Cutting Your Losses

“Hope is the worst of evils, for it prolongs the torment of man.” Friedrich Nietzsche.

The Client Conundrum

The above quote from Nietzsche is one that resounds deeply for many Realtors.  It begs the question, at what point do I cut my losses?  At which juncture do I make the determination that “this buyer is never going to buy” and that continuing to invest my time and resources in finding them a home is simply counterproductive.   How long into the home selling process does it take before you have an epiphany that your “seller” client really isn’t motivated to sell?

A Lesson Learned

I can recall, during the days before buyer agency, a lesson learned by an agent who worked in the same office as I at the time.  He worked with one buyer couple for months, although there was never much inventory to show them at any given time as they only wanted to view homes within a small radius of the train station.  They suddenly stopped returning his calls.  He finally saw them in town one day and inquired as to their whereabouts?  They sheepishly told him that they purchased a home at an open house.  His initial shock was magnified when they gave him their new address.  It would literally be impossible for them to have purchased a home within the same town borders and be further from the train station.

The Future

The advent of buyer agency, of course, makes this much less likely to happen for a Realtor who follows the law.  Nevertheless there are instances when the situation at hand demands a change in direction and you have to inform your client that you no longer think that you can help them.  There are also steps that can be taken to minimize the chance of being confronted with such a decision.

1. Immediately define and align client expectations from the outset.
2. Include the end goal and a reasonable time frame within which to attain it.
3. Discuss what would constitute a success and what would constitute a failure.

Bonus:  Intermittently re-visit the discussion above.

What other steps should be initially taken to avoid a long term dilemma?

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