By Michael J. Lipsey
With Karen Poirier and Rusty Fischer
The Complete Guide to Selling, Leasing, Presenting, Negotiating & Serving in Commercial Real Estate
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Book Details
Price
|
2.00 |
|---|---|
Pages
| 385 p |
File Size
|
2,130 KB |
File Type
|
PDF format |
ISBN
| - |
Copyright©
| 2011 Michael J. Lipsey |
Introduction
The Complete Guide to Commercial Real Estate
If there was ever a single book, one must-have volume, that was
absolutely necessary for your office, home, or personal bookshelf, it is
Systems for Success. Part of the Systems for Success line of products,
including the new DVD and Field Guide, contained within the pages to
follow are the essential skills necessary for success in commercial real
estate: Selling, Leasing, Presenting, Negotiating, and Serving.
By mastering these key disciplines to a greater degree of personal
satisfaction, you will finally achieve the success that you’ve been
searching for in our highly competitive and ultimately rewarding field.
Whether you’re fresh out of your first real estate class or five years from
getting your gold watch, Systems for Success provides you with just that:
Key ingredients to help you learn, grow, achieve, and succeed in
commercial real estate.
With over twenty-five years of experience selling, leasing,
presenting, negotiating, and serving solely in the field of commercial real
estate, I have tried to distill every lesson learned, every mistake made, and
every success I’ve had into these pages. The result is a proven, practical,
and entertaining Systems for Success.
Wherever possible, I give you the most basic, newsworthy, and
timely information encapsulated in Top-10 lists, charts, graphs, and boxes
containing the best quotes, one-liners, and “things to remember” from
each and every section. Scan forward, browse back, skip over, and return
to. Whichever your preferred style of reading, digesting, and
remembering, Systems for Success was written by a busy businessperson
for the busy businessperson.
In Part One: Selling and Leasing, I give you the tools you’ll need
to master this most difficult—and rewarding—aspect of the commercial
real estate industry. From “Defining the Ideal Target Market” to
“Questioning Skills,” I will guide you through the art of selling in easy-todigest,
quick-to-decipher nuggets of worthwhile information that read
more like a friendly conversation than a rigid textbook. By the end of this
worthwhile chapter, I guarantee that you will feel more confident—and
competent—in your salesmanship skills.
In Part Two: Presenting, we tackle another different aspect of our
competitive and high-stakes industry. You’ll learn the different types of
presentations, from high profile to one-to-one, the latest tools to make
your presentations memorable, and tools for following up on your
presentations to capitalize on their impact. After this chapter, you’ll no
longer dread making a presentation to an individual—or a group of 2,000.
In fact, you may even begin to look forward to them!
In Part Three: Negotiating, you will master the fine art of this
often-daunting skill. Personal skills meet poker faces in this revealing look
at one of the more difficult tasks associated with our industry. With newer,
younger, more nimble brokers always competing for your tenants’
needs—you’ll need the skills presented in this chapter just to compete.
In Part Four: Serving, I will share with you the ins and outs of
customer service, tenant/client retention, and the often challenging art of
relationship management. You will discover practical, timely methods to
make your tenants happy, renew their leases, and give the most tenant
satisfaction per square foot this side of the Taj Mahal!
By the time you are through reading this comprehensive volume,
you will possess all of the tools needed to succeed in your chosen
profession. The end results are up to you. Applying your own personal
work ethic, passion, and drive to the principles learned herein will
determine whether this book was a stepping stone—or a pole vault—to
your continued success in commercial real estate.
Combined with other key ingredients in the Systems for Success
line of commercial real estate products, including the DVD series and
practical Field Guide for day-to-day use, I wish you the greatest success
and happiness in this most worthwhile of professions.
