Not to mention, it’s just bad business.
I’ve been working several months to help a client purchase a tract of land north of Dallas. The seller’s expectations have been a little too high, but it looks like we might finally be on the same page.
The funny thing is, we haven’t been that far apart all this time. If they’d just agreed to what we proposed back in May and put the proceeds in the bank, they’d have already made enough in interest to be ahead of what they were holding out for.
As a wise man once said, good enough today usually beats waiting for perfection later.
But that’s not really what I want to talk about today. I want to talk about how life is too short for me — or you — to waste time working with problem clients.
My client on this deal is one of the good ones. They’re responsive, they do what they say they’ll do, they handle things fairly, and they don’t waste people’s time. Most importantly, they treat me the way I like to be treated.
When I was talking to the agent on the other side this week, he was complaining about how his client is hard to deal with. They keep shifting what they want (or will accept) and are tough to get a straight answer out of. Worse, any time an offer comes in, they want to negotiate his commission lower.
He told me that after this deal he’s thinking about telling his clients he doesn’t want to represent them any more.
I told him that while it makes sense to finish this deal and get paid, if he doesn’t kick these people to the curb at the first opportunity, he’s making a mistake. If he doesn’t, he’s signaling to everyone that he lacks the self-confidence needed to succeed in this business.
There are far more clients needing help than any one of us has time to serve. If we spend our time on anything but the best we can find, we’re only hurting ourselves.
Let the subpar operators work with the subpar clients and customers.
To be my client, you have to meet the standard.
From the client’s side, they’re being so shortsighted it’s going to be hard for them to succeed long-term as investors. The old maxim is that you make your money when you buy, not when you sell. To make the most money, you need to be shown the best deals.
If I have a good deal, I have a list of potential clients it might fit. The best ones get to see it first. The guys who don’t want to pay full commissions? They may not see it at all.
You probably have problem clients or customers in your business too. Do yourself a favor and fire them — or at least threaten to if they don’t shape up.
It can be scary. But have faith: there are more clients out there than you have time to serve. Almost every time you let a bad one go, they’re replaced by a better one.
Happens pretty much every time, assuming you’re operating correctly.
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If you’ve been reading here awhile and haven’t felt the urge to run away, you’re probably the type who likes straight talk, quiet competence, and fair dealing (going both ways).
You’re probably not ready to buy or sell today, but it never hurts to be ready. The best opportunities are short lived, and the faster you’re able to move when it’s time, the better.
Aside from that, is there ever a bad time to begin a conversation with a like minded expert?
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