The REAL Value of Real Estate | | |
By Mark Hulsey
After a long and diversified career in the real estate industry, one can see things differently than others. Not better or worse, just different. Let me explain one example when it comes to the real value of real estate.
People often miss the true value of real estate in both residential and commercial. In a world driven by Zillow estimates and CoStar algorithms, when it’s time to sell, it’s only about one thing. It’s tough to find a seller of anything that does not overvalue their product. When in fact, what they might be missing is the real value which they received during their ownership.
Let me get personal with you here: I don’t care what my house is worth today. I know that sounds super crazy or probably naïve to most. But, it’s my truth – I don’t care what my house, that big box of bedrooms and bathrooms, is worth.
I only care what my home is worth. It’s my home, my place for my family. My place of peace and comfort, laughter and tears, and a lifetime of memories that are worth more than any amount of money. For me, the value of my house is directly tied to the value of my family’s home. That’s the real value for me.
“Yeah, Mark, you clearly don’t get it. It’s my biggest investment, a big part of my retirement, my stepping stone to my next bigger and better house! You’re an idiot if you don’t care what your house is worth today!”
Yes, the day will come when it will be sold, but for now, it is our home and that’s what matters most of all. I will take a cheap house that is a great home, over an expensive house that is a bad home, as long as I live.
Article Part II Continued Below...
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| | Doug Harris water skiing on beautiful Yellow Lake! | |  | Sawyer Hulsey dialing in a 9 iron at Fox Run Golf Club! | | | Hayden, Doug, Dave, and Nolan had a blast at the Results Foundation Golf Tournament! | | | Hayden and his wife, Megan, welcomed their third daughter, Grace, into the world last week! | | | |
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| | The REAL Value of Real Estate | | |
Part II Continued from above...
On the flip side, the commercial side, my everyday working domain, I see a little different spin on the real value of real estate. That commercial building, which the Seller is certain is worth a billion dollars, has fulfilled a critical job, an essential function, for the owner for many years. Maybe it was their accounting office, gas station, retail strip center, bicycle shop or their little apartment building. Their building was a commerce-generating facility.
That facility, their building, was their place of business or an income producing asset for many years. It did its job.
Often, when we do the math behind that commerce-generating facility, it’s astounding the real value it has created for the owner over those years. Sometimes millions of dollars were generated by the people inside those offices or behind those cash registers. The commerce produced from that building fed families, paid for apartments and homes, and sent kids to college. That’s real value – the real value of living a good life.
I hear their arguments far too often, “Mark, you don’t understand... They need to pay much more for my building since that’s my retirement.” Naturally, I have to explain to them that they, unfortunately, do not determine the market value of the property. Only the market determines the market value. But I kindly remind them of all the good that building has brought them over the years. I remind them of the real value behind their real estate. And every once in a while, I see their eyes light up as they understand where I’m coming from.
It’s about more than the money. In real estate, like in life, there’s so much more to the story. As industry professionals, we can be the voice of reason; a voice of caring and understanding. If we understand the real value of real estate, I believe we can bring even more real value to our clients and customers every day.
Mark
Mark Hulsey
Managing Broker
Licensed: MN, WI & FL
mark@resultscommercial.com
Mobile: 651-755-2068
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