Icoach 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.
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?
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.
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
“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.
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.
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
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.
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!
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:
Methods of collecting historical data
How to use tools already at your disposal to become the recognized expert in your market
How to use historical transactional data to identify trends
How to use market data to close for more meetings
Join over 500 already registered, and I will see you tomorrow!
At the end of this post, you can download a worksheet that will help you put these 6 steps into instant application.
As the father of 3 young kids, I’m always finding things in the couch. Ninja sword. Costume jewelry. Goldfish (the snack). I never know what I’m going to find when I place my hand between the cushions.
Photo courtesy of iStockPhoto.com
Then there is the wonderful experience that comes with winter. You put on your coat for the first time since last year and find a $20 in the pocket. I love that feeling. Found money.
Your previous clients are like the couch cushions and the $20 long forgotten in a winter coat. We neglect them. Then every so often, we lower our hands between the cushions. I submit that you intentionally pursue these past clients.
You can re-engage your former clients by following these 6 steps.
6 Steps to Re-engage Your Past Clients
Make a list – As in, make a list of all your former or inactive clients.
Scrub the list – You can choose who you would like to work with. Pursue only the clients that you’d like to work with again.
Prepare – Do your homework. Be informed. Have they won an award recently? Did their daughter get married? Run a google search. Check out their LinkedIn profile.
Call 2 a week on Friday afternoons – Call 2 on the list every week. Do it on a Friday afternoon when the week is winding down. Make it a habit. If you would do this every week all year, then you would contact about 100 people that have already done business with you. These are former clients who have hired you before and actually pulled the trigger on a deal.
Have something of value for them – Don’t just call them to check in. Maximize this opportunity by having something of value to offer them. Maybe a building sold by one of their properties and you have comp info for them. Maybe it has been 3 years since anyone evaluated their portfolio. Offer to do it for them.
Close for the meeting – Keep in mind the you have an existing relationship. You should know if they love to golf or would rather sit down for a quick cup of coffee. Use that information to your advantage and be strategic. But don’t forget to close for the meeting. Nothing is more effective than getting face to face.
Question: So what are you going to do now? I challenge you to make your list and then do three things: first, schedule a task on your calendar for every Friday; second, send this article to a friend whom you know needs to read it; and third, tell me when you are done by leaving a comment below. You can leave a comment by clicking here.