People who are comfortable regularly sharing information on social platforms will naturally continue to do so when they’re buying or selling their Real Estate. Recently we noticed someone we’re connected to on Social boast about preparing her new condo for sale but also mentioning that she’s bought another one just the other day. Do you see how this could be a big problem? People are watching and can use that as a pretty sweet negotiation tool.
1. Too Much Information
As mentioned above, this person clearly stated that she has purchased a condo without selling their current one. Even announcing the particular place she bought. Knowing that it was much more expensive than the one she was selling anyone watching can see that the sale of the condo needs to happen in order for her to afford the new place. Time would be of the essence and if we were representing a buyer we would most certainly use this as a negotiation tool. We’re not mean, just really good at what we do!
2. Don’t announce the Sale price
Luckily for the Seller her place sold when she expected to and for a really high price. The moment it sold she announced “SOLD for 99% of list!” Problem…the sale is conditional, meaning there are two escape clauses. One being financing and the other being status certificate review. These are two ways the Buyer can back out of the deal. One thing that concerns us here is the unprecedented price. The bank will conduct an appraisal and may decide not to fund the deal if the comparables don’t check out. Deal falls through, condo goes back on the market (at a lower price likely) and you’re back to square one with all these people that know way more than they should.
3. Don’t comment on renovations
This is really not a huge concern for most people as anyone with a couple neurons firing will make sure proper permits are obtained from the City before any renovation. Sure you don’t need a permit for everything but in both condos and houses there are renovation rules. If you didn’t receive proper approval from the condo board for renovations, or didn’t obtain permits for work you’ve conducted, don’t announce your grand renovations to the world. The individual Buyer will find out by calling the City or speaking to the management company of the condo anyway.
4. Don’t make it obvious it’s vacant
For one simple reason: Theft. There are many horrible people out there that love to take advantage and once they find out you’re away for the week or the place is vacant. They’ll pounce. Keep that part private while your place is on the market.
Do the agents you know educate you on Social conduct while selling your home? Prior to taking listings, we take our clients through some Social 101. A “what not to do” of sorts. Of course we encourage promoting your place but doing it through our posts that are safe from the dreaded TMI syndrome. We’d love to hear from you.