When Blogs Attack: Eric Eggertson on PR Damage Control

(FranchisePick.Com)  FranchisePick.com was created 14 months ago to be the first truly candid, unbiased, hype-free blog for those seeking the franchise opportunities.  Rather quickly, our willingness to allow both sides of franchising to be heard made us a lightning rod for some of the industry’s most controversial issues and companies. 

We saw how companies responded to negative comments about them on blogs in a variety of ways – from threats and intimidation to hiring Internet tech tricksters to posting positive shill comments to telling themselves What happens in the blogosophere STAYS in the blogosphere over and over.  

As most tactics seemed to backfire and my suggested response (buying me off with large, untraceable offshore deposits, lavish gifts and/or check made payable to Sean Kelly.  That’s spelled S-E-A-N K-E-L-L-Y) is rarely heeded, I asked PR guru and fellow b5 media blogger Eric Eggertson of Common Sense PR to share his uncommon wisdom with victims of negative blog press.  And he did!

Eric Eggertson on PR Damage Control:  The FranchisePick.Com b5 Business Channel Interview

 SK:  Thanks for the interview, Eric, and welcome.  First off, should companies even care what’s being said about them on blogs?  After all, it’s just a handful of geeks reading each other’s diary entries, right?

EE: Whether or not you decide to respond to items in the media or on blogs, most companies should monitor what’s being said. You have to know what people are saying about you, or you won’t know how to protect your reputation, or take advantage of positive buzz that’s happening.  One reason not to ignore what’s written on blogs is that they provide a semi-permanent comment about your company that is easy to find through search engines.

SK:  You’re a Public Relations pro in both the traditional and New media world.  Do the same basic rules and practices of traditional PR still apply to the world of blogging?  How do they differ?

EE: The same rules apply.  You manage relationships with the individuals and groups that are important for your company.  Internally, you get agreement on clear, compelling ways to tell your company’s story, and you tell that story consistently, customized for whoever you’re dealing with.

Of course, it’s also true that the old way of doing things doesn’t work in this new environment.  Your PR tactics have to adapt to the world of blogging, podcasting and social news sites.  You have to understand technology enough to know that the Internet has the equivalent of Call Display, so your anonymous comment on a website can be traced back to your company’s IP address.  If you thought spamming journalists with news releases was a good idea), you definitely have to change the way you approach bloggers, because they’ll ignore you or ridicule you. 

SK:  There was one company (that shall remain nameless) whose controversy was first posted on Franchise Pick but spread throughout dozens of blogs and even into print coverage.  It seems to me that the catalyst for this story was not even really what the company did or didn’t do initially, but a perception that they vigorously attempted to suppress the discussion and purge past posts of all references to the controversy.  What’s the best way for a company to defuse a volatile issue that involves bloggers?

EE: This area of PR is fairly new ground, but I see a few pitfalls to avoid.  First, it’s usually better to be perceived to be an open, honest company that is acting in good faith to defends its reputation from an unjust accusation.  It helps to explain what you perceive to be the damage to your company, and why you believe the record should be set straight.

Don’t let a negative comment poison a business relationship.  If you have an existing contractual relationship with someone who is posting damaging information, it’s very possible that person has violated the terms of the contract.  I don’t see any reason not to contact that person privately and let them know you consider them to have breached their contract.  It’s also perfectly acceptable to express your disappointment, and ask if there’s some way to resolve the problem.
Don’t get trapped in a spiral or “he said”, “she said.”  If you don’t want your words repeated far and wide, ask that your e-mail or phone call remain confidential.  The person may violate your request for confidentiality, but that will likely make them look bad.

I would strongly suggest not involving lawyers in your initial contact with bloggers. It just gets their backs up.  If you have a just cause,  just state your case.  No need to hit them over the head with a hammer.

SK:  What are the worst mistakes a company can make when it comes to defusing or counteracting negative press.

EE: I’ve seen way too many company reps let their emotions take over.  Their feelings are hurt by what has been written, or they are just pissed off.  Remember the first rule of interpersonal communications – try to see the situation from the other person’s point of view.  It’s easy to escalate the situation into a flame war, but that rarely benefits your organization.  Your anger will lead you to behave badly, and the people observing will just see the bad behaviour, they won’t see your justified reasons for being upset. Take a deep breath.  Save your initial nasty response somewhere, and start over with a more reasoned response.

