I keep hearing the same thing over and over from my clients . . . “My deals are taking forever to close/be fully executed”. This can be very frustrating for you and warrants some discussion. Is there anything you can do to speed things up?
I am going to go out on a limb and say often times “yes”. Now I am not naïve, there are always going to be exceptions – remember the 80/20 rule? Well 80% of the time you are in the position to move things forward and don’t even know it. And of course, you will have absolutely no control 20% of the time.
Remember Einstein’s definition of insanity: “Doing the same things over and over and expecting a different result?” Something has got to change.
I imagine by now I have your attention and you’re ready for me to start spilling the beans – just exactly how can you help move a stalled deal forward? OK, OK, I’ll tell you (and yes I already know a handful of you are already using these strategies but . . . so many more of you are not).
1. Make a list of all of those involved in the negotiation. The brokers/agents, the real estate rep for the company, the lawyers representing each side, the decision maker(s), space planner/architect, city officials issuing permits and occupancy, anyone and everyone who has a role in the transaction.
2. Develop a system to track each person’s involvement in the deal and any open issues they are responsible for. For example the city officials seem to have a bigger role today than in the past – are they slacking in the permit process or on top of everything? What about the attorney, is a particularly heavy workload shifting your deal to the bottom or is it getting the attention it should?
Be a detective and know how to ask the right questions.
3. Be a problem Solver. Once you have identified the stumbling blocks you must be in the position to solve them. One of the primary skills needed during these harder times is the ability to problem solve.
4. Be resource rich. Along the same lines as being a problem solver, have a gigantic toolbox of resources available. You never know when one comes in handy. Being resource rich also helps you land the listing!
5. Control your mindset. It’s possible this is the most important one of all. YOU MUST HAVE THE PROPER MINDSET. Do you believe you can get the job done? Or do you think it’s acceptable for all of your deals to be dragging – after all just open the paper and read the headlines. DON’T fall into this trap. Deals are closing and being executed every day, that’s a fact.
6. Finally, be patient. Sometimes there’s just nothing you can do.
Be in control, stay on top of things, and have terrific follow-up.
Remember our economy goes through cycles – these are necessary for our business. We need these down cycles in order to weed out the folks who just don’t belong in the business. And guess who’s left? DEALMAKERS. Stay focused and you will be one of the dealmakers left.
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