It Takes Two To Tango … And Often Two To Invest
Sometimes one of your investor buyers will make the big mistake of listening to your sales presentation without their personal or professional partner present.
Recently, a sales rep I know did a sales presentation to a group of investors the night before a VIP broker event for a condo launch in Toronto. One of the would-be investors present at this event listened to the whole presentation but balked at making a decision then. The investor didn’t fill out a worksheet that night so he could reserve a unit at the sales event the next day.
This investor showed up unexpectedly the next morning before the sales event started. The broker he was working with had a top position in the lineup. Seeing there were not many people in front of them in the lineup and hundreds of people lined up behind them, the investor no doubt got caught up in the buyer hysteria of the moment to some extent and decided to buy a unit on the spot since he knew he could return it in the next 10 days if necessary.
Unfortunately, though the investor had talked to his wife about buying a condo in this project, he had not brought his wife to the sales presentation the night before, so she had not been persuaded as he had that this was a good investment. She forced the investor to return the unit, causing the sales rep to lose over $25,000 in commission.
More importantly, his wife would have no doubt seen it as a breach of their trust in their relationship that he would make such an important decision without getting her consent first. When someone does that, for their partner it hardly matters how good or bad the investment is. The outcome is almost always going to be negative and the property will usually be returned in the same flurry of emotion as when it was bought.