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All the emoticons in the world are a poor substitute for conveying basic human emotions like empathy, amusement, disappointment, resolve -- and a million other subtle nuances.
Email also has a way of being misconstrued, or coming across harsher than intended.
So, for letting a client know (at midnight) which showings have been confirmed for the next day, email's a Godsend; for finishing off a tense negotiation . . . . most experienced Realtors instinctively reach for the phone.
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