Tips on Negotiating from a Successful Real Estate Entrepreneur

I just got the book "The Peebles Principles", a first person account of R. Donahue Peebles -- head of a real estate development company The Peebles Corporation who made his fortune from scratch. He made his mark in Washington DC area, but his crowning achievement was the establishment of the Royal Palm Crowne Plaza, which became the first African American-owned resort in the U.S.

Peebles' book is surprisingly very informative with lots of tips on how could one start wheeling and dealing in the real estate world. Peebles may not be as well known as Donald Trump, but his book has a breath of freshness and believability that Trump's books often lack.

Some of Peebles tips on negotiations and running a business include:

• Don't quit even if it seems like the end, endurance in key.
• Don't be intimidated by better established rivals.
• Never stop looking for a way to win.
• Don't get sloppy at the end; the last five yards are more important than the first.
• If you cut deals with questionable parties, always make sure the documentation is thorough.
• In addition to thinking about how much money you can make from a given transacion, carefully consider your financial exposure. Be aware that this may exceed the intermediate cash you've put on the line.
• Maintain political relationships even when you don't need them. They may prove to be good insurance in critical situations.
• When it comes to closing deals, delay is the enemy of the entrepreneur -- unless you use it to stretch out your financial obligations.

I have written about the principles that Peebles live by based on his own experiences, and you can read it over at WomenHomeBusiness.com