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Post Mortum....Do You Spend The Time When A Deal Dies To See Why?

By
Real Estate Agent with Karen Parsons-Fiddler, Broker 949-510-2395 BRE# 01494165

 

 

I don't know if you realize it (that's sarcasm) but a deal of mine died this week. Months of work on my part, and more importantly, dreams on the part of my clients. It's sad for all concerned, but now is not the time for emotions....it's the time for analysis.

Every transaction dies for a reason...and without going into the "not meant to be" arena, I always spend the time to analyze the situation and see what I could have done better.

I know we all strive to be the best we can...and failures are the best source of training. If you look at it that way. I know it's more tempting to crawl into bed and cry but experience is our best source of training.

My dad spent his entire life in sales...spending 25 years as VP of Sales and Marketing for a major Southern California company. Early in my own sales career he gave me a list of questions that he asked himself whenever a transaction didn't go through. He emphasized that it was only failure if we failed to learn something from it.

Oh if it were only that easy to see dead deals that way. :/

But I'm going to share the questions with you...because if we view the failures as training and not losses, then we really gain from each one. Don't we? (nope..not going to answer the questions here...still thinking it through).

This list was created on a piece of paper from his desk, and now it's yellowed with age.  We had gone to lunch after one of my first few weeks of sales. It was my first job after college and I worked for a food broker (yes, dad helped set me up). I was supposed to sell promotions for my vendors..not a huge sales job, but the start. And dad took me to lunch (very professional lunch) and wrote these down for me on a sheet of paper. I wonder what he would think if I told him I still had it and used it as a debriefing of sorts.

1) What was the main reason for the failure?
2) Did I do all I could? Did I prequalify to the best of my ability?
3) Did I do everything I promised to do? Everything it was my duty to do?
4) Did the other party do everything they promised to do? If not, how could you have ensured they did?
5) Were there warning signs that weren't addressed?
6) Were there any third parties involved who didn't perform? were they our vendors?
7) What one thing would you do differently?
8) What is the best thing about the transaction?
9) What is the worst thing about the transaction?
10) Are you ready to move on?

 

Comments(53)

Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

11) Did you shout at the top of your lungs until you lost your voice when the deal completely fell through and nothing else is left to be done to save the deal?

Apr 19, 2011 05:59 AM
Duane M. Brown
Keller Williams Executives Realty - Littleton, CO
303 882 7392

It is the total dumps when a deal fails for sure, I too will look to see what has happened of did I do something wrong that made the deal fail.  Should I of look at the more closely or predicted what was going to come up to make trouble for the fail.  It is all brain crud, try to look at it a little and move on, don't let it take you out of your grove, spilled milk.  It is a bummer though, Bounce back.

Enjoy, Duane Brown

Apr 19, 2011 06:09 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Karen,  I suspect most of us would agree that we learn more from a deal which blows up than a deal with no challenges.  Your pop was a wise man !

Apr 19, 2011 06:38 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Karen, your post is timely I just had a short sale crash on me, and wasn't satisfied with an Oh Well -Answer

so I looked into the problem...I found there really wasn't anything I could have done differently, but I did learn a few things if the situation ever happens again. P.S. I hate Bank of America!!

Apr 19, 2011 07:00 AM
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

Your father is a wise man.  I especially like the fact that he put in the very last question.

Apr 19, 2011 07:01 AM
Brien Berard
Remax Professionals Laurel MD - Laurel, MD
Maryland Real Estate Agents - Laurel Real Estate

I am sure it has already been said, but we need to learn from our failures.  Or we are doomed to repeat our them.

Apr 19, 2011 07:38 AM
Kevin Kueneke
Caliber Home Loans - Encinitas, CA
San Diego Mortgage Banker

#10.  Are you ready to move on?

You can analyze all you want, but if don't move on to the next deal, you will be stuck.

Great post Karen.

Apr 19, 2011 07:52 AM
Brian L. Sirota, Esq.
Bristar Realty (Realtor/Attorney) - Orange, CA
For Solutions: (714) 501-7660

Postmortem analysis is important, to be sure.   I believe in antemortem analysis, too (m I doing everything possible to ensure a solid and optimal transaction for my client?)

