In this post, we share some of our favorite tips for stepping up your social media game to attract clients and position yourself as the go-to resource. 

Know where your target market spends their time and be there. 

One common misconception is that you have to be on every social media platform for it to “work.” But why would you need to be active on a channel if the buyers and sellers you want to attract don’t spend time there? Unless you have an unlimited budget and time in your day, you’ll want to be smart about where you allocate your time. 

For example, it’s reported that 73% of Gen Z prefer that brands reach them through Instagram. On the other hand, 78% of Baby Boomers reportedly prefer interacting with the brands they like on Facebook. Dialing this in may take some trial and error, but a little testing and time will get you there. 

Educate your audience. 

It’s so easy to fall into the constant self-promotion trap – sales awards, current listings, etc. And while there’s a place for this in social media, it shouldn’t be the only thing you share. Instead, be a source of valuable information – overlooked mortgage programs, down payment advice, avoiding selling pitfalls, tips for house hunting when inventory is tight, and so on. 

Consumers want more than someone with a real estate license. They want someone they can trust, who is knowledgeable and will help them navigate through challenging scenarios. Be that person. There’s no shortage of ways to do this, so here are a few for inspiration: 

• Post a poll in a local NextDoor or Facebook group asking if anyone has questions about current market conditions
• Offer advice on discussion boards
• Share answers to FAQs on Facebook 
• Host a “Live” session on Instagram to answer questions in real-time 

Be authentically you. 

It’s easy to get caught up in comparing yourself to others, and while there’s no harm in getting inspired, trying to be someone you’re not on social media never works out well in the long run. So instead, let your personality shine through. Humans connect with humans, not brands or faux personalities. 

Homebuyers and sellers pick a real estate agent based on human connection. If you’re passionate about data, talk about data. If you’re an active participant in your community, share information about that. 

Focus on more than just the home. 

Typically home buyers are just as interested in the community as the home. So, include content beyond the number of bedrooms and square footage. Talk about the community. Share videos of your favorite local spots. Create a picture and tell the story around what makes {insert city name} such a special place to live! 

Don’t forget video. 

Home tours. Testimonials. Learning tools for first-time buyers. Community spotlights. These are just a few video ideas that can help take your social media marketing to the next level. If time or budget is an issue, consider sharing video content via Instagram Stories or Instagram Reels. These are quicker and lower-cost ways to get you, your value, and your expertise out there. 

Our team is here to support you and all of your escrow needs. Please reach out if we can be of service.

The post Foundational Social Media Marketing Tips for Real Estate Agents appeared first on American Trust Escrow.

Sure, working remotely sounds excellent, but staying organized and distraction-free can be challenging for some. So if you find yourself looking for ways to stay motivated while continuing to work from the comfort of your home, here are some productivity tips to keep in mind! 

Create a Routine: This is especially true in the morning. Creating a daily routine where you have a cup of coffee and breakfast each day before you open your email (yes, even on your phone) can help keep you focused throughout the day. Another component of an effective daily routine is getting up, taking a shower, and getting dressed and ready as if you were heading out the door to an office.

Schedule Your Time Wisely: You know there are times of day when you are more productive than others. Make sure to schedule your time wisely, keeping this idea in mind. If you often go into a mental slump after lunch, set aside that time to check your emails. Establish the best time of day for you to complete your most important tasks without any interruptions.

Embrace Batch Work: Batch work is the idea of grouping similar tasks together to improve your efficiency and productivity. It’s a great way to cut down on the stresses of your job, while also improving the quality of your work.

Identify a Dedicated Workspace: There’s nothing worse than needing to be productive but feeling scattered. Identifying a dedicated workspace in your home can help with this. Find somewhere that you can work and remain free of distractions—ideally, a room with a door that you can close when needed. 

Give Yourself a Break: Yes, you still need breaks even when working from home to maximize your efficiency. Remember, you’re not driving to and from the office anymore, so carve that time out of your day and give yourself a break. Take a walk, make personal phone calls, go shopping, or grab lunch at a nearby restaurant. It will recharge your batteries!

Learn to Love “Do Not Disturb”: Electronic devices can quickly become a distraction with notifications popping up non-stop throughout the day. Learn to love the “do not disturb” feature on your phone(s), tablets, and work email. It’s okay not to respond to your messages right away. They can easily distract you and steal your focus, so carve out some dedicated time throughout the day to check in.

Find Time to Decompress: It is common for those who work from home to go, go, go, go, go until they can’t go anymore. But are you the best version of your work self when you do this? Certainly not. Find time to decompress. Go outside and take a walk. Get some fresh air. It can be a significant asset to your mood and energy level! 

