Real estate deals come and go. Here are the top five deal killers to watch out for:
Lack of a Sense of Urgency
In any industry that involves sales, having a sense of urgency can speed up the process. Streamlining and having a sense of urgency can help avoid situations where buyers get cold feet and back out of real estate deals. There are several ethical ways sellers can create a sense of urgency, including offering limited availability open houses and financial incentives for meeting short deadlines.
Lack of or Poor Communication
In any situation, a lack of or poor communication can seriously sour a relationship. The real estate industry is no different. Effective communication from start to finish is crucial to the success of a real estate transaction. Effective communication is key to real estate deals, from marketing a property to explaining delays and everything in between.
Money, Money, Money
Unsurprisingly, problems with funding are the largest killers of real estate deals. It is critical to secure funds as early on in the process as possible. Buyers who are pre-approved for loans are ideal. It is also important, again, to communicate. If there are issues on either the buyer or seller side, it should be transparently communicated to prevent the deal from collapsing at the finish line.
Delays Due to Inspections
Again, honesty is always the best policy. Sellers should be aware of any issues with the property or home long before the buyer’s inspection, and those issues should be transparently communicated to the buyer. From flipped homes to poorly cared-for vacation homes, home inspectors should be brought in ahead of time to prevent delays and the deal from falling through.
False Advertising: Rendering Real Estate Deals DOA
Honesty is always the best policy. Misleading potential homebuyers only wastes everyone’s time. Unfortunately, false advertising is infamous in the real estate industry. Whether it is accidentally getting the facts wrong, purposefully withholding information, or downright attempting to fool clients with falsehoods or doctored photos, false advertising can instantly kill a real estate deal once it has been discovered.
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