4 Takeaway Lessons From a Deal That Didn’t Happen

When a real estate deal doesn’t result in a sale, it can be a blow to your psyche and your bank account. Even the most successful agents don’t land every single deal, but what sets them apart is that they take the time to evaluate what happened and why, and use those lessons to determine how they can succeed the next time.

Federal Way, WA, real estate agent Marisa Thorson received a Zillow inquiry about a lake home shortly after midnight in December 2014, emailed the contact back and promised to call by 8:30 a.m. the following morning. When she spoke with the contact, Thorson assumed she wasn’t the only agent contacted, but was astonished to learn that she was the only one who responded.

Although her new client had inquired about a specific home, she and her family weren’t sure they were ready to buy. Still, Thorson took them to see the home the next day, but found out later that another buyer had already made an offer. Thorson’s client decided to put in their own bid, but the home eventually went to the first buyer.

Thorson stayed in touch with the home’s listing agent, who happened to live on the lake herself and was privy to any impending sales. A month later, when the listing agent let her know about another property that might soon be available, Thorson pounced. She and her client previewed the home, made an offer and closed the sale before the home even hit the market.

Here are 4 lessons Thorson took away from the first lake-home deal that didn’t happen.

1. Tomorrow is another day

It’s not denial or sour grapes when you decide to move past a deal that didn’t go through. Focus on doing whatever it takes to make a sale next time — in Thorson’s case, building relationships with the client by staying in regular contact to reiterate her interest and commitment — and you can make lemonade out of lemons.

“The client and her family were very let down, but all in agreement that the first lake house wasn’t meant to be,” Thorson recalled. “At the same time, it gave them a reality check on how much they really wanted the home and the opportunity to envision themselves living on the lake.”

2. There’s more where that came from

Regardless of whether real estate inventory is sparse or plentiful, people are always buying and selling homes. Successful real estate agents never stop generating leads: Knowing there were only a handful of homes on the lake — a small fraction of which might actually come on the market — Thorson stayed in touch with the listing agent so that she could have first dibs on future properties.

“I was constantly checking to see if the first lake house sale was still proceeding, and the listing agent might have been slightly annoyed by me constantly emailing her,” Thorson admitted. “But I got to know her during that time and asked her to keep me informed of future properties; it was maybe a week later when she emailed me back and said, ‘I might know of one.’”

3. Expect the unexpected

Anything can happen in a real estate deal; prepare as much as possible and roll with the punches. At the beginning, Thorson met with a contact who wasn’t really looking to move, and even if she decided to proceed, didn’t have a plan for her current home. Thorson also initially showed her client a home that had languished on the market for quite a while, but then received someone else’s bid on it the very weekend they viewed it. In the end, Thorson found the perfect lakefront home for her client and became the listing agent for their current home, which sold in a week.

“When things don’t happen the way you expect, you have to let things go and believe there’s a better plan,” Thorson remarked. “The second lake house was very similar to the first one, but was a much stronger candidate for my client — it was actually perfect for them.”

4. Being nice costs nothing, but could pay off big

Responding quickly, listening to what clients want and following up on promises are not only expected of you, they are the keys to your success. Thorson gained a new client because she was the first and only agent to respond. She knew the second lake house was ideal for her client’s family because she listened to what they wanted in a home. Thorson not only earned her client’s five-star review — which, along with the sale of their home, she was able to post on her Zillow profile for exposure — she scored their referral to friends who were selling a $500,000 home.

“The client and I really hit it off and it was a pleasure to meet people who weren’t completely money-driven,” Thorson recalled. “We knew the homeowner would live on the money from the sale, but it was also huge for her to know my clients’ children would grow up on the lake; it was sweet.”

When a situation leaves you disappointed, there are two things you can do: Something and nothing. Not every real estate transaction goes through — for reasons that are both in and out of an agent’s control — but seeing each transaction as an opportunity for improvement and refinement might help you push more of them across the finish line.