Are you ready for 2013

There is a feeling of excitement around the office here at RGA. Part of it is that we’re working with some new clients that have set some ambitious goals for this year. Part of it is that we’ve committed to working with some partners — some new and some old friends — on some exciting projects this year. And part of it is that there is a feeling of recovery and rebirth that seems to be spreading throughout our industry. It prompted us to create this fun trailer.

If you’re working on an ambitious plan this year and want to bounce some ideas off of some people who have been observing this industry for quite a while now, give us a call. We’d love to do whatever we can to help you get ready for a great 2013.

Changing Your Business by Changing Your Focus

Sales is a numbers game. At least it was when I was trained to do it. I was told that a certain number of calls would result in a certain number of leads, which would, eventually, lead to a certain number of closed sales. A good salesperson moves through this process rapidly, cruising through lead lists in search of viable leads that can be converted into sales. Those that can’t be converted are left behind.

When it comes to high ticket, complicated sales like real estate and home financing, the top salespeople have a tendency to blow through this process with very little regard for the warm, but not quite ready to close, leads they leave behind. When you consider that in a normal housing economy (which this probably isn’t, but during which many real estate sales people were trained), consumers are only in the market for a new home or a new loan ever 7-10 years, it doesn’t make a lot of sense creating an expensive lead nurturing system to keep these leads incubated until they can eventually close.

But what if there was already a pre-made lead incubation system in place that real estate agents and mortgage originators could take advantage of keep near miss leads warm until they were ready to be converted into closed sales or loans? Actually, there is. In the September issue of Niche Report, I talk about it. (It’s the issue with my pal Rene Rodriguez on the cover!). Check it out here and see if you don’t increase your sales with this tweak to your focus. Find my story on page 28.

The Powerful Press Release

Why is it that when people want to convince you that what they offer is something new and cool, they feel like they have to convince you that what we had before is now dead. We’ve seen this recently in the PR business with the venerable press release.

Ad Age magazine gave us the news in 2010 that the industry’s traditional communications document was dead. It was Twitter that finally killed it off, that publication told us. Forbes told us the same thing a year later.

They were both wrong.

In truth, I know many journalists that use Twitter to track down news and I follow some that use the tool to share stories well, as well. But they still get press releases every day and publish the news these documents carry. We’re not the only ones who know this fact, of course, but it doesn’t help our cause that most of those crying out to save the press release make their living by distributing them.

Social media is great and my team and I use its tools daily and the various sites to distribute news and information. But these tools haven’t taken the place of the press release. They’ve made it a more powerful tool, if you know how to use it. Here are three reasons you shouldn’t mothball this tool just yet.

1) If you’re pitching a story to a journalist, the reporter is going to ask you for a copy of the release. As a former trade journalist, I can tell you that it’s just so much easier if you have the correct spellings of the executives’ names, the company headquarters, the boilerplate and the specifics of the story all in one place before you start writing.

2) You’re going to want to put your release on your website and the discipline of the press release format will keep your story tight. If you’re optimizing your releases, as you should be, this will drive the traffic you want to your website.

3) Regularly sending releases to journalists will, over time, burn your brand into their minds and may, if the releases are well written, establish your executives as good sources for future stories, whether or not the press release gets printed. In addition, press releases can be strung together to create an ongoing narrative that will eventually get the attention of the reporters you target.

Press releases may not be the stories that ultimately convince prospects to become customers and reporters who have never written about you to start following your company, but they are the signposts along that road. They are important tools and in the right hands, formidable weapons for advancing your company and brands.

Read the Full Fee White Paper Yet?

A few weeks ago, Jeff Schurman and I wrote a new white paper about collateral valuation in the mortgage lending business. Actually, it was about the unique relationship shared by between AMCs, appraisal management companies, and professional fee appraisers. The paper has been getting quite a reception in the industry, though, we admit, a somewhat frosty one from some sectors. We tried to capture that in the video promo below.

http://www.youtube.com/watch?v=5f5U6Wfqg9E&feature=plcp

You can get your own copy of the white paper and decide for yourself here. If you would like Jeff and I to help you craft your own thought leadership into a new white paper, we’d certainly love the opportunity to visit with you about it.

A Viable Response to the CFPB

Just over a year old now, the U.S. financial services industry’s new federal super regulator, the Consumer Financial Protection Bureau, is now well into its work of creating rules in support of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act and taken its first enforcement action against Capital One. While the first action came at the expense of the credit card industry, the Bureau reported in its second semi-annual report that the mortgage industry had actually received the lion’s share of the complaints from consumers. The other shoe will likely fall on us.

Mortgage banking was challenging enough when it was just the state and federal banking regulators looking over your shoulders. Now you have every American consumer with access to a web browser and the URL of the CFPB. Anyone who thinks this doesn’t change everything is bound for a new career.

Recently, I penned a piece for the Real Estate and Mortgage Executive Forum (REME) newsletter about this very issue. The newsletter serves one of the more active and useful industry LinkedIn Groups.

In my story, I point out that our industry has exactly one hope of influencing the CFPB and it doesn’t have anything to do with anyone now working there or likely to do so. The article is now posted on my mortgage tech blog here. If you’re not a member of the REME LinkedIn Group, check it out here. You can get on the REME Newsletter mailing list, whether or not you belong to the group, by signing up here.

