If you’re not blogging for your commercial real estate business – you should be! Blogs allow you to generate leads, be seen as an expert in your niche, develop an effective Internet strategy and create a “buzz”. Read more
Remember what you learned the first day on the job in commercial real estate? You learned that the most important thing in the business is “Location Location Location” – they lied! It’s actually “Relationship Relationship Relationship”; and today this holds more importance than ever before! Why? Simple – because people do business with those they know, like and trust and social networking opportunities like LinkedIn allow this to happen. Read more
It happens every 10 years or so. Commercial real estate professionals (in particular Top Producers) are making amazing headway; and for some, commissions are rolling in faster then they can get to the bank. The ones earning top dollar believe it’s because they are that good, and a few are. But, then the bubble always bursts. The economy slows, the media begins selling doom and gloom and the possibility of a recession and then reality hits — we’re already in a recession! Subsequently, you’re caught off guard – again! Read more
What you must understand is that it takes somebody seeing your name 5-9 times before they feel like they know you. People buy from those they KNOW, LIKE, and TRUST. This bears repeating: people buy from those THEY KNOW, LIKE and TRUST!
Amazingly, when you set out to implement a multi-step marketing campaign, known as a drip campaign in most industries, you can turn a cold list into (at the very least) a lukewarm list. Who wouldn’t rather have a group of lukewarm prospects rather than cold prospects? Just imagine creating a system where everyone you call is a “warm call” — it IS possible.
If you can identify your prospects’ main problem(s) and offer a solution via your marketing campaign, you will increase your odds of winning any potential business by 100%.
The following is an example of a win-win drip marketing campaign. Initiate each step 10 to 14 days apart, and begin with whatever size list you have.
1. Send A Letter
Start your campaign by sending an introductory letter; attach an article/special report that will provide value to the reader — this sets you up as “the expert”. A sample special report could be something like “THE 7 HIDDEN DANGERS IN Fill in the blank”. Do not ask for business in this letter, just provide value.
2. Follow-up With An Email
Follow up the letter about 10-days later with an email asking the recipient if he received the “special report you mailed on XXXX, 2009”. Attach another copy of the article/special report just in case.
3. Send A Second Letter
Send another letter letting the reader know you are enclosing a second article/special report you think will be of interest. Again, this is positioning you as the expert. Do not ask for business in this letter; just continue to provide valuable information.
4. Follow-up With Another Email
Basically repeat step #2 — ask the recipient if he received your article/special report and attach it again “just in case”.
NOTE: The importance of following each “snail mail” with an email is two-fold: the customer will see your name again and it will make it super easy to reply just by hitting the ‘reply’ button; you wouldn’t believe how lazy people are.
5. Fax (Fax Blast)
This step is tricky if you don’t have the technology available for fax-blasting — each one will have to be done by hand. However, please don’t underestimate the value of using multiple mediums to reach a prospect.
Send a one-page blast of just about anything that will provide value to the prospect’s day — article, resource, news story, anything. Just be sure not to make it all about you. I am sorry to say, nobody really cares.
6. Postcard
This can be a fun step. Ugly colors, goofy clipart pictures, anything to get the reader’s attention will work here. My suggestion is to include several success stories from other clients and a handful of testimonials. Also, a winning headline is essential! Don’t leave any space unused!
7. Call
Now you can finally call. Have a script and be ready to be ‘wowed’ – your cold list will now be full of warm prospects!
8. Letter
Use this letter as a follow-up to your phone call. Have two different follow-up letter templates available: one for those you got through to via phone and one for those you didn’t reach.
9. Email
Let your prospect know you’re there for him. Use your imagination here. It is appropriate in steps 8 and 9 to ask for business.
Try turbo charging your marketing with a monthly newsletter and watch your sales increase magically. Just remember, consistency is the key – once or twice each month is suggested. Below are 10.5 reasons why you should publish a newsletter:
| 1. | People buy from those they know, like, and trust. Publishing a newsletter allows your readers to learn more about you and then decide if they like and trust you enough to do business with you. |
| 2. | Industry newsletters provide your prospects and clients with valuable information they will appreciate. |
| 3. | It keeps you in front of your prospects on a regular basis. |
| 4. | A newsletter allows you to be perceived as an expert and people like to do business with experts. |
| 5. | It you craft it with the goal of adding value to the reader it’s a win-win. |
| 6. | It can educate buyers, sellers, landlords and lessees about important issues in commercial real estate or other business niches you may be involved in. |
| 7. | You can highlight “featured products and services” and make other general announcements. |
| 8. | You can make requests for new business (those who learn how to shamelessly promote themselves and their business make more money). |
| 9. | It allows you to have a format for keeping your prospects and clients current. |
| 10. | A newsletter is an opportunity for you to build strong relationships with more prospects faster and with less effort. |
| 10.5 | It is one of the fastest ways to increase your credibility. |
Let me know how your newsletter launch goes and don’t forget to put me on your distribution list. Good luck!
