Lost $$$ Wholesaling! How Embarrassing at this stage of my business!

[Tom Krol]

I just lost (at the very least) $13,995.00 (but probably more!!!)

ROOKIE mistake…

The Motivated Seller call came into our voicemail system (Ring Central) Sunday afternoon. No one was working (including me, I was at my relative’s house with my family) but I called back (all calls go directly to voicemail, no matter the day). It was an inherited house (from US Lead List) and the two sisters wanted to meet immediately.

Got there, followed sales call process (Todd Toback’s podcast ep. #10) and locked it up (verbally).

Unfortunately I didn’t have a Purchase Agreement with me, I told them I would be back tomorrow at 2:00pm. The house was 10 min from me! I could have gone back right then and gotten it.

Monday came and I was very busy with TOTAL BS, as 2:00 came and went I just said to myself, I’ll do it tomorrow. I didn’t even call, what a jerk!

On Tuesday I called up, apologized and said I was on my way.

“Sorry, it’s too late. We never heard from you so we sold the property to someone else, sorry.”

Top 7 Mistakes: (these are obvious)

• 1.Total lack of process in place to handle weekend calls.
• 2.Total lack of respect for my company and my team members for the value of a Motivated Seller lead. – I apologized to my team!
• 3.Pride and Over Confidence, resting on my past successes to feel comfortable in a situation where I should have felt vulnerable.
• 4.Laziness – I do not feel I am a lazy person but I knew I had this meeting and I didn’t even take the minimum effort to reschedule.
• 5.Total Disrespect for my client’s time and situation.
• 6.MOST IMPORTANT: Not Focusing of Revenue Producing Activities during “Pay Time Pay” (Just learned this from Kim Walsh-Phillips who learned it from Sandler Sales!) During work hours you Must Stay Laser Focused on Rev Producing Activities (that is NOT what I did on Monday!!!)
• 7.Thinking it was a done deal when it was not!

Tom Krol

[Jeremy T.]

@Tom Krol Bummer, but in reality you didn't really "lose" that money...you just swung and missed. Allow me to play devils advocate for a moment.  Let's say you closed the deal.  That would have only served to reinforce your sub-par followup strategy.  Thus, this was bound to happen sooner or later.  IMO, those 7 lessons are far more valuable than the coin you could have gained from the deal, and I bet you don't make them again.  

Thanks for sharing your experience(s).