So today I'm writing about theABCs of Structuring both Facts and Subtleties into Real Property Transactions. Here's how it works. Look at the facts. Gather data, Know your parameters. Do the ground work. But never ignore what lies beyond the obvious.
EXAMPLE: This photo(I took it earlier this week) is of a farmland scene... a large acreage with great potential.. I have the survey, plat map, aerial, utility information and so forth, ...however, the "atmosphere" here can influence one's perception of the facts.
My clients hear, "What's your gut feeling about the potential for this property ?" I ask this question because over the years, Big Advantages have shown up for my clients when combining their insights with the obvious categorizing, comparing, and measuring (fact gathering.)
What's a real property transaction anyway without that intuitive response that provides the essential element of insight? When structured into the decision-making process , that all-inclusive ( both, all, and side-by-side ) insight creates positive momentum.
The ABCs of Structuring Facts & Subtleties into Real Property Transactions
- A. Understand the topography, the geology, the aesthetic.
- B. Ask good questions. Could the land under development be a conservation development? ( See AR's Corey Atherton's for in-depth description.) What do the experts say? (The great Lou Jewell who teaches Land 101 with his anthem , "I LOVE LAND!" might have a few words of wisdom.)
- C. Utilize resources: Equinox Environmental for Baseline Documentation, Conservation Subdivisions, Farmland Preservation, Greenways Planning ,Native Plantings ,Park Planning ,Phase 1 Assessments, Private Lands, Sustainable Landscapes, Watershed Assessments, Wetlands Delineation.
- D. Dialogue. You can better gauge your insights when you open dialogues with those in the know.
- E. Ask local experts. They know the trends in the real estate market in their localities, the character of the land and the folks who live there.
- F. Utilize the fact gathering PLUS approach.
FACT GATHERING with a PLUS
1) Is their a healthy impetus for development?
2) How popular are "sustainable" developments in your area?
3) Does your locality have a diverse economic structure? And is this based on tourism?
Services? Industry? or . . .What?
4) What about the overall education levels in your area?
5) What about the overall picture on wages and per capita income levels? And how do these affect standards of living?
6) Is there an increased need for residential dwellings? Commercial development?
7) What insights can you share with me?
More Facts: The photos you see here are of a large acreage near my home. For me, the property features of mountain views, rolling pastoral acreage + lively stream call for an equestrian. You should know that we are in a very strong market. Lots of eco-friendly development is I demand. This property (almost 60 acres) most likely could sell for $2M.
PLUS. . .. . . Get Into the Subtleties. . .
Use your "gut feeling" to "know" if this is the "right" horse farm, or organic farm property for you/your client, a Cultural Creative, who wants to be near an amazing city.
Use your "gut feeling" to "know" if this is the "right"property for single family, multi-family, or eco-friendly mixed use development.
Test YOUR Insight. Take a few moments to consider what you see in the photos.
Do you "get" a sense of place as you look at the photos?
Does the property "call" to you?
Tell me your insights.
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