In the book “The Peebles Principles,” real estate developer R. Donahue Peebles shares the winning strategies of his highly successful entrepreneurial career. Peebles is the Chairman and CEO of The Peebles Corporation, a real estate development company with portfolio that includes four-star hotels, luxury and commercial properties in Washington DC, San Francisco, Las Vegas and Miami Beach.
Here are some of the principles that he followed in his real estate career that led to his success:
Principle #1: Control the Deal
When going into any major deal, you need absolute control over some key element. If you want to win as an entrepreneur, never negotiate a deal unless you are essential to it.
Principle #2: Make your Money Going In
The best risk to take in any deal is the early risk, when you can in for the least.
Principle #3: Being Lucky Means Being Ready
Opportunities come to everyone, but the winner is the one prepared to take advantage of them when they arrive. Put yourself in the right place at the right time, and you can seize these opportunities.
Principle #4: If the Key Doesn’t Work, Change the Lock
Not every deal succeeds. If you have failed with one approach, look at the elements. Don’t be afraid to do a reality check on any situation, and be flexible enough to change it.
Principle #5: Be a Bulldog on Details
Never underestimate the importance of dealing with key details yourself, especially final details, and especially when it comes to influencing people whose help or support you need.
Principle #6. Listen to your First Instincts
If your gut tells you that a deal is too risky or that your partners seem untrustworthy, pay attention, step back, and reflect. If you go ahead anyway, do so with extra protection, especially in terms of documentation.
Principle #7. Respond Quickly to Attacks
If someone is attacking you, take them on immediately in order to save you more trouble later on.
Principle #8. Get Inside the Other’s Heads
Understanding what the other parties want is your key to successful negotiations. Find out what they want and give it to them