I recently read a story about the Ritz Carlton Hotel that got me to thinking about how to really cater to and take care of a wealthy client, thereby keeping them interested and connected to you and your product or service.

The Ritz Carlton Hotel has a policy that any employee (and I mean, any employee from the housekeeping staff to the desk clerks) can spend up to $2,000 a day (without prior authorization from management) to solve the problems or needs of any of their clients.

The story goes that a business man was staying at the Atlanta Ritz Carlton. He checked out, went to the airport, got on the plane for Hawaii (where he had a very important presentation) and realized he had forgotten his laptop in the room. The laptop contained the only copy of the presentation. So he called the Ritz and the front desk put him through to housekeeping. Housekeeping informed him that they found his computer and asked what he would like them to do with it.

The client asked them to send the computer by Federal Express. He explained that he had to have it the next day for his presentation.

Early the next morning the man went to the front desk to check on his delivery. When he got there, there was a woman from the housekeeping department of the Ritz Carlton of Atlanta waiting for him. She said, ‘This was too important.’

Will this man ever stay anywhere else when he’s in Atlanta? Doubt it. Will he tell this story to all of his friends? You bet he will. And his friends will tell their friends who will tell their friends. And the publicity and good will that was created by this one interaction will further ingratiate an already well respected organization in the mind of the clientle they cater to: the affluent.

Going above and beyond doesn’t mean you have to break the bank and spend $2,000 every time someone has a problem. . . After all, you’re not a major hotel chain with that kind of petty cash laying around. Going above and beyond can mean a simple note or a birthday card.

One of my coaching students, a financial adviser, recently told me a story about sending a birthday card to one of her EX clients. This was an EX client only because she was prevented from courting her due to a non-compete clause which was about to expire. My student followed up the birthday card with a phone call a few weeks later and the ex client (soon to be reinstated client) said to her, ‘You know, my husband’s financial adviser sent out a birthday card as well. But instead of sending me the birthday card, he sent it to my husband, whose birthday isn’t for seven months.’

Boy, was that a costly mistake and fully avoidable. This once former client is now a current client as a result of the small consideration of getting a birth date correct.

Attention to detail, going above and beyond, simple pleasantries, even a kind word. . . all of these things not only make other people feel compelled to do business with you, but they make the recipient feel good. Funny thing is, they also have the added bonus of making the person giving them feel good.

Today you will find in the USA that there have been some major changes made in respect to the country’s bankruptcy law. Therefore for all Americans today it is important that they know exactly what these changes are and what effect they may have on them should they need to file for bankruptcy at any point in the future.

However, before we look at the major changes that have occurred we need to explain a little bit about the different kinds of bankruptcy one can now file for.

Chapter 7 - Of all the types of bankruptcy one can file for this is the most commonly used. Once a person files for Chapter 7, a trustee is appointed who will oversee the property and assets of the person who has filed for bankruptcy. If they can, they will obtain some of the person’s assets in order that they can be sold off and then the money raised is used to pay back the person’s creditors. Often after filing a Chapter 7, a person will discover that most of their debts will have been cancelled in their entirety, although many do not realize that not all types of debts are wiped out.

Chapter 11 - Often Chapter 11 is used by businesses who wish to file for bankruptcy, but on occasions, some individuals may choose to use this as well. But it is very rare because Chapter 11 is extremely costly to file for and also is very complex to deal with. Plus the only people who are likely to use this form of bankruptcy filing are those as individuals whose debts are above the limits set for a Chapter 13 filing (which we look at next). But for a business who files for Chapter 11 it, means that they are still able to operate as a going concern yet are sheltered from some of its debts as well.

Chapter 13 - Through a Chapter 13 a person will come up with a proposed repayment plan to pay back all their creditors. The court will then appoint a trustee just as they do with a Chapter 7 and it is this person who will collect the payments from the person who has filed a Chapter 13 and then pay these to the creditors. The main role of the trustee appointed to a Chapter 13 bankruptcy filing is to ensure that the person complies with the repayment plan that has been put in place at all times. Note that in this case, your debts are not wiped out.