Some companies fail to consider that they may have made a mistake.  If that’s the case, they need to quickly assess the repurcussions of an apology, and make one, if it’s not going to lead to catastrophe.

The opposite response – silence – can be just as bad.  When your reputation has been attacked, your silence can be seen to be an admission of guilt.

The best response to negative press is to correct factual errors, express concern about the situation, and state your company’s position on the issue in clear, simple language.  You don’t have to rebut every single point that is made.  Just show that you have listened to what the person is saying, and respect their point of view, even if you feel they’re wrong.
Behaving well, and treating bloggers, the media and the public like human beings, can build a bridge for a future positive relationship.
Just don’t be disappointed if your reasonable responses are met with distrust, escalations of accusations, and more bad coverage.  You can’t stop people from behaving badly, unless their behaviour steps over the line of libel, or defamation.  If behaving reasonably doesn’t work, you may need to call in the lawyers.

SK:  Thanks, Eric.

EE:  Thank you.

Eric Eggertson is an in-house communications consultant who has worked primarily with Canadian co-operatives, non-profit organizations and government agencies.  He is a generalist in internal communications and public relations, with particular focus on web-based communication methods.  Visit Common Sense PR for a wealth of PR advice, tips and information.

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Top 9 Mistakes That Could Lead to Buyer Regret

1. Love at First Sight : Buying the first property you fall in love with can be your worst mistake, especially if you find out that there is something better at a more affordable price.  It is best to check out several properties, compare its best features, before you narrow down your choices.  What can be the best property in your list today, can be the last in your list by next week.
2. Trust your Instinct :  Usually, your home is one of your most expensive purchase.  For something that can cost you a lifetime of mortgage payments, it pays to trust more than your instinct.  In fact, I would recommend that you set your emotions straight.  The less emotional you are about the buying process, the more likely you can come up with better buying decisions.
3. Be in a Hurry to Buy :  You are not in a race to buy, especially at today’s market where there is a lot less competition.  Some people are grabbing the first house that they can afford to buy or even the first house that they like, even if it’s way above their budget.  In the end, some may realize that they are not happy with the house they bought.  Meanwhile, others learned that they really cannot afford to pay for their home and end up in a losing battle to keep it from being foreclosed.
4. Buy the Cheapest House you can Afford:  A cheap house doesn’t always mean that it’s a good buy.  There might be a good reason why it is selling for such a low price; such as termite infestation, major repairs or bad neighbors.  It is best to investigate further.  Ask your Realtor.  Check the house several times including the neighborhood.  Most of all, have the property professionally inspected.  Remember, if it’s too good to be true, then it must be.
5. Over Extend your Borrowing Capacity :  Now more than ever, you should learn that it is best to always have a reserve money when buying a property.  Foreclosure numbers continue to go up.  You don’t want to be part of another foreclosure statistics.  Have a budget and make sure you check out your financial readiness to buy.
6. Trust Everything to your Realtor : Most Realtors work by commission.  Although, some have real passion about their job, some can be driven by how much they can earn.  You should make your own decisions.  Have your own set of criteria that clearly indicates what you need in a house and what you want in a house.  It is important that you prioritize your needs first before your wants.  Otherwise, you might end up buying a house that would suit the life style of your Realtor but not yours.
7. Join the Bandwagon : Learn to be an informed borrower and buyer. Don’t rely on others to make a decision for you.  Take a look at those who bought during the peak of the property prices.  Most of them are suffering from having a larger mortgage than the actual value of their house.  To add, most home buyers have different financial positions, what is applicable to one borrower can put another one in a much worse scenario.
8. Don’t Plan Ahead :  Most home owners don’t buy and sell that often in their lifetime.  Thus, it is important to plan ahead.  Don’t buy a studio even if it is the only thing you can afford to buy now, if you’re planning to have kids in the next year or two.  There are costs involved in buying and selling a house. Buying the home itself could eat up a huge part of your savings, the other costs involved could further put a dent in your finances.  Don’t forget that selling comes with a cost as well.  The Realtor’s commission alone can cost a small fortune already.  To add, in a down or stagnant market, you might not be able to recover all your buying and selling costs.  So plan ahead, don’t make any costly mistakes that could cast a shadow in your future plans.
9. Buy in an Unfamiliar Market : Relocating to a new neighborhood can be very exciting.  It can signify new opportunities but it can also mean wrong choices.  It is best to familiarize yourself in the area where you are planning to buy.  Is it a safe neighborhood?  How close is it to the nearest community facilities such as schools, hospitals, public transport and anything else that is in your priority list.   Does the area suit your family’s lifestyle?  Moreover, check the on-going market price and recently sold prices of homes in the area.  It will give you a good indication on how much to offer for the house you intend to buy.  You don’t want to pay a premium price for a sub-standard location.

