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Real Estate Professionals, Where does your ethical & moral compass lead you?

MOD Virtual Assistants, Mortgage, Property Management, Real Estate

Last month, I sat down with the brilliant, top real estate coach, Dr. Lee Davenport. Our interview led to an important discussion, regarding the great importance of ethical business among in the real estate industry.

 

Are you noticing the same patterns as I have?

Agents and brokers — how often do you reflect on how your business is performing in ethical conduct?

For decades, I’ve had the power of granting homeownership in my hands. And, like many of you, I held all the power to approve or deny homeownership to my clients, but also gave my all to finding solutions when there were roadblocks. To this day, I find great pride in helping all families fulfill their dream of homeownership.

Yet, I noticed a huge problem in our industry from very early on in my career. When I was around 24, a Hispanic family contacted me to compare quotes on mortgage rates. A different lender in town quoted them half a percent higher than my offer with exactly the same terms. Over time, I noticed the same pattern.

It appeared to me how some lenders consistently jack up their rates to families of color. I found that the same lenders were repeatedly the culprit. I thought, “What is happening to our communities, our friends, and our neighbors if there’s a significant amount of lenders who are practicing the same, unethical tactic?”

 

Paying more for home ownership, based on race

Being a mortgage professional, I saw first-hand how predatory lenders are using the color of my client’s skin against them as the deciding factor in having them pay more.

The discovery of discriminatory lending rates left a sour note for me. Sure, it’s within our legal right as mortgage lenders to set our own rates. However, a handful of lenders are offering unfair rates, often racially motivated (… and that is illegal, yet very difficult to prove that it’s happening.)

Yet, there are no concrete methods for identifying which businesses engage in these discriminatory practices. So when you pull together the data of all the loans out there and put the race on top of it, you can see how communities of color are systemically paying more — a great challenge for achieving the dream of homeownership. Where is the equality in that, America?

Researchers found that, among nearly 7 million 30-year mortgages, black and Latino applicants were charged higher interest, an average of nearly 0.08%, and heavier refinance fees when compared with white borrowers — according to a recent report by UC Berkeley.

 

Re-imagining ethical real estate lending

While discriminatory lending is illegal, it’s very difficult to immediately prove that certain racial groups are being offered higher interest rates as there is no proper oversight.

In re-imagining a more ethical industry, I’m envisioning a three-prong solution. 

First, we need more education about discriminatory lending practices at the licensee level (at the mortgage loan level.) Education is the key to bringing broader awareness and creating a paradigm shift.

Second, for the sake of fairness, we need more robust oversight of discriminatory practices. People conducting themselves within a myriad of immoral and unfair behaviors actually need to be held accountable. It’s a matter of directly addressing these lenders in order to change them. In the clearly documented protocol of law and order, there needs to be an authoritative entity protecting the rights of lenders and homeowners, all while immediately addressing behaviors, such as discriminatory lending, as a criminal offense.

Third, we need dual education — meaning the industry should enforce a rule where those who profit from mortgage lending are those who are responsible for funding education programs for the community. It’s a virtuous feat for the profiters of mortgage lending to broadly spread the know-how on the fair and just path to homeownership while reporting on the state of responsible lending.

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Healthy communities need responsible businesses

We can learn from what Wells Fargo is going through right now. Known for a number of controversies, the multinational company charged higher costs to black and Hispanic borrowers. More recently, impossible sales goals coerced employees to fraudulently open more than 1.5 million bank accounts and apply for over 565,000 credit cards in customers’ names between 2011 and 2015.

As a result of lack of oversight and unfair dealings, the company had to name its third CEO within three years and watched their stock price of $50 per share drop down to $20.

This is an important argument for all in our industry to lead fair and ethical business practices. It affects your bottom line. Imagine that you are a shareholder in Wells Fargo, like Warren Buffett, and you see your share value get cut by 40%, all stemming from unethical and unfair housing market practices.

 

Be ethical in business: Everything you do affects your bottom line

We have to learn and share from experiences of unjust practices so that all colleagues understand and stop behaviors that are innately wrong.

Simply put, we cannot ignore the fact that there are plenty of predatory practices in place today which are taking advantage of people. From predatory lending problems to discriminatory behaviors, it’s a fact that professionals in the real estate industry play a direct and explicit role in contributing to segregated neighborhoods. It’s up to us to enact a standard of ethics and confront these issues together.

It’s your civic duty

Professionals in the real estate industry share an entrepreneurial mindset that makes them great leaders — and as entrepreneurs, it’s your civic duty to provide value to our communities. The real value that you provide, in turn, becomes profit for your business. One misstep can mean exploitation and capitalization from unjust practices. When there is a case to make a business deal, all considerations must be approached holistically. There need to be clear-cut ground rules.

