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5 Keys To Consistently Generating New Listings

June 30th, 2014

Forgive the overused metaphors but:

If our bodies don’t constantly pump new blood, we will die;
If our cars don’t get refilled with gas, they won’t run;
If you don’t recharge a battery, it will run out of power;

And if commercial real estate agents don’t constantly engage in new business development, they will go broke! All too many times, we let our days get filled up with “busy work” or we are consumed with all the little details involved in a deal or two we are working on. Because these activities feel like they are moving us closer to a closing, we let our daily business development activities take a back seat, delaying those activities to an unknown time in the future……that usually never comes.

Probably the single most important thing that we as commercial real estate agents and brokers must focus on consistently in our careers is new business development. It should be a daily scheduled activity with a strategy attached to it. Here are 5 keys to getting and maintaining a focus on new business development:

Have a Business Development Plan – As an independent commercial real estate brokerage professional, you should have a business plan that reflects your goals and methodology for reaching those goals. Clearly mapping out your plan for developing new listings should be an integral part of that plan. A detailed, written outline that (more…)

The Forgotten Business Development Tool

October 2nd, 2013

One of my Coaching students told me a great story this week. He was attending a high school lacrosse game that his niece was playing in. His aunt, mom and several friends of their family were there with him in the stands. One of them politely asked what he was up to these days. Of course, he told them enthusiastically about his new career but he also had the presence of mind to add one very important statement which he addressed to everyone around him.

“So if you know anyone who has any commercial real estate needs of any kind…buying, selling or leasing, I’m your man.” This was followed by a smiling distribution of his business cards. Shortly thereafter, a friend of his aunts whom he had never met before that evening approached him and said “You know my neighbor told me she needs to expand her store by 3,000 square feet but doesn’t know how to approach her Landlord. I’ll give her your card and maybe you can help her”. The next morning he got a call from the neighbor’s husband and he is now pursuing that assignment.

Too often we forget to tout our services to those around us and ask for referrals. Every business development call should incorporate a simple statement asking the prospect if he knows of anyone who could benefit from your services. Every inquiry from a buyer or prospective tenant should also include that question. How many Attorneys, CPA’s, Title Agents, Bankers, Appraisers, Architects, Building Officials, Residential Agents, etc. could you call and ask for referrals?

In the fervor of our traditional business development activities it is very easy to forget the simple act of asking if the person you are speaking with knows someone who could benefit from the services you offer. Asking everyone you meet this very question should be as natural as saying hello and goodbye. To reinforce this behavior, create a “Referrals – Ask & Received” tracking sheet. Note every time you ask for referrals and track how many referrals you receive. Then track the results. I assure you that you will be impressed with the results and that positive reinforcement will ingrain the practice into brain.

Who The Heck Is William Dawes?

July 4th, 2013

On this Independence Day 2013, I thought I’d offer up a little history lesson and how we as commercial real estate brokerage professionals might learn from it.

Have you ever heard of William Dawes? William Dawes was a tanner in Boston and around midnight on April 18^th,1775, he rode from Boston through the towns west of the city to Lexington spreading the news that the British were coming and planned an attack the next day. He was to alert the local militia leaders telling them to gather their men and prepare to meet the British troops by sunrise. He rode through the night hitting the towns of Roxbury, Brookline, Watertown and Waltham, Massachusetts and finally meeting his counterparts in Lexington.

William Dawes

Undoubtedly you’ve heard the story of Paul Revere’s famous ride, right? On the same night, at the same time, Paul Revere left Boston taking the northern route to spread the same message to the militia leaders in Charleston, Medford, North Cambridge and Arlington, meeting up with Dawes in Lexington in the early morning hours of April 19^th.

The revolutionary war started on the morning of April 19^th 1775 with the British army sweeping across the surrounding areas from Boston Harbor. When they reached the towns that were forewarned by Paul Revere they were met by the full militia with fierce resistance and defeated. The British troops who reached the towns that were supposed to have been forewarned by William Dawes were met with very little resistance, very few militia men and virtually marched through (more…)

Ten Clichés To Stop Using On Clients

March 2nd, 2013

By Nellie Day, Featured Contributor

There are certain lines that we rely on when making a point, particularly if it happens to be a selling point. While clichés will never disappear entirely from our vocabulary, commercial real estate agents seem to fall privy to these word traps quite often, particularly after the Great Recession. In the interest of your client’s sanity, here are 10 overused (and often misunderstood) business clichés you may want to lay off of.

1. Delay and Pray

Also known as “extend and pretend,” this cliché refers to the strategy some lenders have adopted in a down market whereby they hold commercial loans at pre-cash values instead of taking a loss on the books. This is done in the hopes that the market will soon turn around.

2. Main Street, not Wall Street

This phrase gained popularity during the Great Recession. Though there are many interpretations, it ultimately pits Middle America and everything associated with it against the “corporate greed” that many blame for the Great Recession. Agents often use this cliché when discussing the pros of a local real estate market. Others use it to emphasize the services in place that can help smaller or independent investors achieve their financial goals. Whatever the context, this phrase is as tired as “The Great Recession.” (more…)

Three Take-Aways From ICSC’s RECON 2011

June 3rd, 2011

My feet are killing me as they usually are at this time every May. A small price to pay for three and a half days of intense deal making, trend spotting and making valuable connections at ICSC’s annual convention in Las Vegas. This year’s programs were upbeat with a vibrant optimism that has been lacking in recent years for obvious reasons. My focus was on the information, trends, technologies and deals that would be of greatest interest to commercial real estate brokerage professionals. Here are three takeaways I got from RECON 2011 that every commercial agent and broker should pay attention to:

THE BUZZ IS BACK – This year’s convention was attended by more than 35,000 commercial real estate and retail professionals, up significantly from last year. There was a cautious optimism throughout the convention. Deals were getting done on the Leasing Mall and in the hallways, I could hear brokers, developers, landlords and tenants burning up their cell phones talking about transactions. Ah yes, transactions….those illusive little activities that we have all missed so much over the past couple of years. There was no doubt that everyone had a bit of a bounce in their step as well as a few more smiles and better moods all around. While everyone acknowledged challenges ahead, positive momentum was in the air and that will feed on itself creating more opportunities for commercial brokers to see deal flow.
THERE IS A RISING SOCIAL REVOLUTION IN COMMERCIAL REAL ESTATE – If you think that Facebook and Twitter are just places where college kids tell their friends about last nights concert, you’d better think again. Social Media is the new branding mechanism for commercial real estate pros across all segments of the industry. (more…)

If LeBron James Had To Cold Call For a Living

May 9th, 2011

If you’ve ever watched NBA Mega-Superstar LeBron James play basketball you’ve undoubtedly seen him perform a living highlight reel of seemingly impossible feats on the court. You’ve also seen him perform in entertaining commercials and of course his now infamous “Decision” program where he announced his move to Miami. Some people love him, some people can’t stand him (hello Clevelanders!) but he has to be given respect for his talent as well has his ability to maximize his brand. He’s a guy who demands personal achievement at the highest level with a focus on being the best. A famous quote from LeBron goes like this: (more…)