I'm an idiot. How did I miss the word "film" in the rules? Oh well, this is still my post. Not going to be entered into the contest...because I'm an idiot :p
That was a crazy game of poker
(That was a crazy game of poker)
I lost it all
(I lost it all)
but someday I'll be back again
And I, never to fold.
(never to fold)
"That was a Crazy Game of Poker" has been a college anthem since its release by Of A Revolution (better known as O.A.R. by fans) but you know it could be an anthem for all real estate professionals.
In fact, I think it so much that it is one of the key points in my buyer and seller sessions. For you see, the real estate "game" (or transaction) is one big game of poker.
"You tell people that real estate is like a game of poker? Real estate is for real.
The concept is very simple, but the biggest thing it does is takes the emotion out of the "game". For example, anyone that's played poker has seen a competitor (of done it herself) up the ante with nothing in their hand. At the poker table its called a bluff, so why not diffuse the tension of a low-ball offer by viewing it as a bluff?
The potential buyer has looked at his cards and tossed out a low-ball offer in hopes of "stealing" a house, or pot.
As I sit down with my sellers at the listing presentation we talk about the process and how the "game" will play out. It is the "Real Estate Texas Hold 'em" Tournament for all the marbles.
The sellers put the ante on the table by setting the price as a factor of the properties location, quality, and desirability. As the agent, my goal is for the client to put the price at a point where the most qualified buyers will take a look at it. In today's market, I look what the comparables are selling for and reduce it by a factor depending on the location and condition. Usually this is about 3-5 percent. The idea is to create a buzz of a good home priced below market value.
That gets the buyers to beging anteing up and setting showings, each time I work on the buyer's reps and try to get a little bit of the game from them. Sometimes we win, sometimes we lose -- but we always play the cards to the best of our ability.
That was a crazy game of poker
(That was a crazy game of poker)
I lost it all
(I lost it all)
but someday I'll be back again
And I, never to fold.
(never to fold)
1 Comments on Playing The Crazy Real Estate Poker Game
JUL
15
2008
I like your analogy of real estate and poker. I have always found games of strategy very interesting. In reading up on chess and poker over the years, i have stumbled on the concept of "Game Theory" invented by John von Neuman in the late 1920's, that eventually turned into his Masterwork "The Theory of Games and Economic Behavior" written in 1944. Von Neuman used poker as a basic model to see how people acted generally in life. The theory was commented on by a young Grad student at Princeton in 1950 named John F. Nash Jr, who eventually got a Nobel Prize for his work now known as the "Nash Equilibrium". ("A Beautiful Mind")
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;)
;)
I like your analogy of real estate and poker. I have always found games of strategy very interesting. In reading up on chess and poker over the years, i have stumbled on the concept of "Game Theory" invented by John von Neuman in the late 1920's, that eventually turned into his Masterwork "The Theory of Games and Economic Behavior" written in 1944. Von Neuman used poker as a basic model to see how people acted generally in life. The theory was commented on by a young Grad student at Princeton in 1950 named John F. Nash Jr, who eventually got a Nobel Prize for his work now known as the "Nash Equilibrium". ("A Beautiful Mind")