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The Offer Came in on a Tuesday, and I Did Not Answer It for Eleven Weeks

A hardware and feed man learns to measure his own building before he lets anyone else price it

By Josh MaraneyPublished 22 days ago • 6 min read
The Offer Came in on a Tuesday, and I Did Not Answer It for Eleven Weeks
Photo by Sharon Pittaway on Unsplash

A Stranger With a Clean Car

The shop sits on the corner of Church Street and the lane that nobody has bothered to name since the drought of my childhood. It is a low building with a tin verandah, and in summer the verandah ticks all afternoon as the iron swells. My uncle Kobus left it to me when he died, the building and the business both, and I have run it now for the better part of twenty two years. Hardware on the left, feed on the right, and a counter in the middle where I have watched three generations of this town learn how to patch a fence.

I am fifty eight. My knees tell me the number before my head does. I know the smell of the place the way you know your own breath, lucerne and galvanised wire and the faint paraffin ghost that never quite leaves the back room. So when a man in a clean car parked outside on a Tuesday, I noticed him the way you notice weather coming.

He was polite. He bought a torch he did not need, which is the oldest trick in the trade, and then he told me he represented people who were buying up the main street. He said a number. He said it lightly, the way you drop a coin into a tin so it does not clink. Then he gave me a card and said to think about it, no pressure, these things move quickly though.

I said I would think about it. I did not say that the number had done something strange to my chest.

The Number That Would Not Sit Still

That night I could not sleep. The figure he had said was more money than I had ever held an idea of at one time. It would clear the bond on the house. It would mean Marietjie could finally have the hip done privately instead of waiting on a list that never seemed to move. It would mean I could stop lying awake over the December accounts.

But here is the thing that bothered me, and it bothered me the way a stone in a boot bothers you, small and constant. I did not know if the number was good. I only knew it was big. Those are not the same thing, and a man who sells building materials for a living ought to know the difference between a thing being large and a thing being fair.

I did what I always do when I do not understand something. I got out my notebook, the hardbound one I keep the stock figures in, and I started a fresh page at the back. At the top I wrote one word. Worth. Then I sat and looked at it for a long time, because I realised I had no idea how you actually work that out for a building like mine.

Phoning Around in the Dark

I started with the people I knew. I phoned a cousin in Graaff-Reinet who had sold a guesthouse. I phoned the man who does our short term insurance, because he puts a replacement value on the building every year and I had never once read the figure properly. I phoned an old school friend who had gone into estate agency up in the city and whom I had not spoken to since a funeral in 2014.

Those phone calls were long. Some of them went nowhere. My insurance man explained, kindly, that what it costs to rebuild a thing and what someone will pay to own it are two different animals, and that I had been confusing them. The replacement value was for if the place burned down. It said nothing about what the corner was worth to a developer who wanted the whole block.

My agent friend was blunter. He said never take the first offer from someone who comes to you, because if they came to you, they already know something you do not. He said I needed a proper, independent opinion before I so much as nodded. He talked me through something I had never once thought about. Property valuations are put together from the comparing of recent sales, the yields, the way a commercial building gets measured against the rent it could earn rather than just the bricks it is made of. Half of it went over my head the first time. I wrote it down anyway and read it back the next morning with coffee, slower.

Learning to Read Before Signing

What I understood, eventually, was that I had been about to answer a question I did not know how to ask. The developer was not offering me a price for my building. He was offering me a price for my ignorance, and hoping I would take it quickly, before the ignorance wore off.

So I set about wearing it off. I am not a reading man by habit. Give me a broken pump and I am happy. But I made myself sit down in the evenings, after Marietjie had gone to bed, and go through the material properly. I read about how the wider market moves, how a small Karoo town is not Sandton and cannot be priced as if it were, how a building is only worth what its location can carry. I got hold of the kind of property reports that actual valuers lean on, the ones full of rentals per square metre and capitalisation rates, and I will be honest, the first few pages made me feel like a schoolboy who had not done his homework. But I kept at it. By the second week I could follow the argument. By the third I could argue back at it.

I also drove. I drove to two other dorps along the N9 where I knew main street buildings had changed hands, and I stood on the pavement like a fool and worked out the frontage with a tape from the bakkie. I wrote the figures in the notebook next to my own. Slowly a picture formed, not a precise one, but an honest one. A range I could believe in.

What the Figures Told Me

The clearest thing I learned was that the whole mood of the South African property market at that moment mattered far more than how I felt about my own four walls. My building did not exist on its own. It existed inside something much bigger, and that bigger thing was having a quiet year. A developer buying in a quiet year is buying cheaply on purpose. That is not wickedness. That is just the trade. But it meant the clean car had not come to do me a favour.

When I finally sat down with an independent valuer, a woman who drove out from the city and spent a morning walking the property with her own tape and her own eyes, her figure landed inside the range my notebook had already found. I cannot tell you how much that steadied me. It meant the evenings had not been wasted. It meant I was no longer a man holding a number he did not understand. The developer's offer, set against her figure, was low. Not insultingly so, but low enough that saying yes on that Tuesday would have cost me more than the hip operation and the bond together.

Eleven Weeks Later

I phoned the man back after eleven weeks. He had phoned me four times in between, each time a little less light about it, which told me more than any report could. I told him I had done my reading. I told him my number, and where it came from, and that I was in no hurry. There was a long silence on the line, the kind that means the easy sale has gone and the real conversation is about to start.

We are still talking. I may sell and I may not. But whatever happens now will happen with my eyes open, and that is the part I am proud of. Not the money. The eyes.

I still have the notebook. The word Worth is still at the top of that back page, and underneath it there is now a whole mess of figures in my bad handwriting, crossings out, a coffee ring, the frontage of a building in Aberdeen. It is the most important thing I have written in years. My uncle Kobus left me the building. It turns out I had to learn how to see it before I could decide whether to let it go.

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About the Creator

Josh Maraney

Josh Maraney is the founder and CEO of Top Click Media, a specialist digital marketing agency in South Africa and a Google Premier Partner. He has been doing digital marketing for almost 20 years

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Written by Josh Maraney