Thanks so much for tuning in to the Real Estate Today podcast. Right now we’re gonna talk about vetting a property.
Bob Nelson: I’m Bob Nelson, Eugene commercial real estate investor and broker with Pac West Real Estate Investments.
Marcia Edwards: And I’m Marcia Edwards, residential broker with Windermere Real Estate. Let’s talk about knowing a good things when you see it. We’ve found that there’s challenges for finding the right inventory for folks, both in residential, commercial, and investment. What I would like to talk about it, do you know a good thing when you see it? Have you checked all the edges and how realtors, the right realtors, can actually help you get there with some wisdom, and when you go to resell it with some pat on the back for catching the margin?
Bob Nelson: Well, it’s an interesting process because for us to do our job properly, we have to be educated and trained. It becomes a process. I understand that I can only be good at a certain portion of the market. I don’t try to be good at everything because at that point I’m probably gonna be an amateur at a whole bunch of them. Amateurism will absolutely show up in a poorly baked cake, and that just doesn’t work.
Marcia Edwards: Well, if the stars are aligned and if nothing goes wrong and if that person got lucky and did find a good opportunity for you, all that went that great, you probably didn’t need the realtor at all. What we’re actually in value here, in the relationship to our clients in the process, is watching for what could go wrong. That sounds like we’re dream killers and looking for the crash and burn, but actually we’re looking for a way to navigate you through to the optimum potential despite some hurdles or some things that could come in your path.
Bob Nelson: Let me describe my concept, as I look at a partial of property. First of all I figure out, who am I gonna sell this thing to? I’m not selling it tomorrow. This is not a flipper. But can I envision that there will be a nice buyer base waiting when we bring this property back out on the market, five years, ten years, whatever? But if I can’t figure out how to get out of it, hey, this becomes a terminal purchase and very few people are prepared for their terminal purchase.
Marcia Edwards: And it’s very true in residential. I tell folks my role is to be in defense of their resale. That is, if things go great and you have this house until they take you out feet first, as they say, that’s great. But if things don’t go right, if life happens and you need to access equity with an appraisal or sell the property, you’ve gotta have the tools in that property to resell to a attractive pool of buyers.
Bob Nelson: Now, once I’ve identified, “Yes, I can figure out how to get out of this,” then I’m gonna continue on and try to figure, “What can go wrong as we own this property?” I’m gonna literally start to pick it apart. If I can’t find a significant pick-apart, then I’m gonna press forwards.
Marcia Edwards: I’m Marcia Edwards, Windermere Real Estate.
Bob Nelson: And I’m Bob Nelson, Eugene commercial real estate investment broker with Pac West Real Estate Investments.