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.

Free Webinar:  Join me and Rod Santomassimo, founder and president of the Massimo Group, as we share the keys to thriving in Commercial Real Estate as a new to the business broker.  In this webinar, we will show you:

  • Keys to success for new to business brokers
  • What it takes to create a solid start to a prosperous career
  • Specific strategies and tactics that will help you generate early income

This webinar is guaranteed to give you actionable tactics you can immediately apply to your business.  If you are a new to the business broker, or the broker/owner who employs them, you want to be on this webinar.

Plus, we will be announcing two special offers to attendees.

Join over 150 already registered for the call, and I look forward connecting with you soon!

Date: January 23, 2015
Time: 1:00 - 2:00 pm Eastern
Event: Free Webinar: How to Thrive as a New to the Business Broker
Topic: Free Webinar: How to Thrive as a New to the Business Broker
Venue: Live Webinar
Public: Public
Registration: Click here to register.

Webinar:  I am excited about being the presenter during tomorrow’s webinar hosted by Matthew Smith of RealNex featuring the Massimo Group – History is a Great Forecaster – Identifying Future Income Opportunities.  In this webinar you will learn:

  1. Methods of collecting historical data
  2. How to use tools already at your disposal to become the recognized expert in your market
  3. How to use historical transactional data to identify trends
  4. How to use market data to close for more meetings

Join over 500 already registered, and I will see you tomorrow!

Date: January 14, 2015
Time: 3:00 - 4:00 pm Eastern
Event: Free Webinar: History is a Great Forecaster of Future Income Possibilities
Topic: History is a Great Forecaster - Identifying Future Income Opportunities
Sponsor: RealNex
Venue: Online Webinar
Public: Public
Registration: Click here to register.

How to Demonstrate Your Expertise by Blogging on These 4 Categories

At the end of this post is an exercise you can download to brainstorm a year’s worth of weekly blog posts in 10 minutes.

I remember the first day after I was honorably discharged from the Marine Corps.  It was the day I started working with my dad in the commercial real estate industry.  I knew nothing beyond what I picked up from growing up with two parents in real estate.  I didn’t have a license.  I didn’t have business cards.  I was as green as they come.  All I wanted to do was hide in my office.

Photo from istockphoto.com

Photo from istockphoto.com

I remember having the nagging thought:  “Who would want to work with you when they could work with your dad?”  It took me two years to get over that self-doubt.

It is one thing to gain self-confidence, and that takes time.  Your industry also needs to gain confidence in you.  You need to become known as an expert in your field.  I like to talk about this as dominant market presence.  Are you, your company, or your product the first thing that pops into potential clients’ or customers’ minds?

Additionally, if you still haven’t bought the idea that you should be blogging or need help setting up and launching your blog, read this post on the subject.

I believe a blog is the quickest way to gain this dominant market presence.  You can become known as an expert, gain dominant market presence, and cultivate the next generation of clients and customers by blogging in these 4 categories.

Blog on These 4 Categories

  1. Deal Stories – Stories are an incredible way to engage with your audience.  They often allow you to connect with your readers on an emotional level.  This invites your readers into your post and keeps them there.  Stories of real situations are also valuable to your potential future clients.  Plus, stories allow you to demonstrate your expertise without tooting your own horn.  Your deal stories should include these 3 sections:
    1. Situation – Give the context of what was going on.  Why were you hired?  What challenges was your client facing?  Giving the context allows your readers to relate.
    2. Steps – What did you do to solve your clients problems?  What did you do to help maximize your client’s best interests?  Share what happened, but be careful not to sound like a commercial.
    3. Solution – Here is where you describe the results.  This is the culmination of the story.  If done well, the reader will have a better understanding of the service or product you provide and how that product or service can benefit them.
  2. News – Blogging about the news demonstrates that you are in-the-know about what is happening in your industry.  However, the news can be boring.  You do not want to just regurgitate what your readers are hearing from other sources.  If a certain news topic is becoming a topic of conversation at the water cooler, you should blog about it.  Demonstrate your expertise and experience by giving your take.  A word of caution:  only blog about a news topic if it is applicable to your industry.
  3. Market trends – This topic can also be boring so be careful.  I would not blog about market trends more than once a quarter.  However, demonstrating that you are aware of market trends is important.  For some of your readers, this information will be valuable.  It puts you in the position to become a trusted resource for timely information.
  4. 101 Topics – In Commercial Real Estate, every successful investor did their first deal at some point.  Donald Trump did not come out of the womb as an expert.  He had to learn.  By blogging about the basics of your industry, you have the opportunity to educate the next generation of players in your industry.  In the next 20 years, we are about to see the biggest transfer of wealth in the history of the world.  By educating the next generation of your future clients, who do you think will be top-of-mind when the next generation has a need for your product or service for the first time?  You will!

