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Sign into your accountWhat Real Estate Pros Should Know About Private Communications During a Showing
March 13 2017
Those glued to HGTV well know the benefits of bugging a home with hidden cameras and listening devices during a showing. Opening the eyes of sellers and agents, these devices can point to overlooked or ignored strengths and weaknesses, making real estate selling a much easier endeavor.
In the private sector, however, bugging could set you up for some ethical and legal pitfalls.
Buggy benefits
Bugs can give you timely, clear, honest feedback – the kind you're not likely to get from buyer's agents. Pricing feedback. Staging advice. Unappealing features (you know, the ones you've been nagging your sellers about for months). But while bugging can bring to light ways a home can be improved to boost mass market appeal, they can also reveal details that present ethical dilemmas.
Bug bites
What if you overheard a potential buyer touting their willingness to go over-and-above listing price for a home – but they later submitted an offer less than asking price? Would it be ethical to use this knowledge in negotiations? Turns out, just because you need or simply want this feedback doesn't make it legal.