Tag Archives: business development

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5 Podcasts that Will Make You Smarter

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Recently, I was able to connect with one of my closest friends while driving home from a trip to Chicago.  This guy is the kind of friend that everyone needs.  He was in my wedding.  I was in his.  We were fraternity brothers at Murray State University.  He was the quarterback.  I was the receiver.  We even dated the same beautiful Southern girl (not at the same time) who I now get to call my wife.

iStockPhoto via jodijacobson

iStockPhoto via jodijacobson

He is the kind of friend when you haven’t spoken for a year, it is like it was yesterday.  Everyone needs at least one friend like this.  I am blessed to have a couple.

My friend was sharing with me an opportunity he has to leave the corporate world and start a business.  He has created something special that could be incredibly valuable to his customers and himself.  However, he told me that he doesn’t think he’ll do anything because he doesn’t have a clue about starting or running a business.

Fifteen minutes later I had brain-dumped all this information on him.  Now, I have started a business (that failed), and I have owned a business that I sold.  But the stuff that I was telling him surprised me.  How did I know this stuff?

Then it occurred to me that I was repeating a lot of great information that I had learned through listening to some incredible podcasts from businesses leaders across the United States (actually, most of them are in Nashville).

If you are not familiar with a Podcast, it is literally someone recording themselves speaking about some subject.  It is much like a radio show.  However, you can download these podcasts on your iPod, iPhone, or other smart-phone or mp3 player.  You simply subscribe through iTunes – for free – and they automatically download whenever a new episode is published.

Before I share with you which ones I love and recommend, let me share with you how I consume this information:

  • While working out – I can kill two birds with one stone when I engage my mind and my body at the same time.
  • While driving – great content is so much more effective than coffee at keeping me alert.  Not only that, but I can transform my car into a classroom and make the most of every moment.
  • On a plane – I’m actually on a plane as I write this somewhere between Nashville and Atlanta.  Were I not writing, I guarantee that I would be listening to one of the following podcasts.

My Top 5 Recommended Podcasts

  1. This is Your Life, A Podcast by Michael Hyatt – If you aren’t familiar with Michael Hyatt, you should be.  He has a top 100 (in the world!) blog on intentional leadership.  He has recently written a New York Times Bestseller called Platform:  Get Noticed in a Noisy World.  His is by far my favorite blog and his content is amazing.  His podcast is awesome too.  He is authentic.  You end up just liking him.  I get to meet him next month at our company’s National Conference where he is giving the keynote address.  I am also going to his Platform Conference the following week in Nashville.  Can’t wait!
  2. 48Days Online Radio Show by Dan Miller – Dan Miller rocks.  A mentor of mine suggested that I connect with him last year.  I ended up hiring him as a career coach.  He is also a bestselling author of 48 Days to the Work You Love and other books.  His podcast centers around careers, business plans, business models, and other career related info.  You can’t listen to him and not get fired up about what is possible.
  3. Ray Edwards Podcast – Ray probably has my favorite podcast.  He is very transparent and genuine, and he basically let’s you in on his life.  He is a productivity freak (I mean that in a good way).  His podcast is broken up into segments which I love.  He has a main message of each podcast, but also has a tech tip of the week, a spiritual foundations segment, and a segment with Stu McLaren who is great.  Ray is also a marketing genius.
  4. Entreleadership Podcast – I can’t believe that this is 4th on my list, but the others are just that good.  This is the podcast from Dave Ramsey and his main man Chris LoCurto.  Every show has a short message from Dave that sets the theme, but then they move to a guest interview.  The guests are amazing and are a who’s who when it comes to business.  You can’t get this kind of access to this kind of wisdom and experience anywhere else I’m aware.
  5. Podcast Answer Man with Cliff Ravenscraft – This podcast is obviously a little more technical.  I include it because at least the first three podcasts listed above are a result of Cliff’s expertise.  He is the expert when it comes to podcasting.  I hope to introduce my own podcast this year so I have been studying up.  Cliff is also a Kentucky boy like myself!

