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Play Real Estate like Annie Duke

By Mary Douglas

Real Estate Agent with United Country Ponderosa Realty, Red Feather Lakes, Colorado

May 09, 2009 02:11 AM

winner I've been watching Annie Duke on the celebrity Apprentice. Annie is a World Champion Poker Player; I love to watch her play. Smart, Sassy and nerves of steel - Annie.

Except for the infrequent trips to Las Vegas, I seldom play poker anymore. We used to have a group of friends that would play a friendly game every now and then, and I can tell you, where money is involved ---there is really no such thing as a friendly game! I've seen "friends" act a little "unfriendly" at the poker table!!

The other day I "quipped" a comment on Sheldon Neal's post : "I'm a really good poker player". Now, I'm wondering ... could this be a benefit for a real estate agent?

Aside from having a Royal Flush, how do we know if we will win a hand? Watch the other players - If everyone is folding, and we're still in the game - our chances for winning have greatly improved.

Likewise, if several Real Estate Agents have left the Real Estate "Table" - I think our chances of getting a better hand have just improved when we manage to stay in the game.

Stay in the game, focus on the cards and take calculated risk - we will succeed.

All players have a "tell" in other words they'll shift in their seat, take a drink, or grin - if you watch the other players long enough- you may be able to see something. So, If you are holding a winning hand - Don't tell ! -have a poker face.

This is where a poker face comes in handy in Real Estate: When the buyer says she wants to offer 58% of the list price, a poker face will keep you from spewing your coffee over yourself and your client. This will also give you the composure necessary to explain current market conditions and go over the comps again - just to be sure this is truly the offer that she wants to make.

In poker, if you think you have a really good hand - you can raise. Our friendly table rule was three raise maximum. I think this rule may come in handy for Real Estate.

Maximum of 3 counteroffer rule! Maybe this would end the inching together between buyer and seller?

Probably not, because in Real Estate -

Some days it's not like Poker at all,

it‘s more like "Go Fish"

or "Old Maid"!

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Mary Douglas, your Mountain Broker-Associate and REALTOR®

United Country Ponderosa Realty, Red Feather Lakes, CO

www.redfeatherlakes.com ---800-531-2195

"A Day in the Mountains will always soothe your city soul"

The information contained in Mary's blog is deemed reliable but is not guaranteed, and the opinions and views expressed in these articles are solely those of the author.

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Debi Boucher

Real Estate Showcase Photography - Woodland Park, CO

"Realtor Showcase" - Real Estate Photography/Virtual Tours

Ah. A side we didn't know existed...Mary FH becomes Mary PF. What do you think, Gail? Does it work for you?

All kidding aside, this a great post Mary! Wonderful analogy! I can't comment on The Apprentice - I don't watch it because DT gags me, (now there's some serious arrogance! And really? How can anyone with THAT hair be THAT arrogant?) LOL!

Debi

May 09, 2009 01:51 PM

Chris Olsen

Olsen Ziegler Realty - Cleveland, OH

Broker Owner Cleveland Ohio Real Estate

Hi Mary -- What a funny, but accurate post. So true. Just when one thinks they have seen it all, just wait a day! :-)

May 09, 2009 02:06 PM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

Not a big Annie fan... but she can play the game.

That said, we do need to keep a poker face... although sometimes it is good to let the other agent know that their counter isn't going to fly...

May 09, 2009 02:12 PM

Alan Brown

Coldwell Banker Realty - Davenport, FL

32 Years of Real Estate Experience .

I didn't know who Annie Duke was until the Apprentice, I think she is great she should Joan Rivers Ass in the final Go Annie.

I tell my buyers when we make an offer that the poker game is about to begin, it becomes a game of call my bluff who is going to blink, I truely believe you have to be a good poker player to get a good deal for your buyers.

May 09, 2009 02:48 PM

Rosemary A. Shirley

Keller Williams Realty-Danville - Danville, CA

Real estate is a game of poker! I've always told my buyers that... Not a big fan of Annie Duke as a person -- but she's probably good at poker for a reason! Anyone who can mask their true personality that well for the sake of a game will probably come out on top every time...

