9 Critical Components of Commercial Real Estate Success
I have now been in this business 28 years and am proud to say I am a true commercial real estate renegade! I’m not sure how or when I turned into one but I suppose that’s not important.
But thinking back I realize I have always been somewhat of a commercial real estate renegade. When I was 23 years old I opened up my own shop in the Galleria area of Houston (one of those fancy blue office towers on Post Oak). I hired a couple of brokers, a secretary — that’s what assistants were called in those days and set about the business of getting listings so my people had some work to do.
One listing I got was a couple of office buildings on a major interstate with amazing exposure. Wells Fargo owned them and my instructions were to lease the 12 vacancies fast! So I ordered some banners that stretched across the top of each building advertising “FREE RENT FREE RENT FREE RENT”. Now I know that seems so tacky but it got the job completed. I had a happy client and a healthy bank account!
So, what have learned since those early days in Texas? I’ve learned plenty.
I’ve learned there are 9 Critical Components of Commercial Real Estate Success…
1. Riches in Niches
Ask yourself if I had to paint a picture of my ideal client what would it look like?
How can I get to the ideal client (once I know who the ideal client is can you get to that group quickly?)?
What is that client worth to me?
For example if your average client is worth $ 30,000 in commissions a postcard isn’t good enough.
“There’s riches in niches.”
2. Nobody ever gets rich by himself or herself.
You need a team of people!
3. Continual Education
“Rich people have big libraries…poor people have big TV’s”
There is no one better to invest in then yourself!
4. Don’t underestimate the power of marketing
Study the marketing other niches use just to get ideas for your business.
Bill Glazer, owner of a NJ menswear store began using direct mail and within 1 year he had a 30% increase in business! (Please know you can never say – “But my business is different”.
5. You must continually acquire new clients and communicate with existing clients using multi-media techniques.
And, so on….
Track which techniques are most effective.
6. Learn to write copy that sells – this may possibly be the #1 skill a commercial real estate broker needs to acquire.
Learn which words to avoid and which to use
Remember copy is really selling with words.
7. Always be asking yourself, “what’s next?”
This is true for every business, especially ours because of the anticipated MAJOR changes we will be experiencing (i.e. the travel business)
Things change – you must be able to change too
8. The big $ in commercial real estate brokerage is MORE SERVICE to current/past clients.
New client acquisition is far more expensive!
9. Don’t underestimate the power of a “Mastermind”.
When two brains get together and merge, a third more powerful brain is created
thus more then doubling the outcome!”
People need to have their thinking challenged (or it gets stale).
It’s really important to get out of your comfort zone.
Cindy Spivack, CEO and President of Cindy Spivack International, Inc., teaches Commercial Real Estate Professionals 7 Key Strategies for building an enormously successful commercial real estate business in 12 months or less. For free how-to-articles and powerful lead generation and time management tips go to Cindy’s websites at http://www.cindyspivack.com and http://www.commercialREsuccess.com or email her at firstname.lastname@example.org.
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