Why a people person needs data, too

This article originally appeared in cre.tech.

There is a prevailing notion in commercial real estate that a broker, like any sales professional, is a people person, not a numbers person. Data seems to be at odds with brokers’ natural strengths: the antithesis to their verbal skills, instincts and winning charm.

But commercial real estate brokers are thinking about data all wrong. It is simply information—and for brokers, it takes countless forms, from the names of landlords, owners and CEOs, to building sale prices, to the number of times they’ve reached out to a prospect. Sure, most brokers would rather be making pitches than crunching numbers, but if they can change the way they think about data, they can actually use their time more efficiently and improve performance in a way that doesn’t conflict with their natural love of the sales game.

Topics: Best Practices CRE Tech Efficiency

12 questions to ask when a prospect turns down your business

I already have offers. Your fees are too high. I’m going to wait for the market.

Sound familiar? When you’re talking to a prospect and trying to establish a relationship, there are a number of common excuses you’ll hear for why they don’t need you.

Topics: Best Practices

Brokers: try these 9 creative networking hacks for growing your client list

As a broker, you’re well aware that you need to spend A LOT of time cold calling in order to build up your prospect list. While some phone time is unavoidable, cold calling is NOT the only way to network and grow your client list.

Instead of sticking to the status quo, why not get creative and try these nine networking hacks for growing your client list?

Topics: Best Practices Efficiency

How much do you know about the latest trend in office space: Healthy offices

The jury is in: healthy, happy employees are productive employees.

And with staffing costs accounting for a huge portion of business budgets — 90% in most cases — smart business owners will make finding spaces that enhance worker happiness, and therefore productivity, a priority.

Measuring the office qualities that contribute to worker health and happiness has always been a challenge, however.

Topics: Industry News Best Practices Efficiency

Why commercial real estate brokers fail

This article first appeared in RealityBizNews.

Not everyone can make it as a commercial real estate broker. In fact, it’s common knowledge within the industry that at least half of recruits will leave within three years. Some brokers even report a new broker failure rate as high as 90 percent. In part, the perks of the job are what makes it challenging: autonomy, flexibility, a pure commission-based salary. Some people simply lack the skills and personality necessary to succeed—but other common pitfalls can be avoided.

While certain hurdles, such as lack of training, need to be addressed at an institutional level, other problems can be tackled by rookie brokers head-on. Let’s take a look at why brokers fail, and what can be done about it.

Topics: Best Practices Efficiency

The psychological secrets of power brokers

You’re ready for your pitch. You’ve done your prep work, and you know you have properties that will be perfect for this prospective client. So when another broker swoops in and clinches the deal—with inferior options—you’re left scratching your head. What just happened?

Topics: Best Practices

[Video] Broker best practices for marketing and showings

Market the deal you've won with the database you already have. Russ Duncan, Customer Evangelist, explains how to increase your chance of success by starting with a qualified list of potential buyers or tenants.

Topics: Best Practices

Never market yourself or your brokerage again

We just released two ebooks on marketing yourself and marketing your listings—so you might wonder why we’re now writing about getting rid of marketing altogether.

The truth is, if you put a lot of effort into building a credible brand with a strong database to support both prospecting and finding the best deals, then you’ll end up with something even better than a great brand and database: a strong referral pipeline.

Topics: Best Practices

[Video] Broker best practices for the first meeting with a prospect

When you’re meeting with a new prospective client, you need to focus on building momentum. The first meeting is all about discovery: find out where your prospect is in the process and what their needs are, what opportunities may exist, demonstrate your knowledge of the market, and establish next steps to keep momentum going.

Russ Duncan, Customer Evangelist, explains how you can listen and record every touch point to deliver value in the future and keep the deal moving.

Topics: Best Practices

New ebook: The Ultimate Guide to Marketing Your Listings

We’re excited to announce the follow-up to our popular ebook on marketing your brokerage and yourself. If you read that, you know how to set yourself and your brokerage apart with top-notch marketing.

In our new ebook, you’ll get a blueprint for marketing your commercial real estate listings. That includes tactics for generating not just maximum exposure, but also the right kind of exposure. It’s chock-full of tips and resources for crafting a compelling story, reaching the right people, and employing effective digital marketing so you can get deals done quickly.

Topics: Best Practices