One of the hardest things for any investor to experience is losing a deal. You may spend weeks, even months, chasing after a property only for it to fall out unexpectedly. As much as this stings, it is a part of the business. Every investor loses a tough deal or faces an unexpected setback from time to time. How you respond to it will define your business and shape your future. If you pout and complain it will lengthen the time between deals. On the flip side if you accept that it is part of doing business you will quickly get right back after it and build your pipeline.
There are learning experiences to be had in almost everything you do in real estate. Dealing with adversity and the unexpected is a huge part of building a successful real estate business. Here are five lessons to be learned on deals that fall through.
You should anticipate an unexpected deal or two falling through every year. This will certainly sting but view it as an education experience and learn something from it so it you are prepared for the next time it happens.