Why You Will Never Dominate Your Market – These 7 Reasons

If you are reading this blog, it is likely that you want more.  You want to improve your productivity, your prospecting, your presence, your something.  Nobody gets up every morning with the goal of being mediocre.  Ultimately, you want to dominate your market.  But the truth is, you can’t.

7 Reasons You Will Never Dominate Your Market

My kids are in the driveway right now playing basketball with the neighbor kids.  When I was their age, the Bad Boys version of the Detroit Pistons were winning championships.  I remember playing in the driveway and pretending I was Isaiah Thomas and Joe Dumars.

I wanted to dominate a basketball game the way they did. But I topped out at 5’7” with less than average athletic ability and a suspect jump shot.  I was never going to dominate a basketball game.

And you are never going to dominate your market because of these 7 reasons.

7 Reasons You Will Never Dominate Your Market

  1. You don’t keep score – Numbers never lie.  If you don’t keep score, you never know if you are winning. By the way, those who dominate keep score.  It is the hordes of the mediocre who don’t want the proof.
  2. You don’t have a system – Systems are just checklists.  If this happens, then we do this.  Systems make you more efficient and productive.  They also produce desired and predictable outcomes.  The beauty of a system is you know what to adjust to improve the outcome.  Without a system, you are simply guessing – taking a shot in the dark.  And wasting a ton of time and effort.  Dominators are blowing right by you.
  3. You don’t time-block – Time-blocking is the practice of scheduling an appointment, with yourself, for the most important tasks of your week.  You actually do this on your calendar.  When something urgent pops up, you simply say, “I have an appointment I can’t break.”  This ensures you are focusing on the most important tasks of the week and not succumbing to the “tyranny of the urgent.”
  4. You don’t have a coach – Peyton Manning was the opening keynote speaker atICSC just last week.  This is a quote directly from him.
    • “Everyone, and I mean everyone, no matter how experienced or seasoned you are, needs a coach to continue to grow. … Someone who has the capacity and the willingness to point out what works — but more candidly, what doesn’t work. I still want to be coached after 17 years. I actually get angry when I’m not coached. I want someone with the knowledge and insight to break down what I’m doing and to help me see things from a slightly different perspective. To take me back to the basics and rebuild from that foundation. In my opinion, as soon as someone stops wanting to be coached, taught or mentored, I think they’re in big trouble.”

  5. You are lazy –  It is my opinion that sales people are mostly lazy.  I say that because the ones who aren’t lazy have such incredible results.  If you want to differentiate yourself from the pack in your market, just be diligent.  That could be the single quickest way to move the needle.  Do what you know you should be doing.  But you won’t.
  6. You are normal – Normal as in you do nothing to differentiate yourself from your competition.  You are a cog – a commodity.  Commodities compete on price.  Dominators compete on value.  You need to be able to communicate your value proposition in 30 seconds.  Why you?  What makes you different…better?
  7. You are afraid
    • of looking dumb – This was my issue.  I couldn’t stand the thought of being asked a question and not knowing the answer.  This paralyzed me for so long.  I would just stare at that phone…and do nothing.
    • of rejection – Sales has many more “No’s” than “Yes’s”.  Many more.  And regardless of whether you are in a traditional sales or not, you are selling something.  If you ever want to have influence or success in sales, you need to get rid of this fear.  But you won’t.
    • of failure – Many of you got into this business because you saw the success of others.  And then you get into the research department of your shop and figure out how to be content there…because you don’t want to risk it and fail.

At age 22, I walked into a Marine recruiters office and asked what they had for me.  This chiseled mountain of a man with a high & tight responded, “I don’t have [bleep] for you.  I wonder if you have the metal to be in my Marine Corps.”

Then later, as we were going through the MOS (job) book, I asked him what a cryptologic linguist was.  His answer was:  “Don’t worry about it.  You aren’t smart enough to get that job.”  This guy was pushing my buttons.

I am trying to push yours.  I want you to try to prove me wrong like I proved my recruiter wrong.

But you won’t.

Question: am I succeeding in pushing your buttons? Let me know what you are going to do with the rest of the year. You can leave a comment by clicking here.

I have created a simple one-page worksheet that will walk you through the 5 steps to time-blocking your week for maximum efficiency and productivity.  You can download it by clicking the button below.

Download Your Free Worksheet!

The 4 Needs of Every New to the Business Broker

On March 18 at 2pm EST, Rod Santomassimo and I are hosting a free webinar – How to Thrive as a New to the Business Broker. We will be covering in more depth the content of this post. You can register below!