Problematic practices are structural issues. It requires responsibility and integrity when individuals have enough power and autonomy that could bring about discriminatory sales practices. For example, a mortgage person can set non-uniform rates and exploit certain people and communities in order to make an unfair profit. By doing so, they are breaking principles of ethics.

Unethical business is an important challenge that all leaders and professionals must confront. Continue educating yourself and your teammates on conducting business on moral and ethical values. It requires board-level accountability where CEOs take the responsibility to lead, educate, and address any issues that may arise. 

This is a call to be explicit about and reflect on which business practices are structurally and ethically wrong. Let’s prevent unfair dealings from happening.

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About MyOutDesk:

Founded during the last major recession, MyOutDesk is helping agents and brokers in today’s economy with monthly CEO mastermind calls, stringent talent recruitment, timely strategy guides, and professional development webinars.

Since 2008, MyOutDesk is the largest, industry-leading provider of virtual assistant services — not only for thousands of agents and brokers, but also, national franchises like Keller Williams, RE/MAX, eXp Realty, Sotheby’s International Realty, and more. MyOutDesk brings 15 years of expertise with more than 7500 clients and 800 verified five-star reviews. 

 

See Also:

Real Estate Virtual Assistants: Link

Explained: What is a virtual assistant? Link

Building A Remote Culture: 20 Steps for 2020. Link

Ultimate Guide to Find, Hire, Train a Real Estate ISA (Scripts Included) – Qualifying & Converting More Leads TODAY!

October 26, 2020/by Daniel Ramsey
the data driven real estate podcast myoutdesk virtual assistant smiling

DATA DRIVEN Real Estate + Scaling Business with Virtual Assistants

MOD Virtual Assistants, Podcast

For real estate professionals dedicated to driving success in their business using data. MyOutDesk CEO Daniel Ramsey is interviewed by PropertyRadar’s Sean O’Teele. PropertyRadar & The Data-Driven Real Estate Podcast makes discovering new deals, clients, and customers fast, easy, and affordable!

 

Scaling Business with Virtual Assistants


Link to Podcast

 

Daniel founded MyOutDesk during the last global financial crisis of 2008 to help businesses leverage the remote workplace and scale businesses with virtual assistants. Daniel has helped over 7500 clients scale their businesses and grow profitability. He’s had the opportunity to work with many of the largest sales organizations, technology startups, insurance, real estate, and healthcare companies. MyOutDesk specializes in four major areas of business: Marketing, Administrative, Customer Service, and Prospecting.

Each show is posted on the Data-Driven Real Estate Podcast #12. Catch pre-show research and continue the dialogue online after the show!

 

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ENVISIONING OF A NEW REALITY FOR YOUR BUSINESS

Simply put, MyOutDesk equips entrepreneurs & business owners with tools, strategies, and virtual employees – and when combined, businesses have a competitive edge and find growth while efficient systems and processes are put in place.

MyOutDesk proudly provides additional free business growth guides, books, and strategy calls.

See what we are about, and schedule a free consultation with us. We’ll take the time to learn more about your business and offer solutions to foster top talent and lower operational costs for your company.

 

Experience The Difference
MyOutDesk can save you up to 70% on employment costs
Claim a free business strategy consultation & ‘Grow Virtual’ Guide

 

Did You Know?  MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started by scaling businesses with virtual assistants during a recession! Pioneers of virtual assistant services, our first client in 2008 went from five to seventeen VAs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.”

September 18, 2020/by Jeremy
a business owner working at his desk

Residential real estate is SAFE for now, even when people aren’t paying their bills (forbearance)

Administrative, Inside Sales, Marketing, MOD Virtual Assistants, Real Estate

We Have the Data & Numbers

If you’re concerned about the alarming spike in forbearance numbers, no need to fret. Here’s why. We’ve got numbers that show you why forbearance now is not as concerning as the global financial crisis of 2007 & 2008. Contrary to all the bad news, residential real estate remains strong.

Since 2008, MyOutDesk has been the single largest industry-leading partner of virtual assistant services—not only for thousands of agents & brokers, but also for national franchises like KW, Re/MAX, eXp Realty, Sotheby’s, and many more. Request a free consultation & learn how MyOutDesk can save you time & money!

 

 

How Real Estate is affected by Consumer Spending & Forbearance

Sacramento, California has always been the testing ground for major consumer brands, like Pepsi, Coca-Cola, General Mills, etc., for launching their products and measuring success.  

The reason is that the general public in the US mirrors that of Sacramento, CA demographically.  What does that mean for you? If you follow Sacramento data about the real estate market it’s going to match that of the national market (not perfectly, but still very close).

Nobody really knows that, so when a brand introduces a new whacky flavor, they do it here in Sacramento first.

You can apply consumer market research in real estate trends as well as mortgage loan forbearance.

 

 

The number of people paying their bills is high, but it is not the big picture. 

