How to Develop Solid Commercial Real Estate Brokerage Business Doing Zero Prospecting
By Jim Gillespie | March 15, 2010
I’m inviting you to join me for a live teleconference this Wednesday, March 17th, where I’ll be interviewing a top commercial broker who’s doing great business while doing zero prospecting.
http://www.realestatesalescoach.com/innercircle1.htm
In their very first week of doing online social networking several months ago, this broker developed five new commercial real estate transactions, and they’re going to tell you everything you need to know to produce solid new business for yourself through online social networking. This approach has now become a major component of how this broker develops great new business, and they’ll be telling you about the other exciting new approaches they’ve been implementing with great success, too!
In addition, I’ll be telling you how to produce the best results imaginable through your normal prospecting also.
And if you can’t make the live teleconference, I’ll still send you the audio CDs, written transcription, and highlights of the teleconference all in the mail to you!
So if you’re not already registered for this live teleconference, click on the following link and learn how to join me for it:
http://www.realestatesalescoach.com/innercircle1.htm
Topics: Prospecting |
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Mastering Persuasion in Your Commercial Real Estate Brokerage Business
By Jim Gillespie | March 10, 2010
Commercial brokers often ask me if there are any books that I recommend to read to help them persuade their clients and prospects more effectively. And with this being said I definitely recommend the following three books to you:
1) Unlimited Selling Power: How to Master Hypnotic Selling Skills by Donald Moine and Kenneth Lloyd
This book does a solid job of showing you the language patterns that effective salespeople utilize to move their clients and prospects towards the sale, and you’re given examples of the language patterns that less effective salespeople will often utilize, too.
2) The Psychology of Persuasion: How to Persuade Others to Your Way of Thinking by Kevin Hogan
I recommend reading Unlimited Selling Power before reading Kevin Hogan’s book, because it will give you a solid foundation for the detailed persuasion techniques described in Hogan’s book. These techniques and approaches are powerful and will spin your head at times when trying to understand them for the very first time. But I recommend reading this book if you truly want to become a master of persuasion.
3) Influence: The Psychology of Persuasion by Robert Cialdini
This book is one of the most acclaimed books ever for understanding what motivates people, how to influence people with integrity, and how to recognize more often when you’re being influenced by others yourself.
Take a look at people’s ratings of these books and what readers have had to say about them on sites like www.Amazon.com, and you’ll understand even more why I’m recommending these books to you.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"We own a commercial brokerage company, a real estate development company, and a property management company. With Jim’s help we’ve now substantially reduced our overhead, and have implemented a marketing approach that’s bringing us more quality transactions than we ever would have imagined."
Jeffrey Weitz & Matt Schweitzer
North Rim Partners
Click here to see more testimonials from my coaching clients.
Topics: Persuasion |
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Why Having a Great State of Mind Makes All the Difference
By Jim Gillespie | March 3, 2010
My daughter Jamie is in first grade, and fortunately she’s been doing good with her studies. But in her class they’ve been doing more math lately, and she’s been having a more difficult time with it.
Her teacher has been giving the class 25 addition and subtraction problems, and they have to complete all of the problems correctly within two minutes. And Jamie has been having a really tough time getting all of the problems completed within the two minutes.
So what I’ve been seeing for the first time as a father is my daughter struggling to learn something and get it right, and all the pain and frustration that this has been causing her. So I decided I needed to snap into action and do something about it…
If you’ve been reading my articles for some time now you know that I’ve had a lot of training in fields like Hypnotherapy, Psychology, and Neurolinguistic Programming…and that doctors have sent me Olympic gold medalists and world class athletes, including a Hall of Famer, to improve both their mindset and their performance within their own sport. So a thought then came to me that said, "Jim, with all of the work you’ve been doing with people, it’s time to utilize all you’ve learned to help Jamie to do better in math."
So I began the process with a little girl who didn’t even want to try to do math anymore, and I began telling her, "Jamie, keep saying to yourself ‘Math is easy’". And after she repeated this for 30 seconds to a minute to herself, I gave her another math exam, and she came closer to completing it within the two minutes of time. So I had her do this same process a few more times and then I’d give her new exams, and each time she’d improve and complete more problems within the two-minute period.
So then I decided to try even another process…
"Jamie", I said to her, "This time I want you to close your eyes and imagine that the two minutes are now over, and that you’ve completed the exam, and that you’re now thrilled and excited about having completed the exam successfully. Do this for 30 seconds to a minute, and then I’ll give you another exam."
Then what happened this next time completely blew me away. Jamie successfully completed the exam in just one minute and thirty-five seconds! And she previously wasn’t even able to complete the exam within two minutes!