I hope you find these tips useful.  Your home is your castle.  Don’t let anyone or anything influence you to come up with the wrong decisions. Don’t let any of these top nine mistakes cause you any buyer regret!

10 “Do-It-Yourself” That Will Help Sell Your Home

Selling your home is not just about finding an agent to sell it for you.  More than anyone else, you’re the one who has the most vested interest in selling your home.  Thus, you should do your share in making sure that your home is in tip top shape during inspections and open houses.  Hiring a professional home stager can make things easier for you.

However, if it’s not within your budget, here are 10 things you can do to help sell your home faster:

1) Be Objective:  Oftentimes, we have this "love-your-own" view of our home.   We usually have a blind eye for its faults and shortcomings.  Since, you’re used to seeing things as they are everyday, everything seems to look fine.  In reality, some things do need attention.  You can ask someone else to help you identify the things that will help make your place look more presentable and smarter.  It doesn’t have to be a professional opinion.  Ask your friends or relatives for their honest and objective opinion.  They used to be home buyers too and their profile could be the same as your potential home buyers.

2) Clean your home:  Have a system in cleaning your home.  Have a timetable and itemize the areas you plan to clean, according to its priority.  Oftentimes, just the thought of cleaning your whole home is already overwhelming, that you never get to actually start it.  Recognize the fact that you cannot do everything in one day.  If you need help, don’t hesitate to ask for it.  Request for some assistance from your relatives or friends. 

3) Declutter:  Organize the clutter in your house.  Start by sorting the things into boxes or containers.  Label it as things you need to put away in the garbage, things that you will donate to charity and things that you still need.  You’re not only making your home look more presentable, but you’re also giving yourself a head start in packing,

4) Attend to minor repairs:   Make sure all the loose knobs and cabinet doors are fixed.  You don’t want to leave an impression that you’re house is falling apart.  Call a licensed tradesman for the things you cannot do yourself, such as plumbing and electrical.  Don’t let these minor repairs be bargaining factors in your home’s selling price or worse be a reason for them not to buy your home.

5)  Consider repainting:  If you have some extra cash, consider repainting your home.  Use neutral colors that will appeal to the general majority of buyers.  A new coat of paint will make your house look fresh and more clean.  This is something you can do yourself.  Just make sure you do it right.  If you’re not confident you can do it properly then hire someone to do it or just clean the walls with some sugar soap and water.

6)  Do some simple landscaping:  Start at your front yard.  Declutter your garden.  Remove the overgrown vegetation.  Fix your mailbox.  Clean the driveway.  Mow the grass.  Plant some flowers and other suitable plants that would add to the curb appeal of your home.  Do the same in your backyard.  Making it look clean, nice and organized,  makes it look inviting, relaxing and easier to maintain.  You don’t want your buyers to have an impression that your yard is high maintenance and will be an additional cost to their move-in expenses.

7) Furnish your home appropriately:  Over the years, you might have collected a lot of furniture and decors that makes your house look cluttered and smaller. Remove excess furniture and decors.  Don’t store them in your garage.  Your garage should be clean and clutter free, just like the rest of your house.  Consider storing it temporarily in a relative or friend’s garage.  If you can’t find free storage, invest in a storage company temporarily.  Make sure all your furnishing and decor blend well.  Again, it will be good to ask an opinion of a friend.  If you need to further highlight certain areas of your home, you might want to consider renting some decors and appropriate furniture.

8) Get rid of pets and everything they’ve left behind:  Look for a temporary housing for your pets.  Make sure you deodorize your home to remove all traces of pet odor.  Repair the screens, holes in the wall and anything else where your pet left a mark. 

9) Create an ambience in your home:  Make everything smell and look fresh.  By now, if you’ve done the previous items in my list, you don’t have to do much.  Just buy one of those automatic deodorizer and room freshener sprays.  Let some light in.  Bring in some indoor plants. Put fresh flowers in vases.  Prepare some light music during the open house.

