Client Testimonials and how they can help your business success.....Marketing Tips 2015

Testimonials:
How to Market Success

Testimonials are not about bragging or tooting your own horn. Sharing your successes with your client base and associates is an essential part of growing your business and your reputation within the community. And a great way to do this is by utilizing testimonials in your marketing efforts. Not only do testimonials get attention, they can also create a sense of confidence in the idea of doing business with you.


The following are a few simple steps for gathering positive feedback from your clients:

• When clients thank you for completing a phenomenal deal, ask them to write a testimonial for you about their experience.
• If they're too busy to write it themselves, write it for them. Then have them simply approve and sign it.
• Make sure you secure their permission to use the testimonial in your marketing efforts.
• Create a file with as wide a variety of testimonials to draw from as possible.

Now it's time to leverage what you've gathered. Dr. Robert Cialdini, best-selling author and nationally-recognized researcher, has analyzed data on this topic and has discovered that the biggest and best testimonials are not always the most persuasive when it comes to increasing business.

Instead, Cialdini suggests that finding the right testimonial, one that your clients can strongly relate to, is much more effective in creating confidence. Cialdini believes that by obtaining testimonials from an array of clients, you'll create a diverse collection of simple, yet effective marketing messages that will hit the specific bull's-eye for each and every potential client.

For example, let's say you were to use a testimonial as part of a direct-mail flyer to first-time home buyers and, in your testimonial, your satisfied clients wrote about how you helped them build the retirement home of their dreams. Although your clients may have raved about your ability in that transaction, the message doesn't fit the specific needs and desires of a first-time borrower. Instead, select from your library of testimonials something that addresses the well-known fears of the home-buying process and how you were able to solve them. Something more like this:
"I was nervous about buying my first home, unsure if I could make the leap from renting to owning. But, thanks to John Real Estate Agent, I'm finally living the American Dream."
 

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Why your credit score is important when buying or refinancing a home......

Credit Bureau FICO scores range from 300 to 850 and their purpose is to predict the likelihood of how a person will handle their credit obligations.  The higher the score, the lower the perceived risk and therefore, the lower the interest rate you will be offered.  Five factors generally go into producing a credit score: Overall Payment History, Balances Outstanding vs. Credit Limits, Length of Credit History, Mix of Credit Use and New Credit Inquiries. Like a thumbprint, no credit score model is exactly the same. Each credit score model has a slightly different formula for weighing credit score factors. The credit bureau can use dozens of different credit score models based on the requirements of different lenders. As an example, a mortgage lender may use a different scoring model than an auto lender because they each place importance on different factors.Though your scores may vary, they're all based on information in your credit reports. So focusing on what's in your reports could help you build your credit overall. While FICO is the most famous, there are several other versions and providers of credit scores, such as VantageScore, NextGen, BEACON and EMPIRICA. Some scores are directly developed by credit bureaus, while others are developed by outside companies. This can be very confusing to the average consumer who is shopping for a home or a car to purchase. Hypothetically, the consumer could go to multiple dealerships or multiple lenders and see all different credit scores from each one.


How you pay your creditors is one of the most important factors and make up about 35% of the credit score, but just behind it come balances verses credit limits, which makes up about 30% of the score. The higher your balance is in relation to the credit limit, the more adversely your score will be impacted.  It is usually better to have several small balances spread over several cards than one large balance on one maxed out card. The length of time a person has held credit is another factor which makes up around 15% of the score.  Basically, a borrower who has a long credit history without past late pays will not be as adversely affected by suddenly having one 30 day late payment as a person who has a shorter credit history and suddenly has a 30 day late.  However, also think about this....let's say a borrower has a 20 year credit history with no late payments and has always managed their credit cards, but suddenly their credit card balances are on the way up and then a late payment occurs. This scenario would probably adversely affect their credit score severely as it could indicate the person is having difficulty paying their bills and is borrowing to keep afloat. 

Summary
 

Because there are hundreds of credit scores that measure many different probabilities, consumers generally do not need to be overly concerned with the type of score or even their number. It's also important to note that your credit score is a variable which can change every time your credit report changes. For these reasons, monitoring changes within a single score over time can be a better way to gauge your overall credit health. Best of all, it's always free to check your credit score with the big 3 credit bureaus annually. In this way, you can access your score as often as you want and always have a consistent baseline to better understand how your score is changing.

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Some unique closing gifts & ideas for your clients...

