Do You Make These 3 Deal-Killing Mistakes?

There are few things as frustrating as losing a deal. An appraisal comes in low, an inspection reveals hidden issues, or a loan is denied for reasons outside the borrower’s control.

Those comes with the territory of selling real estate.

But when a deal falls apart because of a preventable mistake, that’s when things can get ugly. Keep yourself in the clear by avoiding these three common deal-killing mistakes.

Mistake #1 – Failing to Follow Up

Many agents fail to follow up because they assume no news is good news during a transaction. They focus on their responsibilities and rely on the other parties to tell them if there’s a problem.

This is a huge mistake.

Listing and cooperating agents, lenders, and title reps will often try to solve problems before telling the other parties. When they solve the problem successfully, the lack of communication goes unnoticed. When they don’t, precious days are lost where everyone could have been working on a solution.

The less time available to solve a problem, the less likely it gets solved before a looming deadline results in a cancellation.

Avoid the failure to communicate by creating a spreadsheet with all the parties to a transaction. Choose specific dates you will follow up with each party and add them to the spreadsheet as well as to your calendar. If you haven’t heard from someone by the date you’ve chosen, be proactive and reach out for an update.

Mistake #2 – Missing Deadlines

This one can put your license at risk. Confusing business and calendar days, forgetting about holidays, and failing to know the time of day a deadline passes are all easy mistakes to make.

Start by creating a spreadsheet of all the major deadlines in a transaction. Then, confirm the dates with the other parties to ensure everyone is on the same page. This is crucial to prevent misunderstandings.

Finally, add the deadlines to your calendar with alerts set for a couple of days in advance. If the alert goes off and the items needed to clear the deadline haven’t been completed, take action immediately to prevent missing the deadline.

Mistake #3 – Failing to Prevent Client Oversights

This goes hand-in-hand with the failure to follow up. Buyers and sellers have a lot on their plates during the closing process and oversights can happen.

Buyers will take advantage of an irresistible credit card offer, forgetting it could tank their loan. Sellers will mistakenly take the hot tub that was supposed to stay, creating an unpleasant situation at the final walk-through.

Prevent these types of oversights by staying in close contact with your clients throughout the process. Provide them with transaction checklists and lists of “dos and don’ts”. Remind them about contractual obligations and upcoming deadlines.

Your clients will appreciate it and you’ll save yourself potential headaches down the road.

P.S. – Processes and systems are key to preventing the mistakes above. If creating and following them isn’t your strength, consider hiring a transaction coordinator. It is an investment worth making.