In one sentence, these podcasts are like being able to sit at the feet of these guys and learn from their wisdom.  And it’s free!

So who do you listen to that I don’t?  Who would crack your top 5?  Let us know in the comment section below!

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The One Secret to Winning the Business Every Time

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When I started in the Commercial Real Estate Business, I knew that the listing presentation was important.  Very important. I wrote and rewrote.  I practiced and then practiced some more.  I would record myself and play it back while I was driving.

iStockPhoto by hidesy

iStockPhoto by hidesy

It was canned.  I would give that same presentation to an elderly couple wanting to sell their land.  I would give it to a bank looking to relocate a branch.  I would give it to the owner of an office building that needed to lease space.  It didn’t matter who it was.  I had it down.

I would talk about the experience of our company (this was important because I had little experience at the time.)  I would talk about successful transactions we had closed.  I would talk about my Marine Corps service (the only thing I had going for me at the time.)  I would talk about how young and hungry I was.  It was all about me.  This, I believe, is what the normal CRE listing presentation looks like.

Through much reading, coaching, and mentoring, I learned there is a much better way.  I was taught the secret.  Before I give it to you, let me tell you a story.

Not too long ago, I received an opportunity through a referral from a CPA (if you aren’t pursuing relationships with CPA’s, smack yourself and start tomorrow.)  Instead of preparing a canned listing presentation for the client’s portfolio of properties, I simply scheduled a meeting.  All I did in that meeting was ask questions.  I didn’t talk at all about me, our company, or my experience – zip.

By the end of that meeting, I knew a few things I didn’t know before.  This prospect was tired of the management and unpredictable net income of multifamily property.  I knew that the prospect wanted to simplify.  I knew that the prospect wanted to be able to hold me accountable throughout the listing.  I knew that communication was extremely important.

I then took that information and crafted a client-centric, customized, benefit driven presentation.  I explained how selling these properties could eliminate the hassle of tenant turnover, dealing with management companies, and fluctuating income.  I showed how a shift to Single Tenant Net Leased properties would essentially produce stable mailbox money.

I explained our commitment to transparency and accountability.  I showed how I could give the prospect 24/7 access to our activities through our cloud-based CRM system, ClientLook.  I promised our commitment to regular communication.  I won the listing over our competition at a higher fee.

If you haven’t figured it out, the secret to winning the business is the Needs-Analysis Interview.  There are many versions of this interview that you can find. I’m not going to plagiarize any of them here.  I am going to give you keys that must be present for this to work.

  1. You have to be authentic – People can tell when you are blowing smoke.  If they care about communication, and you promise it to them, you must be committed to delivering.  If not, they are going to tell all their colleagues.  In the story above, I discovered the prospects highest needs, and then fed them back in a custom listing presentation.  This only works if you are being authentic.
  2. You have to care – Discovering the needs of your prospect is all about putting their needs before your own.  It is about them.  It is about taking the time to craft from your capabilities the solution that meets their needs.  It is about making a difference in solving their problem or helping them capitalize on an opportunity.
  3. You must seek their pain points – You could also say that must understand the opportunity they are trying to seize.  Are they trying to simplify?  Are they trying to pass down a legacy of financial freedom and wealth?  Are they trying to get out from under a mountain of debt and stress that is wrecking their lives?  What is causing them pain.  Learn this and you will be able to earn the business.
  4. You must understand their highest interests – Is maximizing the value their highest interest?  Or is it speed?  How important is visibility to that tenant?  Will they give on price to get the lease term they want?  You can not go to battle for your clients if you don’t know what their desired outcome is.

So I challenge you.  The next opportunity you have at new business, stop.  Don’t go blazing in with your canned presentation.  Schedule the needs-analysis interview.  Let them explain to you how to win their business.  Learn to ask questions and listen, and watch your business explode.

I’d love to hear some stories of how you have used this secret to win business?  Or how do you plan to implement this into your business this year and beyond?  Comment below!

