Communication issues can harm a commercial transaction

Communication issues can harm a commercial transaction

On Behalf of | Feb 24, 2022 | Business Law |

A major commercial real estate issue that can backfire on clients is not having a good line of communication. If your clients or prospects fail to get back to you within a reasonable timeframe or you do not respond to them, then the entire sale, purchase or lease could fall through.

Getting people to respond to you is essential, just as being on top of your game and responding to them may make the difference between a sale and interest that falls through.

How can you make sure the lines of communication remain open?

To start with, you need to talk to your seller or buyer about the way you communicate and what they can expect. Will you email them? Chat on the phone? What are your office hours, and how long will it take you to respond if you cannot answer them right away?

Answer these questions to avoid problems with your clients reaching you.

You can also ask them important information about their preferred ways to communicate. Maybe one of your clients is very busy, so they can’t take calls but will be happy to respond via text. Maybe the seller is going to be out of the area but is more than happy to set up appointment times. Being able to communicate openly about the best ways to stay in touch can make any transaction easier.

What if they still won’t respond to you?

Interestingly, one method that some real estate agents used when their prospects or clients won’t get back to them is to ask if they’ve given up their search for a property or buyer.

Most people will respond to a question when it is bluntly asking if they’ve stopped looking. It may be surprising to them that you’re feeling that way or just make them realize that they haven’t been communicating well. They’ll often respond to let you know if they intend to move forward to avoid losing your confidence as an agent.

Communication issues can be avoided and should be during any transaction. A quick email, text or phone call could make a big difference in how quickly a transaction is handled and how well it goes.

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