A huge hurdle for many beginning bloggers is the anxiety of knowing what to blog about.  As a bonus to this post, I have included a simple exercise I use with my coaching clients.  In 10 minutes, you can brainstorm these 4 categories and produce a year’s worth of blog topics.

Knowing what you will blog about for the entire next year is like a warm blanket.  This single exercise could lead to your success in building a powerful blog that increases your presence, solidifies you as an expert, and cultivates the next generation of your future clients.

Question: What are you doing to ensure the success of your presence campaign in 2014? You can leave a comment by clicking here.

Download Your Free Exercise

How to Find Your Specialty by Answering 3 Questions

At the end of this post, I will share with you how to download a free worksheet of the exercise I describe in this post. It will allow you to visually see where your sweet spot lies.

I am continually surprised by Commercial Real Estate brokers who lack a specialty.  All top performers in CRE have a specialty.  Yet, those mired in mediocrity refuse to hone in on what they can be awesome at doing.  In fact, business owners of all kinds often have this problem.

Image courtesy of iStockPhoto.com

Image courtesy of iStockPhoto.com

I had a call last week with one of our advisors on the East Coast.  He was traditionally a specialist in hospitality.  Because of some changes in his life, he needed to shift his specialty to something he could practice locally.  His question was what should he specialize in.  What would you tell him?

Many of my coaching clients face this question as well.  It doesn’t matter if you are new to the business or you are mid-career.  Making this decision correctly will have a profound impact on your career.  Not only can it determine the amount of income you can make, but it can determine if you will like going to work every morning.

A CRE broker, or any business owner or salesperson, can find his/her sweet spot by answering 3 questions.

Three Questions to Find Your Specialty/Sweet Spot

1.  What do you like?

You should always start here.  What product type do you like?  What would you own if you could?  For me, I love multi-family.  I love to broker these deals.  I own this property type.  I understand it.  I don’t like industrial properties.  They don’t fit my eye.  I don’t enjoy being in industrial parks.  It just isn’t my thing.

You need to answer for yourself – what are my favorite 3 product types?  Write them down.

2.  What are you good at?

This is completely different than what you like.  Consider what you are good at.  Do you enjoy intense underwriting and analysis?  If so, multi-family might be your thing?  Do you enjoy fast paced prospecting and deal making?  If so, then maybe Single Tenant Net Lease (STNL) is your thing?  Maybe you love evaluating how the business aspect of hospitality properties and convenient stores impact value?

Again, list what product types fit your skill set.  Write them down.

3.  Where is the market velocity?

I did this exercise in 2009.  The market had dried up everywhere.  My business was suffering.  I looked around and saw that Dollar Stores were still trading at a rapid rate.  That was the only market velocity I saw anywhere in Kentucky.

Now I already told you that I love multi-family and it fits my skill set.  But no apartments were selling.  If I would have chosen apartments as the object of my prospecting campaign, I would have failed.  Instead, I began focusing on Dollar Stores.  It was a great move, and I learned to love that product type.

Look around your market.  Where is the transactional velocity?  Write those down as well.

Now look at your lists.  Where the answers to the three questions overlap is where you should specialize.  This is your sweet spot.

Now I want you to do two things:

  1. Regardless of what industry you are in, what benefits would you realize by finding your sweet spot and being known as the expert in your specialty? You can leave a comment by clicking here.

  2. You have a friend that needs to find their sweet spot. I challenge you to email this post to them so they can do this simple exercise. It could change the trajectory of their career.

To download a free worksheet that will allow you to work this exercise and visually find your sweet spot, click the button below.

Download Your Free Worksheet

 

How to Overcome the 4 Fears of Blogging – and Launch!

I previously wrote a post on the 8 Reasons Why You Should Blog. This post is the follow-up.
You may have heard the question, “When is the best time to plant a tree?”  The answer is 100 years ago.  The second best time?  Today!

