The Best Real Estate Advice I ever Received

• Real estate is like the theater. You read the script, you rehearse, you rehearse even more, and then it’s Showtime. A perfect performance takes an enormous amount of preparation.
• First is to target an area outside a city in the direction of growth. Then shop for raw land on a primary artery where you may purchase by the acre instead of frontage.
• Real estate is a people business.
• A man’s reach should exceed his grasp, or what is heaven for?
• Mediocrity is not acceptable.
• Always develop in an area where growth is coming. If you are a little early, or a little wrong in some way, the growth will bail you out. If you develop where growth has been and growth is not continuing, when you are wrong, you are wrong forever.
• Take time before making large decisions.
• While the deals are boiled down to legal contracts, long-term success requires assiduous attention not only to the clauses of those contracts, but also to the needs of all parties involved.
• Real estate sales commissions provide immediate income, long-term security is provided by real estate investments.
• Real estate is no gamble if you know what you’re doing.
• Never sell, always do a 1031 Exchange.
• The bottom line is to have a cash reserve to sustain the property.
• When we become overly excited, we often forget to ask the important questions.
• Being enthusiastic and diligent about the deal will benefit you.
• Good salesmanship is nothing more than maximizing the positive and minimizing the negative.
• What matters is that you identify and play up what you’ve got.
• Work the first offer as if it could be the last.
• You can’t make a good deal with a bad partner. Good partners make real estate fun.
• Make it look good. People will pay more for a higher perceived value. Look for quick cosmetic fixes.
• Ultimately, the money is in being able to deal with the headaches. Solutions = Money.
• Success in real estate is based on the numbers.
• Hard work and direct contacts will make you successful in real estate.
• The investor who makes money is the one who has the ability to ride out the waves.
• If you want to make money in housing, you have to sift through the current data to spot opportunities, go against conventional wisdom, and do what others are unwilling to do.
• Skate to where you think the puck is going to be.
• You have to be willing to do what others won’t do.
• Invest in older workforce housing near vital city centers and public transportation.
• Buy real estate where the wealthy like to play.
• Eventually phone calls turned into listings, and appointments with clients turned into closings.
• The real estate professional should know the client’s needs and lifestyle, the neighborhoods he or she is marketing to, and current market conditions.
• You must prepare well for every appointment and do your homework, earnestly and methodically.
• We don’t sell, we educate.
• Make the properties clean, safe, pleasant, and livable to attract good tenants.
• Making affordable housing available is a great community service, and it doesn’t hurt that you can make money at it too.
• Speed – Quality – Execution - Develop the ability to quickly identify and extract the important information is essential.
• Don’t judge by someone’s appearance but give all a fair hearing, you might be surprised.
• It all starts with people. Treat them with well, treat them with respect.
• Your word is your bond. No contract is worth more than a handshake,
• Integrity is a differentiator.
• Visualize the outcome.
• Nothing can replace a face-to-face meeting.
• Let your financial partners share in the upside as well as mitigate the downside. You must share risk fairly.
• “I never sold a home without buying another. I moved up in quality of homes and locations (1031 Exchange).
• Never stop yearning for knowledge.
• The more knowledgeable you are about the people who make up your markets, the more successful you will be in satisfying their wants, needs, and abilities.
• Do not overplay your hand. When you have a great deal, stop negotiating, and take it.
• Know your exit strategy before you ever make an offer.
• The real profit is made when real estate is bought, not when it’s sold.
• The key is to build bonds with clients and hold on relentlessly.
• Today’s customer should be tomorrows referral if you do everything right.
• You can build wealth in any real estate market, good or bad. The only constant is change. When the market changes, it brings new and different opportunities.
• There is never a bad time to buy as long as you choose the right strategy.
• Listen with three things: my brain, my heart, and my gut.
• Knowing more about your competition will often result in a higher rate of success in achieving your goals.
• Learn to recognize when it’s time to change course and when it’s time to persevere.
• You can expect about 1 and 10 opportunities to come through.
• For the individual, there is no such thing as a good or bad market, only whether or not he or she has a good or bad deal.
• In the end, the quality of your life is determined not by how much you understand and know, but by the actions you take.
• And when you love what you’re doing, you never really work a day in your life.
• Dirt is cheap, but dreams are priceless. If you’re selling land, focus on what the property can be.
• Never speak negatively about the competition. We believe it is a sign of desperation and insecurity.
• If your emotions are involved in the deal, you are likely to lose money.
• If you start to be greedy, you will eventually get burned.
• Real estate is a chess game of extraordinary proportions.
• The more difficulties there are, the greater the reward should be.
• People can be sold on any product if you give them the right reason to buy.
• “No” really means convince me.
• Where there are 10 buyers and 3 puppies, every dog is the pick of the litter.
• Sense of urgency = inflated demand.
• Don’t be afraid to trust your instincts or spend money to make money.
• Buying = Location, Location, Location. Selling = Disclose, Disclose, Disclose.
• Don’t wait to buy real estate, buy real estate, and wait.
• Maintain your objectivity, do all the analysis, and if it does not generate the economic returns you require, pass on it and never look back.
• A deal is never as good as it seems or as bad as it seems. Keep your expectations in line with reality.
• Know when to stop talking and start listening to someone.
• The bigger the boom, the bigger the bust.
• Take your profit when the opportunity arises, or you may end up broke waiting for the big payoff.
• Work hard, do what you say you’re going to do, and remember that the people you interface with in the industry tend to come back around.
• Business is like chess. The chessboard is the world and all your options; the chess pieces represent society and the people; the rules of chess are like the laws of doing business; and your competitor represents the challenges you must overcome to achieve your goals.
• A chess champion would be planning five, six, or seven moves ahead, thinking through alternate situations, visualizing possible locations for the various pieces, anticipating your possible moves and his response before you have even make your move.
• You can’t win a game if you don’t know the rules.
• Whatever must ultimately be done should be done immediately.
• In order to consummate a successful transaction, one needs to clearly understand the “hot buttons” for the person on the other side of the table.
• Buy the neighborhood, not the house.

Source: The Best Real Estate Advice I ever Received By: Donald Trump