Two of my passions are Real Estate and Poker.  After playing in a tournament on Labor Day and reading some AR posts today, I found myself comparing the two. 

In Poker, you have to ajust to your opponents.  You have to know your opponent and adjust your playing to counter their play style.  In Poker, you try to get a read on your opponents to anticipate their actions and reactions.  So many aspects of Real Estate are similar.  There was a blog today on a  1 visit vs a 2 visit listing presentation, and ultimately it boils down to your read of the seller, and what you think they want.  Negotiations are the same, read the other side of the table and adjust your "argument" accordingly.

There is no hard and fast way to play poker, just some general guidelines.  The most common answer when asking "How would you have played this hand?" is, "It depends."  Real Estate is the same way, everything is situational.  There are some general guidelines to how we conduct business, but in the end, everything depends on the situation.

 

2 Comments on Real Estate and Poker: The dynamics of adjusting to the situation.

SEP
06
2006
111,476 Points 6 Featured Posts Outside Blog
Well put Edward. I get calls & e-mails from prospective clients every day & when we discuss what their particular situation is, the answer is never quite the same. I work with mostly investors & depending upon how much capital they have, their end goal, their timeframe, etc. what works for one person won't necessarily work for another. Its all about what works for each person.
11:48am • #1
OCT
23
2006
2 Featured Posts Localism Sponsor

So true, I had a meeting with a broker/owner of another agency in my area and told him how I am a huge poker (Texas hold em player).. just getting back from Aruba where there was a huge tournament and we both agreed about the similarities in poker and real estate, the mind set, the knowing how to act in a certain situation or hand of cards for that matter..

 

Mike

 - Mahopac NY Real Estate

4:24pm • #2

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Edward Mehnert

Philadelphia, PA

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HomeVestors of America CKS Property Ventures

Address: 10 N Chestnut Ave, Maple Shade, nj, 08052

Office Phone: (856) 779-0041

Cell Phone: (732) 236-8343

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