Page 84 - [George_Ross,_Andrew_James_McLean,_Donald_J._Trump(BookFi)

TR U M P STR A TEGI ES FO R R E A L ESTA TE

from seemingly reliable sources are also effective and convincing
since they convey the “aura of legitimacy.”
Real estate investors have a tendency to think that buying or
selling real estate is only one negotiation that only involves one
round of planning. It’s not. It’s a series of perhaps hundreds of ne-
gotiations at various stages. Each telephone call is a negotiation;
each letter is a negotiation; each communication is, in fact, a nego-
tiation. And they all have to be treated separately, so that the end
result is what you want. Every time you communicate, for example,
with a potential partner, buyer, seller, or anyone else, you need
to set aside time to prepare in order to get the response you’re look-
ing for.

PRINCIPLE 4: AVOID A QUICK DEAL

If you try to negotiate a quick deal it is a truism that one party will
forget something important. Moreover, this will only become ap-
parent after the deal has closed and it’s too late to correct the over-
sight. Overly fast negotiations often leave one party feeling bitter. A
quick deal violates many basic negotiating principles and is rarely
the right approach. However, in the hands of a skilled, experienced
negotiator, rushing a deal can be an awesome weapon to achieve a
result that might never happen if the other side spent more time in
careful consideration of important factors. Use extreme caution
when accelerating the speed of any negotiation. It’s usually best to
negotiate slowly.
The reason is that satisfaction of the egos on both sides of a ne-
gotiation is essential to a mutually agreeable conclusion. Remember
that the word negotiation has “EGO” in it. Each participant must
feel he has won a number of hard-fought concessions from his ad-
versaries to satisfy his ego that he has done his job well. Here’s a

62