Anecdotal Advice
Be cautious of accepting and acting upon anecdotal advice from even trusted sources. This is what worked for us and no doubt it will work for you too. Well maybe. The problem is: Every transaction is different. And it can be difficult to extrapolate lessons from one transaction to another. The only solution to this is experience. And not one or two past deals. Rather, one or two hundred. But even then, plan on the unexpected.
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There is just something about real estate: Everyone, and I do mean everyone, thinks they know more about it than they do. Don’t believe me? Just ask them. If they’ve bought and sold one house, they will tell you all about it. If they have bought and sold three houses, they are certifiable experts.
Real estate is one of those topics that people just love to talk about. And look, I get it, for most people it is their largest asset. And they want to feel good about it. They want to be knowledgeable or at least feel knowledgeable. And of course, they want to share their knowledge and experience…with you.
This starts with the choice of broker: Oh you should really call our broker. She got our last place sold in one day. But it continues with how to price, and where to advertise, and what neutral color to use, because everyone knows you need to neutralize. It continues with what to offer and what to accept, and how much earnest money is enough, and of course what inspector to use, and well, it’s endless.
And hey, there’s no harm in it. So sure, listen to their stories, and sure, try to learn from their experience. That’s what I do. And maybe you can pickup a nugget or two. I have. I mean if you get people talking about real estate, they can tell you some stories.
But just always remember that they are telling you about one experience, or three, or five, whatever.
Here’s the thing: This property is different from that property. And this transaction is different from that transaction. And today is different from yesterday. And this town is…well you get the idea. The variables are infinite.
Here’s my advice: Sure, listen to what they have to say. And if it makes sense to do as they suggest, well do so. But use your own judgment. And don’t be afraid to say, or think to yourself, you know, I hear what he’s saying, but that does not feel right to me.
Experience is vital. And there is no substitute for good judgment.