Welcome to my ponderings….
Well, I never realized how much time and effort the Games took until I became involved by attending a few events and trying to keep up with Rene doing her volunteering.
Was a totally new and amazing experience for me and I just don’t know how Rene did what she did, let alone what all the athletes did leading up to and during along with the unimaginable logistics handled by the thousands involved. Congratulations to Everyone!
Even the closing ceremony debacle can’t and won’t take that away from the 2018 Games…
Back to the present.
Just this morning I had a phone call from a client, let’s call him Batman, asking about buying a property and who to listen to. Batman shared the confusion being experienced with vastly differing opinions on value from The Agent, The Accountant and The Valuer!
Seeing an apparent opportunity, Batman starts with The Agent.
However, The Agent gives fairly loose information on events and supposedly “Had a contract on it up until yesterday” when the buyer mysteriously pulled the pin.
Not only is their lack of clarity on why but The Agent doesn’t offer an inspection for Batman; And having heard a few stories before, Batman thinks there’s some bat poo going on which only adds to the angst.
Then Batman calls The Accountant who tells him it’s too expensive.
Now, I know a few accountants and they are great for crunching numbers, predictions and cash flows. But, with respect, The Accountant is not a property valuer.
As luck would have it, The Accountant has a relationship with The Valuer.
Surprisingly, or not so surprising depends how you choose to view it, the valuer comes up with a similar result – “Don’t do it, it’s too expensive.”
So where does this leave Batman? All he sees is an opportunity.
Well, he calls me to share his frustration in the hope of shedding light on the matter. As a result, we ended up with another light bulb moment and learning.
It went like this.
After some chatting, I noticed something seemed a bit batty and asked more pointed questions about the situation only to find out that neither Batman, The Accountant or The Valuer have ever been to inspect the property!
Together, we looked at it from a slightly different perspective and I asked him “Do you feel the property is in the right location and the right ball park?” “Yes”, he replied.
Then I asked, “If you haven’t seen it how you do know if it’s suitable or not?”
“Well it’s not because it’s too expensive” he said. “But how do you know?” I asked.
“What do you mean?” he said.
To which I replied, “Batman, it’s great to listen to The Accountant and The Valuer for the numbers and those numbers may well work for you or not, but the critical thing is, does the property work for you? To know that you must go and see if it fits, looks and feels right and actually has the opportunities you are looking for.
The operative person here is You – not The Accountant Valuer or Agent, but You.
If as some people say, the planets align, and it ticks all the right boxes, then that is the intrinsic value that property holds for you. For that, you will most likely pay more than The Accountant and The Valuer suggest or any other buyer for that matter. But, probably never enough for The Agent (if he is doing his job at least)”
“Who knows what that amount is?”
“You Batman and only you so who do you listen to? In the end it is yourself and that voice that speaks true for you so long as you tell yourself the truth about the practicalities The Accountant and The Valuer are giving you and don’t live in fairy land about it all”
At that moment we both arrived at a new perspective of intrinsic value we wouldn’t have had if Batman didn’t ring me this morning….
Interestingly, I know of another accomplished accountant and partner who admitted to me that they were unable to purchase a property for themselves for a long time because they kept wearing their accountant hat at every inspection. Funny that.
What is Batman going to do? Arrange an inspection is what…
I wonder what the outcome will be? Must call him to let me know so I can share with you.
Until next time Holy Batpoo Batman and may your buyers see the intrinsic value in your property for that dream price you’re after. Happy listing, selling and banking the outcome!