What to Do When You Lose a Deal

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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.

Comments(3)

  • JohnLocke4th November, 2008

    Fortunately I personally have never lost a deal, I guess there are those that do from reading your article.



    The difference being I am there to buy and the seller must sell me on taking the property Subject To and if they don't, then I tell them I am not interested in purchasing from them, because they have not sold me.



    It is the difference between thinking you must convince the seller to sell you and knowing how to do the take-away in your presentation, watching body language as you make your presentation and having a comprehensive understanding on how to get the seller to sell you. That is of course if you want them to.



    When I walk, it is because the seller did not convince me to buy, their loss not mine.



    John $Cash$ Locke


    • 8th November, 2008 Reply

      Nice attitude. Never wrong.

  • JohnLocke4th November, 2008

    Jason,



    Good thing you are not coaching on web site design, when I went to your web site here is what I found.



    meta http-equiv="Content-Type" content="text/html; charset=windows-1251" /

    title> index page /title



    No "meta tags" and it shows "index page" when going to your site.



    "Announcing “The Right Way” To Become A Real Estate Investor Using Proven Systems The “Gurus” Don’t Want You To Know About,"



    Sounds more like someone left you out on how to show up on Google searches, personally it looks like you have a ways to go to teach others.



    John $Cash$ Locke

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