A sale you were overseeing fell through. Maybe the buyer reneged on their offer, maybe the seller retracted theirs. Whatever the case, you now have the fallout to manage. A setback like this can sting, especially if it was a weeks-long process that now feels for naught. However, any business experienceāeven a failureāis only a waste if you let it be.
Here are five things to do after a home sale falls through to ensure you donāt let this one bump in the road knock you down.
Retrace your steps
This is the age-old advice for what to do when something goes wrong, and itās absolutely applicable here. Think back, isolate what went wrong and develop strategies for preventing recurrence. Was it a problem of communication? Then work on your communication skills and set clear boundaries with your clients next time. Was it the homeās condition? Then be extra diligent in having listings inspected. Donāt do this immediately after the deal has fallen throughāinstead, sleep on it. That way you can recall the events with a clearer head and find more productive answers.
Shore up your sphere of influence
Your chances of getting referrals from your current client have taken a hit. But Iād bet you havenāt put all your eggs in one basket. So, ring up your other clientsācurrent and past. In the words of Anthony Lamacchia, broker/owner/CEO of the currently expanding Lamacchia companies:
āNever, ever stop dialing the phone. No matter what biz you are in, if you are the leader, you are always in sales.Ā Whether you have deals coming through or deals falling apart, just keep dialing.ā
Decide if you can preserve your client relationshipĀ
Picture this: youāre a buyerās agent and your client really wanted the house they just lost out on. The conversation will be hard. Your client is probably feeling disappointment, resentment, powerlessness, or any combination thereof. But they still need a house. As their representative and agent, it’s your responsibility to navigate these feelings while asking if they still want to continue your business relationshipāalbeit without pressuring them to do so. On the other hand, if your client takes their frustrations out on you, thatās a sign to call it quits. Know your worth, or no one else will.
Liz Hogan, Miami-based vice president of Sales at Compass Florida, cites her companyās eight principles of entrepreneurship, particularly No. 4 (be solutions-driven):
āI think before the deal hits a point of no return, you need to exercise No. 4 and be solutions-driven and creative to find a way to keep the deal alive. I have been able to work collaboratively with the other sideās REALTORĀ® to come up with solutions when there seemed to be no hope to keep a deal together.ā
Be preventive next time
While a deal falling through isnāt the end of the world, itās definitely something youāll want to avoid in the future.Ā
For Kelly Shaw, a team leader at Berkshire Hathaway HomeServices Select Properties, the answer is āextremely thorough buyer and seller consultationsā to catch any problems or conflict early.
ā(We) explain every aspect of the contract and importance of contract deadlines,” says Shaw. “We review the life of systems, what is customarily asked for regarding inspection negotiations and what the client’s ultimate goal is (…) It has to be a win-win for all parties.ā
The end of a sale isnāt the end of the world
The thing about sales careers is that your teamās work is never truly done. Even when they close a big sale, the victory is fleetingāitās onto their next sale, and then the next one after that. A failed sale might be a more bitter end, but the process for what to do next is the same.
In this process, Hogan cities Compassā entrepreneurship principle No. 8 (Bounce back with your passion):
āIt is devastating to lose a deal after months of work and countless hours put into it. But, the only way to survive and thrive in this business is to have the ability to pick yourself up and move forward to the next one.ā
