners insurance and their property taxes before proceeding with the loan. Married couples can now get reverse mortgages together even if only one spouse is 62 or older. The new rules have also decreased the available amount of money in many situations, and financial data such as credit scores will come into play. All of the new rules are meant to make reverse mortgages a safer option, and in turn defuse some of the negative perceptions surrounding the industry.

What they don’t know may help them

With all of these new and improved perks added to reverse mortgages they should be easier to sell, right? Well, they are — but not as easy as any of us would like. A large percentage of the population remains skeptical when it comes to reverse mortgages. Rules intended to make the option more beneficial and safer may not be immediately visible to the consumer. The individuals in this industry know that their job often includes educating people and erasing popular misconceptions about the loan type, and that job is getting somewhat easier with the increased regulations.

Here are a few ways you can educated people, increase sales, and make happy customers.

Create trust: Seniors are generally very cautious and when dealing with financial matters, and reputation is paramount. Be sure that you create a sense of trust, both in person and online. Provide them with various ways to find you and give them the information to educate themselves about you, your company and what you have to offer them. Always consider testimonials to build a trusted image for potential clients , their children and other influencers on their decision making.

Keep your message clear: Successful advertising can play a huge role in how people understand and accept reverse mortgages. Focus on the positive and address the negative evenly, respectfully, and openly. Address the most common questions related to reverse mortgages. A quick bit of research turned up the following:

What are the benefits of a reverse mortgage?
What are my obligations?
Will I lose my government assistance if I get a reverse mortgage?
What if I change my mind?
Will I have to repay the loan?
What is the difference between variable and fixed interest rates and are there any contingencies regarding the rates?
What are the closing costs and how can they be affected?

Dealing with these most common questions and their accompanying misconceptions about reverse mortgages up front can give you good insight on how to message your advertising.

Stay in touch: Seniors, usually, take more time to think things over and understand things when compared to younger people. Give them their time, but don’t let them forget you are there and willing to help them in any way. Offer to send them a hard copy of any information they may want, and send an e-mail of all of the items discussed in your meeting, so they have every piece of information in front of them. Provide them with all of your contact information such as office and mobile phone, email, available websites, social-media platforms, and your office address.

Know the market: The market for reverse mortgages is getting younger. In 2012, the average age for an HECM loan borrower was 71.9, a drop of 1.2 years from 4 years before. 40.3% were single females, 21.7% were single males, and 38.1% were couples applying together; The decision is often made with input from family, friends and trusted associates, and all the ‘stakeholders’ will want information that is not only intended to increase their ability to protect the individual or couple, but also to inform themselves about the effects. You can be sure that children will have an interest in the proceedings and their opinion will be heard, but the family dynamic is different for each family.

Trend lines indicate that the aging population is seeing reverse mortgages in a more positive light. With that change will come increasing opportunities to close more deals, and the partnership between HUD and industry professionals will be crucial in portraying a stable and solid option. Baby boomers are on the way, are you ready?

By the way, here’s Fonzie talking about riding a motorcycle on Happy Days.

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How Long Should My Content Be On Social Networks?

Post author By theibisnetwork
Post date November 29, 2014
Categories In Blogging, Facebook, LinkedIn, Social Media, Twitter

You have set up all the social-media sites you think would be beneficial to your business, yet are not seeing the returns you would like. Perhaps you are not posting enough content to grab your targeted audience’s attention or your content is too long causing your followers to become bored. Posting the ideal content length is something that perplexes marketers across many industries. The ideal length depends on numerous factors such as engagement, along with what is standard for your particular industry. However, there are a few tips to keep in mind that may help. Here are some content length guidelines to consider:

Blog Content Length: Marketers seem to struggle with blog content length the most, and for good reason. It’s frustrating to spend a great deal of time creating and perfecting a blog post and then discover days later that no one has read it. In order to succeed in blogging, you must grab the attention of your audience and keep it. The ideal length of a blog post should take your readers about seven minutes to read from top to bottom &mdash this usually equates to between 1,400 to 1,750 words — after about seven minutes your readers tend to get bored and will move on.

Facebook Content Length: Facebook engagement is usually precipitated by images, with images receiving 120% more engagement than writing, but when you are posting text, the ideal length to generate more engagement is between 100 and 119 characters. Long posts seem to do poorly on Facebook, so unless it is necessary try to keep your posts to a minimum, and of course, add pictures! You can check out our previous post to learn how to Create Quality Content For Your Facebook Business Page.

Twitter Content Length: Twitter allows you to use only 140 characters, but limiting your tweets to 100 characters will increase your engagement. Tweets that are 72-100 characters receive the most re-tweets, so it is best to try to stay in this range. Try to avoid extremely short tweets though, as research has found that short tweets (40 characters or less) receive the least amount of engagement.

LinkedIn Content Length: LinkedIn gives you 250 characters and then will cut you off with an ellipsis. In order to be sure that the description or gist of your content is seen quickly, you should keep your title under 70 characters, and your description should fit within that 250 character limit if attaching a link. LinkedIn users are more tolerant of lead generation content than those on any other social-media platform, so as long as your content is valuable to their business they are more than likely to read it when compared to other sites, regardless of length.

Now that you’ve answered how long should my content be on social networks, see how often you should be posting.