10) Sit-back and Relax:  You’ve done the hard work on your end of the deal, now let you’re agent do the selling.  Set your emotions straight, so when decision time comes…you will be objective in getting the maximum selling price for your home.

I am Facing Foreclosure is officially over! (again)

Casey Serin the infamous "Foreclosure poster boy" and said to be "most hated blogger" in the world had decided once again to close his blog for good by August 3, 2007.

You can read all about the drama here, here and here.

The ending of his public life was not a "happily ever after" story:

• He has a lawsuit to settle.
• He is assigning his rights to his book.
• He has to cooperate to an FBI Investigation
• He is currently not welcome at home.
• He has to win back his wife
• He has to let go of his dream to have a passive income from real estate
• He will forego his desire to set-up a business
• He has to settle several hundred thousand dollars in debt.
• His blog domain, his major source of income for now…will only sell for $20,000 + 50% income for one year

But in the end, he has his faith and belief that things will be better.  He had set his priorities and pledged his commitment to those priorities. 

But, if someone in a similar situation would ask for my advise…I think he was hasty and too emotional with his decisions.  As I have written before, "Set your emotions straight…is the first step to  real estate success" (even if it has nothing to do with real estate).

When we are emotional, we can’t think straight. We tend to make decisions that we will regret later on.  It doesn’t even allow us to make a calculated guess, everything relies on what we feel for the moment. 

In Casey’s case, he gave up everything for his wife.  I’m not saying he shouldn’t.  It’s just that he did everything in blind faith, that if he gave in to what his wife expects of him, everything will be ok.  For his sake, I just hope it would. However, a lot had happened and some are even irreparable.  They both had a bad start financially.  A W2 job would give them a stable income, but it would not give them a sense of financial security, considering their situation right now.

A lot of those facing foreclosure are in a less worse situation than Casey.  They may even have W2 jobs.  However, the problem is not in having a stable income, but how to stretch that income to meet their mortgage payments, household expenses and other financial obligations.  Casey having a W2 job, is just the tip of the iceberg of a temporary relief for his situation.

In my opinion, he was a bit impulsive to set aside his other potential sources of income.  With a bit of time management, he could have juggled everything with a W2 job.  A lot of bloggers are not full time in their blogging, but they still manage.  He should have chosen to turn around his blog, from a personal one to a foreclosure business blog.  He is starting to do it, but he totally scraped off the idea before he was able to successfully do it.

Anyway, I still wish him all the best.  I cannot totally blame him for his decisions.  He is in such an emotional state to make the best decisions.  May his faith, belief and determination be a driving force for him to succeed in the path he has chosen.

Top 5 Most Common Mistakes (I’ve Witnessed) People Made in their Real Estate Purchases

Sometimes the biggest lessons in our lives are from the mistakes we committed. However, it is better to learn from other people’s mistakes so you can avoid to experience the same misery.

In my previous article, I’ve discussed about Joshua Dorkin’s "Top 5 Mistakes Made by Real Estate Investors During the Housing Bubble".

In addition to that, here is an excerpt from one of my previous articles:  "Set your Emotions Straight: The First Step in Real Estate Success"

Top 5 Most Common Mistakes (I’ve Witnessed) People Made in their Real Estate Purchases were:

1. Buying for the sake of having a property, even if it’s not the best one to buy.
2. Joining the bandwagon, even if it is going the wrong way.
3. Buying because it is cheap, without even realizing there might be an underlying reason why it is selling at that price.
4. Settling for second best, simply because it is the only thing they can afford.  Your budget is important in your real estate purchase, but don’t let it take control of what you can buy.  If you need to look in another location, to find a better property, then do so! It is better than getting stuck with a dump.
5. Over improvement of a property on the wrong location.  It is good to improve one’s property, but not when you cannot recover your cost.

In The Digerati Life, Silicon Valley Blogger also pointed out 5 Things he Learned from Casey Serin, the "I am Facing Foreclosure" Guy.

1. Let’s learn from some serious fiscal and personal mistakes
2. Why not capitalize on one’s strengths?
3. This confirms my motto: Keep it sweet and simple
4. Smile in the face of adversity and try and try again
5. Shunning mediocrity can lead to big successes and equally huge failures

Casey Serin foreclosed 6 properties and has $2.2 Million in debt from his failed real estate investments.  Here are the 10 mistakes he committed.

