Your next steps when a deal falls apart

When you’ve put weeks or months of work into a deal, it can be soul-crushing to see it fall through. And of course, the more digits in the commission, the more crushing the disappointment.

But losing a deal is an inevitable part of any sales job. While we can’t always prevent it, we can adjust our attitudes and learn from the experience.

Topics: Best Practices

Strictly social: How to build a broker brand

There are many ways to win business as a commercial real estate brokerit all depends on what type of broker you want to be.

You can be the broker that flyers buildings…spending your lunch break evading lobby guards while sneaking into properties to leave your “call an expert now” message, hoping the facilities manager sees it at the precise time that the company is ready for a move…

Topics: Best Practices

Brokers, it’s time to be proactive about pot

There are two things you should know about me: I’ve spent a lot of time learning about commercial real estate and talking to brokers, and I grew up and still reside in Colorado.

These two facts give me a unique view into a new niche that’s growing (literally) around the country, though it has roots in my state. The legalization of medical and then recreational marijuana has created a lot of change and a brand new specialization for the commercial real estate industry.

Topics: Industry News

New (free) ebook: 11 Resources To Make You A More Interesting Broker

We're excited to announce and share our latest ebook, 11 Resources To Make You A More Interesting Broker.

To be successful, commercial real estate brokers need to be seen as market experts, trusted advisors, sales pros and interesting people. These 11 resources can help you achieve those goals.

Topics: Best Practices

You know you need an assistant when…

As much as we’d like to control everything that has to do with our business, clients and transactions, it’s not actually an efficient way to work. Sometimes we need to allocate tasks because another colleague is better versed in that type of client or aspect of the transaction. Other times it’s because an emergency comes up that requires our undivided attention, leaving our regular duties in the lurch.

Then there are the everyday moments when we realize that we simply cannot get to certain tasksor at least, we cannot get to these tasks in a timely manner. This is usually when we start fantasizing about what it would be like to clone ourselves.

Topics: Best Practices

An easy, budget-friendly way to make video work for your brokerage

There’s a simple way to attract potential clients, build trust and enhance your reputation in commercial real estate, and most brokers aren’t doing it. It’s called video.  

Don’t roll your eyes! Before you rattle off the list of excuses“I don’t have the budget for that,” “I don’t want to be in front of the camera” or “I don’t have the time for one more marketing gimmick”take a moment to find out just how easy, affordable and effective video can be.

Topics: Best Practices

[Infographic] 7 conversation starters to break the ice with prospects

What does it take to get you to stop and listen—really listen—to a coworker, a friend or even a family member? What about a stranger?

For us to turn our attention to something, it has to be interesting, relevant and timely. For property owners and tenants, this could be a number of things based on their current situation. The job of a broker is to craft messages that are macro enough to address the market but micro enough to strike a chord with an individual prospect.

Here are a few common market events that can start conversations that lead to meetings.

Topics: Best Practices

What really matters in an office property (hint: it’s not brick and exposed beams)

The movie Office Space suggests that every office is alike. And it can probably feel that way much of the time.

You probably have a ready-made checklist of important features your client will care about, whether you’re a landlord rep selling a space or a tenant rep looking for the perfect spot. You’ll consider location, security, transportation options and proximity to amenities, while tenant reps will also try to balance cost efficiency, company image and talent acquisition.

But there’s a big feature that many brokers consider only briefly: internet connectivity. It’s almost an assumption at this point that a business tenant will be able to choose from a number of different internet service providers to get everything set upand that once connected, service will remain uninterrupted.

Topics: Best Practices

How to hire a spectacular salesperson, part 2

In part 1 of this series, we talked about looking at the individual characteristics of a great salesperson, specifically four important traits.

Now comes the hard part. Let's assume you have a great candidate with the right characteristics, the money is on-target, and they want the job. They still might not be right for your company.

Topics: Best Practices

7 tips for showcasing thought leadership in commercial real estate

Let’s say you have a successful brokerage business. You know your industry, you’ve defined your niche and you sincerely want to help others be successful in the field.

But exactly how do you transition from being just another innovative thinker to that go-to guru, that trusted source, that wellspring of knowledge and inspiration who helps transform ideas into reality and shapes the way others think about their industry?

Topics: Best Practices

Healthy growth ahead for life sciences real estate

The life-sciences sector of commercial real estate doesn’t usually make big headlines compared to multifamily and office properties. But the recently announced $1.5-billion acquisition of a portfolio owned by Wexford Science & Technology by Ventas was certainly a significant purchase for any sector.

Topics: Industry News

The secret to negotiating better terms in a formal rep agreement

Let’s say it’s time to craft a formal representation agreement. Congratulations! You’ve done a ton of work to get to this point. Now comes the fun partnegotiating terms of the contract.

There are many things to work through when figuring out what works best for you and your client. From exclusivity and terms to fees, cancellation rights and dual representation, it can be a headache to keep track of everything and get on the same page with your client.

The key? Track everything in a centralized database. Here’s why.

Topics: Best Practices

How to hire a spectacular salesperson, part 1

A commercial real estate broker is a salesperson, pure and simple. And a salesperson isn’t just the backbone of an organizationthey are often a prospect’s first introduction to an organization. They set the tone for how the company is run and how it values customers.

Topics: Best Practices

New (free) ebook: The Commercial Real Estate Best Practices Toolkit

We're excited to announce and share our latest ebook, The Commercial Real Estate Best Practices Toolkit.

In our Best Practices Library, we detail proven strategies for running a successful commercial real estate brokerage—and how technology can help. But we wanted to make things even easier, so we took our most popular strategies and distilled them into plug-and-play tools and templates. Any broker can put them to immediate use.

Topics: Best Practices

The ‘smart cities’ trend and the future of commercial real estate

The concept of “smart cities” aims to integrate technology within our current and future communities. The idea is to improve quality of life for a community using urban informatics, which monitor and shape the infrastructure of a city. This affects highways, homes, local businesses and much more, meaning smart cities will also have a huge impact on commercial real estate in the coming years.

All commercial real estate brokers should know the basic facts of this trend so they can share their knowledge with prospects and clients.

Topics: Industry News

A developer’s dream: What brokers should know about industrial conversions

The industrial revolution is having a moment. And we don’t mean the one from the 1800s.

Today’s moment still celebrates these warehouse and factory spaces, but does so in a different way. High ceilings, exposed beams, open spaces and lots of windows comprise a look that is highly sought-after right now by both creative office and multifamily developers.

Topics: Industry News

3 ways to make your ongoing CRE education less terrible

Like many licensed professionals, commercial real estate brokers need to complete ongoing education courses to continue practicing, or to keep their professional designations and affiliations (such as CCIM or NAIOP) active.

These courses can feel burdensome when you put them off until the last minute, but they don’t have to be just another necessary evil. With a few strategies in place, you can turn these requirements into a real advantage.

Topics: Best Practices