Lynn B. Friedman - Atlanta Homes ODAT Realty: How A Home Seller Pocketed Extra Cash Because Of Facebook

How A Home Seller Pocketed Extra Cash Because Of Facebook

Dear Readers,

Today is Joe Manausa's day to teach us on ActiveRain - my Real Estate Graduate School. Joe's Facebook lesson is part of the amazing learning available on ActiveRain every single day. Great advice, Joe.

 Be sure to read other posts from Joe since there is a lot more to learn there. Try Bidding Wars or Best Day to Buy or Value a Home like a Diamond.

 

Joe's firm Mission Statement is:  "We help families move to and from Tallahassee with the best rated real estate agents in North Florida."

Be sure to remember him with referrals - he knows a lot! I enjoy learning from his posts all the time!

Have a successful day -
Lynn

PS  If I haven't thanked you personally for reading and/or commenting on my posts, let me do so now! I really appreciate your stopping by! Lynn

When I share this story about how a house seller made money on Facebook, please understand that it also means a house buyer lost money on Facebook.

Social media is an expanding aspect in most of our lives, so we must consider the potential consequences of our "public" utterances.

Facebook, Real Estate And Sharing

Many people like to share exciting events and activities with their friends on Facebook, and what can be more exciting than buying a home?

The process of buying a house is fun (I mean, how often do you get to go shopping for something with a budget of several hundred thousand dollars, right?)

As people often do, they sometimes "share" their real estate favorites on Facebook and other social media.

The internet has created an immediacy for sharing that is unprecedented and many people enjoy the positive benefits that this creates. But they also fail to consider the potential harm they might endure by publicizing their thoughts and feelings during the homebuying process.

Real Estate on Facebook - Be careful what you share

A Facebook Real Estate Story

Recently, we listed a house for sale for sale in Tallahassee and promoted it vigorously with our online marketing system.

There was a lot of activity on the home before it even entered the MLS. Within a few days of it hitting the market, we had numerous buyers making offers and it finally went under contract at a price higher than the seller was asking.

The buyer's agent scheduled a house inspection right away, and it was conducted less than ten days after the contract was executed.

And then it happened.

The buyer posted an image of "her new home" so that all of her friends could see it. She was clearly excited about buying it, and she shared all of the changes that she and her husband were going to make.

While she only shared this information with her friends, one of them must have "liked" it which then made it visible to all of the friend's friends. And that is how it became visible to our online marketing department at Joe Manausa Real Estate.

No big deal right? The buyer loves the home. Well ...

When the house inspection concluded, the buyer requested the seller pay for $2,218 worth of minor repairs that were not evident prior to contract. The contract did not require the seller to make the changes, but the seller did not want to lose this buyer. They had a better-than-asking-price contract, so losing this buyer would likely mean losing many thousands of dollars.

The seller asked us what they should do, as it was clear that this was the best buyer for the house (meaning the buyer most willing to pay top dollar was already under contract).

Normally, we would not know what the buyer was thinking, and we would have done a risk-benefit analysis and would have likely just done the repairs.

But in this case, we knew what the buyer was thinking. She had not considered her Facebook activity as public, but she was mistaken.

We politely declined to do the repairs, and nothing happened. The buyer proceeded to close on the house and the seller pocketed $2,218 more than they would have had we not known what the buyer was thinking.

Facebook Is Public

The moral of the story is never reveal your position in a negotiation if you are 100% set on what you are going to do. You loose the ability to negotiate when you loose the ability to bluff.

Facebook is very public and you should consider that everything you post will be available to the entire world, forever.

When buying a home, share your thoughts and feelings with your real estate buyer's agent, but with nobody else.

You can always go Facebook crazy after you close on the home.

If you found this article helpful, please go "like" our Facebook Real Estate Page, you can find it HERE.



Joe Manausa, MBA
Joe Manausa Real Estate

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Comment balloon 5 commentsLynn B. Friedman • May 16 2016 09:51PM

Comments

Thanks for sharing a great post from Joe, Lynn B. Friedman .

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 2 years ago

Good morning Lynn. Thank you for sharing the post. I will bookmark it and share with others.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Good morning Lynn. What a great choice for a re-blog. Great advice from Joe and now off to tell him.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 2 years ago

Praful Thakkar You are welcome!
Gita Bantwal   It is a post worth sharing.
Sheila Anderson  Glad you told him also!
Have a successful day -Lynn

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) over 2 years ago

Lynn what a great re-blog I have never been a fan of FB and even less of a fan of posting all the private or confidential issues on any platform but definitely not on FB:)Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 2 years ago

Participate