This Issue: Insider Secrets to Zero-Cost Market Research

Power is the ability to convince people to accept your ideas. Negotiation is a form of convincing. Power is ability. Ability is the result of practice and application. Think about these things carefully and let them sink in. After you have, remember this one: If you have them by the balls, their hearts and minds will follow. Sound tough? That’s right--that’s how negotiating to win can be. But as an art, there are nuances and finely honed techniques and rules to be aware of. Here are a few of them:

1. Know what you’re doing. Sounds simple, but I’ve seen a lot of instances where I couldn’t believe how much the other side didn’t know. I immediately knew I could have a grand slam and fast, just based on their apparent lack of preparation. My father used to tell me, “Know everything you can about what you’re doing.” He was absolutely right, and I’m giving you the same advice. Follow it.
2. He who has the gold, makes the rules. Another tough one, but that’s life. You’ve got to know who has the upper hand and proceed accordingly. Power is not just about calling all the shots, it’s about ability. Sometimes ability is having the discernment to see into a situation and realizing the power isn’t all yours. Know where the other side is coming from--do your homework thoroughly and carefully.
3. It takes a lot of smarts to play dumb. This is a good way to see how much your negotiating partners don’t know. It’s also a good way to see if they are bulldozing you.
4. Never let anyone know exactly where you’re coming from. Keep them a bit off balance. What they don’t know won’t hurt you, and that may help you down the line. Knowledge is power, so keep as much of it to yourself as possible.
5. Trust your instincts. There are a lot of situations that will not be black and white in negotiating, so go with your gut. Combine this with your homework and you’ll be ahead of the game.
6. Don’t be confined by expectations. There are no exact rules, and sometimes I’ve changed course in the middle of negotiations when something new has occurred to me. Remain flexible and open to new ideas, even when you think you know exactly what you want. This attitude has provided me with opportunities that I would not have thought about before.
7. Know your limitations, and know when to say no. This has become instinct for me by now, but I think we all know when that buzzer goes off inside. Pay attention to that signal.
8. Be patient. I’ve waited for some deals for decades, and it was worth the wait. But make sure what you’re waiting for is worth it to begin with. To speed up negotiations, be indifferent. That way you’ll find out if the other side is eager to proceed.

Let’s face it, the world isn’t always full of delightful characters. If someone screws you, screw the scoundrels back. Make sure they don’t come back for more at your expense.

In the best negotiations, everyone wins. This is the ideal situation to strive for. You will also be laying the groundwork for future business deals with people who know what integrity is.

In summing up, I can say that negotiation is an art. All the arts require discipline, technique, and a dose of imagination to take them beyond the realm of the ordinary. Don’t be an ordinary negotiator when you can be an extraordinary one. Devote time to this art and it can bring you enormous rewards.

“I don’t just build to a market. I create the market. I deliver to my customers more than they expect.” - Donald J. Trump

The secret of marketing properties all comes down to three letters: MVP. If you make the property you have to sell into an MVP, you will sell it quickly and profitably.

So what is an MVP? Simply put, it is a Most Valued Property that delivers to its target customers the specific features that they want, and that they are willing to pay for.

To be a true MVP, your property must be more attractive than anything the competition is offering at a competitive price.

How to Build Your MVP Power

You create an MVP by following these three steps:

Step one: Get to know your customers. You might already know what they want. If you don’t (or if you might be making the wrong assumptions), talk to tenants or property-buyers who fit the demographic of your target consumers. Conduct focus groups to learn what they are looking for. Interview realtors and other professionals in the area and ask them what buyers and renters are looking for. Don’t spend money on the wrong things, like installing a roof patio when what tenants really want is a state-of-the-art security system.

Step two: Study your competition. Tour competing properties and note what you see. Then check your list against my list of Key Property Differentiators (which follows below) to identify the features that can make your property an MVP.

Step three: Include non-physical benefits too. An MVP also includes exta assets, such as a spotless lobby, a well-staffed sales or management office, a cheerful doorman or superintendent, good security - and an upscale, service-oriented level of service for buyers or renters.

And now for my list of the key property differentiators that can make your property in an MVP. Offer as many of them as you can - especially those that are not being offered in competing properties - and you will leave your competitors behind.

• Appliances (quality, quantity)
• Attitude, dress and skill of sales or rental staff
• Carpeting/floor coverings
• Ceiling height
• Cleanliness
• Closet space
• Color schemes/aesthetics
• Decks/patios/balconies
• Electrical outlets
• Emotional appeal
• Energy usage/efficiency
• Entryway convenience
• Fireplace
• Furniture (in lobbies, rental offices, model units)
• Heat/air-conditioning
• Image/reputation
• Kitchen functionality
• Kitchen pizzazz
• Landscaping
• Laundry facilities
• Lighting (exterior, common areas)
• Living area floor plan
• Natural light
• Parking
• Physical condition
• Quality of finishes
• Quiet/noisiness
• Room count
• Security
• Speed of tenant approval
• Square footage
• Storage space
• Types/style of windows
• Views
• Window coverings

Let's face it.  People are lazy.  If given the choice between thinking through a problem and watching TV,  most people would opt for the TV. There is nothing wrong with some down time and this is not a judgment about you or your customers. We are all lazy by nature.  Add to this how busy people are these days and you have a tough challenge if you want people to listen and act upon your marketing.

To create successful marketing, you need to think about your target customer and their mental state. What is going to make them take action?  All good marketing has a call to action. What do you want your customers to do? Don't make them guess. Your customers are not mind readers.  Tell them what they should do.  If you don't, they will likely do nothing at all or move on to the next task at hand. But if you tell them what you want them to do and make it easy for them to do so, a percentage of them will follow your directions.

Here are a couple of tips for you to think about when putting together your marketing messages:

• Use active words
• Repeat your directions/call to action
• Make sure it is easy to follow the directions
• Create a sense of urgency

 Now get off that couch and let me know what you think. 

For more insights on effective marketing, be sure to visit Trump University's Marketing Maestro Blog.