Photo courtesy of iStockPhoto.com

Photo courtesy of iStockPhoto.com

This is the mindset I encourage you to have when considering whether or not you will start your blog. I don’t know if you’ve noticed in your life, but fear will hold you back. I remember the fear I felt when I enlisted in the Marine Corps.  I told my dad before I left that I wanted to go to Parris Island and be the best Marine in my company.  After 10 days on the island, I wrote him a letter.  It told him that I just wanted to survive. Fear holds you back.  It causes you to pause – to hesitate.  Fear can prevent you from doing something great.  Fear is not your friend. You can launch your blog by overcoming these 4 fears.

Overcoming the 4 Fears of Blogging

1.  Who is my audience?

Good question.  Who is your audience?  It isn’t going to be the same as mine – or anyone else’s.  Ask yourself who your ideal client or prospect is.  That is the who you are writing to.  Frankly, I need to remind myself more about this. I was listening to an interview a couple of weeks ago.  The topic was profiling your ideal client or customer.  Do you know how they think?  Do you know their buying habits?  What they like?  How much money they make?  Single or married? Go through an exercise of  answering all of these questions.  Once you are done, name your ideal client.  I call mine Bob.  Now write to Bob. Clarity on this question will allow you to push through the fear.

2.  How do I set it up?

This is really what help me back from starting.  How do I do it?  There are so many blogging platforms.  How will you choose?  I’m going to make this super easier for you, and I’m going to tell you what to do.

    1. Use the wordpress.org platform – Many platforms exist, but this is the one the pro’s use.  It is what I use.  It is the absolute bomb.  It is free.  The absolute best resource to learn how to use WordPress is – http://www.wp101.com/.  It will have you rolling in no-time.
    2. Pick a web host – This is not free, but it is cheap.  There are even more of these to choose from.  Use Bluehost (affiliate link), and here is why.
      • Their support is awesome!  My site got hacked, and they helped me get it back up in no time.  And I don’t have a clue how to do this website stuff.  They have helped me at 2 in the morning.  And they speak great English.
      • In my one year with them, I’ve never had an outage.
      • They don’t allow porn.  This may not be a big deal to you, but it is to me.  And as they generally use shared serves, I love the idea that my site doesn’t “live” next to that stuff.  I love that.
    3. Pick a premium theme – If you are going to do this, then make it look excellent.  A premium them will look like a million bucks.  These can cost anywhere from $50 – $200, but it is a one time fee.  The look of your site augments your brand, so don’t go cheap on me here.  Here are some choices for you to cut through the clutter.
      • Woo Themes – I’ve never used these, but I’ve heard many recommend them.  They have many to choose from, and it will cost you about $100.
      • Standard Theme – I have used this theme and was a big fan.  It will run you $39.  And brokers are cheap, so I might suggest you start here.
      • Elegant Themes – You can get access to all 86 of their themes for just $39, and they are beautiful.  I do think they are on the feminine side, but that’s just me.
      • Get Noticed Theme - This is the one I use.  It is on the expensive side for themes ($197), but I love it.  If you are starting, you may wait until you know you will do this for the long haul before you spend this kind of jack.
    4. Watch this screencast – This is the best tutorial I’ve seen on how to put all of this together.  You can be up and writing your first post in 20 minutes – literally.  Just watch this video and follow along.  This is exactly how I did it.

3.  What do I write about?

This is a post all unto itself, and I will write it soon.  But take it from me, this is so much easier than I thought.  Once you have an outlet for your thoughts, it is like you start thinking differently.  I see potential blog posts in just about everything.  I even have friends that feed me ideas now (thanks David!). I do have a brainstorming exercise that I use to generate post ideas.  I will share this in a subsequent post.  But for now, don’t let this stop you from starting.

4.  How do I find the time?

You have the time.  In fact, you have the same 168 hours a week that everyone else does.  You will spend those hours exactly how you choose to. Personally, I watch less TV.  It may be something different for you that has to go.  I encourage you to consider what you are doing during your non-productive hours.  Those hours when you aren’t producing. When I struggle with this area, I reconnect with my why.  I remind myself about the many benefits of blogging – how this site can go before me and grease the wheels of the sales process.  Connect with your why, and it will drive away the fear.  

Question: So what is holding you back from launching your blog? You can leave a comment by clicking here.

