Blog Detail Gryphon is the leader in contact governance solutions providing marketing compliance and sales intelligence to Fortune 500 companies around the world.
 

Marketing Privacy Enforcement for Real Estate, Mortgage Industries is Coming

11/08/2013 at 06:35:39 PM

The real estate industry has largely avoided the interference suffered by other industries from federal and state regulatory bodies enforcing marketing privacy regulations. That is likely to change in the short term and brokerages need to be ready.

Enforcement bodies are expanding their investigations to include new industries beyond the high profile brands and financial service firms that have been their focus for the last few years.

 

Gryphon's new whitepaper "How Sales Intelligence Will Transform the Modern Real Estate Brokerage" explains how most brokerage firms are highly vulnerable to increased scrutiny from regulatory agencies. Agents assume they are exempt from Do-Not-Call laws because they think they only do business with existing clients or referrals.

The FTC and FCC's definitions of what makes a referral, however, are very different from what most agents assume. These agencies have made it very clear that:

- Regardless of how a referral was obtained or how closely a referral is associated with an existing customer, calls made to that contact are considered cold calls under Do-Not-Call laws and

- Any call made to an existing customer that is about anything other than that customer's existing contact is a solicitation and therefore subject to Do-Not-Call regulations.

While the FTC has largely focused on marketing privacy enforcement against highly recognizable big brands and in the broader financial services industry, the real estate and mortgage industries will soon find themselves in its sights.

In fact, one of the largest Do-Not-Call fines ($7.5MM) ever was levied by the FTC against Mortgage Investors Inc. this year.

The storm clouds are gathering and the ripple effect is just now being felt through the industry.

Brokerages need to start looking for marketing privacy compliance solutions that not only protect business from regulatory inquires and crippling enforcement action but also help them market more effectively in a highly competitive industry facing a challenging economy.

Check out Gryphon's whitepaper on how marketing privacy regulatory enforcement is ramping up for the real estate industry – and how technology can help your brokerage comply and succeed. Download it here.

Tagged: Real Estate, Do Not Call

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