SO.... You Got Some Bad News.... Now What?
Hopefully
you and your client's lives have been filled with more good news than bad.
But
what do we do when the uncomfortable time to deliver bad news arrives?
The
news that the buyers loan was not approved? News the appraisal came in below contract
price? The news how during the inspection, it was discovered the entire basement
is full of mold and the foundation is bad, and both heat exchange units are
cracked? The news the buyer is cancelling the contract the last day of their
due diligence period…for NO SPECIFIC REASON?
Or
what about this one…It’s 2 days before closing and you have to go to your
relocating buyer to advise them the closing attorney just discovered an equity
line on the property they are purchasing and the seller is now is a short sale
position…lacking the funds to cover the deficiency…Is there any possible way to
legislate damage control in the delivery on these types of messages?
The
answer is yes:
But
first go back to when you first met your client. Pre-education is paramount!
Let your clients know beforehand they always need to have a “Plan-B” because “Stuff”
happens… and when it hits the fan if they have a good Plan B it will not be as devastating.
As a former Marine we had a saying ...“adapt and improvise” … we always had a Plan B,
C, and D for every mission for when Plan A
fails…(notice I didn’t say “if” Plan
A fails…there is going to be disaster from time to time…that is just life…so be
prepared)
Next: The
significance of the when and how of delivery:
When:
As soon as possible! Delaying the delivery of bad news is never a good choice.
Plus it adds the advantage of time…Time to initiate their Plan B, or in a worse
case develop one.
How:
Make it personal! The delivery of bad news is always better in person when
possible. Don’t hide behind an email or text…if you can’t be face to face, then
do it voice to voice… (But tell them you wanted to do this face to face).
Never
hide the facts…Give them all the information you have and if they have further
questions find the answers promptly. Then follow up and follow through with
what you say you will do. Get It Done!
Always
look for a silver lining…and always…ALWAYS come to the table with options for
your client. Bring them solutions to their problems and you will become their
hero.
My
Grandma used to say “if you have to serve rotten potatoes… pass them the whole
bowl of gravy…and it better be good gravy!”. Be upbeat… but be ready for some
fall-out, (there will most certainly be emotions)…The most common first reaction
is anger so be prepared to explain the options they have available...if you
aren’t prepared with multiple solutions, then fear will set in…so do your homework.
NEVER throw the other side under the bus….don’t place blame… it will
only fuel your clients’ emotions. Blame usually causes the client to want to
step away from the pain… where solutions will help move the transaction
forward.
And finally: No matter how disappointed your client is…you want them
to leave this meeting feeling you have done everything you can do to improve a
bad situation…and that you are on their side 100%!
We hope you found this information valuable…to learn more about
one-to-one real estate production coaching visit www.RealtorRescue.com
Eddie Brown
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