May 09, 2009 04:16 PM

Christianne O'Malley

Dickson Realty - Reno, NV

Exceptional Service - Delivering Results in Reno!

Ooh I have been watching this show too and I loathe Annie Duke! But she is very good at what she does and she has mastered the art of the game, and the poker face!

May 09, 2009 04:25 PM

Angela Penkin

RE/MAX Plus - Rochester, NY

Mary, Great post!

1st- I'm watching Celebrity Apprentice because my BFF Betty, Broker Associate said she really learned a lot about customer service and knowing what the customer wants from watching the first season.

2nd - do really think all that arguing and bickering is real?? I just figures it's all drama for the show.

3rd - I love watching Annie Duke play (only have had the opportunity to watch on TV) she is one cool customer - no coffee spewing for her. And she has done a great job of manipulating her way into the final.

4th - I think Joan Rivers has been sitting on her heels and really has not put herself 'out there' yet, thereby manipulating her way in the final with Annie.

So I say tomato, you say tomato, it's going to be a heck of a blow out Sunday night!

May 09, 2009 04:39 PM

Sabrina Kelley

ERA Herman Group Real Estate - Woodland Park, CO

Woodland Park Colorado Mountain Homes and Land

Great post and really I do believe that I do have a max. limit on counter offers of 3 and no more.

May 10, 2009 06:12 PM

Kathy McGraw

CELLing Realty - White Water, CA

Riverside County CA Real Estate

I think I have had more Go Fish games lately......but hey I can play with the big boys when it's time :)

May 11, 2009 01:21 PM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Everyone Thank you so much for commenting on my post - I am traveling and have a terrible internet connection --- I just spent an hour (?) answering all your comments - and then the connection failed -- so all of my comments to you did not post!!

I appreciate all of your thoughts and will catch up with you later! Thank you! Have a great Tuesday!

May 12, 2009 10:44 AM

Debra Kukulski, Broker Associate

RE/MAX Suburban - Cary, IL

SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL

Hi Mary...every time I come to your blog, I find another gem you wrote! I recently had one of my clients tell me they would never want to play poker with me, I guess I have a good poker face...LOL

I took it as a compliment;-)

OH, and have a good trip!

May 13, 2009 12:45 AM

Betina Foreman

WJK Realty - Austin, TX

Realtor, C.N.E., with WJK REALTY

Dear Mary,

What a great post! It is so true. Last year we had about 15,000 Realtors in Austin and i think we are down to about 11,000. Probably still too many considering that the sold numbers are way down.

PS. I love the "living Elvis" statue. Very cool!

Betina

May 13, 2009 07:46 AM

c m

Colorado Springs, CO

Hope you are having fun on the road, minus the internet connection problems! I have NEVER had a poker face, playing poker or otherwise! Our family plays spades, and I have learned to use my "non-poker" face to my advantage, by always having THAT face, whether I have the hand or not! A little reverse psychology?

May 14, 2009 03:41 PM

Gerry Khatchikian

Red Lodge, MT

ASA, TRC, SFR

Mary,

Great analogy and another great post! Congrats on the feature. I agree with the max of 3 counter offers. I also encourage at least a counter whether I am working for the Buyer or Seller and the initial offer is not to my client's liking (hence the minimum one counter offer in this case). I never experienced an offer as low as 58% but recently had a Buyer who made an offer at 74% of listing price. I was surprised to learn from the Seller's agent that the Seller did not want to counter and that the Seller's agent could not convince that a counter offer at the listing price (if the Seller was not interested to come down on the listed price) is better than no counter at all. I think in this case, the Seller folded too early and did not give my client the chance to make a raise. We never got to play real estate which unfortunately means that there was no winner.

Gerry's AR signature

May 14, 2009 04:20 PM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi M, I'm glad to hear you love to play poker - Thanks for the compliment on the background photo- Red Feather Lakes is indeed beautiful!

Hi Patricia, You will get a gold star someday - I just know it! :-)

Terry, I liked your 3 strikes & you're out!

