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HAVE BEEN NEGOTIATING real estate transactions for giants in
Ithe industry for 50 years. But when I was a young lawyer I knew
very little about negotiation and as a result, I am sure I unwittingly
left a lot of my client’s chips on the table. Early on, I recognized my
own shortcomings and decided to make an intensive study of the
field of negotiation. I researched the tricks of the trade from books
and from the more experienced lawyers or negotiators who were
often my adversaries. When they did something that was effective, I
made it part of my style.
Then, after 20 years of experience in real estate negotiations, I
started working with Donald Trump, a negotiating genius from
whom I learned even more. This chapter is a compilation of tech-
niques I’ve learned from negotiating over a thousand real estate
deals, coupled with Trump’s extremely successful variations on the
art of negotiating. We have both learned a lot from our association
and if you follow the concepts set forth in this chapter and Chapter
3, you will learn much of what I wish I had known when I was a
young attorney.
By the way, almost all of the techniques that are discussed in this
chapter and the negotiating principles found in Chapter 3 are appli-
cable to the case studies on Trump investments that appear through-
out this book. Once you have digested the meat of Chapters 3 and 4,
it will be easy for you to spot how Trump and I used these principles
and techniques in the investing case studies.
The real estate community is a tough breed to negotiate with.
Because each parcel of real estate is unique—its location, views, and
topography are but a few of its characteristics. Therefore, each real

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