Take Sick Days: Working from home may tempt you into continuing to work when you’re not well. After all, it’s a lot easier to continue working with a cold in your pajamas from the comfort of your fluffy bed. But you should take sick days when you need them, just like you would if you were working in a traditional office setting. Your long-term wellness is essential!  

Be Flexible, But Establish Boundaries: Working from home is not only an adjustment for you but also for your family members (four-legged ones included). Things are bound to come up, but establish boundaries with your family, so they know that your dedicated work time is just that. When it comes to pets, closing your workspace door and establishing a set routine for feeding and walk times can be a huge help.  

Set Office Hours: Time is money, but working away incessantly will take its toll. So, establish set hours when working from home, including start and end times. Set a schedule and stick to it, which can help you achieve a more harmonious work-life balance. 

Our team is here to support you and your escrow needs, regardless of if you’re working from home or the office. Please reach out if we can be of assistance.

The post Work-From-Home Productivity Tips appeared first on American Trust Escrow.

The good news is that your expenses as a self-employed individual can often bring down your taxable income. Here’s a closer look at some of the most common self-employed tax deductions.

Please be sure to talk with your CPA or a tax professional so that they can advise on which deductions apply to you based on your unique situation. 

Your Home Office:
Did you know that you can deduct any portion of your home that you use regularly and exclusively for work? There are two ways to determine what you can deduct: the Simplified Method (standard deduction) and the Regular Method (itemized). The Simplified Method is much easier to use; however, the stipulations result in a maximized deduction of $1,500. On the other hand, the Regular Method is much more involved and will require you to keep receipts and itemize your expenses.

Internet & Phone Bills:
This can be tricky if you work from home because the government wants you to deduct the portion you use for your business. But you may be able to deduct the money you pay for internet and phone bills while working from a home office.

Your Car:
If you use your car as part of your business, you may be able to deduct the use on your tax return. There are two methods to calculate this deduction as your home office: Standard Mileage Rate and the Actual Expense Method. 

Training Expenses:
If you have participated in online training or a seminar that is pertinent to your business, you may be able to deduct those training expenses. Classes or training must be work-related, but you may be able to write off the cost of books, supplies, materials, fees, tuition, and more.

Business Meals:
Business meals may be tax-deductible when meeting with a client or attending a business-related conference. Remember that your meals shouldn’t be over-the-top and should be within reason. For 2021, business meals are 100% deductible; however, that rate will expire at the end of 2022.

Retirement Savings:
There are various types specific to those who are self-employed or are business owners, and they will allow you to deduct your contributions. Simplified Employee Pension (SEP) IRAs, Simple IRAs, and a Solo 401(k) may be options worth exploring.

These are just a few of the most common tax deductions that self-employed people can take advantage of each year, but there are many more. Your best course of action is to reach out to your tax professional or CPA to confirm which self-employed tax deductions apply to your situation. 

We aren’t tax experts, but we are escrow experts who are here to support you! So if we can be of service, please get in touch today.

The post A Look at Common Self-Employed Tax Deductions appeared first on American Trust Escrow.

Backpack Day (Virtual)

Given COVID safety concerns, we did not meet as we would have under normal circumstances, but we found a workaround. We partnered with Para Los Niños (For the Children) to contribute art supplies for kids returning to school. 

Scholarships

On behalf of the Pango Foundation, we provided nine scholarships to children whose parents work in our organization. The Foundation, its board, and our employees donated from our paychecks each month, allowing the Foundation to invest in the next generation.

COVID Emergency Relief Grants 

Considering COVID has taken a financial toll on many families, the Pango Foundation provided grants to our employees and families experiencing financial hardships amidst the pandemic. 

Holiday Giving Program 

Our escrow brands and offices each selected a charity near and dear to their hearts and raised money to donate. Ten different charities were selected, and over $8,500 was raised by Pango Group employees, with over $16,500 being donated after our Pango Foundation matched nearly $8,000. Organizations and causes included the LA Rescue Mission Food Drive, Children’s Cancer Research Fund, Children’s Hospital of Orange County, and Treasured Little Children. 

Pango Group Contributions

We donated $500,000 to the Pango Foundation to ensure that the Foundation has ample resources to expand its giving and help even more people for years to come.

Here is what Jeff Russell, our President and Pango Foundation Board Member, had to say: “It’s truly amazing to see our people and Foundation care so deeply about giving back. It’s such a great feeling to know that we are living out our mission of enhancing the lives of the people, partners, and communities we serve while showing grace and kindness to those who need a little help.” 

