Some customers just don’t take decisions

There are no good decisions or bad decisions… only Decisions.. Many years back a wise friend once told me.

In the business of selling real estate, you meet a lot of customers looking to buy or sell properties. Your success depends on them making positive go ahead decisions. Sometimes you just can get them what they want and you are unable to transact.

Let me share some internal gossip about a customer I know for the last 7 years. You guessed right.. Mr. XYZ

he just can’t take a decision. He has the best properties. Buyers make the best offers. He has all the information required to make a decision, but he tends to hit a road block every time.

I needed to analyse this customer as a case study. (This is how I analyse tough situations to help my decision making process)

Why is it that he just cant take a decision. Some reasons that I realized were as below:

  1. He has a good positive cash flow of rentals from his various properties. Selling any of these properties would mean drop in income. So.. Fear of loss in income. We can also say he is in a comfort Zone and has no urgency.
  2. He has properties in prime locations. So He can sell the property anytime he wants. Most of his properties are on already widened roads and there may not be any acquisition in the next 15-20 years. So.. Fear of not loss in future value. May be he thinks he will get a better price if he waits for another few years.
  3. He has a flourishing business with receivable running in many crores. If all his payments come up in a single shot, he could easily buy another prime property. Fear of unknown future. In case anything happens to him, his children could live off the receivables. All they need is a good lawyer/negotiater on a retainer/commission basis to follow up. (However they are being well educated in good schools and I am sure will be quite capable of handling it themselves. They are young and I have taken a worst case scenario here). The high yielding properties will be the family’s support in his absence.
  4. Fear of being cheated. Yes, its true. Even with the best intentions when I advice my clients, they could be thinking in the back of their minds “This guy is asking me to sell because he get 2%.”. Funnily, only brokers and real estate experts are looked with suspicion, while lawyers and CAs doing real estate are trusted. Even more funny thing is that many real estate clients call me for legal advice (free of course) instead of their lawyer. I dont know why this happens. Maybe I should do a blog on that separately.

So is it worth being connected with someone who does not really need your services? Write into me and suggest if I should follow up with such a customer. The people getting the answer right, will get something special from me.