In the graph above, you’ll notice that March 2020 saw the number of borrowers who need forbearance on their mortgage spiking due to coronavirus shutdowns. This number remains may, but as of May, it looks like the forbearance curve may be flattening.

These are the report’s forbearance numbers. It means that there are a lot of mortgages being held in private hands. Thus, much of the debt is corporately owned rather than bank-owned.

As many finance servicers are allowing consumers loan relief through forbearance, the problem is that consumers new to forbearance might think that they don’t have to pay back debts, but you actually still have to pay.

With the CARES Act, the federal government cannot change contracts. They have the power to issue guidelines that request lenders and debt companies to make programs, but the debt is not forgiven.

Contrary to all the bad news… this number is under-reported as private funds, such as Blackstone the Saudi Wealth Fund, don’t need to report these numbers.

As these numbers have flattened this month, the national inventory for MLS listings remains low, which means that market is continuing. 

 

 

Why are these numbers important for real estate?

Back to Sacramento as the hot-seat of understanding consumer spending. 

 

In 2007-2008, there was a consistent average of around 10,000 listed properties on MLS in Sacramento. Right now, the average is less than 1,000.

By comparing current trends against the crash that happened in 2008 & 2009, we can tell that challenges won’t necessarily be in residential real estate this period. It’s most likely going to come from commercial corporate debt.

What it means to this year’s economy and consumers

With the dip in GDP and consumer spending, residential real estate is likely to remain strong. Residential real estate prices will drop, but not like we saw last time in the residential space.

You can schedule a time with real estate business strategists to brainstorm how to best leverage today’s consumer habits and best real estate practices.

 

Top talent Virtual Assistants bring you a huge return on investment.
Claim a free business strategy consultation today!

 

Thrive with MyOutDesk, your partner in the remote workplace serving 7500 clients. Last year, we saved our clients $55 million as the highest-rated virtual assistant company with more than 800 verified 5-star business reviews.

May 22, 2020/by Jeremy
white light bulb connected to 2020

The Top 3 Real Estate Trends For 2020!

MOD Virtual Assistants, Real Estate

We’re less than a month into the new year, and 2020 is bringing with it uncertainty for real estate professionals & mortgage brokers, as we see rising prices, slowing mortgages. Inventory shortages signal the end of the booming market we’ve enjoyed for the last few years.

For Savvy REALTORS® & mortgage professionals, the changing market can be a good thing. As we shift into a buyer’s market, less experienced dilettantes will exit the industry, allowing true professionals to expand their market & grow despite the slowdown. That’s only true if you’re prepared, though, and part of that preparation is cutting costs, streamlining your processes, and staffing up for the extra work required to make each sale.

If you don’t already have a virtual assistant, this is the time to hire one. Choose MyOutDesk – the real estate industry’s #1 choice for virtual assistant staffing. Then, schedule a Double My Business Strategy Session with us now, and we’ll show you exactly how to take charge in the changing market and stay on top of the chaos.

Make sure to schedule your strategy session, and in the meantime, pay close attention to the Top 3 trends for 2020 below, which will help you prepare for the changes coming to real estate in the new year.

Home Prices Are Still Rising Slowly

In 2018 prices rose by 5%, and in 2019 that slowed to 3%. We’re expecting to see even less increase in 2020, with prices rising around 2.8%, which shouldn’t be surprising with media like CNBC running stories about overpriced home values. But, again, we’re moving into a buyer’s market, so as an agent, you’ll want to learn how to gracefully work with your sellers to help them with price reductions when necessary – and as things become more competitive, this skill will become more important.

Higher prices do mean substantial profits for sellers, but it also means fewer offers because many buyers can’t afford them. As a real estate professional, you need to brush up on effectively navigating these waters to get your sellers the best possible price while simultaneously ensuring that your listings don’t sit on the market until they collect dust.

Mortgage Interest Rates Are on the Decline

Over the course of 2019, mortgage rates have stayed under 4% for many types of loans, and in 2020 the prediction is interest rates will be approximately 3.7% for a 30-year mortgage and 3.2% for a 15-year mortgage. Rates have become more competitive because the market is tighter, but they can’t sink forever, so look for other ways to make yourself an agent or mortgage broker of choice.

The best way to do this is by providing clients and prospects with rapid follow-up & stellar service. In a competitive market, it pays to respond quickly, be informed of your clients’ needs, and have various options available for them. If you’re late, they’ll already be gone – especially when it comes to online & digital interactions, which are becoming the medium of choice for today’s homebuyers.

Most Home Buyers Are Still Millennials

Around 37% of last year’s homebuyers were Millenials – born between 1980 and 1998. This younger generation grew up with the internet and used their smartphone as an extension of their own body to look for homes. They’re all over social media, but along with the channels you already know, they’re on Twitch, Discord, Telegram, and a ton of alternative networks you’ve never heard of.

