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Just when you (all 3 of you!) thought you’d never see another blog post from me, here it is.  But I’m cheating a bit this week  by doing a list.  If you’re one of those hoping to see 1,000 words from me, this ain’t the week!

I’m sensing quite a bit lately that many in the mortgage and real estate industry are hiding in bunkers, barring the proverbial doors and generally fleeing the media in any of its forms.  And why not?  The wolves are circling.  The public is crying for blood, eager to make the Villains of Wall Street pay for their avarice.  Never mind whether the institution being targeted had anything to do with the financial meltdown—if it has anything to do with mortgage, it needs to be regulated.  Again.  And again.  By multiple institutions.  

With an avalanche of confusing, contradictory and downright crazy regulations crashing down upon the industry, anyone remotely associated with said industry has circled the wagons.  In most cases, that includes a fairly widespread aversion to any kind of media relations. 

I’d humbly submit that, in spite of what the legal department says, this is not the way to go.  My reasons? 

1. Rule #1 in media relations—if you don’t take part in the story, the media will write it on your behalf, using words of the journalist’s choosing.
2. While caution is certainly warranted, now is the time for the industry to appear (and be) as transparent as possible. 
3. Media relations remains one of the most powerful and cost-effective ways of telling one’s story (perhaps that story is “We’re NOT all part of Wall Street”)
4. Rule #1 (or maybe #2 or #3…) of persuasive communications is that the best way to win a debate or keep a conversation favorable to one’s goals is to define the terms and set the agenda.   Silence doesn’t usually do that for the speaker.
5. When it comes to media relations, not every publication or journalist is out to ambush the industry.  Admittedly, there are a few.  After a few over-the-top, cheap pseudo-expose stories, those folks begin to struggle to find interviews anywhere, which makes for poor future articles. 
6. Much of the general angst about the mortgage industry has been fueled by information provided by folks outside of the industry.  And many times, that information has been simplified to the point of being flawed.  Perhaps if Main Street understood the role of a title underwriter, a title agent, a small correspondent lender, and so on, they’d better understand that the entire global economic crisis is a bit more complex than some of the reasons commonly provided or accepted.
7. People respect companies and executives who are willing to face the tough questions (assuming that tough questions are being asked), even if begrudgingly.  A great deal of branding one can’t purchase can be gained by honestly and authentically taking on some of the pointed questions so many in the industry fear right now.
8. Trade publications, especially, stand to gain little by ambushing their own industries.  Publications put out by trade associations or reputable news organizations are, more often than not, seeking to bring out the good in the industry.  Very rarely is an organization burned by doing a media with a trade publication.

There it is.  In a nutshell, I’d encourage the good executives of the mortgage and real estate industry who have studiously avoided any kind of press to think twice about such a policy.  Yes, there are some circumstances where your humble media relations consultant himself would suggest building a bigger communications bunker.  But outside of those rare circumstances, the industry actually hurts itself by erecting a wall of silence in the media.  And it also loses out on a great opportunity to win business, reclaim lost standing and educate those outside the industry about the value we DO bring to the world every day.