Above we have explained a little bit about the kinds of bankruptcy one is able to file for in the USA today. Now we are going to take a look at the changes that have taken place recently with regard to the bankruptcy law. The first one relates to the filing for a Chapter 7 bankruptcy. Today no longer can someone whose income is above the state’s recommended median be able to file a Chapter 7.

So what this actually means is that in the future if you find that your income is higher than the median for your state after a means test is carried out, you will probably not be able to file Chapter 7. You will need to file for a Chapter 13 rather than a Chapter 7.

Also with the new bankruptcy law, all those who owe money will need to get credit counseling before they can actually file a bankruptcy case. Plus you will also need to undergo additional counseling with regards to budgeting and how to best manage your debts before they can actually be wiped out or assets liquidated.

The first part of this decade was glorious for home sellers. Just stick up a sign on your home and get an offer. Well, things have changed and so must your approach. Here are some advice that will help.

1. When selling your home, it is important to understand the difference between home values and prices. The value is something determined by the appraisal. The price is what you can get for it.

2. Buyers are always going to offer less than the asking price, so make sure to list a sales price that is higher than what you want. This gives you wiggle room to negotiate and avoids a situation where you are trapped by your initial asking price.

3. An attractive brochure can help you sell your home. A brochure that looks like a home featured in a magazine does the usual “memory jog” for people who have toured the house, but it also “adds value”.

4. With the fluctuating home prices we are currently seeing, buyers can have problems getting financing regardless of their credit. Don’t drop the buyer! Instead, offer him or her a second mortgage.

5. When it comes to selling your home, your driveway tells potential buyers a lot about your property.If it has cracks and nasty oil stains, it is a blight on your property. Make sure to clean it thoroughly and repair all cracks.

6. You’re a seller who really needs or wants to sell your home within the next three months and the market is slow in your area. Getting enough people to come and look at your house is the secret to achieving your goal. Make price reductions until you do get 1 to 3 showings per week, and your home will sell.

7. Buyers aren’t a dime a dozen but they are out there. Showing flexibility can make your property more attractive than the competition. Be willing to vacate quickly for a qualified buyer who wants it.

8. If someone gives you their word they will do something, but doesn’t put it in writing, you cannot force them to do it. Make sure you get everything in writing!

9. Whether buying or selling, it is important to recognize the type of market you are in. After years of a hot seller market, the beginning of 2007 introduces us to a distinct buyers market. Home prices are falling, which means we have a volatile market.

10. Many people ask escrow officers for advice or help. Don’t expect any! Escrow companies are supposed to be neutral third parties. They handle the paperwork, not negotiations or problems.

If you are a seller, the real estate news probably sounds pretty grim. It really isn’t. There is always a market for sellers and buyers. You just need to put your nose to the grindstone a bit. Since most people don’t, you’ll have an advantage and get that sale.

For many people looking for a real estate bargain foreclosures may be the answer. Many cities across the country have been hit hard by the foreclosure boom. Make sure to research your area and see what kinds of deals are available out there.

Stopping a foreclosure is not easy, but if you can stay informed and seek help it may be possible. The equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner’s failure to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Now you know what real estate foreclosure means you may know what to look for.

Investing in pre-foreclosures with short sales has never been better. Many everyday people have never thought about getting into real estate investing because they always thought that real estate investing requires lots of money and a great credit score. House foreclosure investing for most people will require funding, but not as much as you might have thought. In fact, experienced investing individuals and business companies can easily make a lot of profit by recognizing the right opportunity. Much of the risky lending that helped fuel the housing boom dried up this summer when investors lost their appetite for these loans, after tens of billions of dollars worth of mortgage-backed paper all but evaporated. The credit scare has thrown a chill on all mortgage lending, threatening to prolong the ongoing housing slump. Falling home values and tighter lending standards have extended the housing slump, making it tougher for homeowners unable sell their homes or refinance when they face mortgage payments they can’t afford.