Lately several commercial real estate professionals have been talking about getting or improving upon their own personal website. Folks, if you don’t have one — get one! This is not just a wave of the future, it’s the here and now.
Once you make the decision to move forward with a website you will need to determine which type you prefer. There are many types but I will focus on the two basic types, an online brochure, and a lead generation tool.
A website that acts as an online brochure is the most common, but it is the least effective. However, it is easy to make and easy to maintain and this aspect appeals to many commercial real estate professionals.
Basically a website that acts as an online brochure will describe you, your company, and the services you offer. If you get a bit fancy it will have your listings and perhaps an additional feature or two.
On the other hand, a website in which the purpose is to generate leads may be preferable. After all, who doesn’t want leads? Obviously not all leads will be qualified and you may be saying, “Who needs this?” but that’s not the best attitude. A poor lead for you may be the perfect lead for another, and how great would you look if you could regularly refer business to your peers?
There are several major components to a website that generates leads:
A Great Homepage
*Tell a story. Begin with the prospect’s pain, agitate the pain, and write what life could be like without the pain. Offer the solution.
A Strong Headline
*You have 7 seconds to capture the visitor’s attention, and you do this with a strong headline. (See my website for examples: www.commercialREsuccess.com)
Something of Value
*This is where you give stuff away for free. For example maybe you have an assessment that’s great, or a quick start kit you can offer (a quick start kit is a bundle of articles, special reports, etc.)
*Some people have a page they actually call “FREE STUFF”. The idea here is to get people to stay as long as you can.
An Opt-in Box
*This is key because this is how you capture your visitor’s information. Go to my website and you will see an opt-in box on the home page: www.commercialREsuccess.com
*You may want to only request name and email — research has shown if you request too much information the visitor will just leave. This way you can at least follow up with an email.
Benefits of You — The Broker
*DON’T list features of you and your company. Instead list the benefits of you (and your company if you think it is relevant).
An Easy Way to Contact You in order to get more information.
*You may even want a way for the visitor to schedule a no obligation phone meeting with you. You can do this with the use of an online appointment-scheduling program.
Testimonials – Include a lot.
A Page With Your Listings (or Tenant Rep Assignments.)
* This needs to be maintained and kept current. If you cannot make that commitment then skip this section. It is very unattractive to have outdated information.
Done Deals – And . . . of course include them!!!
That’s it; keep it simple and up to date. Search engines prefer simple; it’s easier for the search engine spiders to get through that way.
Martin Fridson, in his study of billionaires concluded there are 3 inherent traits billionaires all share. They are: inner determination, fundamental optimism, and the fundamental inability to be satisfied. Now, let me tie each to the business of commercial real estate.
INNER DETERMINATION
I am currently reading a book, “The Ultimate Sales Machine”, by Chet Holmes. Throughout the book he is fond of pointing out that the main ingredient necessary for success is: “pigheaded discipline and determination”.
In our industry this couldn’t be truer! Over the years I have seen that the most productive commercial real estate professionals are the ones who are disciplined to do what it takes to be successful and they have an inner determination the other 95% don’t.
The truth is, today commercial real estate professionals are blaming market conditions for their lack of productivity rather than asking what action is required for success in today’s “new marketplace”.
ABSOLUTE OPTIMISM
Many commercial real estate professionals would like to take a six-month vacation at this point. They are holding onto the belief that they won’t get too much done in this market so their actions match that belief.
The fact is, deals are getting done. Those commercial real estate professionals that are able to take a step back, identify what they currently need to be doing to attract new business and then do it – are getting deals done.
They are able to maintain the view that this is a time of tremendous opportunity and are further seeing to it that they are a participant in these opportunities.
They are able to remain optimistic!
THE FUNDAMENTAL INABILITY TO BE SATISFIED
Billionaires never reach the point where they have accomplished everything they’d like. Before a current goal is met, a new one has been set. They have an uncanny ability to continually visualize where they’re heading and what action is required to get there.
Maybe you don’t aspire to be a billionaire but should that stop you from thinking like one?
Do you ever wish your business were better or that you could snap your fingers and have everything be ‘just perfect’? I know I do. I recently came across an interesting term and thought I’d ponder it today in the form of a newsletter article for you. The term is: “Act Your Wage”. By now your asking yourself what this means, let me explain.
“Act Your Wage” simply means you think and act the wage you want to earn before you do. You’re probably familiar with the expressions “average is as average does” and “great is as great does”, correct?
What if I told you “What you do is who you become”? This is a difficult concept to understand primarily because most don’t want to understand it. But the truth is if you want a Tenant Rep assignment normally reserved for a Top Producer you must act like a Top Producer. Easier said than done.
