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20 Comments on Knowing when to say “when” is the hardest part of the real estate business.
Nice points Richard. There are times when deals will just go south. I have learned to just say "yes, no and next" Keeps me from getting overly defeated when something does go the wrong way.
Richard, Letting it go is often in the best interest of your client, if the deal is dead asking for a buyer to make a new application or paying for yet another appraisal is a waste of money. It may be better to save up for a future attempt when issues are resolved.
Richard....sometimes we need to break the chains that bind us....it's sometimes best for ALL parties involved.....
Richard,
Very well said. Moving on often is a very good strategy to break inertia and get things going again. :)
Steve
Richard,
Excellent point. There are times when we can do even more damage hanging on longer than we should.
Rich
If all efforts have failed. If everyone has tried thinking out of the box. If both sides know what the other side needs and just cannot meet those needs, then the deal may be lost.
If the deal has the chance of being lucrative for both sides, and they just need time to give more thought, then perhaps a "cooling off" period, or a "recess" in the discussion is in order. That way the agents have given every opportunity for the two sides to come together.
It's not about the commission. It's about making a deal where both sides will win something.
Good point. This applies to working with buyers and sellers. You do reach a point where the only thing happening is the blood pressure (and stres) is rising!
When it won't work - it won't work. As a lender, we are having to face this too. We try and try and try - but what use to work, rarely does any more.
If all options have been exhausted, and you know you've done all you can, and letting go is in the best interest of your client, then by all means move on.
It's not an easy thing to do. But it will show your integrity in the long run.
You all are making good points on here.
I think that us investors refer to a situation like this as "cutting your losses."
Some "investors" think that they should hold onto something just to avoid a loss. However, sometimes, you can use that money that IS avaible to you today, albeit less than yesterday, and put it toward something that will benefit you more tomorrow.
Many people over look this with money. They often do it with time and energy, too.
If you have to work twice as hard to complete this deal, then you probably lost two more deals that you could have had. Plus, these deals would likely generate more referrals since they were deals that should have been made in the first place.
Richard, first, as always, I just love that photo!
I have seen agents hang on to a deal like a dog with a stinky old bone! And it does no one good, makes everyone crazy. And how we handle that sets the tone for our clients.
Great post!
Richard: I'm crafting a post about a deal that fell apart after two and a half months. Blew up, not in a nice way, at the settlement table. Again, we lead parallel lives.
We need to keep in mind that it is the clients interest we are looking out for. When we do that, our interests will also be taken care of.
You said it simply but elegantly. In the best interest of your client you must acknowledge when you have reached an impass. You must know when to pack up and walk away, as hurtful as it maybe. It is akin to the Twilight Zone; you may not know how you got there but you know you need to get out and quickly!
It happens. And will happen again. I like the word next. Great point on client's interest
Sometimes keeping a deal together is impossible and trying to stay in only compounds the clients frustration. We can learn from deals gone south.
Richard, there seems to be at least one time in every transaction when it feels like it's going down the tubes. I don't lose many of them, but it sure feels crappy when I do.
There are those times that we need to get ourselves out of the way and remember that it is our client that we work for first.
Richard that is a great way to look at it. Shedding positive light about the situation and moving on....I like it!
Holding on is never the hard part, it's letting go that's hard for most people. But once and a while, you just have to.