Reduce the Legal Risks of Cyber-Crime Victimization

Reduce the Legal Risks of Cyber-Crime Victimization

RECBL - Real Estate News

Your business has been victimized by cybercrime, and your clients sensitive data has been stolen. In the weeks following the breach, you have hired an IT consultant, paid thousands of dollars to an online reputation manager and spent dozens of hours on the phone with your insurance agent. And now, when you’re finally catching your breath, a process server shows up at your door informing you that you’re being sued by your clients for exposing their data.

It might not seem fair, but the devastation caused by cybercrime continues long after a hacker has skulked away with his or her ill-gotten gains. What follows are some tips for reducing your business risk of cyber-crime victimization in the first place, and for minimizing the prospect of legal headaches in the event that you do experience a breach.

Vet Your IT Vendors
Do your homework before contracting with any third-party IT vendors. Once they come on board, their cyber security practices could have a direct effect on the security of your business. Before on boarding an outside vendor, consider these best practices:

Do your due diligence on the company. What’s their online reputation regarding cyber-security? Have they experienced any breaches? If so, how did they handle them?

Review all third-party contracts, preferably with your counsel, and negotiate when possible to ensure that the vendor:

• provides appropriate security warranties;

• indemnifies you for any harm you may suffer because of their bad practices; and

• doesn’t try to impose unreasonable limitations of liability. 

Know Your State Law
Every state has laws that require businesses to take certain data security measures. Youre subject to these laws, and you need to understand them. As a starting point, look up your states definition of "personally identifiable information" or "PII," and determine your obligations regarding the storage, transmittal, and destruction of PII in your possession and control.

You should also find out what policies your business may be required to implement pursuant to state law. For example, many states require businesses to maintain a Data Security Policy, a Document Retention and Destruction Policy, and a Breach Notification Policy. Refer to the National Association of REALTORS(R) newly updated Data Security and Privacy Toolkit for more guidance.

Consider Cyber Insurance
Cyber insurance can add a layer of protection against the devastation of cybercrime. Review your current policies to determine what coverage you may currently have for cybercrime events, then talk to your insurance provider about whether additional coverage may be of benefit. In addition to cyber insurance, ask your agent about social engineering endorsements and crime riders, as each of these products offers a different kind of coverage. Understand that there are vast differences in the various cyber insurance products currently available on the market, and make sure to tailor your coverage to the particular vulnerabilities faced by your business.

Warn Your Clients About Cybercrime
Email-based wire fraud continues to be a major threat to real estate transactions. Be sure to warn your clients in writing about the possibility of wire and other cyber-based fraud. This not only helps put your clients on notice about wire fraud; it could also help you in the event of a lawsuit following a successful wire-fraud incident.

Implement Reasonable Security Practices
The best way to avoid the legal nightmare that follows a data breach is to avoid a data breach. Period. For a handy checklist of security practices for real estate professionals published by the National Association of REALTORS(R), please visit: www.nar.realtor/law-and-ethics/cybersecurity-checklist-best-practices-for-real-estate-professionals.

Jessica Edgerton is associate counsel for the National Association of REALTORS(R).

This column is brought to you by the NAR Real Estate Services group.

For more information, please visit www.nar.realtor.

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Why You Should Never Skip Out on Lead Generation

Why You Should Never Skip Out on Lead Generation

RECBL - Real Estate News

The real estate industry is full of peaks and valleys. For many agents, these peaks and valleys are often reflected in their incomes, making it difficult for them to build profitable, successful businesses.

Almost all agents find themselves facing one or more of the common challenges of the business, which include inconsistent income, difficulty generating high-quality leads, weathering the emotional highs and lows, lack of structure and inability to stand out among the competition.

If you’re stuck in the cycle of peaks and valleys, there’s one thing that can help you break out: having a system. When you have a system to follow, you have the tools and strategies you need to stay focused and on track to build your business. The right system not only helps you earn more; it’ll help you save time and create consistency and predictability in your business. While the market may experience peaks and valleys, your business doesn’t have to.

Target Market Your Database
The most effective way to build your business is to tap into your existing relationships and ask for referrals. Working by referral allows you to target market your database, nurturing your relationships through consistent contact and providing your clients with valuable information and insight, as well as a high-level of service. When you talk to them, listen for a need you can meet and act on it right away. If your client mentions they’re thinking of replacing the roof on their home, connect them with reputable roofers in your network. Or, if they mention they’re thinking of starting a business, give them a book from your favorite business leaders to help them keep their motivation high. These seemingly small gestures have a big impact and help to build your relationship.

A benefit of building your database with people you enjoy working with is it helps you better manage your time and prioritize your day. You won’t waste time dreading an upcoming interaction with a mean or overly-demanding client; instead, you’ll do your proactive lead-generating activities with a smile on your face. Boost the effectiveness of your interactions by tracking your activities and results; that way, you can see where you stand in your business, tap into more opportunities to connect with your clients and fill your pipeline with a steady stream of leads.