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The 8 Steps to a Killer Prospecting System

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In last week’s post, the Difference Between Top Producers and the Others, I made the case that top producers prospect.  That is the difference.  They schedule time to do it.  They have a system that they execute.  It works.  It sets them apart.  I have also written a post on the benefits of systematizing your business.  Both of these posts deal with the “why.”   Before you go any further, I encourage you to take a few moments and take a look at those posts.  Knowing “how” without believing in the “why” will lead to burnout and letdown.

iStockPhoto

iStockPhoto

I highly recommend coaching.  Regardless of your level of success, a coach and mentor can provide you with great benefit.  At the beginning of 2010, I hired the Massimo-Group to coach me in my commercial real estate business.  Up until that time, I had never systematized my prospecting efforts.  There was no rhyme or reason.  Often, there was no prospecting at all.  My coach helped me change that and revolutionized my business in the process.

I want to clarify what I mean by prospecting.  Prospecting is a form of business development.  Networking and building a presence – or a platform – is another form of business development.  Their activities are similar.  Their purpose is completely different.  (To read about the difference between prospecting and networking, click here.)  Prospecting involves asking for the business.  That is its only purpose.

Since my last post on prospecting, I’ve received a number of questions about how to do it.  My way is not the only way, but any effective prospecting system will have elements of these 8 steps.  This is exactly how I built my core business.  You can do it too!

How to Build a Prospecting System

  1. Define your geography – This is as simple as it sounds.  You have to know what geography you are working in.  I come from a small tertiary market.  To have enough Single Tenant Net Lease (STNL) properties to go after, I built a state-wide database.  I’ve heard different numbers, but you need at least 350 properties in your farm area.  If you are in Los Angeles like one of my clients, you may just have a section of such a large city.  Regardless, you need to be able to articulate it with clarity.
  2. Choose your specialty – If there is one thing true of top produces, other than they prospect, it is that they are specialists.  Use this test.  What are you good at?  What do you like?  And where is the deal velocity?  Your specialty should be where these three answers intersect.  A quick note:  it is OK to be a geographical specialist.  The number one broker from the number one CRE firm in New York City is a geographical specialist.  And he kills it!
  3. Build your database – Once you know your geography and your specialty, it is time to build your database.  It should include all the properties in your farm area.  You need to know who owns what, how long they’ve owned it, what they paid, and their contact information.  I’ve heard brokers talk about how they used to have all that information on notecards.  My assistant built mine using Excel.  We then imported it into my cloud-based CRM solution.  All of that info is now in my iPhone.
  4. Send them something in the mail – This could be a book, a letter, anything of value.  The whole idea here is you want to raise your chances that they will take your call and talk to you.  Letters are cheap.  There is no reason not to send them.  Get creative.  You want them to want to take your call.
  5. Make the dang call – This is the scary part for most brokers and salespeople.  Fear of rejection.  Fear of sounding and feeling stupid.  You must overcome those fears.  You must prepare – but not so much that you never make the call.  The entire goal of the cold call is to get a meeting.  That is it.  If you spend 30 minutes talking, you have missed the point.  Get the face to face meeting.
  6. Have the meeting – Face to face is where the top producers excel.  These meetings can take two forms.  I prefer the first meeting to be a needs-analysis meeting.  I am asking questions of the prospect and it is all about them.  Then the second meeting is where I make my proposal.  That isn’t always possible, but it is certainly ideal.
  7. Make the proposal – Sometimes, step 6 and 7 happen at the same time.  Ideally, you have had the needs-analysis interview and then gone and crafted a custom proposal that addresses the specific needs of that specific prospect.  This beats a canned-presentation every time.
  8. Win the listing/Make the sale – this is what success looks like.  After a while of doing this, you will know that if I make X amount of calls, I will get this many meetings.  If I get X amount of meetings, I will make this many proposals.  If I make X amount of proposals, I will win this many listings.

How do you prospect?  Do you have a system?  What can you add that I have overlooked?  Please don’t hesitate to comment.  We want to hear from you, and it will benefit the entire community.

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