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Real Estate Brokerage

BuyerDocs could save consumers (and brokers) bajillions #exclusive

(TECHNOLOGY NEWS) BuyerDocs is a real estate tech startup that wants to cast a wide net of protection over buyers and brokers who are common targets of scammers.

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A lot of moola

Thirty billion dollars. That’s the amount that is lost every year to wire fraud. And who is a top target for these ruthless scammers? Real estate.

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To court they go

This summer, a couple was scammed out of $272,000 after being duped by a simple wire transfer request that they were expecting so they could close on their home. With that money hopelessly gone, they are suing.

They are suing their title company. They are suing the bank. They’re even suing the real estate agent.

Several brokerages have instituted safeguards with teams instructing their clients to only respond to wire transfer requests through the brokerage’s secure system. But what of the other thousands of brokerages and independents that haven’t even pondered the possibility of the expanding wire fraud problem?

BuyerDocs for the win

Enter BuyerDocsThe Real Daily got an exclusive first look at this real estate tech startup that wants to cut the wires of fraud that scammers use once and for all.

BuyerDocs aims to remove wire fraud from residential real estate by securing document delivery for home buyers – title companies get on board and over time, the industry standard is established, even with a two-person brokerage in small town America who hasn’t thought about wire fraud before (and now won’t have to).

Title companies were previously the most vulnerable to consumers suing, but they’re casting wider nets to include brokers and agents.

Abigail White, BuyerDocs Cofounder & CMO said, “Once we discovered the severity of wire fraud in modern real estate and that it could have happened to us, we wanted to serve the public by creating a secure service that could potentially revolutionize the home buying process.”

Make it happen

So how does it go mainstream? You can do your part by sending this story to your local title company – they can sign up to use BuyerDocs for free, and with industry pressure, mainstream adoption will not only save consumers billions of dollars every year, it may just save your hide from the next lawsuit.

#BuyerDocs

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Real Estate Brokerage

Brokerages rarely write an internal communication strategy, here’s how

(BUSINESS) Almost no real estate brokerages have an internal communication strategy, but absolutely should.

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It’s still early enough in the year that you can start fresh personally and professionally. Help your organization start fresh by taking into account what’s happened in recent history and where you want to go. From there, you will determine what steps are necessary to achieve your goals.

Writing an internal communication (IC) strategy can be the first step in mapping your goals and is virtually unused in the real estate industry. According to All Things IC, an “internal communication strategy is like a map, an outline of your organization’s journey. It’s the big picture of what you want to achieve.” This can be done by a brokerage, or an independent agent alike.

Great! So, where do you start? First, know what an IC strategy needs to address. This includes the where, how, what, and why.

Write down the current state of the company, then state where you’re headingm or where you’d like to be. Create a list of objectives to support this.

Then break into your “how.” Explain how you are going to get to where you want to be, as well as how long it will take and why.

You’ll then venture over to a “what” by outlining what is involved along the way to your goal. Then, throw in a little “why” by explaining why this approach is the best for the job.

Go back to “how” and tell how you’ll know when you’ve reached your destination. This part will require tangibles, measurements to support a change in reaching your goal.

Finally, give one more “what” and address what will happen if you don’t change the way you’re currently operating. If things are working for your organization, that’s great! But, there is always room for improvement.

For an internal communication strategy, it is important to include the following: a title, an issue/purpose, structure, executive summary, audience segmentation/stakeholder mapping, a timeline, channels, measurement, communication objective, approval process and responsibilities, key messages, and an appendix.

Now, what was missing from the initial inclusions was a “who.” So, who should be the one to write this document?

Well, it needs to be someone with a strong understanding and implementation for internal communications. This can be done internally by someone on staff who is an expert; or, it can be outsourced to an expert. Regardless of who writes it, make sure it is clear and concise for the audience at hand.

What is most important to remember is that writing an internal communication strategy is just half the battle. Your work is not done once this document is agreed upon by the leadership team. And finally, you must be willing to enforce what’s written on these pages and be ready to make the changes you’ve outlined.

