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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

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

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

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

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

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 29

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

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

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