I remember the first day I started in commercial real estate.  I got out of the Marine Corps the day before.  All of the sudden, I’m wearing civilian clothes and standing in a blank office.  There was a phone and a laptop on my desk and little else.  If I’m being honest, I didn’t have a clue what to do.

The 4 Things Every New To The Business

I spent the next two years trying to figure it out.  I shadowed my dad constantly.  I noticed how he handled situations – what he said to clients and prospects.  I was soaking it all in.  I battled the nagging thought in my mind that said, “Why would anyone want to work with you when they could work with your dad.”

I lacked confidence.  I lacked a framework.  I lacked understanding about what were the most important things.  I didn’t know what I didn’t know.

Commercial real estate is not easy.  Most new to the business (N2B) brokers don’t make it past their first year.  I was fortunate that I had a dad who wouldn’t let me fail.  Everyone doesn’t have that.  This is why Rod Santomassimo, founder and president of the Massimo Group, and I are hosting a free webinar later this week on How to Thrive as a New to the Business Broker.

We believe any N2B broker can thrive if they focus on 4 critical needs.

4 Needs of Every N2B Broker

  1. Pipeline – A broker’s pipeline is the bloodline for his/her business.  In fact, a 10-year study showed that the amount of time between a broker’s first and second deal accurately predicted the long-term success of their career.  A N2B broker needs deal flow in a full and vibrant pipeline.
  2. Prospecting – Prospecting is how you fill up your pipeline.  I spoke with a N2B broker last week who said his shop gave him a phone and a book of property owners.  His directive was to start calling.  Is that the best way to prospect?  How do you learn and apply the best prospecting practices of top-producing brokers?
  3. Production – Prospecting is one thing, but what do you do when you start to win some business?  How do you get that exclusive to the finish line so you can actually get paid?  In many industries, you gain a client when the prospect buys something.  There is an added step in real estate.  You have to find the business, then win the business, and then fulfill the business.  Then you get paid.
  4. Planning – How should a N2B broker spend his/her time?  Should it be on research?  20 hours a week prospecting?  Networking? Oh that someone would have given me a blueprint at the start of my career that could have accelerated my success.

8 Reasons Why You Need Digital Presence

My dad started developing self-storage units somewhere around 1980.  The name of this company is AAA Rent-A-Space.  About the same time, my mom had one of four or five Century21 franchises in our town.  The name was Century21 A Barron Company.  Both of these companies were named so they would be listed first in the yellow pages.  How do you think the yellow pages business is doing right now?

Business man surrounded by people

One of the comments I hear most often as I engage with experienced brokers across the country is this.  “These kids are coming out of nowhere and taking my market share.”  They are lamenting that the presence that took them a decade or more to develop is being eroded by younger, new to the business brokers who are creating dominating digital presence.

Presence is being known – being top-of-mind.  You know you have it when the most influential and connected people in your market are sending business your way.  You know you have it when people are glad you called and don’t need to ask who you are.

It is no secret that commercial real estate is behind the curve when it comes to digital presence adoption.  We have an industry that is dominated by white men who aren’t in their 20’s or 30’s anymore.  That is just a demographic fact (though I see this changing.)

There is a reason why younger brokers are having this kind of success.  What used to take a decade or more to build, can now be accomplished in a year or two.  But this is not just a younger person’s game.  The landscape has changed. Anyone can take advantage of this powerful aspect of building your business.

In fact, everyone in a sales or service profession should create a digital presence.  Here’s why.

The 7 Steps to Knowing the Best Time to Prospect

Last week I received an email from one of my coaching clients.  He asked a question that we receive on a regular basis.  He asked when is the best day and time of day to call.

Great question.

iStock_000000350369Medium

The answer is there is nothing that says a certain day at a certain time is the best time to call.  To be sure, you can google this topic and find information that will tell you many different answers.  But the truth is, there isn’t a magic bullet.

There is, however, optimal times for you to call your database of prospects.  You simply have to figure out when those times are.

Before I get into how that is done, I want to address a fallacy.  Many who are in sales try to time their prospecting like someone would try to time the stock market.  This is a bad idea.  Your results will always be better – over time – if you consistently prospect on a daily basis.  You just need to keep doing it.

The 3 Ways to Build Your Prospecting Database

I coach new to the business (N2B) commercial real estate brokers with the Massimo Group.  In my web-call with my newest group today, I was asked the question that I get asked most often.  How do I find the numbers for the prospects I need to be calling?  That is a key question, is it not?

