Contract Cancellation: How to Prevent It From Happening to You

Another day, another record-breaking moment in real estate. For once, we're not talking about high interest rates or home prices, but rather a consequence of those two factors: a record number of contract cancellations.

Finding clients who are ready to transact is already hard enough in this market. Seeing a transaction through nearly to the end just for it to be canceled can be downright devastating. So what's an agent to do?

Realtor Kyle Whissel has a few ideas. In the video below, Kyle and co-host Bryan Koci offer a few mitigation strategies to prevent buyers from canceling a contract. Watch the video below to learn:

• Why helping buyers better understand the home buying process prevents cancellations
• How to approach the home buyer consultation to understand buyers' motivation and prepare them for the process
• The numbers trick: Use small numbers to explain big numbers, e.g. an extra $10,000 in purchase price equates to an extra $80 per month mortgage payment
• The importance of constant, clear communication — with your clients, the seller's agent, and the lender
• And more!

Tech Tools That Can Help

Kyle and Bryan also recommend two great additions to your tech toolbox, and we'd be remiss if we didn't mention them here.

To help in negotiations and prioritizing repairs, AI-driven inspection software like The QwikFix can analyze home inspection reports and provide estimated repair costs.

Finally, consider using a PTZ camera for higher-quality video for meetings and live-streaming. It lets you zoom in and capture your virtual meeting from multiple angles.

Related Reading

• Termination of Real Estate Contract by Buyer: A Guide for Agents and Buyers
• The Psychology of Homebuying: Understanding the Emotions that Drive Real Estate Decisions
• A State-Specific Guide to First-time Homebuying Programs