Thank You for Your Business:
Unique Closing Gifts for Your Clients

 

Sometimes, a simple note is not enough to show your gratitude. Housewarming gifts are a great way to remind your clients that you're there for them, long after the paperwork is done. And, like business cards or branded mailers, these gifts are another way to market yourself to potential clients and their referrals. The following are a few great closing gift ideas your clients will talk about to everyone they know:

Decorated Dinnerware – A flock of pottery shops have sprung up across the country where you can paint ceramic pieces from little statues to plates and coffee mugs to giant cookie jars. Register your clients at one of these stores, so they can decorate their own dinnerware. Every time they use these items, they'll think of how you helped them reach their dream of homeownership. For a state-by-state list of these businesses in your area, visit www.paintyourownpottery.net.

Services Directory – If your clients are new to the area, why not compile a directory for them as a unique closing gift. Imagine a book that lists and even maps out all of the restaurants, markets, gas stations, movie theatres or playhouses in their neighborhood. Include business cards from emergency services like a plumber, electrician, landscaper, and handyman and create some outbound referrals. Be sure to brand the book with your contact info because this book just might become their go-to guide for all of their home and entertainment needs.
Basket of Goodies – Instead of the typical basket of fruit many agents give their clients as a closing gift, try something different. Fill a basket with pancake mix, muffin mix, jam, Earl Grey tea or coffee, a couple mugs, a spatula, oven mitts and anything else they might use in the kitchen. Each time your clients cook breakfast, bake a cake, or just relax with a hot cup of coffee or tea in their new home, they'll remember you and the great service you provided.

Memory Mug – Here's a great and inexpensive closing gift your clients will never forget. Take a picture of their new home and add to it their name and the date that they purchased the home. Then put the picture into one of those customizable coffee mugs and give it to your client with a coffee gift card or a pound of coffee, tea, or hot cocoa. Again, you can add your name and logo to the back of the mug, and your clients will think of how you helped them obtain their dream home every time they take a sip.Free Magazine Subscription – Not only do magazine subscriptions make a great closing gift, they're also a great marketing tool. Each month for the next year, your clients will think of you every time they get their latest issue in the mail. Some companies, such as www.magazineclosinggift.com, will allow you to add your name, logo, or even a message to the magazine subscription of their choice. Many subscriptions are less than $20, so it's inexpensive too. During the transaction, try and learn about your client's interests and hobbies. This will show them how much you care, and it will help you select the right magazine subscription as well. 

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What business professionals should know about Twitter... Tips for everyday users....

 

The rules of marketing remain constant, but the media has changed drastically.Consumers have adopted social media quickly, with Twitter growing faster than most. But don't just open a profile and start tweeting! Here are six ways you can optimize your Twitter strategy for maximum business attraction:

• What's In A Name? Choose your Twitter ID carefully–make it memorable and appropriate for doing business. Your own name is always a good choice. Make sure email and social media user names are similar to avoid confusion. Upload your photo, too: Profiles with photos on average have 10 times more followers.

• Wash, Rinse, Retweet. When you embed outside photos, links, and videos into your tweets the likelihood of getting retweeted, attracting more followers, or getting a call goes up exponentially: 19 percent of all tweets have links, but 57 percent of those get a retweet. Also, asking for retweets with "pls RT" or "please RT" or "Please Retweet" scores 50 percent of the time.

• Verbs–That's What's Happening. "The Science of Twitter" webinar from HubSpot says verbs and adverbs get far more retweets than nouns or adjectives.

• Hashtag Heaven: Hashtags make tweets searchable. Make sure to incorporate real estate terms into your hashtags: #RealEstate, #Realtor, #RE, and #NYRealEstate (or whatever state of the Union) work best.

• Your Ad Here. You want as much organic traffic as possible, but inexpensive Twitter ads can help you target leaders and key demographics for your tweets. Check Twitter for Business for details.

• Rules of Engagement. People refer to Twitter as a "micro-blog" for good reason, and many of the same rules apply. Post too seldomly and you'll lose readership, post too much and lose engagement. Most retweets occur between 3-5 p.m. EST; readership declines by 50 percent after the third tweet in a single day, regardless.

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Why you should choose Finance of America for your Home Lending needs.....

I provide lending solutions for purchasers of primary, secondary and investment properties located in North Carolina. I also work with current homeowners in need of refinancing primary, second homes, investment properties.

"Putting Customers First" is our motto. We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. Lower mortgage costs through cutting-edge mortgage origination technology our customers save money and close their loans quickly because we employ the most advanced mortgage technology available. In a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms. Highest Quality Mortgage Services (HQMS) from mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We're committed to building rewarding, long-term customer relationships. With that in mind, you'll receive the highest quality mortgage services. Meeting Every Challenge we rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs.

