Fri, Mar 19, 2010
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What to Do When You Lose a Deal
| | Monday, November 03, 2008 @ 09:27 AM EST
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Contributed by: Jason Hanson
Jason Hanson Properties
Read more archived articles about Buying
You’re sitting at the kitchen table with the seller and everything is going great. You have been on your “A” game, the seller seems very motivated, and he says that he is ready to sign the paperwork. You pull out the paperwork and start filling in all of the blanks. Inside you are screaming for joy, because you’re about to get a great subject-to deal and this puppy will cash flow $700.00 a month. You’re explaining all of the paperwork to the seller and he is nodding his head in approval as you show him document after document.
You’re finished explaining everything and you hand the seller the pen and tell him that you need his autograph and he will never have to worry about the property again. He picks up the pen but doesn’t sign. He just stares. It seems like time is standing still, but you don’t say a word. Finally, after the longest 60 seconds of your life, the seller says he is not ready to sign and has changed his mind.
You’re astonished and you ask the seller why he has changed his mind? He tells you that he is not sure he wants you to take over his payments and he brings up objection after objection. You handle these objections with ease because you’re a pro and know your scripts. You do everything you are supposed to do, but it is clear that the sale is not there and you’re not going to change the sellers mind. So you get up from the kitchen table, thank the seller for his time and tell him to call you if he changes his mind (you of course follow up with this guy every 30 days).
When you get home you are upset and royally ticked off. Unfortunately, this happens and is the nature of the business. As good as you get, you will never close every deal. When you lose a deal, you need to quickly remind yourself that this is a business and you need to detach your emotions. I have seen many investors stew in anger for weeks over deals they lost. All they talk about is “the one that got away”. Let go of it. What is done is done. Forget the past and move on to your next deal.
Losing a deal is just like losing a girl/guy (or falling off a horse). Get back up and get over the person you lost, by going out there and getting more deals. You will never get every guy, or every girl or every house.
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