A sale on your team fell through. Maybe the buyer reneged on their offer, maybe the seller changed their mind. Whatever the case, your team now has 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 experience—even a failure—is only a waste if you and your team let it be.
Here are five things to do after a home sale falls through to ensure your team doesn’t let this one bump in the road knock them down.
Retrace your steps
This is the age-old advice for what to do when something goes wrong and it’s absolutely applicable here. Have your team think back, isolate what went wrong and develop strategies for preventing recurrence. Was it a problem of communication? Then have your team work on their communication skills and set clear boundaries with their clients next time. Was it the home’s condition? Then be extra diligent in having listings inspected. Don’t have your team do this immediately after the deal has fallen through—instead, sleep on it. That way they can recall the events with a clearer head and find more productive answers.
Procedural knowledge is key
Homebuyers and sellers come to your team because they have the procedural know-how of selling homes. Depending on why the sale fell through—and if the buyer and seller got so far into the process that a contract was signed—legal action by one of the parties may be forthcoming. Familiarizing yourself and your team with state laws will help them and their client navigate through that storm.
Decide on preserving the client relationship
Picture this: You’re a buyer’s 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 team’s responsibility to navigate these feelings while asking if they still want to continue your business relationship—albeit without pressuring them to do so. On the other hand, if the client takes their frustrations out on your team, that’s a sign to call it quits. Make sure your team knows their worth, or no one else will.
Shore up their sphere of influence
Your team’s chances of getting referrals from their current client have taken a hit. But I’d bet they haven’t put all their eggs in one basket. Maybe they have other clients who they’re trying to help buy/sell a home. In that case, they can apply the lessons they’ve learned instantly.
Even if your team isn’t working with any other clients at the moment, they’ve definitely had past clients. Have your team get in touch with them, whether just sending notes or organizing a get-together. Who knows, by talking with their sphere your team could even get a lead on a new listing for their current clients.
The end of a sale isn’t the end of the world
The thing about sales’ careers is that your team’s work is never truly done. Even when they close a big sale, the victory is fleeting—it’s 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. Ultimately, your team’s mindset controls what they put out into the world, so they can’t let a failed sale dissuade them.