Specialties

• Residential
• Relocation
• Condos/Townhomes
• Luxury Homes
• REO/Bank Owned
• Investment Properties
• Short Sales
• Vacation/Resort Properties
• Oceanfront/Investment
• Self Employed Borrowers

"The mission of Finance of America Mortgage is to be America’s preferred choice for home financing options by being the industry leader in responsible lending."

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These are the Top Qualities of Top Assistants for Professionals....

Top Qualities of Top Assistants
What to Look for When Hiring an Assistant

Your business has grown by leaps and bounds, and to continue on that upward spiral, you realize the need for a personal assistant. Keep in mind that your new hire will become as vital as your right arm, assuming if you choose wisely. There are several key qualities to look for during the interview process.

Professional recruiters at Hudson Global Resources & Human Capital Solutions, a worldwide office staffing service, surveyed several hundred of their clients, from small companies to mid-size and large corporations. They sought to identify those traits which employers deemed most important. Nearly 50% of the respondents noted that the role of the personal assistant has changed drastically in the past five years, especially regarding the level of responsibility.

First and foremost, the personal assistant is now viewed as a "key member of the team" whose input has merit. Some of those employee's suggestions can make a boss shine if taken seriously, or at least serve as a springboard for brainstorming sessions. Thus today's informed employers realize that skilled, intelligent personal assistants add value to the business.

Personality and cultural fit. Believe it or not, employers weighted these characteristics as highly important aspects that they look for in new hires. They want someone with a positive attitude that helps build morale in the workplace; not quite a cheerleader, but someone who spreads enthusiasm rather than doom and gloom. And, they want someone suited to the work environment who can effectively take on a leadership role.

Experience. Ideally, candidates hired to support executives and senior management should possess a minimum of six to 10 years of related work experience. Of course, there are always exceptions. Aptitude and attitude both count. Though there is a need for business sense and some experience, remember that technical skills can be learned by eager and willing employees. So, never bypass a superior prospect who doesn't know some computer program such as Microsoft PowerPoint that is easy to learn. Carefully evaluate all of the individual's qualifications.

Urgency - The rule of now or never. Does the prospective hire understand the phrase, "I need it yesterday," and can he or she deliver? Deadlines must be met. Missed deadlines can result in lost business.

Initiative. A true asset to any boss is the employee who can assess a situation, think on his or her feet, and require little to no guidance when following through on a project. Executives and managers who can rely on their assistants to handle all the finite details are free to go out and grow their business with the reassurance that they left the office in capable hands. 

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Mortgage Insurance..Why do you need it on a Home Loan? What is Mortgage Insurance?

Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in your total monthly payment that you make to your lender, your costs at closing, or both.

Warning: Mortgage insurance, no matter what kind, protects the lender –  not you –  in the event that you fall behind on your payments. If you fall behind, your credit score may suffer and you can lose your home through foreclosure.

There are several different kinds of loans available to borrowers with low down payments. Depending on what kind of loan you get, you’ll pay for mortgage insurance in different ways:

If you get a conventional loan, your lender will arrange for mortgage insurance with a private company. Private Insurance rates vary by down payment amount and credit score but are generally cheaper than FHA rates for borrowers with good credit. Most private mortgage insurance is paid monthly, with little or no initial payment required at closing.

If you get a Federal Housing Administration (FHA) loan, your mortgage insurance premiums are paid to the Federal Housing Administration (FHA). FHA mortgage insurance is required for all FHA loans.  It costs the same no matter your credit score, with only a slight increase in price for down payments less than five percent. FHA mortgage insurance includes both an upfront cost, paid as part of your closing costs, and a monthly cost, included in your monthly payment.

If you don’t have enough cash on hand to pay the upfront fee, you are allowed to roll the fee into your mortgage instead of paying it out of pocket.  If you do this, your loan amount and the overall cost of your loan will increase.

If you get a US Department of Agriculture (USDA) loan, the program is similar to the Federal Housing Administration, but typically cheaper. You’ll pay for the insurance both at closing and as part of your monthly payment.  Like with FHA loans, you can roll the upfront portion of the insurance premium into your mortgage instead of paying it out of pocket, but doing so increases both your loan amount and your overall costs.