Mistakes are normal part of our lives.  Don’t be sorry if you committed any…irregardless of the degree of  the consequences…what matters is you learned from it.

Did You Commit this Top 5 Mistakes during the Housing Bubble?

Joshua Dorkin of BiggerPockets.com wrote an article about "The 5 Biggest Mistakes Made By Real Estate Investors During the Housing Bubble".   I would not exactly call it the Top 5 Biggest Mistakes, but it is still a good list of things to consider when investing in the property market.  He essentially talked about how some people can get too emotional about their  property that they forgot to analyze the validity of their investment.  It is a good reality check because these are some of the things that most people do without even realizing the consequences.

Here is Joshua Dorkin’s List:

1) Forgetting about the Past

2) Irrational Exuberance

3) Ignoring the Numbers

4) Becoming Emotionally Desperate

5) Becoming Greedy

Among the things he pointed out, I totally agree with last two; becoming emotionally desperate and greedy. Some people tend to join the bandwagon even if its the wrong one.  Others fail to accept the actual market price of their property and has their own perceived value.  As Joshua Dorkin pointed out "when greed takes over, disaster can follow".

Selling an overpriced property usually takes longer to market specially during the current real estate climate.  Some owners can get too personally attached with their property and how much profit they want out of it, that they base the selling price on their needs.  In the end, after sitting too long in the property market they would eventually lower the price.  It is such a waste of their time. They also missed out on the genuine buyers who were priced out from their original selling price.

I wrote a related article "Set your Emotions Straight: The First Step to Real Estate Success" which explains why real estate investment should not be an emotional exercise.

How to check if you can you really afford to buy your dream house?

Buying a property can be a very emotional experience for some first time buyers.  It is very easy to fall in love in a property you cannot afford. Thus, it is advisable to have a budget in mind before you start looking for any properties. 

Check out these calculators before you start your search for your dream home.  Compare several results using different calculators to assess your budget range. Each site has other real estate calculators you can explore to personally evaluate your capacity to buy. These can help you live your dreams and avoid the nightmare of defaulting in your loan.

• CNNMoney.com :  How much house you can afford?
• Zillow.com : Can you afford to buy?
• Move.com : Home Affordability Calculator
• Ezloanapply.com :  Monthly Payment Calculator
• BankRate.com : How much home can you afford?
• Amerisave.com : How much home can I afford at a monthly payment of $X?

Why You Need a Telescope

I cannot remember a time in my life when I didn’t have a telescope. Since childhood, from a time before my earliest memories, there has been some kind of telescope in my possession.

I looked at the moon incessantly during the Apollo program in the 1960’s and 1970’s, I had many craters and mountain ranges committed to memory, and I knew EXACTLY where Mare Tranquillitatis was. I often pretended I could see the remnants of Apollo 11 through my eyepiece.

In my experience, owning a telescope has been the one constant in my life. No matter what has happened to me over the years, the tragedies, successes, disappointments, whatever, I’ve always had a telescope to take outside in my backyard and lose myself in the heavens. Probably more than any other inanimate object, my telescopes are most responsible for my mental well-being and stability (such as it is).

When thinking about this post, I was going to write lots of words expounding the reasons (all very noble and practical, mind you) of why you should run out and buy yourself a new telescope. I was going to mention how

• educational they are for your kids, how they could do great science fair projects using it
• owning one would save you money on your cable bill because you would watch less TV (see honey, it’ll pay for itself in five months)
• owning one will make you smarter – not a monkey
• you’ll be able to impress all your friends at dinner parties with your knowledge of supernovae and planets
• much more you’ll get laid because you can use the line: ‘Hey, wanna see some cool stuff through my telescope?’
• you’ll save the world by discovering an asteroid that’s heading straight for earth
• you’ll become famous by discovering a comet

Surprisingly, none of those very good reasons are why I think you MUST own your own telescope. There is a better, much more profound reason.

Technorati Tags: telescopes, the end of the world

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Part II – Casey Serin : Learn from a real life story of what not to do in Real Estate

Casey Serin’s foreclosure scenarios are getting common nowadays not only in the US, but in other parts of the world hit by the real estate bubble. 

