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trace the first iterations of this method all the way to the 1900’s.  At the Massimo Group, we believe this method is outdated.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.

AIDA the Massimo Way

  • Attention – In Glengarry Glen Ross, they used manipulation and trickery to gain the attention of their prospect.  You need to get the attention of your prospect by making the call (or letter or meeting) about them right away.  Too many brokers call and drone on about me, me, me.  I promise you that your prospect doesn’t care.  They care about them.  You need to make the call all about them.  They are asking the question to themselves – “So what?”  You need to be answering that question.  Get there attention by asking great questions – about them.  Demonstrate your insight and expertise in terms of them.
  • Involvement – Here is where our AIDA starts to differ from the movie’s.  You need to show your prospect how much better their business, situation, and/or lives will be with your involvement.  In the attention stage, you learned what their situation was.  Now you share with them how you can improve the situation through your involvement.  And again, always in terms of them.
  • Data – You are going to give them something for free.  As we’ve been teaching this method to our clients, this is the one some brokers start to choke on.  Times have changed.  You want to give them something for free for at least three reasons.
    1. You want to demonstrate your value up front.
    2. Giving them something of value initiates the beginning of the relationship you want to build with them.
    3. It uses the mental trigger of reciprocity.
  • Action – I’m going to try not to preach here.  Most brokers or salespeople are terrible at this.  You must ask for the business.  I’ve seen so many go in and give a great proposal presentation.  It is customized to the client.  It addresses their needs.  Then they walk out and hope to get a call.  You have to give the prospect a clear call to action.  Are you sending a letter?  The next action step is a phone call.  Are you on the phone?  Your call to action is to ask for the meeting.  Are you in the meeting?  Then ask for the business.  It isn’t rude.  It is crucial.

So now it is time for you to consider your own prospecting.  Do you gain the attention of your prospect by making it all about them?  Do you help them consider how much better their situation would be with your involvement?  Are you giving them something of value – up front – for free?  Are you asking for the business?  If not, you have a great opportunity for some improvement.

So here is my call to action.  If you found this information valuable, would you consider tweeting this post to your followers?  All you need to do is click on the box above this paragraph.  I would be grateful.

You can also download the AIDA the Massimo Way PDF by clicking the button below.

Download the free PDF!

And I do have a question.  I’m working on a post that describes different ways to give ‘data’ for free – up front. What are some ways that you do this?  I’d love to hear your suggestions in the comments section.

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.

Everyone in sales should use emotional triggers in their prospecting to produce the results they desire.

11 Triggers to Maximize Your Prospecting

  1. Stories – Use stories any time it is appropriate.  We have been trained from the beginning of time to listen to stories.  More than that, stories help your prospect identify with you or with your current clients.  Notice that nearly every post I write starts out with a story.  I’m trying to pull you in.  You want to do that with your prospects.
  2. Reciprocity – Reciprocity is the idea that if I give something to you, you naturally want to return the favor.  This is a very powerful trigger in our culture.  Notice the vacuum salesman gave me a free hat when I answered the door.  He was using the mental trigger of reciprocity on me.  So what could you offer your prospects for free to encourage them to meet with you?
  3. Follow-up Question – I want you to circle this one in your mind.  It is very difficult to say no to someone twice in a row.  This is why you should always have the back up request ready.  Notice how the vacuum salesman had his second request ready when I declined his initial pitch. When you call a prospect, always have the second request ready.  You will be amazed at the results.
  4. Events – People love to be a part of something bigger than themselves.  Whether it is a webinar, a golf outing, a broker or investor forum, or anything else you can think to create, events draw people.
  5. Proof – Be ready with testimonials to back up any of your claims or benefit statements. Testimonials or case studies are so powerful because they validate what you say.  If someone calls me on the phone and says they are awesome, that is marketing.  I probably won’t believe it.  However, if I read a testimonial about how awesome someone is, I am likely to believe it. Remember these stats.  90% of people believe an endorsement of a product/service from someone they know.  70% of people believe an endorsement from someone they don’t know!
  6. Social Proof – Social proof is different than proof as it communicates what others are doing.  I was at a trade show recently in San Diego.  My colleague and I were trying to find a place to eat dinner.  We walked by this really cool looking restaurant but there were only 4 people in there. We waited for 30 minutes to get into the place next door because it was busy.  Use social proof to your advantage.  How many clients do you have?  How many people are registered for webinar?  How many yard signs does a particular candidate have around town?  These are all forms of social proof.
  7. Authority – People tend to follow or believe those with authority.  The best way to establish authority in your industry and market is to demonstrate your expertise by publishing.  Lucky for you, it has never been easier to pull this off.  I explain to you how in this post.
  8. Scarcity – TV commercials do this all the time.  A special offer is only good for the next 10 callers.  When there is less of something, people naturally want it more.  If you are in CRE, you certainly know this to be true relating to value of a property.  Use this to your advantage.
  9. Urgency – Urgency goes right along with scarcity with a small difference.  Urgency deals with a deadline.  This deal is only good for the next 3 days, etc.  Urgency helps people pull the trigger. Urgency must be real or it loses its power.  There is a jewelry store downtown that has a going out of business sale every 6 months trying to create a sense of urgency. Well, that isn’t true so this trigger has lost its power for them.
  10. Likability – People do business with people they like and trust.  It is as simple as that. There is a danger here, however.  Authenticity matters more.  So be as likable as you can while still be authentic.
  11. Reason – Any time you are prospecting, especially by phone, the person on the other end is asking themselves one question.  “So what?”  You need to be answering that question. Give them a reason why they need you – why they should meet with you.  Any time you are going to share something you do or sell, always take it a step farther and tell them how that benefits them.  Don’t leave that up to them to figure out.

Now you may be thinking, this is all manipulation.  But it all depends on where you are coming from. If you start from the place where you are actually trying to bring people value and put people’s best interests in front of your own, you have nothing to worry about.  However, if you are out for what you get out of it…

So here is what I’d like to hear from you in the comments below.  How can you employ these triggers to generate more meetings without manipulating your prospects and being viewed as a used car salesman?  I’d love to know what you think.

As a special gift, I have created a free PDF of these 11 mental triggers to maximize your prospecting. If you would like to download them, simply click on the button below.

Download Your Free PDF

 

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 Systematically Pursue Your Former Clients in These 6 Steps

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

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

  1. Make a list – As in, make a list of all your former or inactive clients.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

Download Free Worksheet

 

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

 

Survey: Please Help Me Choose My Book Cover

I am very excited to announce that I am almost finished with my first ebook.  In the coming weeks, I will make it available here at BoBarron.com.

Right now, however, you can play a role in helping me choose my book cover.

Below is a simple survey with four choices.  Please take 15 seconds and let me know which one you prefer.  I would be so grateful!

All you need to do is click on the cover you prefer and click the button at the bottom.  Thanks so much!