- First, don't compete with experts unless you know what you are doing or you can afford to loose a lot of money. The people who take it seriously are the ones who tend to do well. The more educated and up to date you are about trends in the industry, the better you will do. Never enter a game you don't really understand.
- Both real estate and poker involve the important element of timing. In poker, it's the old "know when to hold 'em and know when to fold 'em" adage. In real estate it's knowing when to sell and when to buy, when to give and when to take.
- Knowledge is power. The more you know about the other side, the better you are likely to do. Observation skills are crucial, as is the ability to respond correctly to those observations.
- Patience, flexibility, determination and the ability to switch gears quickly are essential in both poker and in negotiating real estate.
- Listen to your gut instincts, but never let emotions control your decisions.
- Some deals are harder than others. That's just the way it goes. But if you play smart, you'll come out ahead in the long run.
- And of course, there is the element of risk and luck. But never count on luck to determine your success. And never take a risk you are not willing to loose.
Apr 23, 2011
Labels: real estate