However, his optimism, calmness and ability to share his experience to everyone are not something you’ll  often see from a foreclosure victim.  He made serious mistakes and he is optimistic that he will recover.  I don’t know how he will manage to do it but a positive attitude is better than totally losing hope about his situation.  With all the publicity he’s been getting, he might get lucky with a book or movie deal to save him from his troubles.

However, wishful thinking got him in trouble in the first place.  He was very aggressive in investing that he bought too many houses too soon and quitting his job at the same time. There is nothing wrong in being aggressive in investment as long as you have the skills and the finances to do it.

Casey’s blog is interesting to read because the foreclosure cases are real.  There is so much to learn from his real life experiences, but read it with caution.  Make sure you learn from the factual information but do not heed his advice.  From what I’ve read in his blog, I could say that he is only partially facing reality.  He is transparent about his situation but he is still in denial in handling his finances and planning for the future.  He is so carefree for someone so young and with millions in debt. He also believes that he could turn things around in 8 months time to have a passive income of $5,000 from real estate.  He has a lot of crazy ideas that I’m asking myself why do I have to blog about him.

Just like the other media giants who took notice of  his blog, his story captured my interest.  His story is like a wild thought that  got out of hand.  A lot of us dreamt of owning several properties, but for some it remained a dream.  I admired Casey for pursuing his dream; however I pity him for  not waking up to reality. 

His blog is a good read if you want to learn about foreclosures and what not to do in real estate investment.  He has received countless advice regarding his situation that is worth looking at.  Here is one of the good ones. But, better yet it is a good reality check for those aspiring real estate moguls and new graduates of those get rich quick real estate seminars.

There is definitely lots of money that can be made in real estate, but just like any investment, there is also a risk of incurring losses just like what happened to Casey. You just have to plan your real estate investment carefully, put into practice what you have learned, set your emotions straight and make sure you’ve sort out your finances.

Set your Emotions Straight! – The First Step to Real Estate Success

A lot of books were written about achieving real estate wealth, so many courses are available to educate your way to real estate success, but these are all futile if you don’t fix yourself first!

With so many resources available, you can get confused on which direction to take your real estate investments. The world of real estate is like a jungle, where only the fit will survive.  You may get lucky with a deal once, but if you want to stay long in the business, you need to build a strong foundation.   Otherwise, you might interpret the things that you’ve read the wrong way or worst, you can easily get persuaded to make the wrong moves.

A real estate transaction is often a very emotional experience for a lot of people, specially for first-time buyers.  If you don’t manage your emotions well, you can end up with a serious mistake.  Moreover, I’ve seen so many people been blinded by their emotions, trying to justify that they have made the right decision… even if all factors are against it. 

One indication that you are in this boat is when you start defending the property you recently bought, during an ordinary conversation, when no one is asking you why.  Another is, when you start telling other people that your location is much better, but you don’t really sound very convincing (such as not having any factual information to support your claims).  It’s like your fishing for people to give you the assurance that you need.

It is when you’re in denial, that you dig a deeper hole for yourself.  It is in facing reality and learning from your mistakes that you can take yourself to the next level.  Otherwise, you have put your efforts and negative experiences in vain. 

It is best to manage your emotions and set it aside when making a real estate decision.  Prioritize what is logical, if it meets your set of guidelines, then your emotions can follow.  You will naturally feel good about your decisions, without the need for others to validate it.

The outlook is not very good for most people, at the prevailing real estate climate, in most countries.  In my previous article, I discussed about negative equity and foreclosures as the two most common scenarios you don’t want to encounter in real estate.  It is a painful hit to anyone’s emotions to be in this situation.  However, if your emotional foundation is strong, then you can easily recover and move on.

Some of the most common mistakes I’ve witnessed people made in their real estate purchases were:

• Buying for the sake of having a property, even if it’s not the best one to buy.
• Joining the bandwagon, even if it is going the wrong way.
• Buying because it is cheap, without even realizing there might be an underlying reason why it is selling at that price.
• Settling for second best, simply because it is the only thing they can afford.  Your budget is important in your real estate purchase, but don’t let it take control of what you can buy.  If you need to look in another location, to find a better property, then do so! It is better than getting stuck with a dump.
• Over improvement of a property on the wrong location.  It is good to improve one’s property, but not when you cannot recover your cost.

All these can be avoided in the first place, if you have set your emotions straight from the start!  To add, you can better assimilate all the available real estate resources at hand, if you have a clear mind; open to accept things, even if it goes against your emotions.