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Real Estate Brokerage

How to achieve a winning business culture

(BUSINESS) Achieve a winning business culture by checking in on four important categories that are time-tested and proven to improve your company.

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When it comes to the term “business culture,” we all have a tendency to throw it around without a precise definition that fits our respective companies specifically. It can be argued that some type of culture will form, regardless of the emphasis you put on it – that’s just human nature. But, how can we check in to make sure that the business culture we’re exuding is an effective one?

A few months back, I was told about a simple way to test your business culture, in a method developed by Franklin Covey. In order to have a winning culture, a culture must have organizational focus and execution shining from great leaders and effective individuals.

With this, there are four categories which contribute to a winning culture. These include: distinctive contribution, engaged team members, loyal customers, and sustained performance.

You may be reading this and going, “well, no duh,” but let’s think about this for a second. Even if you can explain the factors that would make up a strong culture, does that mean that your company has them?

In terms of distinctive contribution, it’s important to look past what your company does on a day-to-day basis and see what you’re doing to make a difference in the world. Does your company give back to the community? Does your team feel proud to work for a company that does good for others?

Speaking of your team members, do they seem to be engaged? So many people go into work with a lackluster attitude and that has a poor effect on their output.

Are you doing things within your culture to make your team feel engaged and productive? This can range from weekly meetings designed to brainstorm and hear everyone’s opinion, to programs that award hard work with fun incentives.

When you have team members that are engaged and hardworking, they will display this to the public and will likely help in attracting loyal customers. Customers can tell when a company and its team are being genuine, and that carries so much weight in terms of retention.

This leads to the final aspect of sustained performance. You must be present and consistent with your customers in order to give them repeated satisfactory performance time and time again.

It’s likely that our business cultures can all enhance in one or more of these categories, and, what better timing than going into a new year?

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Real Estate Brokerage

How JetBlue earns undying loyalty, and how you can too

(BUSINESS NEWS) Getting people to remember, let alone love a brand is near impossible, but JetBlue shows a promising path forward.

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As customers become increasingly aware of marketing techniques and underlying motives for brands, it becomes more difficult to sell to them. Luckily, there are still a few brands whose techniques you can learn from – and, perhaps surprisingly, one of them is JetBlue.

JetBlue, a major airline, sees their customers as individual people, not just numbers. This “human” aspect of JetBlue’s branding is their most important trait; especially in the airlines industry – a market oversaturated with stale experiences (and peanuts)—it’s crucial to stand out. JetBlue does so by going the extra frequent-flyer mile to make customers feel at home through genuine, human interactions.

Another interesting JetBlue method is categorizing their customer engagement.

There are two different categories of interaction – micro and macro – that refer to small, one-on-one encounters and the big picture, respectively. With an emphasis on making the individual experience as pleasant as possible without losing sight of the forest in the process, JetBlue creates an atmosphere that balances hospitality and efficiency.

One of the most oft-overlooked aspects of customer engagement is that it goes two ways. Responding to customers is objectively important, but it’s an exercise in futility if you aren’t also listening to what they’re saying in the first place. Too often, a customer service team’s first response is to address comments or concerns with damage control in mind; instead, have a dialogue with your customers.

If the interaction doesn’t feel like a conversation, you’re doing it wrong.

JetBlue also has a profoundly healthy response to crises. Where others merely apologize, condescend, and/or brutally drag people off of the airplane when faced with an overbooking or a late departure, JetBlue bends over backward to ensure that their response is both heartfelt and actually useful to those affected.

This is something with which I actually have experience – at one point, JetBlue had to delay one of my flights for several hours, a circumstance to which their response was complimentary drinks and $75 vouchers for future flights. There’s no replacing convenience, but JetBlue did their damnedest, and that’s what I remember about them.

As you approach this year’s customer encounters, remember the two-way approach and avoid falling into the trap of talking rather than listening.

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