One of our Books of the Month was "Selling the Invisible" by Harry Beckwith. One section of the book was particularly useful: How different is selling a service versus selling a product? The answer is: very different because in services, the prospect can also be our competitor. Besides choosing you or a competitor, the prospect has 2 other options: they can do it themselves, or they can do nothing at all. Therefore,…
Patience and speed. Many of you know I’m a big Gary Vee and Grant Cardone fan. It’s very interesting how different, yet similar they are in their messages. Gary Vee preaches patience, while Grant Cardone focuses more on speed. I have learned from both of them and applied their teachings to my personal line of business in leasing and training. Gary focuses on patience. He emphasizes the importance of keeping…
The other day I was talking to a fellow landlord in my market. We were speaking about a topic and I mentioned another landlord, to which he replied, “I don’t know that person; they’re another landlord.” I didn’t question him, but I assumed his thinking was, “Since I’m not a tenant rep broker, what use would I have for a fellow landlord?” I am 1000% against that line of thinking.…
I got a question this week about how to get out of “the funk”. We’ve all been there. You’re leasing a property or a few properties. You’ve been canvassing, reaching out to national retailers, cold calling, everything you’re supposed to do... But it’s just not cutting it. It’s easy to lose motivation when the fundamentals don’t work for you. But here is a little tip to break from the mundane and get…
Follow-up is important, but there is a fine line. I had an investment sales guy call me 7 times in 2 weeks. I also got multiple email blasts from the same salesman about the same business within the same week without any personal touches. When someone pitches me their business through emails or phone right off the bat of us developing a relationship, I get very turned off from them.…
When you get a call-in from a leasing sign, a referral, etc. and they ask for the rate, the only time you have leverage in the entire deal process is before you give the rental rate. By the way, I hate when people say “I'm quoting” or “I'm asking” a rate (See the article “Two Words to Never Use When Leasing Space”), so don’t ever say that. By this point, you should have your…
When we lease space, we need to know the sales of the prospect. Rent is a function of sales. We NEED to know this whether it’s a renewal or a new prospect. We just got a consulting gig for our restaurant real estate business Azor Brewer Restaurant Advisors. An owner bought a 5,000sf building with a restaurant tenant as a NNN investment. She thought she was purchasing a long-term cash…
Take a walk and figure out what fears you have. What activity or thought has been giving you problems? What relationships have been nagging you? When Edison created the light bulb, someone said “it took you a thousand times to fail before you figured it out,” and Edison replied, “No. I learned a thousand ways not to create the light bulb.” He didn't procrastinate. He didn't fear failure. He embraced it.…
People ask me all the time what exactly is Canvassing Karma, and I know when people ask me, that they are not systematic or routine canvassers, because if they were, they wouldn’t have to ask. I get a canvassing karma experience at least once, if not twice a month. I remember I was waiting for a huge deal to get approved by Bethesda Wellness Center, which is the main hospital…
A student asked me how to determine which centers I canvass. Do I go to the highly competitive set? Do I go to centers with similar features or demographics? My short answer is ALL OF THEM. But it gets more nuanced: My good friend Hue Chen (President of Saglo), one of the best canvassers in south Florida, says that 80% of the best canvasses come from centers within three miles…