Download the PDF of this post

Why You – Yes You – Should Blog: These 8 Reasons

I’ve had this conversation with many of the groups that I’ve spoken to.  I have encouraged those I coach to blog.  If you have ever wondered if you should blog, this post is for you.  Note:  A free PDF version of this post is available to download at the end of this post.

Photo courtesy of iStockPhoto

Photo courtesy of iStockPhoto

Some of you have probably heard of Jeffrey Gitomer.  He’s an author and speaker regarding sales.  Almost all of you have heard of Roger Staubach.  He is a Heisman Trophy winner for the Naval Academy. He was a Super Bowl MVP for the Dallas Cowboys.  He also started a multi-billion dollar commercial real estate company – the Staubach Company – which sold to Jones Lang LaSalle for $612 million in 2011.

One day, Jeffrey Gitomer walked into Roger Staubach’s office in Dallas without an appointment.  He just walked in and asked to see Roger.  As you might expect, the gatekeeper was not giving him access.

Then something remarkable happened.  Roger heard Gitomer’s name from his office.  He came racing down the hall and escorted Gitomer back to his office.  Why on earth was Roger Staubach that interested in meeting with Jeffrey Gitomer?  How could Gitomer succeed in just walking in and getting a meeting?

Jeffrey Gitomer wrote (maybe he still does) a syndicated column on sales that appeared in many newspapers at the time.  Staubach was a fan.  When Rodger the Dodger heard Gitomer’s name – he had to meet him.

Blogging can produce the same results for you.  Specifically, you should blog for the following 8 reasons.

8 Reasons Why You Should Blog

  1. Visibility

CRE Radio Event: Social Media Best Practices for CRE Professionals

This Friday at 3pm EST/Noon PST, I have the privilege of being one of a few featured guests on the National CRE Radio Show – Commercial Real Estate Radio with Howard Kline.  We are going to be talking Social Media Best Practices for CRE Professionals.  I have been connected with Howard Kline for a couple years via Twitter.  His radio shows are packed full of great content for CRE professionals.

courtesy of iStockPhoto

courtesy of iStockPhoto

I am also excited to be on this panel because it includes some of my favorite people in CRE:  Barbi Reuter, Michael Lagazo, and Sarah Malcolm.

Barbi (www.twitter.com/barbireuter) is the CRE Marketing & Operations Executive for PICOR Commercial Real Estate Services in Tucson, Arizona.  She is a social media all-star and one of the true pioneers of social media use in CRE.  She is also one of my favorite people.

Michael (www.twitter.com/michael_mba) is the guy who I watched to learn how to use Twitter.  He is a CRE all-star in San Diego and has forgotten more about retail than I will ever know.  He also may be the nicest guy on Twitter and will send you coffee.  What could be better??

Michael and Barbi are both founding members of the #crejavaclub on Twitter.  If you love CRE and a hot cup of joe, look us up!

Sarah Malcolm (www.twitter.com/icsc) is the Director of New Media for the International Council of Shopping Centers.  She is a social media power house.  Reading her bio on LinkedIn will force you to be out of breath.  I can’t wait to hear what she has to say about social media best practices.

I hope that you can join us on Friday as Howard normally takes questions.  You can call in with yours at (619) 393-6492.

The show description is below.  This is your opportunity to submit your social media questions ahead of time that Howard may cover.  Use the comments section below!

Show Description

Social media, social media, social media.  You hear it everywhere you go and everyone is telling you that you have to do it. Everyone else is telling you how to do it, but is anyone getting through? Is there any value to it and how much time do you have to spend on it to be of any value to you?

What about sales?  Really, isn’t that what this is supposed to be about, selling and making money?  What good does it do you if you spend 2 hours a day schmoozing online and haven’t picked up a client in 3 months?  Are there any shortcuts and gimmicks that you can rely upon to make it worth your time?

Isn’t social media all about advertising?  How many eyeballs see your name is all that counts, right?  What about relationships and trust, nice words to include in your repertoire, but do those words put food on your table or pay your mortgage?  And let’s not forget the two most chic words of 2013, “engagement” and “collaboration”. Oh, how the experts like to throw those words in your face, if for no other reason then to show you how much more they know than you.

