While sorting through some books I plan to donate to charity I came upon Donald Trump's Think Like a Billionaire. I gave it one final thumb through, and paused at the the chapter titled How to Sell a House. Written in 2004 it contains some sage advice whether you're a fan of The Donald or not. Here is the first paragraph:
If you are selling your home and there is no or little activity, or activity but no offers, you should revisit the price. The real estate market is volatile, and prices change daily. I always keep in mind the saying "Old listings, like old soldiers, never die--they just fade away" when it comes to pricing. Also, don't worry about competition; count on it--you will save yourself a lot of time. Competition may even help you by drawing in prospective buyers within the same market."
In paragraph three Mr. Trump goes on to state: If you have a broker, make sure he or she understands what the value of the property is to you. But don't be too bullheaded if your broker thinks the property is worth far less than you do. The broker should be the expert, and you're paying him or her not only for service but for advice.
This is 
timeless advice from someone who understands the art of selling and acquiring real estate. I dusted off the cover, and since Trump is now building multimillion dollar homes in Palos Verdes, I may enlist his help the next time I need a price reduction--the book is now in my conference room.
The photo is of Trump National Golf Course in Rancho Palos Verdes.
Megamillion dollar estates surrounding the golf course are currently under construction.
I have the price sheet if you're interested in living in one of the most beautiful locations in Southern California.
Sell Smart, Buy Wise and Live Well
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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Yes indeed. Like the Donald or not, I have to agree that his sense for business is top notch. He is a real visionary.
Love this, Norma. Love The Donald, not. But the advice is universal. I thought he was selling the course?
Norma: "The Donald", speaks the truth! Hopefully the masses will agree someday...but until then we have to keep educating and using a Nationally known figure who knows about Real Estate can never hurt!
As Jane said, love him or not, you have to admit that he is 100% right on this! Our business is everchanging and everevolving and even in the hay-day, if it wasn't priced right, it didn't sell as quickly or for as much money as those that were INITIALLY priced correctly.
And, BTW, ONE day, Donald Trump will have me on his reality show! How amazing would THAT be?!!
Hi Norma, I agree, one thing about the Donald too, is that he keeps coming back and re-inventing himself. He has had his share of bad investments and bankruptcies too, but keeps on ticking...
Love him!!!
Great advice, I was lucky enough to be at one of his conferences, he's been down but never lost heart. Look at him now, he's reinvented himself just like many of us have lately. :)
Donald knows a thing or two about real estate. I'm a big fan of his, and when he talks, I listen. Thanks for sharing about his book and his new development plans. I look forward to hearing more.
Elizabeth - I decided to keep the book for future reference and ammunition if needed. ;)
Trump is no dummy when it comes to real estate. He certainly is a character as reflected in the comments above.
Sounds like more than just real estate agents should be listening to Donald.
Norma,
The advice certainly contians some wisdom. By the way, I see that same advice here everyday from AR members who are not (at least I don't think) billionairss.
Brian
You don't necessarily need to look smart to be smart.
Good post, thanks for sharing it.
I will agree that perhaps Trump knows a thing or two. But he has also had serious financial troubles several times through his life. It also helped that his father was already pretty wealthy to begin with. I have watched the way he has treated competitors, colleagues, and certainly his family over the years. I have little respect for this gentleman and am embarassed by the fact that now he thinks he can moderate a presidential debate. Frankly, those who chose to participate lose my respect.
Again, Mr. Trump has made money on real estate, but I am not so sure that it has been on any real effort or acumen of his own. Lots of luck and a nice pile of money to start with did not hurt.
The Donald is awesome. He definitely knows a few things about real estate.
Times may change, but the principles of marketing and sales will always stay the same.
Good post from an old book. Like many have said here- basic ideas remain the same despite the market conditions. I may have to give that old gem a read.
As previously stated, even if you don't like Trump, you can't argue with his advice. Maybe clients will be more willing to take his advice than ours.
Norma, my first question is, who's listing those mega-million dollar homes for him? Anyone who is as successful as Donald Trump has excellent advice and ideas. It's not about whether we agree or disagree with the delivery or style. Rather, what we can learn and use as we grow our own businesses. Thanks for sharing that excerpt!
Norma- what a view! I may not care for his comb over but you're right he knows his business. I think it's a great idea to keep his book and the highlighted statements in your conference room. He makes a great "business partner!"
I always tell my sellers that my opinion of value is based on facts and thats what they're paying me for. Or at least part of what they're paying me part. Even in a lousy market those priced and presented accordingly are selling in less than 30 days.
Trump says the same thing that you can see on Active Rain and every other real estate website. Price is what it is all about! Just because he says it does not make it any more correct that if you or I say it. You are giving him way too much credit.
The Donald does know Real Estate, almost as much as he know about personal marketing.
I'm not a fan - but "the Donald" is quite right here. You can not create a market - you can only respond to it.
Norma, I do not like egotistical people but The Donald does know his real estate. The Art of The Deal is a great book he wrote.
Norma, great post...the Donald knows his business and we as peeps should listen hard...
People can say all they want about "the Donald", but he knows how to make money and he knows how to rebound and make a comeback. If we all believed in ourselves half as much as he believes in himself, there would be an overflow of self confident real estate agents.
Norma, when it come to real estate Donald Trump knows this stuff. It would be wise for sellers to heed his advice.
Think like a billionaire.
First, inherit $40 million. Then....
Or as JP Getty said, "Rise early, work hard, strike oil."
Kidding aside, Mr Trump is correct.
As a bit of trivia, there is also a Trump National gold course right here in Braircliff Manor, NY. I drive past it almost daily, and what he did to resurrect that old country club is incredible. He's actually even better at golf courses than he is in real estate.
Jane - I'm sure for the right price it is for sale.
Jane - As agents, we say this every day, but a celebrity business person, such as Donald Trump, attracts more attention (and ears) than we do.
Debe - I'll be sure to tune in and record it!
Sandy - He is the king of reinvention--and I give him credit for never giving up.
Carmela - Excellent point!
Pamela - He knows how to promote--the last time I was in one of his new homes, I was offered a bottle of Trump Ice--his brand of bottled water. The man does not miss a beat-or a dollar.
Forget Donald Trump...Norma rules the area and is the real deal for Real Estate in the area...
I'm going to add Think Like a Billionaire to my book list. Also hope you will post some pictures of Trump's new homes when building is complete.
I'm with John (#13), I think Trump's main strength was in picking a good team. I would hardly class him as a role model in business. His bullying approach to contractors may work, but there aren't many who want to work with him twice.
Forget Donald, let's look at that course: golf is drudgery for me but I would have to rethink that position if I could play there.
Solid timely advice from The Donald.
I never thought I would like "The Don's" advice. :) If you have a broker, make sure he or she understands what the value of the property is to you. But don't be too bullheaded if your broker thinks the property is worth far less than you do. The broker should be the expert, and you're paying him or her not only for service but for advice. Thanks for sharing!
Tammy - My friend is the listing agent for Trump National and I'm going to email her his quote. It seems I remember her telling me she needs a price reduction. ;)
William - I have a seller or two I hope reads this post. :)
Brian - I'm sure every agents relates to his statement---and we all said similar words many times.
Anthony - Smart makes no judgment on how we look.
Norma, The Donald does, indeed, know a thing or two about real estate! Glad you kept his book!
I just finished a Trump book after his flirting with Presidential kingmaking. Love him or hate him, he is the Don, and like a Timex, he takes a lickin' and just keeps on tickin!
Wow, great tips. I like some of the verbiage he shared like old soldiers and revisit the price.