My Million Dollar Loss - The One That Got Away
Over all the years I've spent working in the real estate industry, I've lost my share of listings and contracts, But the biggest one was a million dollar loss. You could say, it was the one that got away.
I'd only been a real estate agent for a few years, selling residential real estate.
Through a friend, I obtained a great commercial listing on the strip in Branson. Luckily, I listed and sold it within 30 days for cash.......it was definitely luck! My biggest sale ever!
Thinking selling commercial real estate was more profitable, I started looking for other avenues and began running around with a major country music star and his realtor. We decided to put together a group of investors to build a music theatre for the country singer. I had just sold an investor a home in Ozark and contacted him.
We began meeting weekly in Branson, working out all the details and wrote up a a contract to purchase the land and start the construction on the theatre when another investor was introduced to the group.
Within 30 days the investor had sabatoged the entire contract bringing in his own group of investors and ended up building a theatre for another country music singer.
Looking back I learned that commercial real estate was not my strong suit and that residential real estate was. What I would have done differently? Refer the transaction to an experience commercial real estate agent and taken a referral.
My own investor thanked me years later when the theatre was sold at a loss.
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