Brush up on your technology skills, especially when it comes to digital signing processes, presentations, etc. It’s nice to have a pre-listing package you can hand them, but one you can email might be even better -, and this group is going to want to see lots of photos of their prospective home online as well.

Feeling some trepidation about the changing market? Schedule a Double My Business Strategy Session with us now, and we’ll help you build a rock-solid plan to grow your business through 2020 and beyond – regardless of market conditions!

January 29, 2020/by Tim
myoutdesk branded magnifying glass reveal glasses and a chart

10x Your Real Estate Business! From 40 to 400 Listings with Knolly Williams

MOD Virtual Assistants, Real Estate

Do you want to learn from industry leader Knolly Williams about listing success? Do you want to know how to focus on your listings and get your business to thrive? Knolly Williams has helped Realtors® all over the nation get the life they deserve with training geared to getting more listings and making more profit while working 30 hours a week or less. Watch this exclusive webinar and get his eBook called “Why Focus on Listings?”— a curated excerpt from his book “Success with Listings,” as well as three training/coaching videos.

Knolly Williams has been featured on ABC, NBC, FOX, CBS, Newsweek, and over 300 newspapers worldwide. He is an Author, Trainer, National Speaker, Entrepreneur, Real Estate Broker, and Pastor of the Front Row Church. Knolly has been a consistent top-performing Real Estate Broker and has coached tens of thousands of people worldwide, and his vision is to see you living your life to your fullest potential.

Schedule your Double My Business Strategy Session today and find out how a MyOutDesk Virtual Assistant can support you to boost your business.

Building a Listings Pillar for your Real Estate Business

When you’re talking about listings, the first thing you have to do to succeed in the game is to decide that listings are what you want. Listings aren’t what every agent wants. Some agents love working with buyers. What’s the number one way to get more buyers? That’s to have more listings. The more listings you have, the more buyers you’re going to have; if you will focus on listings and make that your primary focus, make that your one thing in the real estate game, it will reward you with the life of your dreams. What do we mean by the life of your dreams?  This means, how would you like to make a quarter million or more a year, take several vacations a year and be debt-free?

Your Sphere of influence

After talking to many people, Knolly says that taking a blended approach works best. Knowing the place and space for spending on buying leads, marketing, buying ads, etc., is essential to building that listings pillar in your business. The reality is you don’t have to pay for leads until you’re maximizing every single opportunity that you currently have. That means, number one, utilizing your sphere of influence. Seven out of 10 people that you close will be people in your sphere. So that’s 70% of your paycheck. So if you’re going to make 100,000 this year, 70,000 will come from that one bucket. This also means getting referrals from your sphere of influence and getting reviews as well. Your sphere of influence is your first and most powerful arsenal in your business. Once you realize it and start utilizing it, you are well on your way to that dream life. The first answer is never to spend. As we mentioned early, there is a time and space where that will be needed. Leveraging your sphere of influence correctly is important. You want to make sure that you have exhausted every opportunity and wrangle every bit of business you can from here before you even consider any other strategy.

Creating a Cause

The business has to have a heart. Creating a cause behind your business will not only help it thrive, but it will give you a purpose and a greater sense of achievement. People who do business usually love people and are not simply driven by sales but by a love for serving others. Connecting with other people to drive towards a similar goal that serves a greater good is a great way to make connections and expand your sphere of influence.

Be Accountable

Creating a cause and working with your sphere of influence creates accountability for yourself and your business. While earning that money to go on your vacations is great, knowing that you are accountable for things beyond your wealth is a great driving motivation. By being accountable, you have a driving force that goes beyond just sales, and this will cause you and the people in your sphere to be more inspired.

Leveraging a Virtual Assistant for your Listings

There are 46 steps in every listing, but you only have to do three of those steps as a listing specialist. That means over 90% of all the activities can be delegated to someone else. And who is that someone else? A Virtual Assistant!

Now keep in mind that a virtual assistant isn’t a “plug and play” device – it will take time and patience to get your VA keyed into the point where they can function with minimal supervision. However, investing time in training your virtual assistant will produce excellent results. MyOutDesk is unique in that we offer a substantial support system for all our virtual assistant services. Not only is there intensive training before we endorse them to any client, but throughout the course of their career, they have a team of people in place to help with additional training they might need, to act as a resource for all the tasks they need to accomplish and to interact with you and ensure that you and your business are seeing the benefits to having your virtual assistant on your team.

Anything and everything that an employee can do without being physically present can be done by your real estate virtual assistant. Three major areas that they can be utilized in are marketing, administrative work, and sales calls. With all of these different aspects being handled for you, you can truly take the time to focus on constantly excelling at what you do best.

Schedule your Double My Business Strategy Session today and find out how a MyOutDesk Virtual Assistant can support you to boost your business.

October 29, 2019/by Abby

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