My grandfather used to say, “Many a slip between cup and lip.” That saying has never been more relevant to me than in my real estate career. Things are never a done deal until they are a done deal.
Recently in a casual conversation, a friend was surprised to hear me talk about the high ratio of unsuccessful to successful real estate transactions. To those of us inside the business it might seem normal, but others may not understand how it all works. So what might cause a real estate transaction to be unsuccessful?
Offers may not be succeed for a number of reasons:
- The offer wasn’t to the liking of the seller and there was no counter offer;
- Despite a series of counter offers, the buyer and seller could not come to agreement on price or timing or other terms; or
- The offer may have conditions set by the buyer (or the seller) that could not be satisfied (common ones are buyer’s financing, home inspection, and sale of the buyer’s house).
Listings may not sell because:
- The seller didn’t receive any acceptable or successful offers; or
- The seller has changed their minds and decided to stay.
An unsuccessful transaction isn’t a failure! It’s part of how the negotiations and contracts work in any business. And beyond all the emotion and other considerations, the buying and selling of a home might be the biggest business transaction you will ever be involved in. So, like any business, you need someone on your side to guide and advise you. In this case, that’s a real estate agent.
I believe that a prepared client is more likely to be a satisfied client, regardless of the outcome of a transaction. Whether you are a buyer or a seller, let me work with you in advance so you can understand the potential business outcomes of your real estate transactions and guide you through the process of contracts and negotiations.
Because… many a slip between cup and lip!