DO NOT TEXT AND BUY (REAL ESTATE) © 2014 By Wayne D. Lewis, Sr.

4 Concerns Why You Should Be Careful

When Texting in the Sale of Real Estate

By Wayne D. Lewis, Sr.

 

 

The challenges of buying and selling real estate have become integrally meshed with technology.  Being from the old school, I remember the big old books that we would have to order each quarter, if we wanted to stay in the loop in order to help our clients with the latest on properties on the market.  Today not only allows us as agents to access the most recent of information regarding buying and selling properties in our respective areas, but, technology also allows buyers and sellers to have access to virtually the same information.  To that end, we as real estate professionals need to be just as informed in order to know where that divide exists between the most informed buyer and seller, and those who are waiting to be informed.

Among the many things that technology allows buyers and sellers to do, is to email, video tape, digitally sign, or text their questions and responses throughout the buying process.  For example, a potential buyer may ask an agent a question about a home via text, along with a picture, that requires an informed answer, and quickly.  If the agent doesn’t reply quickly, that buyer maybe off to find a real estate professional who is more likely to respond, and, more quickly.  Texting obviously provides an opportunity for buyers in particular to inquire about prices, how many bedrooms, or baths.  Texting also allows for the agent to send photos, or in some cases attachments that the tech-savy buyer can pull up right away on their cellular device, or a Smartphone[1], thus, helping the buyer to make a very important decision as to whether to buy, or put off buying a particular property.  But texting, as good as it is, should not be fully relied upon during the home buying process.  Below, I’ll explain four (4) reasons why shortly.

THE BENEFITS OF TEXTING- There is no question about it, texting is an extremely beneficial tool of communicating.  As many of us have come to know, we will most likely see someone texting a friend across the room, rather than talk to them face-to-face.  Not that there’s anything wrong with that! (In my Jerry Seinfeld voice)[2].  The benefits have no doubt been far reaching.  From school activities where parents can keep tabs on their kids for extra-curricular activities. Or, where families can communicate at a shopping mall or a large amusement park, texting has become very important to many of us.  But, as important as texting is, there are times when texting should be used sparingly.   One area is buying and selling Real Estate.  Here are four reasons why:

LIMITED COMMUNICATIONS

1.  Deadlines-Whenever discussing time and deadlines, neither a buyer nor seller, should rely solely on texting their commitments.  An improper text message with respect to time could cause the loss of an investment.  For example, if in texting, a buyer agrees to submit a deposit by 12 without indicating noon or midnight, a deal could be lost.  Additionally, in response to a deadline, texting a response does not necessarily commit a seller or buyer with respect to a contract deadline.  If for example, a seller has until 9a.m. Feb 25^th, to accept a counter offer, a texted message may not be a sufficient response to the buyer who has taken the time to submit a formal counter offer.  Unless so stipulated as acceptable in advance, submitting a text message should only be used to confirm that the formal response was received, on time.
    
2. Auto Correction-If any of us have had our misfortune with auto-correction and text messages, we know that we need to be very careful in sending specific information.  Whether it has to do with a reimbursement on a repair for a (fight) light; or paying $3000 for closing (cots) costs, or a dome (home) warranty (exaggerated examples), if a textual response has terms in it that causes the respondent to wonder if you are a serious buyer, it is possible that the respondent could start taking evasive action by not responding at all to any of your text messages.  When texting about something as important as buying and selling a house, you will want to seem attentive in detail to the recipient.  So, try to avoid texting large volumes of important details, where the possibility of sending misspelled words, left out words or words that may send a totally different message than intended.
    
3. Backup to Other Sources-Texting in the buying and selling of real estate should only be used as an alternative to other sources.  One of the most reliable sources for transferring information electronically is emailing, and second to that, is faxing.  Whatever other sources are included, it must at least reference what was texted so that it reduces confusion between the intent of the message sent and the perception of the message received.  What we are trying to avoid is getting to the closing table where someone pulls out a text message that, for all practical purposes, contradicts, or seems to present an altogether different message than what the HUD or Settlement Statement is revealing.   
    
4. Group Texting-The idea of group texting should be very limited, if not avoided altogether.  The backlash of group texting is that someone in response may reveal coveted information that may compromise your position as a buyer or seller.  If you must group text, include the term group text in the initial text message.  But the best thing to do is avoid group texting when it comes to negotiating or relaying any information in the purchase or sale of your home or investment.
    
   As valuable as it is in our daily communications, texting in any aspect of the home buying process should serve as a back up to email, phone calls and formal documents.  Particularly, where any acknowledgement requires a written approval or concession between buyer and seller.  While it is fast becoming a wonder as to what or how we functioned before texting, texting should be seen in the context that it offers:  a brief message, that addresses social, and in many cases, pertinent issues.  However, because of what is often on the table when we are talking about buying and selling real estate, the need to ensure that which we intend to convey, is not left to texting as a primary source of making an offer, counter offer, accepting an offer, or even rejecting an offer.   Texting should be extremely limited, and backed up by confirmation, including, but not limited to a face-to-face conversation, or by (cell) phone.

In Conclusion-  The above are just four of several concerns we should all share in when it comes to buying and selling real estate.  There are other concerns when it comes to the use of social media, but if nothing else, they should be some concerns of your own as you sit with your device in hand, and prepare to respond to, or initiate information in a textual form as it relates to buying and selling your home, or real estate investment.  It will be easy to send that text, but be sure that what is sent is what is understood.  These four areas should be considered along with the overall importance of buying and selling real property.  The time and effort involved in buying and selling real property should not be risked with the latest gadgets and devices of social media that it risks the loss of a property, or perhaps even, thousands, if not millions of dollars by a buyer or seller.  To answer the impending question:  Yes, it’s that serious.  My advice: Do not text and buy (real estate).

SPEAKER: If interested in having Wayne Lewis speak before your community group, please email him at waynelewissoldit@yahoo.com

 

DISCLAIMER: ALL INFORMATION PROVIDED IS DEEMED TO BE FROM RELIABLE SOURCES, BUT NOT GUARANTEED.  NOT AN INTENT TO SOLICIT THE AGENTS, CUSTOMERS OR BUSINESS OF ANY OTHER AGENT OR BROKER.

 

 

 

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[1] Smartphone- http://en.wikipedia.org/wiki/Smartphone

[2] Jerry Seinfeld- http://www.youtube.com/watch?v=Oj3VphK9AMk