As I take stock of 2008 and move into 2009, I’ve decided to develop and implement a strategy for transforming my business moving forward. I’ve settled on a theme for this year – creating, delivering and leveraging knowledge.
My goal for 2009 is to become a better filter.
I want to become an expert filter – more importantly, be recognized as an expert filter – transforming information into knowledge. I had a very interesting conversation this morning with a client regarding the state of the current real estate market in Chicago. After three attempts of getting several properties under contract, my client and I finally succeeded in getting a deal together. We visited the unit again this morning. After seeing the unit, I sensed his apprehension when talking about next steps.
He wants to renegotiate the price now after having the property under contract. He’s been actively reading on the blogs that prices are continuing to fall in the US – he cited Case Shiller’s recent price decline of 18% as the reason why he should pay even less than our negotiated price.
This became a real example of why information is not knowledge.
I became a filter – he was not really aware that the indicator, often touted in daily news sound bites about the ailing US real estate market, was actually an aggregated statistic for 20 metro areas in the US – Chicago faring slightly better at alittle over 10% decline since the same period last year. To drill even deeper, the indicator measures single family home prices, not condos . The decline hasn’t impacted every neighborhood equally. Perhaps more importantly, we have spent the past 5 months searching for properties in four different neighborhoods within the city. The process was an eye-opening experience for him – he learned that while inventory was plentiful, there were only a handful of properties actually worth buying.
While I am not keen on resolutions, I have decided to spend less time listening to the 24 hour, continuous coverage of catastrophe that our news has become. Without the proper context and filtering, consumers are simply mis-educated and misinformed regarding Read more