I’ve been thinking about equity lately.
In real estate, we talk about it all the time. “When you buy, you are building equity.” “How much equity do you have in your house?” It’s an important concept and it’s understandable that we talk about it. Buying and holding real estate is one of the best ways there is to build wealth. Real estate equity – owning a stake in a piece of real property – is a great thing!
But there are other kinds of equity – ones that can impact a real estate deal and the rest of our lives as well.
Fairness
In most dictionaries, fairness is the first definition given for the word equity. And in real estate – the way I do it at least – fairness is a primary objective. Things always go better when we work toward a win-win. Don’t misunderstand – this is a very competitive business and I work hard on behalf of my clients. I want to get them the best deal I can. But I also work to be fair. Disagreements sometimes arise, as they often do in negotiations. I believe it’s best to try to see the other side’s viewpoint, and work toward a solution where all parties feel they got a fair shake, and no one feels like a total loser.
Union
This one may be a bit of a stretch, but I like it, so here goes. In the US, the UK, and some other countries, equity also refers to the trade union professional entertainers belong to – a banding together, to assure fair and equal treatment for its members. Opinions may differ on whether the original purpose and existing reality are in line, but I like the idea of banding together for fairness. Real estate mirrors life. We are all in this together. When we work in concert – with our clients, with our fellow realtors, with our friends and neighbors, with our community as a whole – everyone wins. And that’s a good thing.