We are very pleased to be able to offer free real estate workshops for both buyers and sellers. This series will be updated regularly, so definitely bookmark the page and visit often. This is literally a (free!) treasure trove of information and tips that you can’t afford to miss. It’s a companion piece to the regular stream of essential information that our blog subscribers enjoy (if you haven’t subscribed, please do so by clicking the RSS Feed Button, or through the Subscribe by Email Button on this Blog Home Page).
Just click on the Screenshot below (or the Love of the Desert’s Workshop Link) and you’ll be directed to an introduction video and the first seven webinars. There is no obligation to do anything and nothing to buy. Of course, we are available to assist you if you’d like any additional information, or if you have any real estate questions. You may also search for all homes in the entire Palm Springs area (Coachella Valley) on this blog or our website.
Successful buying and selling of real estate these days is very much a matter of how well social media is incorporated into your campaign strategy. It is a fact that 89% of buyers and sellers of homes are searching the Internet before they set foot through a front door. These workshops will include tips about how to utilize the Internet to full advantage to ensure that you stay competitive. And definitely talk to us about the many other creative uses of social media to market your home for sale or locate your new home.
We are so excited about this opportunity to provide information, that we’d really appreciate your passing it on to your friends. Please “Share” on your social media sites , Click on the Facebook Like Button, Re-Tweet, Re-post, Comment on our Disqus section at the end of this blogpost, and otherwise spread the word!
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
Some unscrupulous people are preying upon the uniformed by soliciting payment for Grand Deeds that are available gratis. Riverside County has been one of the main targets for this fraudulent campaign. Be warned and please contact us (http://www.palmspringsgreathomes.com or email love@palmspringsgreathomes.com) for help or information about how to obtain your Grant Deed for free.
Palm Springs has always been like a sparkling jewel in the desert. With beautiful golf courses, luxurious resort hotels, highly-rated spas, restaurants, and shopping, and all the beauty of the incomparable landscape surrounding you, it has long been the diamond in the rough for Southern Californians (and visitors from all over the world) seeking a unique retreat. And if you’ve ever thought of buying property in this desert dreamland, or in equally appealing neighboring communities in the Coachella Valley (such as Cathedral City, Rancho Mirage, Palm Desert, La Quinta, or Indio), now is the perfect time, for several reasons.
1. The market is improving. While the numbers on foreclosures and bank-owned homes in California is still uncomfortably high, the market has finally begun to level out. This can mean several good things for prospective home buyers. For one thing, it may soon become easier to get a loan. Banks are eager to unload the many properties that are bogging them down and they are often willing to work with buyers to come to some sort of mutually beneficial arrangement. It is also important to buy while prices are still relatively low so that you can enjoy the best return on your investment. And amongst the many fine communities of the Coachella Valley, property is always a valuable commodity, so you really can’t go wrong purchasing a first home for your young family, a dwelling to live out your twilight years in the heart of desert beauty, or some turf and tinder that is purely for investment purposes.
2. Tax credits are available. If you thought you were too late to take advantage of the federal tax credit for homebuyers ($8,000 for first time, $6,500 for repeat), you were wrong. The offer has been extended to include houses that will close by September 30th (as long as a contract was in place by April 30th), so don’t shred your documents just yet. Service members who were outside the United States may also qualify for a 1-year extension, so look into the requirements if you think you might be eligible to apply. Finally, California is offering a state tax credit (to any taxpayer who purchases a principle residence before January 1, 2011).
3. Banks are on your side. As it turns out, many banks feel that homeowners make a better client than investors. It’s hard to believe, but you are less of a risk for lenders (and investors may have lost their opportunity by waiting for prices to drop further). So even if you’ve heard that lenders are taking a hard line when it comes to qualifying potential homeowners for loans, consider that you might be a wiser choice than a conglomerate that’s looking to flip properties.
4. It’s a good investment. Rental property is always a sound investment (barring natural disaster). Whether you plan to lease out to long-term renters, create a time-share, or cater to seasonal tourists, buying a home in Palm Springs could turn out to be a lucrative undertaking. Just consider, before you put pen to paper, what your potential live-ins might desire (tourists will want to be close to attractions while long-term renters might prefer to live near schools that their kids will attend or enjoy some privacy, peace and quiet, or a view). And if you plan to use your purchase as a primary residence (or even a seasonal home), consider that you are in a buyer’s market and your property will certainly increase in value since Palm Springs and adjacent areas are always desirable destinations.
