This has been another incredibly great year for my real estate business, in terms of growth and relationships. As the year comes to a close, I'd like to thank all of my clients for their loyalty, referrals and good will. There are several main themes I saw in Oklahoma City real estate for 2012.
I'm going to keep this one short, because sometimes less is more. Please click play to begin.
I've tried to capture the essance of what this song is saying for many years, through many consultations with buyers and sellers trying to get them to understand the importance of a home. Yet, once again, someone else said it so much better than I ever could. I've written a post about house's making such great memories and I wrote another post trying to help with a buyer's understanding where a seller's heart is when approaching negotiations. I consistently warn seller's during listing consultations to be prepared for moving week, because the feelings and memories can be overwhelming when you're leaving your home. Little did I know, I would hear this song, for the first time today, that would so elegantly put all my thoughts and feelings about home ownership to music. A month ago I said, 'good bye' to my child hood homestead of 40 years and I am writing this a week before I visit my home away from home after the loss of my 95 year old grandmother. I know what it means to have a home that built me, and I've owned homes that are me. There is a lot more to real estate than a financial investment. First and foremost you should own a home and understand what it means to 'have a house that built me.' For wonderful vivid pictures of homes and memories that built us check out: Dearphotograph.com.
"To know that we know what we know, and to know that we do not know what we do not know, that is true knowledge." - Copernicus
Whether, you’re a first time home buyer or buying your 25th multi residential complex; YOU DON’T KNOW WHAT YOU DON’T KNOW. I could end this blog entry there because it is as simple as that. In real estate, I’ve personally lost tens of thousands of dollars not knowing what I didn’t know on my own transactions and I’ve seen millions lost with heavy hitters in the business. We all get too big for our britches at one time or another but a good investor knows this is true.
So, you’ve admitted it. Where do you go from here? First, find yourself smart people (experts) and surround yourself with them then listen to them. Identifying them will be harder than you think, since, most people have just
enough information to be dangerous and everyone including themselves is unaware until it's too late. A true expert has several qualities to look for. First, they are passionate about what they do and they don’t have another part time job. Second, their actions and words match. Third, they have experience which means they’ve had years of opportunities to make mistakes prior to your transaction. Next, how do you find these experts? The web and/or referrals. Some will have designations and some will come highly recommended. Some you can get to know simply by reading their blogs and unfortunately others won’t be who they appear. Always be weary of experts who don’t respect other's expertise and remember there is a difference between a salesperson and an expert. An experts advice does not change based on how much you spend and knows when to call in another expert.
You want someone that specializes in whatever your real estate need. Not a jack of all trades. These
wannabe Trump types don’t know what they don’t know either and unlike you and I still haven’t admitted it. You want someone who eats, sleeps and transacts real estate everyday, 24/7/365 in the specialty you need. Do you want a surgeon practicing on you? Then why would you let ‘Your Cousin Vinny’ sell you a home? Just because an attorney may have contract skills that doesn’t make him a builder or soil expert nor does the builder necessarily have his finger on the pulse of the market like an agent or the motives to protect your interests.
Every deal is different; just like every medical patient is different. A good agent knows their clients and their
unique needs. I tell my clients all the time that my experience is from mistakes I’ve made and/or seen others make and from surrounding myself with information in the real estate field daily, year after year.
Some are still thinking…..I can save the commission or expense of an expert. Maybe, but probably not and even then no one is advocating for you. You might save money on the front end of the deal but it’ll cost you on the back end. I’ve seen it happen more often than not. Sometimes the mistake is realized immediately other times not until you go to resale. My question is, “Which problem do you wan to have?” Because, let me tell you a $40k mistake is hard to swallow. Real estate is a risk. It’s the safest financial risk you can make but it is still a risk. Who is helping you hedge that risk?
Experienced professionals you’ll possibly need in any given real estate transaction:
Buyer Broker Seller Broker Real Estate Attorney Pest/Insect Technician
Home Inspector Surveyor Structural Engineer Home Stager
Banker/Lender Insurance Agent Builder Architect
Enviromental Expert: Septic/Well/Soil
, This blog and website is presented for informational purposes only. It is my/our opinion and perspective of this business and does not constitute any form of a legal relationship or contract between you and I or S. Walker & Co. I/We are not an attorney, CPA, engineer, architect, chemist or any professional that requires a degree and licensing we do not have. I/We are a licensed real estate broker and brokerage firm in the state of Oklahoma. Never disregard or delay seeking legal, tax and/or other expert professional counsel to your specific transaction or situation because of something you read on the internet. Legal, tax, engineering, construction and industry standards vary state by state in regards to real estate. I make reasonable effort to present current and accurate information but I make no guarantees of any kind. Any links to external websites is provided as a courtesy and is not an endorsement or guarantee of product, service or information.
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