Scott Akerley, our CEO, shared the same gratitude. He added, “I am so thankful for our people and Foundation! The past few years have been tough for many people, and I am so proud of our employees for recognizing that and deciding to give back. This type of action really shows how dedicated our company and Foundation are to making a positive difference in the lives of others, and that is something that brings me great joy.” 

Our company and Pango Foundation plan to dedicate the same amount of time, energy, and resources to give back in 2022 and in the years to come. 

And, of course, we are here to serve you and your escrow needs. Please reach out if we can be of service!

The post Pango Group and Pango Foundation 2021 Philanthropic Involvement appeared first on American Trust Escrow.

With the ever-evolving regulations mandated by the Consumer Financial Protection Bureau (CFPB), we are proud to be one of California’s first independent escrow companies to complete this Type II audit. Additionally, by establishing and implementing systems that meet the guidelines of ALTA Best Practices and Escrow Institute Model Policies and Procedures, we are in the best position to be compliant with many of the lender requirements due to the CFPB regulations.  

Our CEO, Scott Akerley, explained why this process is so important to him and our organization. “We know that consumers put their trust in everyone who plays a role in the real estate transaction, so we are grateful that we can provide them with the highest level of compliance. Our team invests a great deal of time, energy, and resources to make our systems stable and secure, which allows us to continue to provide exceptional service and protection to our clients in a changing regulatory environment.” 

Unlike our previous achievement in completing the SSAE 18 SOC 1 and SOC 2 Type I audit, the Type II audit provides an opinion on the operating effectiveness of the controls in place. The controls that were implemented for the Type I audit were tested for their effectiveness and compliance over 12 months. As part of the process, Baker Tilly, the ninth largest accounting firm in the world, performed both of these extensive audits, testing over 270 controls. 

Scott added, “Knowing that our clients can trust us to manage compliance so that they don’t have to worry about it is a wonderful feeling. It’s just one more way that we can live out our mission of enhancing the lives of the people, partners, and communities we serve.” 

What is SSAE 18?

In both the Escrow and Title Industries, SSAE 18 SOC 1 and SOC 2 Type I and Type II audits have become the industry standard designed to provide an overview of Service Organization’s description of internal controls and processes relevant to their customers. 

The audit is helpful for Service Organizations to gain an understanding of the quality and type of controls and processes that are in place. An SSAE 18 SOC 1 and SOC 2 Type II audit has an audit opinion and a description of services relevant to the services under review as of a point in time. An Independent External Auditor provides an audit opinion describing the type and quality of controls a company has in place, which is designed to comply with industry best practices. 

The SOC 1 report audits the controls relevant to a Service Organization’s financial reporting systems. A SOC 1 audit is widely recognized because it represents that a Service Organization has been through an in-depth audit of their control activities, including controls over information technology and related processes. By obtaining a SOC 1 designation, Pango Group has demonstrated that they have adequate controls and safeguards when they host or process data belonging to their customers. 

A SOC 2 engagement is an audit of a Service Provider that is relevant to compliance or operations. SOC 2 reports specifically address one or more of the following five fundamental system principles: security, availability, processing integrity, confidentiality, or privacy. SOC 2 reports follow a set of criteria to examine whether the Service Organization’s controls are effective in delivering their services to their customers. Pango Group is proud to have met or exceeded the stringent SOC 2 criteria.

What is CFPB?

The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd-Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Other functions of the CFPB include researching consumer behavior, monitoring financial markets for new risks to consumers, and promoting financial education. 

Our company’s mission of running exceptional real estate service businesses that enhance the lives of the people, partners, and communities we serve has been an integral part of our success. Most recently, we were named one of the Best Places to Work for the eighth year in a row in Los Angeles.

To learn more about CFPB regulations and how we can help protect your clients, please contact our VP of Escrow Operations, Milly Miller, at (818) 863-1334 or mmiller@pangogroup.com. 

And if you need general escrow support or have questions about our escrow services, please also get in touch. We are here to support you!

The post Pango Group Passes SSAE 18 Type II Audit for Seventh Consecutive Year appeared first on American Trust Escrow.

So, to help you find the perfect holiday gift for everyone on your list this year, no matter your budget, we created this gift guide. Outside of gift-giving, we hope you find time to enjoy the magic of the season with loved ones! 

