Ask An Ambassador: Know When To Cut Your Losses

Unfortunately not all clients are actually solid prospects! These are good questions to ask 

Hello Bill (and Liz too) - past experience, a gut feeling, time on this planet and lots of other things seem to combine.   Cutting out superfluous stuff from our routines can lead to a better life.  Or better living.  Maybe they will return at some point or perhaps we have said buh-bye.  Things are constantly changing.  Including priorities.  

I totally agree. We get better at figuring out who will work well and who won't!

Not only do you not take on all "clients," but you don't have to refer all of them, either. 

Whenever you’re getting diminishing returns on whatever you doing life you have to either restore your supply of energy toward that then or cut your losses. It really applies to everything

As I grew in this business, I have taken the approach of not chasing clients but working with clients that are excited to work with me. When you work with someone that you don't feel connected to, then they doubt your ability, talk to other people that are not in the business that know more than the agent, LOL, and question what you are doing and make your job difficult.  I interview my potential client before making a decision on whether or not I want to work with them.  I got into this business because it was exciting to help people fulfil their dreams of being a homeowner and I enjoy seeing this excitement with every closing. 

Good morning Liz ad Bill. Leaning to cut ties before they become big losses is an art form requiring constant practice. Enjoy your day.

Real estate has definitely taught me that I have to cut my losses at some point and nowadays I cut them before I even lose anything, haha.

It is a wonderful thing when you can become selective with clients for your business. There were some clients, when I first started my Home Staging business, that I really wish I could have avoided.

Thank you very much for sharing your experience and your advice.

Good afternoon Bill,

I always focus on the clients that WANT to work with me. 99% of my business is from sellers or buyers I have worked with in the past. I'd much rather spend time staying in touch with these gems than chasing after new business that often times exhibit no loyalty.

It's the ones that call out of the blue, that have not been referred, and they normally are looking for something out of the norm that I am leery of and ask a lot of questions before I make a commitment to help them. In my area, it all comes down to money and I start that conversation right away--I need to know where it comes from to purchase here because nothing is under $1M and probably several.  I want to hear that they have just sold something, or they are looking for a second home, that they are downsizing, or just about anything that tells me they have existing equity. 

Good solid advice!  There should always be a way to filter customers and change them into clients if they are fit for your business model. Early on, I learned the value of the word NEXT!

Hi Bill:

Lots of good advice here. I was not fussy about prospects when I first started, as I expect many new agents aren't, but I learned some good lessons. Not every prospect becomes a client who buys or sells, and one must pay attention to the red flags, some of which are less obvious.

Happy Thanksgiving to you and Liz.

Jeff

Hi Bill and Liz,

I always enjoy reading your insights. Your content is so relevant to questions that I ask myself and reflect on often. 

Your advice is spot on. One or two warning signs is enough for me to take pause. Once the decision has been made to cut ties, do it and don't look back.