
I learned a very important lesson from another real estate practitioner recently —that a deal is never truly dead, it too can rise from its ashes like a Phoenix and into a closed transaction.
This became evident to me when one of my deals was resurrected, after falling apart a few months ago. While we're still ironing out some of the details in the transaction, I feel that we will have it closed by the end of the month—thanks in large part to the listing agent who never gave up and kept working on behalf of his client to keep in contact with my clients and me.
Let me give you a little background on my story. I have clients who were looking to buy a piece of property catty corner to their restaurant. My clients inquired about the property, which was for sale for near $200,000.
My clients decided they would like to make an offer substantially lower than what the seller was asking. Needless to say, the seller rejected our offer and looked for other offers. I imagine other offers were received but were also rejected alongside our offer.
However, the listing agent was very diligent in calling me and the other agents who had clients interested in his listing. I received a phone call every time there was a price reduction. And every time the price was reduced my clients became a little more willing to make another offer.
When the property was reduced below what my client had initially offered for the listing, I
received a phone call to see if I could jumpstart the deal on my end. So I called my clients and relayed the information given to me by the other agent.
My client made another offer.
After a couple of counter offers back and forth, I feel we have a mutual agreement between both parties. Without any setbacks, this deal will be closed and it will be mostly due to the other agent's persistence. He never gave up, and he believed that this deal could be done regardless of the rejected offer in the beginning.
As agents, we should always be optimistic and unrelenting no matter the current situation or outcome. If things should go sour during a deal, we should find ways to make them better.
FOLLOW UP with every agent that has showed your listing(s), and inform them of any changes. I regard myself as diligent when it comes to clients and their needs. However, when it comes to following up with other agents, I often forget to contact them or I put contacting them aside for later.
As I learned from the agent on the other side of this transaction, a deal is never truly dead unless you allow it to die. You may be surprised at what you can accomplish with just a phone call.
Ulises Romo, is a REALTOR® for PRO-formance Realty Concepts in Phoenix.