How is selling a newspaper like selling a house?

The question of who will be the next steward of the Boston Globe is big news. My former writing space, Boston.com, is up for sale. New York Times Vice Chairman, Michael Golden told Boston Globe employees (from the Globe):

“We will take what we consider to be the best bid,’’ Golden said, describing a process that he estimated would take six to nine months. Price is important, he said, but leaving the Globe in capable hands will be a consideration.

So how is selling a newspaper like selling a house?

For house sellers who are investors, it’s all about the Benjamins, period. Their goal is to get the most money, then about how quickly and securely they will get it. So, the highest offer with solid financing wins. The Times doesn’t intend to act solely as an investor. It has reason to care about journalism and its reputation. 

For owner-occupant house sellers, price is important, but leaving the house in capable hands matters too. Many are attached to their houses and the memories of events that took place while living there. If given a choice, sellers will choose a buyer who seems to be the next set of capable hands to care for the house. Being the right steward can get you a house, when in competition. It may even get you the house at a slightly lower price. Being disrespectful can lose you a house, or cost you more.

As a buyer’s agent, I am all about getting the best house at the lowest price. Keeping the seller’s motivation in mind is part of that process. For owner-occupants it is price first, but then, that something else. Everything you do and say in front of a seller or a seller’s agent is part of the picture of who you are as a buyer and as the next steward of the house.  As a buyer, you should be aware that negotiation begins with “hello.” There are things you just should not be saying, ever.

Sellers can be turned off by aggressive buyers who openly criticize the property, talk about renovation, or discuss tearing it down. Your snarky opinions may be clever, but that joke could cost you thousands. If you want to make fun of the 50’s decorating, do it outside. If you include a letter about how much you love their house, it better be honest. If it sounds like a buttering-up job, it is not going to work. Sellers weren’t born yesterday.

I have been lucky that my business has grown to attract people who are smart and respectful. I can’t teach respect, but I remain mindful of their communication and its affect on negotiation. With clients like this, I can fine-tune the negotiation from the first phone call.

That house doesn't have enough insulation. How did I know that?

How do you know if there is enough insulation to keep heating dollars from flying out of the top of your house? On days like today, it is pretty easy. It is January. We had snow about a week ago. Today, it is 44 degrees out.

Today, while I was driving through Needham, I noticed a house with significant snow cover on the roof. The house with a full complement of snow stood out. Other houses on the same street had bare roofs. That house has good insulation.

Sunlight melts snow, eventually, even when the air is below freezing. But, most of the time, snow is melted from heating dollars at work. House heat will rise right through the roof unless there is insulation to stop it.

Insulation on the floor of an unfinished attic is a great energy saver. It is a no-brainer that pays back fast. If you have a finished attic space, insulation is just as important. However, it is a little trickier because you need to insulate and ventilate in the roof space above the finished rooms. Fresh air needs to get into the bottom side of the roof surface and a blanket of insulation needs to stop the house’s heat from passing up through the roof. A baffle between the air space and the insulation is the way to do that. Failure to insulate can lead to a nasty mold problem. (More about that another day.)

If you are a buyer, what should you look for? On a day when snow is on some rooftops, look at a house you are considering. If it is the only one without snow, there is not enough insulation. If you can see the lines where the roof rafters are causing less snow melt, there is not enough insulation. (It will look like stripes of deeper snow with patches of less snow in between.) But, if every house on the block has melted snow, it may be a sunny spot or the day is warm enough to melt most snow.

As an aside, sky lights melt snow fast because they insulate much less than roof material. Consider getting an insulated shade for your skylight.