5. You deserve it! Normally, this is not a good reason to buy anything. But if you have been smart with your money (saving up to purchase a home, working to earn an excellent credit score, etc.) then you deserve to reap the benefits of your planning and good sense. And with prices still low, plenty of properties to choose from, tax credits on the way out, and desert vistas beckoning, you should consider that now really is the perfect time to procure the home of your dreams in the alluring Coachella Valley.
The California Desert Association of Realtors has released some very interesting stats that support what we have been saying about the Palm Springs real estate market rebounding. It will particularly surprise many that conventional sales are outpacing distress sales (Short Sales and Foreclosures). This will go a long way in dispelling the false impressions that some people (and many in the media) seem to have. Our correcting inaccurate information will obviously be important to those of you who do not want to miss the opportunity to own real estate at a discount. Glad we can help!
Here is what’s happening in “Your Neighborhood” - Closed Residential Transactions, as reported in the MLS: 1/1/10 – 6/15/10:
Rancho Mirage
Total Closed Sales 309
Foreclosures 53 (represents 17% of the closed sales)
Short-Sales 30 (represents 10% of the closed sales)
Conventional 226 (represents 73% of the closed sales)
Palm Desert Total Closed Sales 613
Foreclosures 163 (represents 27% of the closed sales)
Short-Sales 66 (represents 10% of the closed sales)
Conventional 384 (represents 63% of the closed sales)
Indian Wells Total Closed Sales 111
Foreclosures 8 (represents 7% of the closed sales)
Short-Sales 4 (represents 4% of the closed sales)
Conventional 99 (represents 89% of the closed sales)
La Quinta Total Closed Sales 634
Foreclosures 172 (represents 27% of the closed sales)
Short-Sales 86 (represents 14% of the closed sales)
Conventional 376 (represents 59% of the closed sales)
Sun City
Total Closed Sales 131
Foreclosures 7 (represents 5% of the closed sales)
Short-Sales 1 (represents 1% of the closed sales)
Conventional 123 (represents 94% of the closed sales)
Data from the Desert Area MLS from January through May 2010 also shows an active market for luxury homes in the Palm Springs area.
Contact us today to schedule your appointments to see some amazing and affordable properties before prices rise. (Jumbo loans are available!)
Palm Springs area real estate is cooking. Don’t believe us? Have a look at the empirical evidence below. These are facts! With inventory at certain price points still relatively plentiful, interest rates still very low and loans being available (also ask us about Cal Metro Mortgage’s new Jumbo Loan programs), now is the time to invest in this market. You’ll want to contact us after you check this out:
Like so many of us on our birthdays, I was particularly introspective for much of the day on April 23rd. Thinking about life and my career in real estate, I pondered how it is that the years go by so quickly, and how time tends to change perspective. It was weeks later, just before Mother’s Day, that I was finally able to connect the dots.
My blog readers know that I am an exercise evangelist and work out strenuously almost every day. I’ve always seen this as a metaphor for tackling and surmounting business’ and life’s obstacles. So although I notice that it’s sometimes more difficult to remain in the top fitness percentile of age groups younger than me, I do so to prove to myself that I can stay competitive, strong and focused. It’s all about passion for succeeding. I also have another motivation that I’ll get to in a minute.
As I pondered, I recognized a common thread that ties together several of my different activities to one underlying theme. You probably have a similar pattern. The realization that I want to share is that many of us embark on various endeavors without seeing the common thread in each of these activities. Why is this important? Because recognizing patterns (themes) allows us to continue or change them. It may seem obtuse at first, but the premise will hopefully resonate on several levels as we connect the dots.
THE THEME
A recent Social Media Examiner article by Ruth M. Shipley references Joseph Campbell’s famous line ” Follow Your Bliss” and also quotes social media entrepreneur Gary Vaynerchuk suggesting “If you’re living your passion, you’re going to want to be consumed by your work. The passion and love for what you do will enable you to work the hours necessary to succeed.”
The central theme I discovered is a passion for striving to be the best at whatever I attempt, and wanting to making a difference in whatever that context. Check this out:
We all agree about the value of educating oneself to allow deep-dive questioning regarding any subject too important to leave to the sole judgment of others. Right? The news media has been chock-a-block full of stories about happens when we don’t delve into subjects and ask pertinent questions. I don’t have to tell you about the real estate meltdown from which we are just beginning to emerge. However, you may not be as familiar with another example of what could happen when events are allowed to unfold with inadequate oversight and/or regulation. We’ll get to those illustrations a little later.
So continuing… my reflections segued into thinking about my real estate career, and how we try to add value for our clients. Our approach to our business is to earn trust by listening carefully and providing a wide range of material facts that allow people to fully understand the issues so that can make informed decisions to achieve their goals. Our “Love of the Desert” branding speaks to our belief that we are a new generation of Realtor who offers information and facilitates rather than sells (see our Inbound Marketing blogpost). Our genuine objective is to help our clients.
