Define Wonderful, Define Fair.

It is December first and already it seems as though we are bombarded with the notion to reflect on the past year and plan for the next.  What did you set out to accomplish in 2023 and what were the results? What are your goals for the upcoming year?  And don’t forget your New Year’s resolutions…

Maybe it’s the analytical business mind in me, but I feel like I am constantly assessing and reassessing my own situation as well as analyzing the world around me.  It’s not just an end of year routine that I will forget by January 5th.  Maybe it’s because I read Curious George a thousand times as a child.

Of course I am always looking at market trends, what is selling and what is not, so that I can provide my clients with the best information and perspective possible, but I’m talking beyond analytics.  I am thinking about my approach to work, to life, to relationships and beyond.

While I was reading about the passing of Charles Munger, Warren Buffett’s right hand man and business partner in Berkshire Hathaway, the notion he coined stuck a chord with me and this theme.

“Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.”

I think this concept should be considered and present in any business transaction, and especially real estate.  Yes, the stakes are high and there is a lot of money being traded.  I take that very seriously.  But there’s more to it than that.  There’s a delicate dance happening when you are working on any deal and nobody wants to feel like they are getting screwed.  Real estate transactions also have an emotional element to them, both for the buyer and the seller.  Furthermore, I think this concept can transcend business and be applied to how you approach life I general.

I think it’s about being honest and transparent.  It’s about understanding your priorities and goals and making sure those are genuine.  Define for yourself what is wonderful and go get it for a fair price.