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

when you’re under stress. I suggest you use a simple spiral notebook,
not a loose leaf one where pages are removable. If you look at Donald
Trump’s desk you will see his spiral notebook in which he chronicles
all his telephone calls and things to do. If it’s an important work
habit for him, why not for you? Stop writing notes, telephone num-
bers, or other information on the back of envelopes or on those
treacherous little colored tags that stick to anything and tend to dis-
appear when you try to find them.
Another great technique is creating a checklist of open issues,
which is subject to constant revision. As you get more involved in
real estate you will find that one deal looks like many others and it
becomes difficult, if not impossible, to keep the status of negotia-
tions separate. An up-to-date checklist helps immensely.
Another valuable tool is a “we-they list” of the different positions
taken by each of the parties. This will clarify the zone of uncertainty
mentioned earlier. It helps tremendously to write down the key facts
about which you and the other party have fundamentally different
and conflicting perceptions and beliefs. These need to be faced and
attacked to enable the transaction to reach a mutually acceptable
conclusion.
I supplement this “we-they list” with a “wish list” in which I jot
down how I would like to resolve certain issues, or get the other side
to accept a new concept. This is a valuable aid because it forces me to
think of possible solutions and scenarios to make them a reality.
Somewhere in the midst of negotiation, I also recommend you
prepare a scorecard in which you name all of the players, identify their
roles in the transaction, and evaluate their plusses and minuses, to help
you understand what each person wants, what you can offer them, and
how they could help or hurt your position in the negotiation.
These tips are not meant to be all-inclusive but they constitute a
strong foundation on which your own unique style of organizing in-
formation can be built.

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