Fallen Deals Are Like Fallen Angels

There is one metric on the financials that gains little attention by brokerages: Fallen Sales, or Deals Fallen Through (DFT). They are on everyone's productivity report, but when asked why the number is what it is, no one can explain why these deals are lost.

It is surprising on how much business is lost every month because of a fallen sale. It is more surprising that only a few people dive into the why and how this business is lost, and if they can resuscitate or learn how to make a deal to fly again.

Peter McGarry, of McGarry Properties, and I have had several discussions on the topic of DFTs. Our conversation ranged from what is the number of DFTs to the value of an agent's experience when a manager assists to get a deal back into flight. We also discuss how technology might be leveraged as an emergency medical team before the patient hits the ER room.

This vlog is a snapshot of our conversations, and for us, highlights DFTs as an essential metric that impacts all the brokerage's business pillars.

Also, in a few weeks, be on the lookout for an interview with a branch manager on why DFTs are important to her.

Chapters

• Meet Mr. McGarry
• The number of deals that don't make the closing table
• The financial outcome when deals are able to fly
• Agents don't want your presents; they want your presence. — Matthew Ferrara
• Deal doctor versus resuscitation
• Use case for AI/ML?
• DFTs stats: fact or anecdotal
• Raising the red flag before the accident
• DFTs versus the three pillars of a brokerage: recruiting, retention, and productivity
• Best agents to recruit! Birds of a feather flock together

Reference:

• RealTrends Top 500 Brokers

To view the original article, visit the WAV Group blog.