The Foodie and Drink Lover

Cup of Sunshine and Mug Set – $20

DIY Sushi Kit – $35

Gourmet Oil Dipping Spice Kit – $42

Gourmet Soft Pretzel Gift Box – $60

Just Add Wine Cheese Collection – $130

The Perpetual Host/Hostess

Holiday Stovetop Potpourri – $10

Hand Carved Spatula – $53

Onyx Marble Coasters – $40

Bar Tool Set – $70

Wood and Marble Serving Tray – $99

The Personal Wellness Enthusiast 

Warm and Cozy Candle – $20

Floral Mineral Box – $27

Papier Wellness Journal – $32

Daily Harvest Custom Gift Box – $75

Turkish Cotton Waffle Robe – $119 

The Tweens, Teens, and Young Adults

Experience gifts for tweens, teens, and young adults
Looking to give the gift of experience versus a toy, trinket, or something that might be deemed boring after a month? Consider the following: 

• Museum pass 
• Bowling outing with friends 
• Cooking classes 
• Manicure/pedicure 
• Movie and dinner night 
• Streaming services for a year (Disney+, Apple Music, etc.) 
• Fishing gear, camping gear, or new sporting equipment
• Tickets to a concert or sporting event 
• Water or amusement park pass

Book Subscription Club (ages 0-13+) – Starting at $9.99/month

DIY Craft Box – $32 

Custom Song Soundwave Art – $69 

Polaroid Instant Camera – $90

The Jet Setter

AirBnB Gift Card – $25 minimum

1,000 Perfect Weekends: Great Getaways Around the Globe– $36

Tech Travel Kit – $59

Build Your Six Bundle – $70 

Travel Photobook – $72 

The Techie Aficionado

Apple AirTag – $29 

Personalized Engraved Charging Station – $45

Wireless Grill Thermometer – $50 

HidrateSpark PRO – $70

Ember Smart Mug – $130

Our team is here for you! So, please reach out if we can help support your escrow needs or answer any questions about our services.

The post 2021 Holiday Gift Guide For Everyone On Your List appeared first on American Trust Escrow.

1. Understand the Buyer and Seller Mindset

If you aren’t speaking your potential client’s language or to their needs, the remaining items on this list may not be as valuable, so this is an important one! Before starting a conversation, be sure you are familiar with any market activity in the area you’re speaking to. In times of low inventory, it’s all about having a solution and a plan (and maybe even a backup plan!). 

2. Have a Solid Business Plan 

A well thought out (and executed) business plan can also be valuable in any type of market uncertainty. And, of course, it will always be an asset in good times as well. Your plan should be measurable and executable, and that includes definable goals. Here are a few other items to consider to help keep your pipeline full of prospects regardless of how the market is going, including marketing, relationship building, tech that can support your goals, and budgeting.

3. Diversify Your Business 

You’ve heard the saying…“Don’t put all of your eggs in one basket.” This is very true for any business, but especially for real estate. If you solely work with sellers, start working with buyers. From a geographic standpoint, consider expanding the territory you typically serve, or consider spanning outside of resale and start working with home developers and builders. 

4. Build and Nurture New Strategic Relationships 

Solid, genuine relationships can be a win-win for your partner and your business in all market conditions, including challenging ones. If you haven’t already, consider establishing a solid rapport with affiliates, including mortgage, insurance, title, escrow, and home inspectors. And don’t forget those outside the real estate space like dentists, interior designers, and house cleaners. Basically, think of anyone that operates a service-based business that could become a lead source to you and that you could recommend to buyers and sellers. 

5. Get In Touch with FSBOs

Often, in a strong seller’s market, homebuyers feel confident that they can sell their home without an agent to save money on the commission. This group of folks can be a great resource to prospect and build relationships with. Your expertise and knowledge will be the key selling point, so ensure that you have a plan for how you’ll communicate this and stay consistent with follow-up. 

6. Reach Out To Past Clients and Existing Prospects 

Of course, this is something that any person in business should be doing regularly, but sometimes in a thriving market, it’s forgotten about. Did you know that 89% of sellers shared that they would rehire the same agent for future needs, but a mere 26% did because they lost touch with their agents? So, if you don’t have an ongoing touch plan, create one. And, in the meantime, pick up the phone and give everyone in this group a call to check-in. 

These tips will not only come in handy when inventory is low but also in good times. If you need any type of escrow assistance or have questions about our service, please reach out. We are here to support you!

The post Six Ideas To Stay Busy When Inventory Is Low appeared first on American Trust Escrow.

Click here to view, download, or print the 12 Safe Fall Activities Inspiration Guide! 

And, of course, if you have questions about our services or need escrow support, please reach out. We are here for you!

The post 12 Safe and Fun Activities to Enjoy This Fall in Southern California appeared first on American Trust Escrow.

What is Pre-Escrow? 