Once you’ve developed a relationship with your clients-whether you’re currently working with them or you helped them buy or sell a home a few years ago-ask them for referrals to other great clients like them. Most people will be eager to refer you to their friends, family and co-workers, if asked. Since "birds of a feather flock together," asking your best clients for referrals helps you ensure youll continue to build a database of great people you enjoy working with.

Lead-Generating Habits Necessary to Success
If you want to succeed, be sure to cultivate these habits. They’re imperative to developing a lucrative and predictable business.

1. Commit to two hours of proactive lead generation activities each day. This includes calling your clients to check in, writing personal notes to thank clients for their business or delivering small gifts of appreciation to your client’s homes or offices.

2. Mail an item of value each month to help you reinforce your character and competence as an agent. While these marketing pieces don’t necessarily have to discuss real estate each time, they should cover a topic of interest to your clients, whether they’re current or aspiring homeowners.

3. Always follow up with a phone call after you’ve sent your marketing piece to see how they’re doing and ask if there’s anything you can do to help. This is the best time to listen for a need you can fill, so listen closely.

4. Send a personal note after you speak with your client on the phone to express how much you enjoyed catching up with them.

5. For your best clients, deliver a small gift of appreciation to their home or office to further build the relationship.

Don’t forget to ask for a referral each time you speak with your clients. A gentle reminder will help them remember to refer you when a family member, friend or co-worker mentions they’re thinking of buying or selling a home. If you’re not sure how to ask, we’ve created a resource to help you start the conversation.

For more information, please visit www.buffiniandcompany.com.

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How to Make Difficult Clients Happy

How to Make Difficult Clients Happy

Cash Buyers List News

​Human emotions play a significant role in the home buying and home selling process.  Sellers may feel excited to be moving into a new home; however, at the same time, they may feel remorse and sadness for leaving family memories behind.

Homebuyers may be overwhelmed with wonder and glee to start a new life, but worried and cautious about the responsibilities of owning a home.

As a real estate professional, you work in the service industry and deal with these types of emotions every day. Luckily for you, many clients are happy and thrilled to start their new life-but that isn’t always the case.

Difficult clients are part of the business, but with a few tips, you can turn a hardship into a profit.

Listen
Many difficult situations arise because the client feels like they are being ignored-a situation that can be avoided if you listen to your clients needs, wants and negotiables from the start. Create an "interview" process for all clients prior to working with them to find out all this information.

This is the perfect time to ask questions to figure out what the client is looking for, as well as understand them as a person.

Some situations need to be seen from the other person’s point of view. By constantly trying to make them see things your way, you are telling them that their concerns don’t matter and are not important. Think about how you would act in this situation and give the client a response in a manner you would like to hear and/or see.

If the client is already feeling frustrated and you see signs of difficulty arising, let the client talk until they have finished stating their worries and/or concerns. This lets the client feel like they are being heard and listened to. This is also the perfect opportunity to start evaluating different solutions you can offer your client, then once they are done, acknowledge that their concerns matter and move the conversation towards the end result, rather than continuing to focus on the problem.

Communicate
Have you ever heard the saying "It’s not what you say; its how you say it?" You might be the cause of difficult situations without even being aware of it. A great way to overcome this is by mimicking your client’s tones and dialogue. For instance, if your client is using a more professional tone and you are using a more laidback tone, then slightly adjust yours to the level of the client. 

By watching your client’s body language, you can notice if they are uncomfortable with the way you are speaking. Take note of what phrases and words are being used and see if/when they react to what is being said. By adjusting your speech, you should see the client relax and calm the situation before it escalates.

Educate
Sometimes, as an expert of your field, you may communicate with clients in a manner that makes them feel like you are patronizing their intellect without even knowing that you are doing it. As a real estate agent, its crucial to have a clear understanding of the industry and market trends, and know to communicate this knowledge to clients.

With a clear understanding of the industry, your clients will be less likely to disagree with your insight. This is especially helpful when dealing with unrealistic pricing issues.

Be Goal-Oriented
Selling/buying a home can be an excruciatingly long process and create frustration for your client. They want to be updated often and see results quickly. As an agent, you want to stay goal-oriented and focus on the end result. Create a document that can be easily updated with what tasks have been completed and what still needs to be done, so your client can have a visual aide showing where they are in the sale.

Know Your Limits and Refer
Differences in personalities can be the cause of major difficulties within the client/agent relationship. As a service provider, you need to learn how to deal with all types of personalities in order to make the sale; however, there are times when the client’s personality just doesn’t mix well with yours.

When this happens, it might be best to refer the client to a friend or a different member of your team who could provide the client with better service by understanding how to deal with their personality type.

There might come a time when you have tried everything possible and still failed to maintain a positive client/agent relationship. If your situation ever becomes so toxic (for you) that it outweighs the potential revenue, it may be better to cut your losses than to continue moving forward with this client.

Once you do, you can take the time that would’ve been spent with this difficult client to work with a more productive client. Let Homes.com Local Connect introduce you to leads in your area. Secure your zip codes today.

For more information, please visit connect.homes.com.

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