And then what followed this was also amazing to me. She now had a completely different attitude towards doing math, and she began challenging me, wanting me to give her even more math exams.
So I witnessed an amazing turnaround by just applying what I already knew how to do, into my own daughter’s life! And this wasn’t even some of the really advanced stuff that I’m trained to do with people, either!
So what we can all learn from this is how important both one’s attitude and level of confidence are for moving us towards getting the results we want in our lives. And even though we’re in difficult economic times right now, you’ll produce much better results if you live in a constant state of confidence and believing you’re just about to uncover some great new opportunities in your business. And along with this, you’ll want to let go of any attachment you may have to thinking that you really should be working in the same hot market you were working in several years ago. Because having that attitude can completely suck the life out of you!
You can’t control the state of the market that you’re in, but when you master your own state of mind, and live in the state of constantly believing you’re about to uncover some great new opportunities for yourself, you’ll maximize your own level of productivity in any kind of real estate market.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"After 20 years in real estate I needed to revive my business and look at new options and ideas. Together Jim and I evaluated my entire business plan, designed new strategies, and implemented a game plan that’s now making more money for both me and my team."
Bill Ukropina
Coldwell Banker Commercial
Click here to see more testimonials from my coaching clients.
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Making Sure You’re on Fire Now in Your Commercial Real Estate Brokerage Business
By Jim Gillespie | February 24, 2010
I’ve just recorded a new 7-minute audio presentation you can listen to for free titled, "Making Sure You’re on Fire Now in Your Commercial Brokerage Business in 2010". Just dial 1-507-726-3727 to begin listening to this presentation.
You can listen to the presentation on your own, but I’ve really designed it to be played on speakerphone during one of your brokerage company’s upcoming sales meetings. Just put the conference room telephone on speakerphone, dial 1-507-726-3727, and the presentation will then begin playing for all of the brokers in your office.
And if you’re not the manager of your office, please forward this onto your manager and recommend that they play the presentation during your office’s next sales meeting.
Topics: Marketing, Prospecting |
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How Dangerous is the Stock Market for Your Commercial Real Estate Clients Right Now?
By Jim Gillespie | February 9, 2010
As a broker you definitely want to come up with compelling reasons for your clients to buy commercial property nowadays. Because there are a lot of people out there watching the commercial real estate market and waiting on the sidelines right now.
And at the same time, there are people who invest in both the stock market and in commercial real estate who are thinking, "The stock market has gone up almost 70% since last March, and look at what’s been happening with the price of real estate. With this kind of return in the stock market, why would I want to invest in commercial real estate right now?"
Well, a good reason is that the stock market appears to be in a very precarious position. As you’ll see in the video clip I’m going to provide for you, someone has been investing $50-60 billion in after-hours trading…buying stock futures. And this has had a tremendous impact on the total value of the stock market. And the market expert you’ll see interviewed in this video thinks that it’s probably the government that’s been making these purchases. (I mean, who else has an extra $50-60 billion to invest in stock futures nowadays?)
If hundreds of billions of dollars have been utilized to bailout Wall Street firms, and The Federal Reserve ended up buying approximately 80% of $1.5 Trillion in U.S. debt brought to auction last year, is it really that much of a stretch to think that $50-60 billion might have also been spent by the government to shore up stock values? The dramatic rise in stock prices certainly can’t be correlated to higher corporate earnings, or to private investors putting more of their own money into the stock market.
Which means that now may be the time for some of your commercial real estate clients to begin getting out of the stock market, and begin buying commercial properties. If the stock market has been counting on this major infusion of money in order to keep it going, it’s certainly not on solid ground. And the more you can get your clients who are invested in the market to recognize this, the more likely they’ll begin turning more towards commercial properties.
Click here for the video of CEO Charles Biderman being interviewed on Bloomberg, where he mentions that in his opinion, only the government would have this kind of money to make this big of an intervention into the stock market.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"After just 4 weeks of working with Jim, my team has developed more new business than we have in the past 6 months."
Mica Berg
NAI Las Vegas
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An Update on Our Current Real Estate Market Condition
By Jim Gillespie | February 2, 2010
I have two resources that I’m passing along to you. The first is an interview with a commercial real estate investor and developer that describes what we’re up against because of the new rules the lenders are being allowed to play by these days. If it wasn’t for all of the government intervention and bailouts for our lenders, commercial brokers would be swimming in a much greater abundance of sale transactions right now.
This interview reveals how the new rules our lenders are being allowed to play by are stifling our commercial real estate market. And the real heart of this information within the interview begins when you see the question, "So what about commercial real estate?"