Table of Contents
INTRODUCTION: The Complete Guide to Commercial Real Estate
PART ONE: SELLING & LEASING COMMERCIAL REAL ESTATE
Introduction 21
The Traditional Sales Model 23
The New Sales Model 24
You’re Not Selling Real Estate; You’re Selling Solutions 25
5 Suggestions for Selling Solutions 26
Are You a Professional Real Estate Counselor? 27
Providing Value-Added, Comprehensive Real Estate Services 28
Determining What Services to Offer 28
Branding Yourself 29
3 Proven Steps to Making an Additional 40% Income! 30
33 Real Estate Services to Provide “for a Fee” 31
Getting Paid! 33
Business Development: 5 Steps for Positioning the Property 34
Business Development Strategy: The Prospecting Pyramid 36
Tier 1 of the Prospecting Pyramid: Identifying Your Target 37
Who’s Growing on a National Level? 38
10 Methods to Track Market Trends 41
Tier 2 of the Prospecting Pyramid: Narrowing Your Focus 42
Tier 3 of the Prospecting Pyramid: Zooming In 43
Tier 4 of the Prospecting Pyramid: Selecting Your Target 45
How to Develop a Measurable Sales/Leasing Plan 46
11 Benefits of a Sizzling Sales/Leasing Plan 49
Avoiding the Sales Cliff 50
Effective Marketing Strategies 51
15 Marketing Mediums That Work 52
12 Opportunities for Prospecting in Commercial Real Estate 53
9 Assets You Already Have 54
6 Ways to ID Commercial Real Estate Customers 55
Referrals are Like Gold: Treat them that Way! 56
10 Rules to Ensure Success with a Referral 56
The Phone Line is Your Best Tool . . . 57
12 Tips for Cold Calling Success 57
10 Voice Mail Tips 59
12 Tips for Incoming Phone Calls 61
Michael J. Lipsey
8
4 Ways to Utilize Your Fax 64
8 Fax Broadcast Tips 64
Email Gets it There! 66
5 Rules of Email Etiquette 66
4 Email Don’ts 67
Email Signature Line: Your Virtual Business Card 68
The Internet: Use It to Increase Sales & Leasing Activity 69
6 Reasons Why You Should Have a Corporate Website 69
Leveraging the Power of the Internet 70
12 Tips for Selling on the Internet 71
5 Things Commercial Real Estate Advertising Can Do for You 72
7 Tips for Getting the Biggest Bang for your Buck 72
Advertising Pay-out Analysis Checklist 73
30 Advertising Tips 74
12 Rules for a Direct Mail Campaign 78
14 Tips for Getting Your Direct Mail Read 79
Networking in the Commercial Real Estate Industry 80
12 Networking Tips 80
5 Benefits of the CD Business Card 82
12 Ways to Use Traditional Business Cards Wisely 82
7 Tips for Remembering a Person’s Name 85
“Trading” off of Trade Associations 86
13 Guidelines for Working with Trade Organizations 87
Public Relations in Commercial Real Estate 89
7 Tips for Getting Good PR Coverage 89
The Company Newsletter 91
10 Reasons to Publish a Company Newsletter 91
7 Newsletter Pointers 92
Selling Skills for the Commercial Real Estate Practitioner 93
Determining Need: C.E.N.U.L.A.R.R. 94
3 Solutions in Probing for Needs 95
How to Ask the Perfect Question 97
The 3 Stages of Setting up Real Estate Question 97
17 Surface Questions to Ask a Real Estate Buyer 98
9 Questions for your Question 100
9 Reasons Why Top Producers Ask Questions 101
14 Powerful Lead-in Questions 102
Effective Listening 103
16 Techniques to Become a Better Listener 103
A Listening Quiz 104
8 Steps to Better Listening Skills 105
SYSTEMS FOR SUCCESS
9
10 Quick Phrases to Keep Tenants Talking 107
Selling to the Decision Maker 108
Finding the Information to Sell to the Decision-Maker 110
8 Ways to Build Credibility and Establish Trust 111
10 Commandments of a Commercial Real Estate Top Producer 112
9 Ways to Keep Your Real Estate Selling Skills Sharp 114
15 Negative Words (and Their Positive Alternatives) 116
8 Ways to be Memorable 117
8 Great Relationship Rules for Commercial Practitioners 118
3 Steps for Long-term Relationships with Your Clients 119