Get on the REME LinkedIn Group Mailing List

As some of you know, Brian Rieger, Chuck Cain and I, along with the occasional guest author, put together a newsletter for a special group of mortgage and real estate industry executives over on LinkedIn. You can join the group here.

We take a look at the general flow of the conversation there and try to come up with some content that we feel will be valuable. Feedback we’ve received in the past indicates that we’re accomplishing that goal.

If you’re not already on the mailing list to receive this newsletter, you can sign up by giving us your e-mail address below. By subscribing, you’ll be giving both Brian and I your contact information. We promise to only use them for this newsletter. If you want to receive anything else from us, you’ll have to sign up on our websites, either his or mine.

Send Me the REME Newsletter

Rick Talks Facebook for Real Estate Agents in The Niche Report

Recently, I was offered the opportunity to write an article for the real estate agents’ version of The Niche Report. These agents were an important part of my readership when I was editing Real Estate Tech Insight for October Research. Plus, my sister and brother-in-law are both successful agents, so I jumped at the chance.

I wanted to talk about social media because while a great many have now jumped into the pool, most of the real estate agents I follow are not capitalizing on what I feel are the true strengths of this social network. To me, it’s all about earning the trust of the people you want to do business with and Facebook can be a really powerful tool for this. How so? In the article, I write:

What should you know about someone before you can trust them? It’s no longer about what the agents know, it’s about what they do. You can talk about successful transactions. People understand what that means and what it could mean to them, but they have no frame of reference for all the work you do that leads up to that result. That leaves you talking about things you do on your own time. This is where it gets personal.

Read the rest online at The Niche Report in an article entitled The Real Power of Facebook. And then subscribe. I love what those guys are doing and they can do more of it with your support. After you read the article, let me know here if you have any questions. You can leave them in the comments below and I’ll tell you what I know. I hope it serves you well.

 

RGA Offers Information on Promoting White Papers

A good white paper is an excellent investment in your business, but because they take time and money to create some executives worry that the resulting product won’t find enough readers to generate a return on the investment. While this is a value concern for any type of marketing or public relations efforts, it tends to stop some executives from commissioning a white paper because they perceive the project to be more significant.

Any communication tool that a company uses must find an audience if we hope it to be effective. Fortunately, most communication tactics employed for marketing and PR start with the definition of a target public to receive them. The white paper seems different, on the surface, because the content is not written to influence a certain target public as much as it is developed to advance the thought leadership of the executive and her company.

The actual target public for a well written white paper is made up of members of the company’s primary target markets. Getting it read by this group is a PR initiative in its own right. We’ve taken the guesswork out of that for you with a new white paper we’re making available for free here on our website.

Entitled, Effective Promotion for the White Paper, this free information details 30 tactics that will get your thought leadership read. For a limited time, this white paper is being made available to non-RGA clients with no obligation. To get your copy, see our White Paper page here.

RGA Launches ChangeMaker Podcasts

How do you recognize the business leaders in your industry? We’ve been doing a lot of thinking about that recently. We have identified a number of ways you can discern a leader from a distance: frequent industry publication, speaking on the conference circuit, subject of news reports, etc. But the very best way to know for sure you’re speaking to a leader and not just a fast follower, is to have a conversation with them. That’s exactly what the new RGA ChangeMaker Podcast series is all about.

Starting next month, RGA will being you candid conversations with some of our industry’s most successful leaders. We’ll go beyond the headlines and uncover the real issues that drive these leaders and their teams to create real change.

Are you an industry leader? If so, call us today and reserve your recording date for the next ChangeMaker Podcast.

RGA, Leading Causes Release New White Paper on AMC Business

Rick Grant of RGA Public Relations and Jeff Schurman of Leading Causes have released an industry white paper entitled “The Appraisal Management Company Full-Fee Hypothesis.” This is the first paper in a series the two plan to write in 2012, while also working with a number of mortgage technology thought leaders to produce other papers.

“I’m very proud of the work we’ve done on this paper,” said Grant. “While the conclusions we have reached are bound to stir up controversy, this is an issue the industry needs to start taking very seriously. I hope we are able to help key industry players carefully consider the actions they need to take to move our industry forward.”

“The AMC wholesale, split fee or discounted fee model is 30 years old now,” said Schurman, who previously served as executive director of the Title/Appraisal Vendor Management Association. “A lot has changed in the mortgage settlement services industry particularly in the last 5 years. What we offer are 20 self-serving benefits to the AMC industry that result from paying full fees and charging a service charge to the lender. We believe the entire industry will be better served if we adopt this standard.”

Grant and Schurman began writing white papers for industry thought leaders earlier this year and are reaching out to a select group of CEOs who may want to publish additional material.

“The government has created a super-regulator in the CFPB that may or may not hear the real needs of our industry,” said Grant. “Now is the time to show the government that our executives are thought leaders. If we fail to do so, we can expect the government to continue its relentless hostile takeover of our business and we’ll have no one to blame but ourselves.”

RGA and Leading Causes are making available many methods by which interested industry leaders can share their thoughts.

Read an excerpt from the white paper here or fill out the form below to get the entire paper.

Get the Full Fee Hypothesis White Paper

To find out how RGA and Leading Causes can help you write your own Thought Leadership White Paper, see our page on White Papers.