But enough of my ranting, listen in as I discuss these issues and words and the meaning of life, (in social media), with, Barbi Reuter, Sarah Malcom, Bo Barron, Michael Legazzo and I, some of the most well know and most influential commercial real estate professionals utilizing social media to bring in the money.  We are not the social media experts.  We are the pilgrims, the veterans, the ones with the scars with stories of the things we didn’t understand, we don’t understand and what we are figuring out as we go along. We are you after you start “getting it.” We are students of social media and cre, learning as we go along, trying to figure it out and willing to share our experiences with you so that you do not have to get the same scars as us.

During the show, we will also discuss why you should be interested in social media for your business and what services, (LinkedIn, Facebook, Google+, Twitter and Pinterest, among others), you should use and for what purposes.  Property manager, logistics expert, investor, property manager; this is not a one size fits all lecture.  We will help you figure this out for your purposes.

7 Steps to Unleashing Crowdsourcing by Utilizing Testimonials

My wife drives a Toyota Sienna.  Do you know why?  It is because a couple of her friends do.  My family is going on vacation next month.  Do you know how we came up with Disney World?  We asked our friends on Facebook what they recommended.  This is what crowdsourcing is.  By definition, it is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people.

Courtesy of iStock Photo

Courtesy of iStock Photo

Crowdsourcing is not a new phenomenon, but it has never had more power.  Social media has brought the world to you laptop screen.  You can access more content and opinions – and quicker – than you ever could before.  People are making decisions this way.  You probably did today.

Did you know that over 80% of all due diligence starts with a Google search?  Do you know how many people trust a recommendation from a “friend”?  90%!  Do you know how many people are positively influenced by a Facebook ‘Like’ button from someone they don’t even know?  70%!  That number astounds me.

By contrast, only 19% of people now trust traditional advertising.  I’m talking about print, TV, or radio.  Do you know why?  Because the game has changed.  No one wants to hear you toot your own horn anymore.  They want to know about real people who have actually used your product or service.  They want a testimonial.

I plan on writing more in the coming months about the power of crowdsourcing and how you can maximize its advantages.  But today, I want to give you 7 steps to harvest testimonials.  There are a dozen ways to repurpose them once you have them.  First, though, you have to get them.

7 Steps to Getting Testimonials

  1. Make a list of your top client relationships – This is obvious, but you first need to list those clients from whom you would like a testimonial.  Consider who was in love with the service or product your provided.  Consider who has the most clout.  Who are those people who you have done business with who can sway the most people in your direction?  Write them down.
  2. It doesn’t matter how dated the client relationships are – Don’t be concerned if these clients go back years in the past.  It doesn’t matter as much when you provided value, but that you did.
  3. Write the testimonial for them – Typically, you are going to send an email request.  For the first one or two, write the testimonial for them.  It should read, “I’m writing to respectfully request that you write a couple of sentences as a testimonial for the service I provided.  I’m looking for something like this…”  Spoon feed it to them.  Then let them know that if what you wrote is accurate, you are happy to use it as their words – with their blessing.  This is the quickest path to obtaining a testimonial.
  4. Use peer pressure – Once you have your first one or two, introduce peer pressure.  You can accomplish this by including the testimonials you have already received as examples of what you are looking for.  This demonstrates that others are providing these testimonials.  Peer pressure can then kick-in encouraging them to follow suit.
  5. Engage their competitive nature – By providing testimonials you have already received as examples in your email request, you will engage their competitive nature.  Your client is likely to want to give you a testimonial that out-does the ones you have already received.  Over time, this can really work in your favor.
  6. Make it easy – I have a coaching client who has collected recommendation letters for years.  He has a book of them.  It is very impressive.  It also took a ton of work to accomplish.  I’m not saying this is a bad idea because it is not.  I am saying that you will have more success more quickly if you keep it simple.  Use email.  Ask for a couple of sentences.  Provide examples.  Make it as easy for them as possible.  You are interrupting them with your request.  The simpler it is, the more you will get.
  7. Systematize – To this point, I’m suggesting you look to the past for your testimonials.  Once you’ve accomplished that, then systematize the process.  Make it a part of your business to seek a testimonial from every new client you do business with.  Over time, you will develop a stable of clients that scream from the mountain tops how awesome you are.  Remember that 70% of people trust a recommendation from someone they don’t even know!

I’d be so grateful if you would add to my list by using the comments section below.  What have I left off?  How have you put the power of testimonials to work in your business?