Another option is buy a house that has been recliamed by the department of housing and urban development, or HUD. HUD homes since they are government backed can often be very good deals. These homes are sold as-is which means no repairs or sellers disclosure will be provided, so it is important to have a real estate agent who knows what they are doing.

Another type of foreclosure can happen when the taxes on a home have not been paid. This type of real estate foreclosure is call a tax reversion or property tax foreclosure. The IRS attaches a lien and that lien supercedes the mortgage lien. Then the home can be sold at auction to satisfy the debt.

Now, with rising interest rates and softening prices threatening to derail homeowners who stretched to buy with risky loans, the message from this movement goes, this is the year for foreclosure bargains. Even more exotic products, such as interest-only loans, where balances don’t shrink, or, worse yet, option ARMs, where balances grow, also contributed to foreclosure problems.

The worst housing decline in more than two decades means that buyers are finding it tougher to get mortgages, and foreclosures expand the glut of unsold homes. Prices will continue to fall for the rest of this year because increasing foreclosures in turn increase inventories. Federal, state and local lawmakers have struggled to respond to a growing wave of foreclosures among borrowers with higher-cost subprime mortgages. All this means that the right foreclosure deal may be out there waiting for you.

To Recap, be aware of the different types of foreclosures and which one may provide the best oppurtunity for investment. Be sure to do your research and to find a qualified realtor. Then with a little luck and a little patience the perfect deal may be out there for you.

When you find yourself in a situation that may lead to larger complications down the line, you try to find the fastest and most headache-free solution to the problem. It is always the best way to nip the problem in the bud before it even starts.

The same principle applies when you’re dealing with accounts that have lagged on payments, whose checks have bounced, who have totally stopped making their payments and have deemed themselves unreachable and a dozen other scenarios that will surely make your head spin. The role of your credit manager or controller if you have one, at this point, is to decide whether to deal with these problems in-house or pass on these accounts to a debt collection agency that will then be tasked to follow-up and, at best, recover the money owed to your company.

Usually, a debt collection agency is called upon when you really have an overwhelming problem with your customers’ payment backlog. You’ve already tried resolving the issue using your in-house crew and having them initiate non-threatening appeals to your accounts by making phone calls, sending letters and even making personal visits. Or, sometimes, the problem has persisted and you find that your whole business has reached its danger zone and its plight hinges on whether or not you can recover some of the money that you lost. Whatever the case, hiring a collection agency seems to be the best way to deal with the situation.

However, extra care must be exercised when you finally decide to place accounts with a debt collection agency. You have to remember that hiring a collection agency means that you are turning over a part of your business to someone totally on the outside. First of all, when you choose a collection agency you have to be sure that they come highly recommended by someone who has made use of their services and have been highly satisfied with them.

It is just as important that you check with an accrediting organization like that of the Better Business Bureau. This just makes sure that the debt collection agency that you’ve hired is regulated and subject to a higher power if they fail to deliver on their promise.

Second, when selecting a debt collection agency, you have to consider their technological capacity and equivalent manpower to handle your demands. When you say technological capacity it means that the agency will have the call center in place to handle any communication between your customers and the agency, with reporting to be done on a regular basis to you as the ‘mother’ company.

You also have to make sure that the agency’s staff is trained to represent you as the client and not be seen as a third-party provider. It has been reported that some people are adverse to collection agencies and are more prone to shying away from them which will make it harder for you to go after them.

The agencies experience and customer-related orientation need to be as good as the fees that you’ll be paying. You need to negotiate a good compensation package that will take into account all of these conditions mentioned so you’ll at least be assured that you’re getting your money’s worth. It doesn’t make sense for you to be paying so much and not getting anything in return.