One of the biggest unfortunate events that can occur in the real estate industry is when deals fall through last minute. For all parties involved, this is a giant disappointment.
Read on to get some tips on damage control.
Reset and Regroup
If a deal falls through, the reality is that there is nothing to be done at that point. The worst is already over. This can be a hard pill to swallow. After the initial feelings of frustration and disappointment have worn off, it's important to reset and regroup.
Managing expectations can be really hard in real estate, in general. Add in losing a deal last minute and this might seem downright impossible. Sometimes agents will lose clients over the whole process, but hopefully with good communication the relationship is salvagable.
A good first step to reset is to figure out why exactly the deal fell through and how you can ensure that it doesn't happen again. If the deal fell through because of the other party, then agents need to do their best to find others who are more qualified, etc.
When regrouping, think about what are non-negotiables and both best and worst case scenarios for your clients. Getting everything out in the open about what went wrong and what will go right next is key. Then make a plan and execute as best as possible. Remember that your clients are going through something very frustrating. Both time and money are on the line. Remaining understanding and compassionate goes a long way when a deal falls through.
Your Mindset and Team Matter
This is where working with a team can be great because if you have a network of trusted professionals, it's less likely that things will go sideways. For example, work with a lending officer/mortgage broker that cooperates with multiple banks that way there is always Plan A, B, and C so that a deal won't fall through.
If a deal looks like it might fall through, do your best to maintain active communication with all parties. Damage control is easily done more often than not if there are enough signs ahead of time to act. Call whoever you can to get ahead of issues. This is another great reason to ensure that your clients are pre-qualified and ready to go. No one wants to be the agent on the other side of a deal that falls through.
Keep your head up, keep communicating, and be creative if and when a deal falls through. Use your knowledge to see certain potentials with other clients and parties involved and stay on top of your game. These things happen but it's all about how we deal with them.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.