PART TWO: PRESENTING SKILLS FOR COMMERCIAL REAL
ESTATE PRACTITIONERS
Introduction 123
Preparing for a Presentation 125
Creating The Presentation 127
Determine Your Real Estate Presentation Objectives 128
3 Ways to Outline your Objectives 128
3 Questions for Establishing your Objectives 129
Review Customer Needs, Benefits, and Solutions 131
Defining Your Opening Benefit Statement 131
4 Steps of the Opening Benefit/Solution Statement 132
Creating A Unique Package 133
Establishing Features & Benefits/Solutions 134
4 Steps to Developing Your Presentation Content 135
3 Tips for Editing Your Content for Impact 136
The 4-Part Structure of a Presentation 137
Organize Your Presentation 138
Creating an Amazing Presentation Agenda in 10 Easy Steps 139
Leave a C.R.U.M. for your Memory 140
5 Tips for an Effective Rehearsal 141
5 Easy Ways to See Yourself as Others Do 142
Knowing Your Commercial Real Estate Audience 144
8 Ways to Get to Know Your A.U.D.I.E.N.C.E. 144
5 Ways to Research Your Audience 145
How to Present to Different Types of Audiences 145
4 Questions to Ask About Your Audience 146
9 Ways to Motivate Your Audience 147
10 Ways to Use Icebreakers 149
Michael J. Lipsey
10
6 Tips for Making Eye Contact 150
4 Ways to Keep Your Audience Attentive During a Video 152
15 Things Your Commercial Real Estate Audience Wants 153
10 Ways to Deal with a Hostile Audience 156
The Mechanics & Delivery of Presentations 158
Presentation “Checklist” 158
3 Types of Room Styles 161
6 Tips for Effective Room Layout 161
3 Ways to Stay Calm Before Presenting 164
10 Things to Do BEFORE a Presentation 165
4 Statements to Rid Yourself of Presenter’s Anxiety 166
10 Speaking Strategies of Top Performers 167
10 Mistakes Made by Presenters 168
5 Common Pitfalls Made by Presenters 170
7 Tips for Using Your Voice Effectively 172
6 Ways to E.S.C.A.P.E. the Ordinary Presentation 174
10 Things to Do DURING a Presentation 175
6 Tips for Keeping Your Presentation Interesting 176
4 Steps to a More Dynamic Delivery 178
15 Steps to a Powerful Presentation 180
5 Bad Delivery Habits 181
5 Ways to Eliminate Filler Words 182
5 Barriers to Effective Communication 183
4 Ways NOT To Go Blank During Your Presentation! 185
10 Things NOT to do When Making a Presentation 186
5 Ways to Gesture Effectively 187
Preparing for the Dreaded Q & A Session 188
Handling the Dreaded Q & A 189
15 Rules for Handling Questions 191
3 Ways to Handle Objections More Effectively 193
3 Steps to a More Effective Closing 194
10 Great Ways to “Conclude with Conviction” 195
10 Things to Do AFTER a Listing/Sales Presentation 196
30 Questions for Evaluating Your Presentation 197
Other Opportunities to Present 199
How to Present . . . at a Party 199
How to Present . . . in an Elevator 200
How to Present . . . at the Airport 200
Presentation Tools: Visual Aids 201
5 Reasons Why You Should Use Visual Aids 201
5 Common Forms of Visual Aids 202
SYSTEMS FOR SUCCESS
11
10 Types of Visual Aids 203
10 Criterion for Choosing Visual Aids 203
6 Tips for Effective Visuals 204
15 Tips for Designing Effective Visual Aids 205
Using Visual Aids as Notes 206
6 More Ways to Use Notes 207
10 Tips for Using Computer Presentations 208
Using Color in Multimedia Presentations 209
Advantages and Disadvantages of Overhead Transparencies 210
14 Tips for Using Flip Charts 211
Advantages and Disadvantages of Flip Charts 213
Public Speaking 214
20 Tips for Successful Public Speaking 214
10 Fears of a Public Speaker 217
Taking the Fear out of Public Speaking 217
3 Ways to Fight a Fear of Public Speaking 218
Sample Speech Outline 219
Dealing with Difficult Audience Members 220
The Five “Be’s” of Handling Tough Questions 221
7 Ways to Use Humor in Your Presentation 222