Your father's questions are terrific.   Perhaps we can look forward to the answers, the lessons you actually learned.   Case studies are great learning tools.

Thanks for sharing.

Brian L. Sirota, Esq., Broker/Attorney, BriStar Realty, Orange County, California

Apr 19, 2011 07:57 AM
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Wise man, your father. This is a great list and it shows how creative and in tune he is with his business. Thanks for sharing.

Apr 19, 2011 08:43 AM
Cory Barbee
San Diego, CA
Broker (760) 563-4022

What a great mindset to have...you can never go wrong when striving to get better!!

Apr 19, 2011 09:45 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Karen. I think your list of questions is excellent and post mortem analysis is a great learning tool to PERHAPS not find yourself in that situation again. I wouldn't dwell on it too long though or definitely not wallow in the misery of it all.

Apr 19, 2011 09:47 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Chris: Exactly right....and we learn something from all our experiences, then they were worth while.

Michelle/Jack: Interesting....we are in such a service industry that I really haven't thought about it from your perspective.

Carla: I did the best CYA I could...dad is a genius

Alan: Pinot Noir...yeah, I get ya.

Mike: Thanks....attitude is often all we have

Justin: Our dads learned their trade when sales wasn't a dirty word...and learned it right, didn't they?

Ira: Dad always makes me feel better...and he's listened to me this week. :)

Patricia: Yes, and still working on unraveling it...still doing my best

Nicholas: Something like that....

Duane: Bounced....and today got approval on another short sale. onward

Bill: That's true...and the very nice emails from my clients show that I'm earning my pay (so to speak)

Steve: I'm not much happier with Wells Fargo right now....sorry about your deal!

Morris: A version of this list was part of the sales training for his team...and move on is key

Brien: Said...but also very true and worth repeating

Kevin: That's the main thing....understand what went wrong and move on

Brian: I'll give it some thought? :)

Sandi: Thanks....dad is my hero and mentor

Erica: Ouch....the dumb tax....very good term for it

Cory: Thank you....striving is a great word too.

Apr 19, 2011 10:00 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Learning why deals fall apart is certainly worth it.  Only then can we see the warning signs in future transactions.

Apr 19, 2011 10:23 AM
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

I see from the comments that many will be "stealing" your list for their agents or themselves.  I think that it is great that you had such a wise role model early on in your sales career.  It takes a lot sometimes to pick ourselves up, dust ourselves off, and start all over again.  Learning from our mistakes or the mistakes of others will help us to better hone our skills and prevent history from repeating itself.  Well deserved feature!  Congrats  :)

Apr 19, 2011 10:55 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Karen

I just had a big one go down yesterday - your post (and list of questions) is a solid way to work through the muck and see how it can get done the next time.

Apr 19, 2011 11:13 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Chris Ann: Learn from everything

Karen: Thanks...my dad was my best teacher. I'm sure I'd be doing something else for a living if it weren't for him.

Margaret: I'm sorry....it's tough. Onward and upward for us both.

Apr 19, 2011 11:15 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

What a wonderful gift from your father. I hope you don't mind, I have "borrowed" it.

Apr 19, 2011 01:24 PM
Michael (Mike) Robinson
Broadmoor Realty, Inc. - Long Beach, CA
CRS, CIPs, REALTOR

A good, logical and self- compassionate  way to look at the dark side of real estate sales...

Apr 19, 2011 05:14 PM
Mike Mayer
Mike Mayer, Broker/Owner - i List For Less Realty, LLC - Lafayette, LA

I honestly don't dwell on it, Karen. It's not only water under the bridge but the reasons are always apparent and obvious.

Apr 19, 2011 06:13 PM
Raine Carraway (Michelle Carraway)
EXP Realty - Lenoir, NC

Karen, thank you for sharing this advice. I'll be printing it out and adding to my notebook as well (yeah, I'm old-school like that). There are a few deals in the past that took me a while to quit shaking my head over, but your father and you are right that what matters most is putting the past behind you and moving on to the next.

Apr 20, 2011 06:43 PM