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I’ve been serving the good people of the mortgage and real estate industry now for about eight years.  Eight good years, mind you.  During that time, I’ve seen the industry discussion go from bundled services and Alt-A loans to RESPA reform to mortgage fraud and predatory lending to the subprime meltdown, servicing fiasco and reg-apocalypse.   

I’ve also seen firms of all sizes evolve in their approach to marketing communications.  When I entered the industry, “marketing” was, more or less, a box of doughnuts, a steak dinner and maybe a bad marketing slick left behind.

Today, our industry has grown when it comes to marketing communications. I’m pleased to see much more participation in social media, savvier PR and media relations efforts, and, especially, a real increase in the output of content marketing.  To me, this indicates a new level of sophistication and respect for the prospect.

That said, I still see way too many firms (large and small) demonstrate an absolute mortification at the prospect of being quoted (saying…well, anything) in a trade publication; or being seen in social media. 

Why is that?  Legal/compliance departments run amok?

Well…yes and no.  You see, I believe it’s about control. 

This is a highly regulated industry, and one about to be even more regulated.  It’s an industry where innovation is a challenge, in that it’s likely to bounce off of a regulation or law.  As such, differentiation does not come easily.  Plus, even the best margins are slim.

Accordingly, the preferred management structure rarely involves an aloof or hands-off owner, board or partnership.  Instead, the folks at the top have every interest in being involved in every aspect of the operation.  Who can blame them?  Certainly not me.

That said, some of the most effective marketing communications tools out there are the ones that require ownership to, effectively, craft a message, and then let it go, for others to do with as they will.  In fact, it’s effective because of that. 

That’s what makes it so hard for our industry to allow for it. When a mistake is made, or a deal goes awry, it’s the owner/CEO/partner who will hear about it, and be held accountable.

So why should that same person (or people) allow a Linked In posting or news release to run free in the wild, an open target for competitors and naysayers to the brand?

Here’s why:

  1. We may not control a news story.  But we can help to frame the discussion.   Believe it or not, it’s the narrator who frames the story and vocabulary that tends to come out as the winner.  Simple facet of persuasive communications.  That doesn’t mean the story about an escrow agent funneling cash into his vacation fund will be a good one.  But it can be made to be less damaging if the owner is willing to discuss where he/she could improve the process, and distance himself/herself from the crime.  Oh, and by the way, this is not a place for “spin” or fabrication.  Be honest, or it will go much, much worse for you and your brand.
  2. The conversation about you is happening whether you’re involved or not.                 So why not be aware of it?  Is your firm or product perfect?  Would you like to sell more of your goods and services?  If you’ve done one customer survey or asked one buyer why he/she purchased your product, you have some interest in learning about what the market thinks about you.  You don’t have to like what you hear.  But you should probably hear it.
  3. Even if you don’t like the conversation, your prospects respect your willingness to be involved. Honesty and integrity go a long way in today’s mortgage industry.  In fact, some even believe it’s in short supply. I recall sending a title plant technology executive to speak to a group of abstractors.  Believe me, they were not fans of his product.  However, they respected that he faced them and answered their questions honestly.  I’d even hazard that more than a few of those attendees got to know a bit more about his product.  I firmly believe that many (not all, but many) negative perceptions and comments in the social media or blogosphere are bandied about by folks who have no investment in the entity they bash.  It’s much, much easier to naysay something or someone you have no connection with.  This is not to say that a negative story or thread will simply go away if you engage in the conversation.  But you’ll be surprised as to the respect you win by authentically and honestly dealing with negative press or conversation.

Of course, I’m only addressing the potential negative ramifications of an active media relations or social media policy.  I’ve written many times about the credibility and authority a positive article, story or social media thread can provide to your brand or product. I believe that a good feature or solid social media strategy can be incredibly effective.

But you won’t find out until you conquer your fear of the doomsday scenario.  When you do, you’ll likely find that giving up a bit of control can lead to a dramatic improvement when it comes to your brand and, consequently, your sales.