PART THREE: COMMERCIAL REAL ESTATE NEGOTIATION
Introduction 225
Preparing To Negotiate 227
The Aims of Real Estate Negotiation 228
2 Signs of a Lasting Agreement 228
3 Types of Agreement Satisfaction 228
5 Steps to Preparing for Any Negotiation 229
6 Barriers to a Successful Negotiation 230
8 Ways to “BE” a More Effective Negotiator 231
30 Tips for Successful Real Estate Negotiating 233
6 “Intangibles” That Affect Negotiation 237
Goals & Expectations of the Real Estate Negotiation 239
5 Priorities to Remember When Setting Goals 239
4 Goals for a First Meeting 240
5 Ways to Research a Prospect 242
Getting to “KNOW” in 5 Quick Steps 242
Needs Analysis 244
6 Pre-Meeting Goals 245
H. U. R. R. I. C. A. I. N. E. 246
Michael J. Lipsey
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The Negotiating Process 248
7 Fundamental Truths of Negotiation 248
10 Tactics of Negotiating 250
10 Negotiating Tactics (And Their Neutralizers) 251
13 Tactics to Improve Your Bargaining Performance 254
10 Keys to Win-Win Bargaining 256
11 Tactics to Increase Your Negotiating Advantage 257
14 Reasons People are Willing to Pay More 258
10 Ways to Establish Trust With your Real Estate Client 260
Exploring Features & Benefits, Requirements and Solutions 262
Matching Features to Benefits 262
Exploring Payoffs 264
3 Questions for Identifying Payoffs 264
6 Steps to Creating a Sense of Urgency 265
The “V” Model 266
Resolving Problems that Arise During Negotiation 267
8 Steps to Overcoming Objections 268
6 Tips for Handling Objections 268
3 Objections (and Their Hidden Requests) 269
10 Ways to Respond to Objections 270
Objection Forecasting Matrix 271
15 Ways Around A Deadlock 272
7 Ways to Deal with Difficult 273
4 Deceptive Maneuvers (And How to Handle Them) 274
7 Ways to Put a Positive Spin on a Negative Negotiation 276
6 Tactics for Difficult Negotiations Strategies 277
The 3 Pitfalls of Negotiation 278
4 Great Ways to Summarize 279
The 3 A’s of a More Effective Closing 280
30 Closing Techniques 281
10 Great Ways to “Conclude with Conviction” 286
PART FOUR: SERVING IN COMMERCIAL REAL ESTATE
Introduction 289
5 Qualities Your Clients Value 290
6 Qualities YOU Can Deliver 291
Tenant Attitudes About 9 Building Services 292
The Importance of Building Management & Services 293
The Cost of Poor Service 295
15 Residuals of Poor Service 295
SYSTEMS FOR SUCCESS
13
The Cost of Negative Customer Experiences 296
9 Ways Poor Service Can Come Back to Haunt You 297
4 Steps for Providing Quality Service 299
10 Unseen Benefits of Quality Service 300
10 Ways to Win Customer Loyalty 301
The Five Dimensions of Quality Service 302
Do It Right The First Time! 303
6 Reasons to “Get it Right the First Time” 303
5 Benefits of Getting it Right the First Time 304
Elements of Service: Developing Service Standards 305
6 Strategies for Pre-Sale Service Standards 305
5 Strategies for Achieving Occupancy Standards 306
3 Strategies for Achieving After-Sales Standards 307
Structuring for Service Excellence 308
4 Steps to Seamless Service Strategy 308
3 Aims of a Successful Service Strategy 309
3 Components of a Successful Service Strategy 309
Component #1: The Mission Statement 309
5 Traits of an Effective Mission Statement 310
Component #2: Attitude Shift 311
10 Essential Attitudinal Shifts 311
15 Words to Foster a Positive Attitude 312
Component #3: Value Disciplines 312
4 Key Value Disciplines 313
7 Responsibilities of the Senior Manager 314
4 Reasons Why Leadership Matters 314
The Importance of Empowerment 316
8 Ways to Empower Front-line Staff 316
20 Empowering Words 317
2 Ways to Facilitate Excellent Customer Service 318
4 Ways to Create a Customer-centered Atmosphere 319
10 Customer-centered Words 319
Measurement 320
