At the inception of EcoLiving Property, we aimed to have a positive impact on the properties we touched and the communities surrounding them. We wanted to inspire others to follow our influence and see how homes can be renovated in a mindful way which reduces harm to the environment. We knew with every project we would find ways to improve our own system; increase the sustainable ideas and decreasing the waste. We knew we would face challenges and that others would doubt our ability to accomplish our goals.
What I failed to realize is the positive impact we would have within our own house and with the next generation EcoLiving home rehabber. My daughter has absorbed so much of the business from how we preview a property and estimate repairs, to what products we use in our projects and how we market. She can recite many of the things I tell to real estate agents, contractors and fellow investors about our business. And she is excited about some day being responsible for her own project. Now if she could differentiate between colors/patterns of her own preference and the preferences of the majority of buyers I would say she is about ready.
This knowledge and experience will give her financial security early in life by recognizing the value of real estate and understanding the business. Even better, she identifies the desire to protect the environment. I have no doubt my daughter will continue to improve our processes and share the positive influence until the environment will no longer need protection. I’m just grateful to be planting the seeds.
We take our job very seriously. We have invested a lot of time and energy into learning our trade and understanding the business. Naturally we love the design aspect, shopping, checking out properties, educating about creating a healthier earth and watching home transform. And it’s critical we understand the systems to doing things the right way and avoid unnecessary risk. When it boils down to it, it’s crazy fun.
Life as a real estate investor means we live on the fly, how we spend our days often gets made up as we go. The best scheduled plans can quickly get detoured when a potential deal needs to be accessed because offers are made quickly. Part of the excitement of the business is the unpredictability and it can also be a source of frustration. At times we have found ourselves distracted by the excitement and wasting time on the wrong tasks.
Because of the tendency to chase shiny things, we have begun to emphasize improving our systems to implement tasks and routines with flexibility. This allows us to keep focused on structure while still allowing for unplanned events. We time block when to work on marketing, communications, renovation tasks, analyzing deals, education and networking meetings. We keep each other accountable for sticking to assigned tasks and staying focused. Our business is more productive because of this method.
Keeping in mind the necessity of avoiding distractions, I stood in our construction zone making a mental note of all of the duties which would need to be worked on over the next few days. Tile on the kitchen floor to be repaired, trim around the windows, installing appliances, paint etc. I placed a phone call to the contractor to go over what I was seeing when outside the window I spotted a flash of white. Grateful to have the major part of my conversation completed, my focus wavered from his words to narrow in on the bright spot across the street. I darted to the window like a labrador retriever and there it was, a small furry ghost on the tree, the neighborhood albino squirrel. Okay, so we are not perfect. We can’t time block everything and may still chase ‘shiny things’ on occasion.
One of the most difficult things about buying homes to rehab is falling in love the with character and charm of an older home and have a deal not work out. As business women it is imperative to make business decisions, make them without emotions and make choices only in regards to the numbers. Unfortunately for us, we not only chose real estate redevelopment for our business because of the viability of our investments but for the love of houses.
We swoon for great architectural bones, we are giddy with colorful patterns and rich textures, we ooh and aah like new mothers for built-in cabinets, glass door knobs and detailed crown molding. We don’t turn our nose up at puzzling layouts, moldy odors, and layers of outdated wallpaper. We seize the opportunity to explore our own creativity, make it functional and develop a home. We have passion in this process so it’s not exactly ‘non-emotional.’
This week we had to make the difficult decision to let go of a house we had under contract. The house itself was in an ugly state and in desperate need of love and attention. We saw through the years of wear and neglect, the sagging roof, cracked stucco, over-sized fireplace and outdated lighting. We knew the combination of our design plans to update with eco-friendly products and energy-efficient materials would bring new life to this home. We knew a future homeowner would be able to enter into a warm inviting space where they could truly appreciate the original features we could highlight. We were enthusiastic about this project and desperately wanted to fulfill the vision we had for this house with infinite potential.
In the end, we recognized the numbers didn’t make sense. No amount of love for the original wood floors would cover the cost of a brand new HVAC system, the charm of the glass doorknobs was not financial compensation for replacing the front porch and the character of the neighborhood would not pay for replacing the kitchen and bathrooms. In redeveloping properties there are daily lessons and this single one we return to more than all the rest: The Key Is Patience.
There will be more homes with these features, this one was not meant for us, the numbers have to make sense. We love our business and we have to show our business love by following the numbers first.