Loose Lips Can Sink Great Deals

For a while now anybody who’s had anything to do with real estate – as an agent, broker, buyer or seller – has been hearing that Social Media has an important role to play in the future of real estate. But it may not be the role you’d expect.

The Los Angeles Times recently ran an interesting article about the value of discretion for anyone involved in a home sale – even on your private Facebook page. A buyer submitted a below-price offer, but then took to Facebook and confessed to loving the home and being willing to pay much more. Lo and behold, the seller’s agent got hold of the post and the buyers lost all chance of getting their dream house AND a great deal.

We all know that you shouldn’t show your hand to the other side in a real estate deal – that’s why most agents insist that the sellers be out of the way during open houses, etc. Social media feels a lot safer and more private than launching into a face-to-face chat with a stranger who’s just waltzed into your home – but of course, it isn’t. If anything, your Tweets and status updates are that much more vulnerable – and not just because they’re immortalized in text. You’re that much more sincere when directing your speech to friends/family/followers – it’s much easier to confront a loose-lipped buyer with a “post” than it would be with an off-the-cuff bit of small-talk.

Bottom line? Resist the urge to broadcast ANY details about a real estate transaction – even if those details are ‘how you really feel’ – until the deal is done.

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