A fair amount of success with Real Estate is luck. There are those who work very hard and seem to have fate work against them at every turn and there are those who seem to just have things thrown in their lap. I sometimes hear people say that they make their own luck and usually I find that these people have been extraordinarily lucky and unfortunately are not humble enough to realize how kind the fates have been. That said, I would agree that you do not have to be totally at the whims of fate. Like any commodity, real estate has market risk and property specific risk.
Market Risk includes overall state of the economy, the employment rate, interest rates, availability of financing, and consumer confidence levels. Most of these factors are outside of the control of the real estate agents, buyers, sellers, landlords and tenants. While we cannot control these factors, the other side of the coin is that we cannot ignore them and pretend that they do not exist. These factors define the frame within which we must work. If we ignore them, our chances of success are slim. Of course there will always be stories of people who were lucky and managed to have a terrific windfall in spite of ignoring all the signs. There is also always a lottery winner, but that does not make it reasonable or smart to invest all of your retirement savings in lottery tickets.
Being fairly risk adverse, I like to read the market and make decisions based upon those readings. Pricing and property condition are factors that do not have to rely on chance. Still, when I see a penny on the ground, I am going to pick it up for luck and I am not opposed to burying a St Joseph figurine on the property to help it sell. (smile)
Have a great day and a great weekend. Stay cool and enjoy summer. It's just awesome, isn't it?
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
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