During pre-escrow, our team proactively does their due diligence to complete necessary items that are very helpful to have done before escrow officially opens. This alleviates any challenges that could potentially come about later in the transaction and assists with the short contingency periods that currently exist in the industry. 

Our Pre-Escrow Services

Net Sheets

This is prepared and provided to sellers and includes a breakdown of sales proceeds, closing costs, and existing obligations during a real estate transaction so that sellers have a clear understanding of how much money they can expect to have when the sale of their home is final. Of course, this is an estimate since things can change through the process – like list price, credit, mortgage payoff, etc.- but it is still an invaluable resource to have. 

Statement of Information 

The Statement of Information is a one-page document that asks for name, date of birth, social security number, and current and previous addresses for both the buyer/borrower and the seller. This allows our team to clear any potential liens or judgments and avoid  delays in closing escrow.

HOA Documents

Our team will pre-order and pre-pay for HOA documents early since the delivery time from management companies can vary. This ensures that there are no rush fees or delays at the close of escrow. 

Preliminary Title Report Review 

This report will receive an in-depth, comprehensive review by your escrow officer so that if there are any red flags, we know about them (and can address them) as early in the transaction as possible.  

We know that escrow requirements and the time-sensitivity involved can feel overwhelming, so we do everything in our power to make the process as easy and stress-free for everyone involved in the transaction. 

We are here to serve you, so if you have questions about our services, locations, or you are ready to open escrow, please reach out. We would love to support your escrow needs!

The post Our Pre-Escrow Services Add Value to Your Escrow Experience appeared first on American Trust Escrow.

What is an Impound Account? 

It is an account set up and managed by a mortgage lender to pay property taxes and insurance for a home buyer to ensure that both are paid in full and on time. 

While many believe that the escrow company manages the impound account, the impound account is actually managed by the lender, and here is how it affects the closing:

1. Upon receipt of loan documents, the lender will include instructions on amounts to collect at closing to the settlement agent.
2. The amounts the lender requires will appear on the estimate the borrower signs with loan documents.

Think of an escrow impound account as a savings account held in trust by your lender to pay the property tax and insurance bills as they come due. 

Now, let’s talk more about how the lender actually calculates the amount for the impound account. 

When homebuyers sign loan documents, they are presented with an estimated settlement statement from their escrow holder. On this statement, there is the initial amount that the lender will collect to set up the Escrow Impound Account. It can often feel like they are paying months of taxes before they ever take possession of the home for home buyers.

But remember, think of the impound account like a savings account where the funds are used to pay for property taxes and insurance. The lender will require the buyer to pay a monthly amount equal to 1/12th of the annual property taxes and yearly insurance premiums. To calculate the annual property taxes, the lender multiplies the home’s purchase price by 1.25%. The annual insurance premium is a fixed amount determined by the buyer’s insurance agent and given to the lender as a condition of the loan.

How Are the Funds Allocated? 

In the State of California, property tax bills are issued twice per year. The tax bills are mailed out in October, and the first half of taxes (covering July 1-December 31) are due November 1st. The second half of the taxes (covering January 1-June 30) are due February 1st.

For insurance, the lender will usually require that one full year of insurance be paid in advance through escrow when the account is set up. They will also collect an additional two to three months upfront for the impound account to cover the next premium due one year from the close of escrow.

Most lenders will require an amount equal to two months of reserves to remain in the impound account at all times for both annual property taxes and insurance. They calculate this by how many monthly mortgage payments the buyer will have made when the bill comes due to determine how much they will collect upfront.

Let’s look at a few examples:

Escrow Closes August 20th

In this example, the buyer’s first payment to the lender will be due on October 1st. The payment will cover taxes from July 1st through December 31st. To ensure they have enough funds in the impound account, they will collect at least eight months of taxes upfront from the buyer through the Escrow Impound Account. 

While it may seem like the buyer is paying for taxes when they are not the property owner, keep in mind that the buyer will receive a credit for taxes from July 1st to August 20th through the escrow in this example.

Escrow Closes February 15th

Here, the buyer’s first payment will be due on April 1st. The lender will make the first payment to the Tax Collector in this instance for the property taxes covering November 1st-December 10th. 

This payment will cover the taxes from July 1st-December 31st, the second half of the year. The lender will have received at least six monthly mortgage payments (including the impound amounts) from the buyer, meaning they would only need to collect 2-3 months upfront from the buyer in the Escrow Impound Account.

We hope that you found this information helpful! If you have any questions, want to learn more about our services, or are ready to open escrow, please get in touch. Our team is here to support you!

The post Calculating the Amount for an Impound Account. How Does It Work? appeared first on American Trust Escrow.