Hi Tammy, You're right - sometimes the buyers and sellers play their cards too close to their vest - when they don't have to! Of course your buyers got a great deal on their lake home - they were working with you! :-)

HAHAHAHAHA! Russell - 52 card pickup was great - some days are like that, too!

TLW!! Somehow I knew you would be a great poker player!!

Hi Dorie, I'm glad you liked the analogy, I appreciate your comments!

Lana, you're right - of course anyone who has four children and a career is amazing to me!

Hi Kristi,I agree, sometimes this business does require nerves of steel ---so are you getting better at poker because of real estate?? Hmmmmmm could work both ways :-)

Hi Ann, I'll bet you are good at cards, thanks for your comments!

Hi Terrie, an "even look" sounds so much more professional than "poker face" - glad you liked the post!

Debi!! You are so funny about "DT" - tell us what you really think, Debi! HAHAHAHAHA!

Thanks all -- sorry about the late comments but I did want to get back to each of you. I appreciate you stopping by my post. Hope you have a great weekend!

May 16, 2009 05:19 AM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Lane, Even though some don't like Annie Duke, they still recognize her skill- I guess that says something

Alan, I was disappointed your wish did not come true! I agree with you - a good deal for your buyers is related to a good poker players skill.

Hi Rosemary, I liked what Jess said "sometimes winners are not the most attractive people in the game of life" I'd rather see likable winners - but sometimes it doesn't seem like that happens!

Hi Christianne - I imagine you liked the outcome last Sunday :-)

Angela,Your BFF Broker is right! I found the original Apprentice very interesting, about advertising, customers, teamwork, succeeding as a team and as an individual - I appreciate your thoughtful comments. Thanks

Hi Sabrina - Very good rule - glad you agree!!

Hi Kathy, "Go fish" isn't all that exciting LOL!! I have no doubt you can play with the big boys - hope you have more exciting games in the near future!

Hi Debra, If I were you, I would consider that a huge compliment, too! :-)

Bettina, I agree with you 11,000 agents still seems like a lot, but the odds are improving! Glad you liked the Elvis!

Cheryl - "that" face -- whatever it is - can be your poker face :-) I think as long as it doesn't change - in cards and when needed, who knows what's in your hand??

Hi Gerry, I appreciate your analogy about folding too soon. If the "offer" is the ante then they have to play out the hand to a certain point ---they still might fold, but they also might win :-)

Thank you everyone for your thoughts about poker and real estate, have a great weekend and I hope all your hands are winners!

May 16, 2009 06:00 AM

Andrew Haslett

Van Warren Home Inspections, NAHI CRI - Fort Knox, KY

Heartland of Kentuckynulls, Best Home Inspector

Mary, I just caught this post today. It's a great topic, and I appreciate the way you presented it.

I'm not a very good poker player -- can't remember when I played, and don't need to be to understand what you've written.

I chuckled when I read your 3 maximum rule. I remember buying a property where there were 5 counter offers from the selling party, before we had an agreement. The house was in a conservatorship, and there were several participants in the selling party.

May 16, 2009 08:29 AM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Andrew, 5 counters? did you think it would ever end??!! I'm glad you liked the post and I appreciate your comments today! Thanks and have a great weekend A !

May 16, 2009 02:52 PM

Jina St James

St James Team: The Cutting Edge, Realtors - Colorado Springs, CO

The Key to Your New Home

Mary...you called it. I myself love poker especially Texas Hold'em and you named every play of poker that we use as Realtors as well as sales reps. I couldn't explained it better. And girl love your sense of humor... it seems t me you are the Annie Duke of Real Estate. Nice to meet you.

May 24, 2009 05:46 PM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Jina, It's nice to meet you as well! Thank you for stopping by! I like Texas Hold'em too -- and for the longest time would hold out for the river -- finally I got it! I am definitely not the Annie Duke of Real Estate -- but "someday" that would be nice! Thanks for your comments, tonight, I appreciate it, Jina!

May 24, 2009 06:36 PM