*Time Kills Deals

One of KJF Partners’ Core Values is:

“We are driven by our personal commitment to create value for our investors, tenants, teammates and brokers.”

To serve our broker partners, we send occasional emails that focus on things that I have learned through my brokerage history or that I notice from my current role on the principal side of the business.

Brokerage is a very challenging business and, one of the primary enemies of getting deals closed is “time.” Time recently killed a deal for me and, I’m hoping my loss will be your lesson.

A couple of months ago a very good broker, that we’ve closed deals with before, brought me a QSR acquisition opportunity that fit perfectly into our portfolio. We analyzed the deal quickly and wrote an offer on the deal. The situation was a bit complicated but, to simplify it, the seller accepted our price and terms (verbally) and, said they would address the contract when they completed some tasks that weren’t directly related to our deal. As often happens, those unrelated items took much longer than expected and, no matter what we tried, we could not get the seller to document the deal. I’m sure you might be able to guess what happened next………

Another broker in the market learned about the deal, went around our broker directly to the principal and muddied our transactional waters. The seller then used the other activity to renegotiate our deal and more time ticked by. Then, another broker found out about the deal and brought a lease proposal to the principal. Dirty waters were now polluted, and my boat sank in the quagmire.

Although there were some very questionable broker actions involved in this circumstance, it was “time” that killed our deal. We were unable to fully secure the deal and time allowed other parties to learn about the deal and to eventually kill it for us. It was a very disappointing, time consuming reminder that TIME KILLS DEALS!

What I hope you remember going forward is that, as a brokerage professional:

  • Time will find a way to kill every deal you work on if you allow enough time to be wasted.
  • It is your job to find the reasons for people to do what’s needed to move deals forward quickly.
  • Every single hour and day counts. Allowing them to slip unproductively by will cost you deals, money and relationships.
  • Whether it’s a deal step, relationship follow-up or your cold calls, always remember, there is someone else hunting your quarry. Don’t let them beat you to the prize!

As I said in the beginning of this message, please let my loss be your lesson!!

Happy Hunting!

Joe

Joe Faris

KJF Partners, Inc.

Cell Phone: 949-275-5038

Email: jfaris@kjfpartners.com

Website: www.kjfpartners.com

 

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