7 Ways to Measure Client Satisfaction 320
21 Measurement Related Words 321
8 Goals of Customer Satisfaction Surveys 322
17 Rewards for Taking a Survey 322
6 Measurement Criteria for Tenant Satisfaction 323
2 Benefits of Measurement Criteria 324
7 Steps to Designing a Survey 324
8 Forms of Presenting a Survey 325
Michael J. Lipsey
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Offering Value Added Services 326
30 Value-added Occupancy Services to Offer 326
The 3-Point System for Determining What to Offer 328
Sample Survey: Client Service Needs 329
Setting Standards and Keeping the Service Promise 330
17 Words to Use Instead of “Promise” 330
9 Customer Service Standards 332
Benefits of Service Standards 332
4 Things Service Standards do for Clients 333
15 Steps to Implementing Realistic Service Standards 334
5 Questions to Ask Before Setting Standards 335
10 Ways to Ensure Customer Loyalty 336
8 Criteria for Effective Service Standards 337
Service Reliability 338
The Service Reliability Test 338
Service Quality vs. Service Standard 339
6 Service Qualities vs. Service Standards 339
6 Traits of Service Standards 340
The 7 Criteria of an Effective Service Standard 341
5 Sources to Solicit for Service Standards 342
4 Ways to Measure Smiles 343
9 Steps for Continued Improvement 344
Best Practices for Providing Value-added Service 345
6 Steps to Developing Best Practices 345
Devising Best Practices for Customer Service 346
The 6 Steps of Building Tours 346
10 Added Touches for Building Tours 347
5 Things to do When the Tenant Moves In 349
2 Steps to Take Prior to Occupancy 349
7 Steps to a Flawless Move-In 350
2 Steps to a Seamless Moving Day 351
2 Steps for the Next Day 351
What to do After Occupancy 352
12 Great Ideas for a Tenant Luncheon 352
Best Practices: The 8 Principles of Continuous Improvement 353
9 Characteristics of the Ideal Recruit 354
5 Tips for Retaining Quality Employees 355
5 Ways to Improve Internal Customer Service 356
The 5 Traits of Ongoing Customer Relations 357
Complaint Management 358
8 Types of Complainers 358
SYSTEMS FOR SUCCESS
15
4 Components of Complaint Management 360
Complaints: 3 Steps of the Listening Process 361
2 Ways to “Fix it . . . and More” 361
Service Recovery 362
6 Steps to Service Recovery 362
Understanding Emotional Escalation 363
10 Signs of Emotional Escalation 363
“Our Customers Never Complain” 364
5 Ways to Solicit Complaints 365
Branding Quality Service 366
3 Core Disciplines Necessary to Develop Brand 366
The Benefits of Branding Service 367
Sample Letters to Potential Tenants 368
Thank you for scheduling an appointment 368
Thank you for your call 369
Thank you for your visit 369
Pre-visit welcome 370
Post-visit survey - reaction to our meeting 370
Post-visit Survey 371
FYI Courtesy Contact: Did you know that we offer... 371
Letters to New and Existing Tenants 373
Welcome to the building 373
Thank-you for timely remittance of payments 374
Thank you for reporting a problem 374
Notice of past-due payment - please remit 375
Congratulations on the anniversary of your occupancy 375
Thank you for your collaboration 376
Looking forward to our meeting 376
Thank you for seeing our input 377
Thank you for introducing others to our services 377
Congratulations on business anniversary, etc. 378
Thank You from Michael J. Lipsey 379
How to Order Your Systems for Success Training Package 381
Bookscreen
“Operationally excellent companies, those that are able to brand their
product, service, and image, run themselves like the Marine Corps:
everyone knows the battle plan and the rule book—and when the buzzer
sounds, everyone knows exactly what he or she has to do. For
operationally excellent companies, a promise is a promise.”
—The Discipline of Operational Excellence