BABY BOOMERS AND ALTRUISM – AN OXYMORON?
I confess to not always being so interested in altruism. Baby boomers are notorious for being self-absorbed. What caused a transformation in my case?
It’s currently a few days before Mother’s Day 2010 and suffice it to say that there has never been a son who loves his mother more. I have overseen my mother’s healthcare for the last 12 years. Working through the effects of several serious maladies, I’ve learned a great deal about the health care system and its providers, from physicians to caregivers, to the whole gamut. I’ve also been able to experience how the mindset that compels one to become the healthcare quarterback spills over to everything. It becomes second nature to recognize when “experts” aren’t experts and when someone needs information rather than someone’s authority. The recognition of having to take charge becomes a call to action. It becomes all consuming when a son fights for a parent who cannot fight for themselves any longer. Complex medical analyses, constant questioning and oversight and partnering with doctors in decision making at every turn becomes imperative. The arcane world of health insurance parameters, Medicare, prescription coverages, etc., makes the process all the more mind-dumbing for any of us, nevermind a diminished senior. But I digress. The pertinent point is that I have come to understand that part of my mother’s legacy is the caring she has taught me.
HERE’S WHERE WE CONNECT THE DOTS
What does caring for my mother have to do with real estate…and how does exercise intersect?
1. A disadvantage is a disadvantage, whether it’s a senior needing assistance understanding and harnessing the vagaries of healthcare, or anyone trying to navigate any field without adequate knowledge.
2. As responsibilities for my Mom demanded that I obtain as much information as possible to accurately weigh the advice received from the “experts”, the process re-confirmed that our clients required as much information as we could give them in order to properly consider our real estate advice.
3. Motivation for striving to stay in top physical and mental shape is probably mostly the same for any of us for realize that this is our foundation. We also realize that exercise is also a metaphor for disciplined methods of accomplishing goals.
THE EPIPHANY
Have a look at the following two videos. In a video posted on the AC360 Blog (was it coincidence that it was on my birthday?), from an interview on the CNN newscast the day before, Dennis Quaid talks about the harrowing experience he and his wife, Kimberly, had when a Los Angeles hospital over-dosed their newborn twins with blood thinner, Heparin. When you realize that one cannot ever assign responsibilty to the so-called experts, you become informed enough to contribute to major life decisions.
The take away from this birthday mind excursion is an embrace of the old addage: “Knowledge Is Power”. It’s essential to stay on top of your game by working to maintain physical and emotionally stability under pressure, and it’s vital to obtain as much information as possible to be able to accurately weigh and consider advice you receive.
I feel good about our efforts to educate our clients rather than sell them – in much the way that I feel satisfied that my mother has every advantage in her fight to overcome some daunting medical issues because of my quest to absorb all I can to help her. But what about all the people (older or younger) who need but don’t have patient or real estate advocates?
(Over time, I will expand my patient advocacy to try and help others. No question that doctors and support staff are well intentioned. However, there are levels of expertise and many other issues that affect quality healthcare. As you’ll understand reading Evan Handler’s interview, below, his is not an isolated case. It is vitally necessary for us all to help. I invite you to join me in finding ways to do so.)
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We were just talking about the new HAFA Program (Home Affordable Foreclosure Alternatives Program) that attempts to bring some structure to the short sale process in order to accelerate it and make it more “equitable”. Adding to the benefits comes Senate Bill 401 signed into law on April 12, 2010.
The following is the announcement by the CALIFORNIA ASSOCIATION OF REALTORS® (Reprinted from its Realegal Newsletter).
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
We have done several short sales at Love of the Desert. Contact us today for more information.
For those of us who have experienced the frustrations of trying to work with Lenders on our clients’ short sales, help has arrived! The HAFA program became fully operational on April 5, 2010. As of now, all HAFA agreements must be finalized and signed by December 31, 2012.
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP (Home Affordable Modification Program)-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or deed-in-lieu.
In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer – provided title is free and clear of mortgages, liens and encumbrances. With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.
HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.
The guidelines for HAFA are detailed further in the documents listed below:
We join the California Association of Realtors in commending California Governor Arnold Schwarzenegger for his decision to implement the Homebuyer Tax Credit. The following is the press release issued on March 25th, 2010 by C.A.R.
C.A.R. applauds Homebuyer Tax Credit legislation
For release:
Thursday, March 25, 2010
C.A.R. applauds Gov. Schwarzenegger’s signing Homebuyer Tax Credit legislation into law
LOS ANGELES (March 25) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today praised California Governor Arnold Schwarzenegger for his leadership in signing the Homebuyer Tax Credit legislation into law.
