Here is the complete list of Raub’s Rules of Real Estate, enjoy.
1. Never lose money.
2. Never forget Rule #1
3. It is very difficult to make a lot of money. Very few of those who do ever hold onto it. Calculate your risks!
4. You make money when you buy.
5. You can’t do a good deal with a bad guy.
6. Always have a Plan “B”
7. Five minutes early is “on time”
8. Selling is a transference of emotion. You must believe in your product and get the other person excited about it too.
- Tell the features
- Sell the Benefits
- Ask for the sale seven times
- Know your own limitations and don’t be afraid to stretch yourself. You never know your limits until you exceed them!
9. Set realistic and achievable goals for the short term. Let God take care of the long term, since there are too many variables and unexpected circumstances in life to try to account for all of them.
10. Harmony and unity within your close person relationship is more important than profit.
11. Enemies decrease your power, while allies increase your power.
12. Employ your resources- self, others, things- in accordance with their capabilities.
13. Don’t reinforce failure. Resources are too precious to squander. Cut your losses and redeploy in a more promising direction.
14. Dwelling on the past is for the losers, be it a “good” past or a “bad” one. Winners are always advancing to the next challenge.
15. In negotiating, the side that needs the deal the most, at least in his own mind, I’ll give up the most to make the deal. Negotiate from a position of strength. Don’t allow yourself to get into a position where you must make a deal, because them you have lost your power over our own destiny. The ultimate power in a negotiation is to walk away.
16. Good decisions increase you options for the future, while poor decisions limit your options, thereby limiting your flexibility.
17. Ask more then you are willing to settle for. It will leave you room to negotiate and may wind up with better deal.
18. Create an environment where those around you really want you to succeed, and you will. Don’t create your own resistance.
19. Help the other guy get his stuff, and he will help you get your stuff. Understand his side and be certain that he understands yours.
20. The difference between mediocrity and excellence is doing a lot of little things better.
21. What matters is doing the RIGHT things, not just things right.
22. Debt makes you a slave. Keep the chains light enough so that when you need to, you can remove them.
23. Under promise, but over perform. Set realistic and achievable goals. Exceed expectations.
24. Always be closing! A-B-C
25. Expect and anticipate the unexpected. It’s the rule, not the exception. Change is constant, time marches fuel. Nothing is permanent, not failure, not success.
26. Invest with Margin of Safety. The price of asset is depressed because of generally perceived threat; however, the investor, through superior insight, determines the threat is not real and will disappear. The Investor KNOWS, but the speculator only guesses and gambles.
27. I’m a professional, so don’t get into a fight with a pig. We both get dirty, the pig enjoys it and an on-looker may mistake me for the pig.
28. Lead the Pack
Chose the Path
Set the Pace
Make the Rules!
29. It’s not always your enemies who get you into trouble, and it’s not always your friends who get you out of trouble.
30. A customer is not a customer until he’s a repeat customer and that’s created by consistency in service.
31. Diversify to spread your risk, but don’t reinvent the wheel. Chose opportunities you understand and do your homework thoroughly.
32. If you want it badly enough, you’ll find a way to do it and succeed. Expect sacrifice. It’s the “currency” of success.
33. Look for the opportunity in every bad situation. Be positive and the door will open that others overlook.
34. Good business strategy steers a course between fear, greed, pride and regret.
35. Focus on Goal Achieving activities. Always ask yourself “Is this a commissionable activity?”
36. Change is inevitably, improvement is optional.
*Editor’s Note: Stephen Raub has been in the Real Estate Business since 1984 and has picked up a many different tips he finds helpful for professionals in the field. Some of the Rules are original and other are from a variety of sources. Because of the way the list was composed, unfortunately it is not possible to credit every source. Investment Realty isn’t claiming ownership of the material and is just sharing the information for professional purposes which we hope you will find both useful and entertaining, too.