Hat Wars: A Lesson in Decision Making

A few months ago, my 9-year-old son was given a hat by a friend. Unfortunately, it's not just any hat. I'm 100% certain this hat was designed with the specific purpose of driving parents crazy. It's a custom-designed NY Yankees baseball cap of the genus "PUNK." It transforms my sweet boy into a something else entirely. Of course, my son absolutely adores the hat.

The fact that my son loves this hat leaves me in a precarious position. I need to decide whether I will let my son wear this god-awful thing or whether I will pull the big, bad dad card and rip it off his head and throw it as far away as possible. The decision involves evaluating consequences.  If I let my son wear the hat, will every one think he is a punk? Will letting him wear it MAKE him a punk? By forbidding the stupid hat, am I hurting my relationship with him? Am I using up emotional capital now that I will need when he is a teenager (instead of just thinking he is one) over a hat?

In the real estate and mortgage world, hard decisions are a constant part of our professional lives. Mortgage professionals make decisions about loan programs, interest rates, and credit-worthiness that can have a tremendous impact. For real estate professionals, making a decision about listing price, the information provided on an mls listing, and making an offer or counter-offer on a house can all be very difficult.

As an appraiser, I'm often asked to check on the value of a property (called pulling comps) before I get a full appraiser order. Some appraisers think it is impossible to legally and ethically provide comps. I've worked through the process and made a decision to provide comps and I found a way to do it right (i.e. legally and ethically). I make decisions about what comparable sales to use based on information provided through public records, MLS information, and by the person requesting the comp. I assume the information is correct because that is the only way I can provide a credible opinion. However, I make it clear that if my assumptions are wrong, then my results will be wrong, too. 

I made the decision to provide comps because it was best for the long-term health of my business and best for my clients. However, as a result, I also have to face the consequences when I get a full appraisal order, do more research, inspect the property, and find out the assumptions I made were wrong. Then, I have to make another hard decision. I have to decide to risk making my clients angry by telling them the true results of my appraisal.  I have to tell them that my initial comp was wrong. That is not much fun, but when I look to the future, telling the truth is the best decision for my business, my reputation, and my peace of mind.

A hard decision is best made by looking at what the consequences of that decision could be, not just tomorrow, but into the future. In the end (and despite dreams of that hat and a shredder having an intimate meeting), I've decided to trade my current comfort to build my future relationship with my son. That means letting him wear that stupid hat. Looking to the future, that's the best choice to make and I can't do better than that.