Gary Keller, co-founder of Keller-Williams believes thoughts come before actions and actions come before results. You take action and you get results. I’ve told you a number of times that Top Producers take more action steps in a given day then the rest.
Gary Keller will further tell you that if you want to be a Top Producer and earn the kind of money they do you, must live the calendar of a person who earns that amount of money – or you won’t earn it. It’s that simple.
Stop thinking and acting like a $100,000 a year broker, start thinking like a $1,000,000 broker. Put a plan in place that focuses on the actions necessary to get the results you want. And then, DON’T FORGET TO TAKE THE ACTION YOU PLANNED! Money likes speed. There’s no such thing as success without MASSIVE action.
What does a Top Producer act like? Do you even know? It’s not what you think…Take some time to ponder this yourself!
You are responsible for your own success (or failure). Following the fundamental rules of commercial real estate selling success will lead to sales success faster than anything else. In part 3 of this article, I will reveal the final 13 rules. Here they are:
Get the “Meeting”
The goal of prospecting is to get new clients; but you only want to meet with pre-qualified prospects. If you aren’t superb at qualifying, it is worth your time to improve this skill; it will save you lots of time in the long run.
Follow Up, Always
Please make this a habit. The lack of follow-up is the number one reason assignments are taken away and given to another broker.
Learn to Acknowledge Rejection
The goal of a good salesman is to get to a “no” and then be able to discern if it’s really a “no” and you need to put the prospect in the “dead” file or if you need to persevere.
Be Comfortable With Change
Change is part of today’s business world so it’s a good idea to get used to it. In fact, change is good!
Follow Rules
This one is hard for me and I have had to work hard at getting better at it, but the truth is rules aren’t just for others; they apply to you as well.
Have a Team
Just like the saying “It takes a village to raise a child.”, it takes a team to get a deal done nowadays. And, I am not referring to a team of brokers, but a team possibly including a lawyer, architect, space planner, assistant, marketing director, and so on. . .be resource rich with possible team members.
Work Hard – Every Day
There is no shortcut to success. Successful people simply work harder.
Take Responsibility
Take responsibility and fix the things that need to be fixed without placing blame or finger pointing.
Know When to Be Persistent
The key is to know when to persist and when to back off. You learn this with experience.
Develop Your Success Formula Through Numbers
Determine how many leads, calls, appointments, proposals, presentations and so on that you need in order to land a client and ultimately a commission.
Be Passionate
Be the best and do what you love. Sales, leasing, consulting, whatever.
Be Memorable
Create great memories for your prospects and clients through superb service and follow up.
Have Fun!
This is one of my top values – I like to have fun with my work!
Success is being confident and performing at your best, resulting in winning experiences. Failure is a simple lack of good planning and execution.
You are responsible for your own success (or failure). Following the fundamental rules of commercial real estate selling success will lead to sales success faster than anything else. In part 2 of this article, I will reveal the second 13 rules. Here they are:
Features are OUT, Benefits are IN
Get in the habit of letting your prospects know how your listing, property, or service will help instead of telling them about features. People “buy” solutions.
Establish Rapport
Find some common ground early in the relationship. Maybe it’s golf, tennis or even your love for running. Perhaps you both have small children and can trade funny stories. Establish a bond.
Use Humor
Have fun with your client or project.
Be Honest
This one is simple; don’t get caught in a web of lies or exaggerations. It’s much easier to be honest. And, bad news is better than no news.
Keep Your Promises
Under promise, over deliver — you’ll be impressive. Keep your word when you do promise, it will be remembered.
Don’t Slam Your Competition
If you have nothing nice to say, say nothing. Following this golden rule left over from childhood will keep you out of trouble and will make you look good, always.
Know What You Offer
Whether you are leasing a property, representing a tenant, or producing a sale – know your product and client well, it will save you embarrassment.
Have Lots and Lots of Testimonials
Few commercial real estate representatives actually make a point of collecting testimonials. Testimonials act as “social proof”. You can never have too many. And, when a prospect sees them, it is very reassuring.
Look For Signs the Client is Ready to Buy
If your client is ready to pull the trigger, go for it or you risk loosing the deal. TIME KILLS ALL DEALS.
Anticipate Objections
Rehearse answers to common objections.
Overcome Objections
Be familiar with all of the objections you may hear and be prepared to answer them. This is an area many fail. Be solution oriented.
Ask For the Sale!
SIMPLE, ask for the sale. This may seem easy but often time neglected.
Ask Lots of Questions and Then Be Quiet
Do yourself a favor and carry around an index card with 100 common questions that will help you be the best and then use them! The one who asks the most questions wins at the end of the day.
Success is being confident and performing at your best, resulting in winning experiences. Failure is a simple lack of good planning and execution.
Look for part 3 next week!
