Learn how to avoid costly business decisions

Learn how to avoid costly business decisions

Learn how to avoid costly business decisionsDo you want to learn how to avoid costly business decisions?

One thing that has fascinated me most of my life has been the power of small distinctions... Why?

Because believe it or not, some small distinctions hold within them the potential to change our lives...

So here's one simple little example I tripped across years ago that has had a lot to do with any success I've ever experienced in business or my personal life.

Ready? Okay here it is… Curiosity! Ya, that's it!

Okay, so on the surface your saying- " CURIOSITY ??? whats the big deal?  Just hang with me a bit...

We've all heard that curiosity killed the cat, but I'm not a cat.

Here’s a couple of examples; their minor, but I think you'll see my point. Now pay attention!

Example one of Learning how to avoid costly business decisions:

As a real estate entrepreneur/investor  I constantly search for houses to buy located on the Rogue River in our Grants Pass Oregon- it's just a thing with me.  I love houses with river access and views- to buy and use as vacation rentals.

Anyway, recently I found this one house that I immediately fell in love with, unfortunately it was already pending (already in escrow with another buyer)…

So, did I give up, walk away, forgetaboutit?  Hell no!  I got curious!

I called my broker and asked him to contact the listing broker on the property and probe; get all the details…

1-     How solid is their present pending sale?

2-     Is it an all-cash purchase or contingent upon financing?

3-     Is it being sold as is or with contingencies for inspection and possible repairs?

4-     What's the seller's motivation for selling? -What's the seller’s situation overall?  Does he want a quick sale?  Are they still living in the house, or is the house vacant?  Are they retired? Was there a death in the family, is it a probate?  I want to know everything!

5-     Will they consider a backup offer from an all cash buyer with no contingencies and close escrow within seven days?

The agent’s response- "Oh, the deal is almost closed, why bother, I wouldn't worry about it."

So, I call a second agent.  Give her the same information and asked her to contact the listing broker.

Her response- "I called the agent and spoke with him briefly it looks like they will close that deal at the end of the month.  No need to follow up.  Would you like me to find you something else on the river?"

So today, I got the property address, typed it into Google search, found the contact information for the listing broker and called him directly, asked my own questions, and hired him to represent me and made a backup offer on the property.

Now for the rest of the story- It appears the house was owned by an older lady who lived in it for 12 years before passing away, her family members inherited the house, but none of them are interested in keeping it – And… during the inspection an issue has come up with the Water Well and the appraisal came in $40,000 lower than the sales price (the buyers purchase is contingent on financing) looks like the deal is going to fall apart.

So, did curiosity kill that cat? Maybe ...But what it didn't kill is my possibilities of landing this deal.

Example 2 of Learning how to avoid costly business decisions:

Later today I get a call from my assistant Sabrina.  A property we're selling and about to close escrow failed a buyers inspection on the heating unit, because the unit is making a “loud noise”.  So the inspector suggested we replace it with a new unit, which would cost us around $5000.  When I asked her what's wrong with the unit, what did the inspector say is broken?  What needs repairs?  All she said was, "he just said it needs to be replaced because it's making a loud noise”

Tony- “But is it working?” I asked “Is it producing heat?”

Sabrina- “Yes its producing heat, but it's making a REALLY  loud noise”

So I got curious I got in my car and I drove to the house to hear the loud noise myself- I mean, how loud can it be? At the same time I asked Sabrina to meet me there with our handyman just in case the heater does need to be replaced so we could have it done immediately.

So we get to the house.  I turn on the heater, and no doubt about it, this is one noisy forced air heating unit.  So I opened the front of the heater and turn it on again.  And what's making the noise?  It's missing four screws on the squire cage (the housing for the blower part of the unit).  Four screws!

So, our trusty handyman replaced the four missing screws in less than 5 minutes, and I save myself $5000 for a new forced air heating unit I didn't need.

What’s the problem? Everybody took the inspectors word for the problem.  Nobody questioned the inspector, the cause or severity of the "problem"- nobody got curious.

These are two completely different examples, but they have one simple distinction in common – Curiosityasking why, why not, is it possible, is there a way, how can I?

Curiosity is the threshold to creativity & resolution - It’s the one personality trait that will get you through, over, under or around obstacles and onto a worthwhile outcome when others adhering to the law of persistence  just walk away…

Yes, curiosity - It’s an absolute must for those seeking to cut their own path and succeed at anything worthwhile.

Be well!

Here is an additional resource for your enjoyment.

 



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