If you get a Department of Veterans’ Affairs (VA) loan,  the VA guarantee replaces mortgage insurance, and functions similarly.  With VA loans, there is no monthly mortgage insurance premium. However, you will pay an upfront “funding fee.” The amount of that fee varies based on:

• Your type of military service
• Your down payment amount
• Your disability status
• Whether you’re buying a home or refinancing
• Whether this is your first VA loan, or you’ve had a VA loan before

Like with FHA and USDA loans, you can roll the upfront fee into your mortgage instead of paying it out of pocket, but doing so increases both your loan amount and your overall costs.

Tip: Once you’ve paid off some of your loan, you may be eligible to cancel your mortgage insurance. If you are able to cancel, you won’t have to pay the monthly cost.   

Warning: As an alternative to mortgage insurance, some lenders may offer what is known as a “piggyback” second mortgage. This option may be marketed as being cheaper for the borrower, but that doesn’t necessarily mean it is. Always compare the total cost before making a final decision.

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VA backed home loans for Veterans make history and why you should consider one....

 

The Department of Veterans Affairs backed 630,000 mortgages in fiscal year 2013, an all-time high for the benefit program. That record volume punctuates an incredible recent run for VA loans, which have experienced tremendous growth in the wake of the financial collapse.

VA loan volume has soared 372 percent since fiscal year 2007, driven in large part by historically low interest rates and a more restrictive lending environment that made conventional and even FHA financing tough to secure.

In addition to the record volume, the VA made history in 2013 by guaranteeing its 20 millionth mortgage, which went to the surviving spouse of an Iraq War veteran.

The need for higher credit scores and bigger down payments has reinvigorated this home loan program. VA loans have no required down payment and feature more flexible and forgiving requirements.

Despite that flexibility, they've had the lowest foreclosure rate of any mortgage on the market for nearly all of the past five years, according to statistics from the Mortgage Bankers Association. 

To find out more about how you can use VA loans to help more consumers own homes, contact the mortgage professional below.

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How Baby Boomers can benefit from Reverse Mortgages by generating more income during retirement....

 

 

Baby Boomers Retire
Reverse Mortgages Gain Popularity

 
 
Born between 1946-1964, the generation known as the Baby Boomers will begin to retire in large numbers, substantially shrinking the labor force in the US. As a result, Social Security, Medicare, and other government programs will be significantly affected over the next several years. In fact, the Social Security Advisory Board (SSAB) estimates that, by 2030, about 20% of the American population will be 65 years old or older.

With rising costs of living and a dwindling budget to accommodate the elderly and disabled, we will see increased usage of the reverse mortgage. This loan allows equity to be taken out of the home to meet day-to-day expenses, and was designed in the late 1980s to help those who owned property, but lacked sufficient income to live on. However, there are benefits and disadvantages to be considered before going into this type of loan.

In most loan scenarios a home will go into foreclosure if payment is not made. If payments are made, the debt decreases and equity increases. The opposite holds true for a reverse mortgage; equity is taken out of the home to sustain the family, causing debt to increase while equity decreases. There is an exception - if the actual value of the home increases, less equity will be lost overall.

Most reverse mortgages are set up so there is no monthly payment as long as the owner resides in the home. There are no minimum income requirements, and the money can be used for any purpose. Equity disbursed from this type of loan is tax-free. Depending on the type of plan, reverse mortgages will usually allow the owner to retain the title to the property until they have lived in a different residence for 12 months, sold the property, died, or the end of the loan term has been reached.

On the flip side, reverse mortgages can be more costly than a normal equity loan. Interest is added to the principal balance each month, and the amount of interest owed is compounded over time. The interest will not be tax deductible until the loan is paid off, in part or in full. Also, since the reverse mortgage uses equity in the property, this constitutes a loss of assets one could pass on to heirs.

The Federal Trade Commission warns of abuse with this type of loan, as they have received reports of predatory lenders taking advantage of the elderly. It is best for the individual interested in a reverse mortgage to research and obtain counsel from reputable sources.* HUD does not recommend consulting an estate planning service to obtain a referral to a lender. HUD provides this information free to the public. Even if the home loan was not originally an FHA loan, the reverse mortgage can be federally secured.

*Visit the HUD page on this subject at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm, consult AARP (American Association of Retired Persons) at http://www.aarp.org, and the National Center for Home Equity Conversion at http://www.reverse.org.

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Why you should consider an FHA Home Loan for your next Home Purchase or Refinance......

An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments. FHA loans are available with fixed rates or as adjustable-rate mortgages.

FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you're a current military member or veteran, you may be eligible for a VA home loan with little or no downpayment.



Let FHA Loans Help You

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.

• Low down payments
• Low closing costs
• Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products - one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

Ask an FHA lender to tell you more about FHA loan products
.
Find an FHA lender

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