Put yourself in a timeout . . .

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

Don't be afraid to put yourself in a timeout if you need one. I realize that timeouts are typically reserved for little ones who are transgressing, but sometimes, we "big ones" probably need one too. Today, I received an offer for a listing I currently have. The offer was good. 

I sent a copy to my seller and set a time to chat. Our chat time never materialized because of our schedules and the other obstacle of being in different parts of the country. Later, I received an email telling me what a horrific offer the offer was. I was a bit surprised. We're in a buyer's market and the offer was actually very common with few contingencies.

I always tell my sellers not to take offense at low-ball offers. This one wasn't a low-ball offer. Any offer can be the opening salvo of negotiations. Still, sellers do tend to take offense if the offer is less than they want. This time, the seller took great offense, and I found myself taking offense at the seller taking offense. I was irritated enough to drop the listing and move on. Right then, I realized that I needed a timeout. 

I sent the buyer's an agent a note explaining that the seller was rejecting the offer without a counter. She was so sweet about it that it helped me gather myself and before long I was out of the timeout, and a fresh offer showed up with even better parameters. This time, it's quite a bit better. I'm glad I had that few minutes sitting in the corner. I really needed it, but did you know, that when you sit in the corner, it's 90 degrees? Sorry, I couldn't help myself. Put yourself in a timeout if you need it. It may just help close a deal.

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Rainmaker
3,276,348
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Good advice, hard to do at times, personally I always tell the sellers when I take the listing that we need to respond to every offer no matter how bad... just because the buyer spent 30 pages submitting an offer we owe a one page response... hence we always respond no matter how bad the offer is....

Dec 12, 2018 11:35 PM #1
Rainmaker
2,649,552
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I love your suggestion of a time out during difficult moments, Mike.  It allows us to collect our thoughts and our wits to proceed more professionally.

Dec 13, 2018 12:25 AM #2
Rainmaker
2,649,552
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Mike, on having this blog FEATURED in the Old Farts Club group!  

Dec 13, 2018 12:26 AM #3
Rainmaker
3,060,349
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Mike.

I sit in the time out zone several times each week. It helps me keep focused

Dec 13, 2018 01:46 AM #4
Rainmaker
3,324,303
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

A little time to collect thoughts  is always a good idea before "erupting" with things regretted later.

Dec 13, 2018 03:05 AM #5
Rainmaker
3,768,940
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Mike. I think you did yourself a service and were able to not alienate your client. Terrific advice.

Dec 13, 2018 05:42 AM #6
Rainmaker
541,210
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

Great advice and this is one that I try to practice often.  Even a few minute delay before firing off an email or making a call makes all the difference

Dec 15, 2018 05:24 PM #7
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Rainmaker
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Mike Cooper, GRI

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