The real value

There are a lot of economic numbers out this week that I could reflect on but it feels self-indulgent to be presenting ideas on residential property when so many are struggling to protect their homes in the face of unimaginable challenges. Instead, I’ll reflect on what it really means.It’s in terrible times like these that we see the stark difference between the important financial and physical value of a ‘house’ and the intense emotional value of a ‘home’, a place of security, sanctuary, and safety.With research, experience, expertise, and integrity our team can provide an accurate guide on the value of a ‘house’. In contrast, no monetary figure can ever accurately reflect the value of a home.Understanding that difference is incredibly important and it’s a difference our team must always keep front of mind as they help their clients navigate the residential real estate market. It is incredibly important for all our clients, home buyers, vendors, investors and tenants.It is one of the toughest aspects of working in residential property. In providing an estimated value of a property our agents must ensure owners understand that their attachment to a property, their knowledge of time and effort spent renovating and caring for a property, happy memories of events shared within its walls are all irreplaceable, but they are also personal and incalculable.Our team knows how hard it can be to make that differentiation, but our role is to provide an accurate guide on the price that could be achieved for a property, which means there is no opportunity to factor ‘heart and soul’ into that price.However, at the same time, our agents will always tell potential buyers the stories of heart and soul the property has facilitated and nourished. The aim is to help buyers see the potential of a property beyond just the building so that they too can form an emotional connection to it and see it as their new home. In that way, an emotional connection can equate to financial value.I also want to highlight our Property Management team are equally aware that same level of deep sentiment exists for a vast majority of the wonderful tenants we support across Sydney. They may be renting rather than owners, but their property is their home.Yes, an investment property has important value for our client landlord, but in fact, a vast majority of the work done by the Morton Property Management team is to support tenants. Just as the Sales Team aims to inspire an emotional connection with a property Morton Property Managers work closely and responsively with tenants to encourage a similar connection. Appreciating it as a home and caring for it does add value, even if it too is incalculable.We could all be in for a tough few days ahead. Here’s hoping everyone is safe in your homes.