For those of you who have never seen one of these - it is a Rolodex.  Ask your boss about it.

For those of you who have never seen one of these – it is a Rolodex. Ask your boss about it.

Do you remember the second half of 2008 – when the economy completely tanked?  You may recall how the sky was falling.  Everything changed.  Many in the CRE industry didn’t make it.

For the number of years before that time, a monkey could have made six figures.  Transactional velocity was everywhere.  Cap rates were compressing.  Capital was cheap and readily available.  Deals would just walk in your door.  But when the market turned, top producers kept succeeding while others fell away.  How did they do it?

How to Win More Business with the Jehoshaphat Close

My family and I started going to church when I was 10.  That year, 1987 or ’88, I was in my first youth musical. It was called Fat Fat Jehoshaphat. I still go to that church.  In fact, I met my wife in that youth choir.

shhhhh

Many of you may not know this about me, but I am a Sunday School teacher.  It may be the most fun and rewarding thing I get to do every week.  I’m going to share with you my favorite closing technique, and it is straight from the Old Testament.

Now I understand some of you aren’t the bible-believing type.  That is fine.  I challenge you to hang with me for the next couple minutes.  I promise you there is something for you in this post.

How to Thrive as a New to the Business (N2B) CRE Webinar

CRE brokerage does not come with a playbook or a manual.  It is super easy to get into CRE, but very difficult to survive – let alone thrive.  In this webinar, we discuss:

  • How the N2B broker should spend their time to rapidly ramp up their career
  • How to implement a targeted prospecting system to generate consistent deal flow
  • How to track your metrics and analyze your pipeline

For more information on the N2B Program through the Massimo Group, CLICK HERE.

Win More Meetings with the New AIDA Technique

“Put that coffee down.  Coffee is for closers.” ~ Blake

In 1992, a movie came out titled Glengarry Glen Ross based on a play of the same name.  It is a classic sales movie – more for the cast than the ethics for sure.  You get to see Al Pacino, Alec Baldwin, Jack Lemmon, Kevin Spacey, Ed Harris, and Alan Arkin.

putthatcoffeedown

In one scene, Blake, played by a young Alec Baldwin, holds a meeting with the sales staff.  In that meeting, he introduces to the team the AIDA method of prospecting.  (If it weren’t so R rated, I would provide a youtube link to this scene.)

  • Attention – “Do I have your attention?”
  • Interest – “Are you interested?  I know you are ‘cuz it is…”
  • Decision – “Have you made your decision for Christ?”
  • Action – “And action.”

You can trace the first iterations of this method all the way to the 1900’s.  At the Massimo Group, we believe this method is outdated.  So we’ve come up with our own version.  Our version allows anyone in sales to secure more meetings through their prospecting.

Free Webinar - How to Thrive as a New to the Business Broker

Join Rod Santomassimo, founder and president of the Massimo Group, and I as we share how to thrive as a N2B broker.  We are also going to announce two exciting offers during the webinar.

If you are a CRE broker with 2 years of experience or less, you should be on this webinar.  If you employ new brokers, or are trying to recruit them, you should be on this webinar.

The session referenced in this video filled up so quickly we had to open up a 2nd session.  The second session is at 3pm Eastern today.

You can REGISTER HERE.

Increase your Prospecting Effectiveness by Utilizing these 11 Triggers

When an emotion is triggered in your brain, your nervous systems responds by creating feelings in your body (what many people refer to as a “gut feeling”) and certain thoughts in your mind. ~ Mary Lamia, Ph.D., clinical psychologist

From 2002 – 2004, I was stationed in Georgia.  One day, a door to door salesman came to our door selling a “world-changing” vacuum cleaner.  The first thing he did was offer me a free hat because I had opened the door.  He then went into his pitch.  I politely interrupted telling him we weren’t interested.

Maximize your prospecting with emotional triggers

Maximize your prospecting with emotional triggers

He then asked me a second request.  Would I allow him to give me a demonstration?  If nothing else, he would clean part of our house for us.  I said yes.

One hour later, he was still in my home.  Truth be told, I’ve never been more impressed with a vacuum cleaner.  The only thing that kept me from buying it was it was very expensive.  We simply didn’t have the money.

This salesman did a fantastic job using emotional triggers to get a desired result from me.  And it worked…almost.  Emotional triggers fall in the realm of evolutionary psychology.  Essentially, triggers are events and tactics that “trigger” certain emotions.  If you understand emotional triggers, you can use them to your advantage.