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FTER COMPLETING A major building renovation or new develop-
A ment, Trump will often cash out and harvest the profits. In other
cases, if it makes sense to buy and hold a property as a cash cow, or at
least to hold on until the market improves and it can be sold or refi-
nanced, Trump will retain ownership. Any real estate investor, even
those who “flip” most of their properties, will eventually be in a situ-
ation where it makes more sense to hold. This means you must get
comfortable with a subject that scares many real estate investors: man-
aging property. In truth, it’s certainly not the easiest job in the world
but it’s also not the hardest. Many real estate investors, especially
novices, hate to be involved in managing property and suffering the
headaches that go along with being a landlord. Trump typically takes
the opposite approach. He has turned property management into his
personal art form and made it a core element of his overall real estate
investing strategy. The Trump approach to property management in-
volves treating it as a “customer service business,” and seeing tenants
as valued customers. As a result, he is able to generate huge profits
with his “buy and hold” or “build, sell, and manage” strategies that
offer continued superb management because tenants love the ameni-
ties and the service he provides in buildings he owns or manages.
Small real estate investors can cash in on the tremendous oppor-
tunity for participation in the long-term appreciation of their prop-
erties if they employ a similar strategy. Because so many landlords
are inferior, penny-pinching property managers who view their ten-
ants only as necessary evils, problems, and headaches, investors who
are smarter can become very successful by treating tenants like cus-
tomers, and offering premium services at premium prices. Trump

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