Managing Ambiguity in a Real Estate Transaction
Real estate transactions in the North Metro Denver area involve lots of decisions, and at times you may find yourself overwhelmed. Seldom in this life do we act with perfect knowledge. I wanted to offer you some strategies for navigating these waters.
There are different strategies for dealing with imperfect information. Avoiding decision paralysis has to do with your disposition, attitude towards risk, and willingness to accept shifting conditions. In fact, I’d like to suggest there are two major approaches to dealing with imperfect information: Situational and interpersonal.
The situational approach has to do with acting on plans without enough data. Even after you’ve done your best research, you will often find yourself missing what may seem like vital information to make you feel safe with your decision. In these cases, the best you can do is proceed with the best information you have available. You should, however, be prepared to pivot. Pivoting is common in technology startups when early results dictate a major change in strategy. Act, but do not be afraid to change your actions as the information dictates.
The interpersonal approach is much different. This is when you have imperfect information about a person’s intent. We can never truly know what’s in the hearts and minds of those around us. Even when they tell us, we may harbor doubts. Sometimes we are paralyzed with resentment when we try to interpret the intent behind someone’s comments or behavior. When facing this form of imperfect information, it can often be most productive to proceed as if they have the best intentions at heart. You may not be certain, but you can be certain that resentment and mistrust will undermine your own decisions.
Whether situational or interpersonal, practice acting in the face of imperfect information. I hope this advice helps in your real estate journey here in the North Metro Denver area. Moreover, if you have a question or comment please leave them below or feel free to contact me, as I am here to help you in any way I can.