“We are pleased that Governor Schwarzenegger recognized the positive impact the tax credit will have for families hoping to buy their first home,” said C.A.R. President Steve Goddard. “Successful passage of this legislation was the result of our efforts in Sacramento over the last several weeks as REALTORS® and our team in the capital worked for the bill’s passage before it landed on the governor’s desk earlier this week.”
California’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, the Homebuyer Tax Credit signed into law today adds a tax credit for the purchase of an existing home by a first-time home buyer.
“The positive impact of the home buyer tax credit at the federal level is clear,” Goddard said. “Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year. We expect the state tax credit for home buyers to have the same impact.”
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
“AB 183 also will significantly contribute to efforts to stimulate jobs creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender; or have been sitting on the market for extended periods of time,” Goddard said. “It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.”
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 150,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
So, I had grown weary of articles questioning the relevance, competence or importance of Realtors. In my related post (“Does Your Realtor Suck? Pt 1″), I told you that the detractors miss the point. It isn’t a question of professionalism or relevance (Realtors are essential and most are highly trained and exceptionally ethical). It is that Realtors must now understand and embrace a dramatic change in marketing. Have another look at this compelling video that I use as the premise for this and my related post.
REFLECTION
I was recently sending a note to a former music business colleague in Australia when I had an epiphany. My blog readers know about my extensive use of social media in my real estate career. My realization is that I am as passionate about this as I’ve ever been about the music biz. It is reminiscent to me of the ’70’s when we’d discover a new, great band or song daily. This time it’s a new, great Internet app!). As before, this period of creativity is a game changer.
In my previous career before Real Estate (See my Bio on Linkedin), I was humbled to hear some of my colleagues consider me a Visionary…a Futurist, especially as I addressed licensing issues for digital distribution of rich content early on. I had worked with and was inspired by real visionaries (John Lennon, Sly Stallone and many others) and it’s little wonder that I’d embrace digital distribution of content, particularly wireless, as the future. The significance of social media to real estate is clearly the ability to facilitate buying and selling of real estate through a non-intrusive dissemination of information. Social Media is the ideal vehicle for distinguishing oneself through an honest display of personality, experience and information. Afterall, we would all much rather do our homework and then reach out for assistance than be inundated with traditional sales. Today, it’s all about “Inbound (Permission-based) Marketing”, as Seth Godin would say.
FAST FORWARD
Who’s Seth Godin? He is perhaps one of the most articulate evangelists of the power of social media. Seth’s point of view is worth considering for its insight of the evolutionary past and future. I consider his perspective as one of the confirmations of mine. Seth is an entrepreneur and blogger who thinks about the marketing of ideas in the digital age. His newest interest: the tribes we lead. Godin argues the Internet has ended mass marketing and revived a human social unit from the distant past: tribes. Founded on shared ideas and values, tribes give ordinary people the power to lead and make big change. He urges us to do so in this video.
Now have a look at the following interview with Jason Falls, founder of Social Media Examiner. Some of the takeaways are:
1. Listen to your competition as well as your current customers and what they are saying about your company
2. Social media conversations are dialogues and even “multi-logues” where others listen to your 1-on-1 conversations
3. Social media is about building long term lasting relationships with customers
4. Listen for and respond to both positive and negative comments multiplies the good vibes around your brand
5. Soon businesses will be creating social businesses where customers come for community and not just to buy your product
6. The best social media programs take the online world and move it to the offline world
NEED SOME MORE PROOF?
This past February, Amy Porterfield wrote an article for Social Media Examiner called “Social Media Integration Big Theme for 2010″. Amy cites some empirical evidence from study results of a survey by Alterian that corroborates that social media is becoming an integral part of most companies’ marketing campaigns:
#1: Marketers Ditch Silo Campaigns and Report Social Media as “Critical for Success” (Alterian)
As digital and social media marketing mature, the demand for greater integration is evident. Marketers are quickly realizing that operating in a one-way marketing tunnel makes success impossible in this social media–saturated world.
Listening first and then communicating and engaging have become “musts” for any successful social media campaign. Results of a 2009 survey by Alterian indicate that social media is becoming an integral part of most companies’ marketing campaigns:
50%+ direct at least “a fair amount” of effort toward integrating social media marketing into their overall strategy
66% will be investing in social media marketing in 2010
40% of the 66% plan to shift more than a fifth of their traditional direct marketing budget toward funding their social media marketing activities.
WHAT DO YOU THINK?
I’ve created the following short poll. Please take a minute to check it out and also don’t forget to offer your comments to this post by using our Disqus form below.
