A sale you were overseeing fell through. Maybe the buyer reneged on their offer, maybe the seller changed their mind. 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 experience—even a failure—is only a waste if you let it be.
Here are five things to do after a home sale falls through to ensure you don’t 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 it’s 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 home’s condition? Then be extra diligent in having listings inspected. Don’t do this immediately after the deal has fallen through—instead, sleep on it. That way you can recall the events with a clearer head and find more productive answers.
Procedural knowledge is key
Homebuyers and sellers come to you because you 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 with state laws will help you and your client navigate through that storm.
Decide if you can preserve your 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 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 your client takes their frustrations out on you, that’s a sign to call it quits. Know your worth or no one else will.
Shore up your sphere of influence
Your chances of getting referrals from your current client have taken a hit. But I’d bet you haven’t put all your eggs in one basket. Maybe you have other clients who you’re trying to help buy/sell a home. In that case, you can apply the lessons you’ve learned instantly.
Even if you aren’t working with any other clients at the moment, you’ve definitely had past clients. Get in touch with them, whether just sending notes or organizing a get-together. Who knows, by talking with your sphere you could even get a lead on a new listing for your current clients.
The end of a sale isn’t the end of the world
The thing about sales’ careers is that your work is never truly done. Even when you close a big sale, the victory is fleeting—it’s onto your 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 mindset controls what you put out into the world, so you can’t let a failed sale dissuade you.
