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

• Define “fair and reasonable.” What these words mean to each ne-
gotiating party may be very different. Understanding that there
is a difference in what each side considers “fair and reasonable”
is necessary before you can start to reduce the gap in percep-
tion between the two sides.
• Assess “your side.” The personality, knowledge, and skills of the
people on your team are equally important to know.
• Assess the “other side.” It is essential to know the personalities,
knowledge, and desires of your opponents. Are they sophisti-
cated, or abrasive, or people you can be comfortable negotiat-
ing with? If you think they are untrustworthy, you should run
for the nearest exit! One thing that should be perfectly clear in
negotiating: There is no way you can ever protect yourself
against a thief. No legal document can protect you. Nothing
can. If you get involved with someone who is a thief, you’re in
big trouble.

Do You Really Want to Do Business with These People?

After you’ve researched and digested all the available information
about the parties you’re dealing with in a real estate transaction, it’s
time to trust your instincts. Everyone develops instinctive reactions
as a result of prior learning experiences, and when your instincts
prove right in a situation, you gradually begin to learn to trust them
in the future. When an instinct proves wrong, you quickly learn to
abandon it. The result of this sorting process is the creation of a set
of instincts that your experience tells you can be trusted.
Your instincts are usually pretty close to being right, especially
once you have developed a style of negotiation you are comfortable
with. If the deal doesn’t feel right; if you instinctively feel like you’re
dealing with someone who’s shady, don’t deal with them. You may
never be able to prove it, but it is your instinct that has triggered a

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