Real Estate Investors: This Is An Even Bigger Threat Than Coronavirus
There is no question that the coronavirus is proving disruptive. It is serious for many. Yet, there is something which may be an even more pressing threat to real estate investors, and other companies and professionals in this industry.
Lawsuits have become a fast growing problem in the real estate industry. Our professionals and businesses often look like juicy targets for those eager to make a fast buck on legal fees, or frivolous and malicious lawsuits.
It doesn’t take many of these to put a sizable dent in your cash flow. It could even bankrupt you and cause major disruptions to your business.
Here are some of the common legal issues real estate investors are facing with their websites and marketing now.
ADA Lawsuits
Ever since a blind person successfully sued Dominos pizza for not being able to use their website, even only real estate businesses have been at risk of predatory lawsuits. If your website is not compliant, you could be a target for a massive lawsuit. You may have to settle for over $100,000 to avoid risking losing more in court.
Image Copyright Infringements
Unfortunately, the vast majority of real estate websites are exposed to copyright infringement cases. If you have any images on your website, or in other marketing materials, you must make sure you have the legal rights or licenses to use them. Even settling for $3,000 per image can set you back a lot if you have 100 of them on your website and Facebook page.
Overpromising
Be careful of what you promise or ‘guarantee’. Should any of your customers see results under par, they could complain. Even negative online reviews could end up costing you a lot.
Online Ad Targeting
While the media headlines may now be occupied with other stories, it wasn’t long ago that Facebook found itself in hot water over allowing real estate companies to target users to show their ads to. It was one of the best features of these online ad networks. Now it can be a big risk. Even without meaning to, you could be discriminating by the way you target your ads. Be careful.
Privacy & Data Storage
New European and Californian laws have placed even more of a burden on businesses. You may be required to have a dedicated toll free number on your website home page to help answer consumers on what data you hold on them, and to delete it on request. Be sure you are storing it securely and are confirming opt-ins.
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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"....a few months back, I happened upon a video, on your site, regarding the use of transactional funding with Hud properties; and I found myself replaying the video over and over because of the value that I saw in the message...it actually explained the process, step-by-step on how to submit a Hud deal by using transactional funding. Once I completed the video, my initial response was to take immediate action by duplicating what I had learned from the video into real time. So I did some research on properties in a market where I knew I had buyers; and put together a hud deal. I then located a realtor able and willing to submit my bid online and within a couple of days, to my surprise, received a call telling me that I had won – my very 1st Hud bid."
"To you I say, ”KUDOS to Best Transactional Funding and Thank you for providing the education and services to Real Estate Entrepreneurs like me. Please keep up the good work!'"
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"You each deserve high marks for your wonderfully quick response time to each of our questions and requests! You hit home runs with us! Your application system was easy to use. Our deal met your qualifications and every time Rob Kozak or any member of Mystic Properties, LLC phoned, we received a "real" person dialing back to speak with us.
Your patience and persistence were exceptional in dealing with our business interests. Thank you for such great customer service! We look forward to working with your staff, again, in the future. We like referring people to you, as us, our team would have missed-out on an excellent earning opportunity.
Your help negotiating with our title company made our back-to-back deal, finally happen. People noticed on settlement day how effectively and efficiently your part of the transaction was organized and executed. Again, thank you for truthfully being the "BEST" at what you do!"
- Diane McAdams, Mystic Properties, LLC, Real Estate Investor, Pennsylvania
"Boy, you guys are impressive! I can’t thank you enough for scrambling and getting my deal done at the last minute like that. You and your team were awesome!"
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"Thank you so much for working so diligently with me. Your services really are the "BEST". I look forward to working with you in the near future!"
- Ericka B., Real Estate Investor, CA