Click here to read the interview.
The second resource I’m passing along to you is Robert Campbell’s most recent Real Estate Timing Newsletter. Robert is a friend of mine and in August of 2005 he advised his newsletter readers to sell their homes if they wanted to realize the highest prices for them before the market correction began to set in. His research and the underlying fundamentals he utilizes in making his housing market predictions are outstanding, and I recommend that you consider buying his book and/or subscribing to his newsletter by visiting his Web site at www.RealEstateTiming.com.
Click here to read Robert’s most recent Real Estate Timing Newsletter. This 10-page newsletter describes many major housing markets throughout the United States, with special emphasis on the Southern California markets.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"Jim’s coaching and training has assisted our company in landing millions of dollars of new real estate business."
Pat Hall
Told Partners
Click here to see more testimonials from my coaching clients.
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Achieving Your Commercial Real Estate Goals in 2010
By Jim Gillespie | January 25, 2010
Hopefully you’ve already set your income goals for your brokerage business in 2010. But have you also defined specifically what activities you need to be doing every week and every month in order to achieve these goals? Because writing down your income goals without designing the game plan you must work to achieve these goals, leaves you basically in a position of hope. And hope is very weak when compared with designing and working a game plan you feel confident will have you meet your income goals for 2010.
And while designing your game plan in itself is a great idea, and I highly recommend that you do this, the most important part of you achieving your income goals for the year is you staying on track and working the game plan that you’ve designed for yourself. Because in my more than 31 years of working in our industry, something I’ve definitely learned to be true is:
"When brokers don’t meet their income goals for the year, it’s usually because they got off track from working the game plan they designed for themselves. It’s not because the game plan they designed wouldn’t have worked."
Now granted, we’re in some very challenging times within our industry. But we’re also at a time when brokers should have a better idea of what they can expect now over the next year, because of the adjustments they’ve already experienced within our industry over the past 2-3 years.
So with this being said, I have some questions to ask you:
How are you really doing so far in your brokerage business in 2010? Have you already designed a game plan to achieve your success for the year? And if so, are you currently on track and working that game plan?
Along these lines, something I really recommend you do is continually look at the game plan of activities you’ve designed to achieve your income goals for the year. And when you continually look at these activities throughout the week, you’re much more likely to stay on track in getting them done. A lot of brokers make their big mistake by going long periods of time without even looking at these activities, feeling constantly busy, and deluding themselves into thinking they’re really on track and doing what will maximize their income for the year.
Don’t be one of those brokers!
Design your game plan, work the activities in your game plan, and look at these activities on a sheet of paper throughout the week for 15-30 seconds at a time. This will greatly assist you in making sure you’re on track instead of being off track from doing what will have you meet your income goals for the year.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"Within 7 weeks after beginning my work with Jim I landed new business worth over $500,000.00 in commissions to me!"
Mike Giuliano
Lee & Associates
Click here to see more testimonials from my coaching clients.
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2010 National Commercial Real Estate Brokerage Industry Market Forecast Teleconference
By Jim Gillespie | January 7, 2010
I’m hosting the following teleconference and inviting you to attend the teleconference for free:
"2010 National Commercial Real Estate Brokerage Industry Market Forecast"
Click on the following link for more information and to signup to attend the teleconference:
http://www.RealEstateSalesCoach.com/ftsub.htm
This telephone seminar will take place on the following two specific dates and times:
Wednesday, January 13th, at 8:00 p.m. Eastern Time (in the evening)
Thursday, January 14th, at 2:00 p.m. Eastern Time
The information provided during each of these two teleconferences will be identical, so choose the date and time that will be the best one for you.
During this teleconference you’ll learn where this real estate market is headed, where the great opportunities are for you to make money, and what you must do to position yourself right now to cash in on the money!
I’ll also tell you what’s been holding our market back from exploding with commercial real estate transactions, and what must happen to begin totally swimming in an abundance of commercial brokerage transactions once again.
And I’ll share different approaches that will help you overcome this difficult market, including one of the best new approaches to find and close more transactions in this market–an approach that has recently closed more than $1 Billion in commercial real estate transactions for brokers within our industry. And it’s recently landed more than $2 Billion in new listings for one commercial brokerage company, too!
Click here for more information and to signup for this teleconference:
http://www.RealEstateSalesCoach.com/ftsub.htm
Topics: Marketing, Uncategorized |
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Planning Your Commercial Real Estate Excellence in 2010
By Jim Gillespie | December 29, 2009
Once again it’s the beginning of a new year, which means for a lot of us it’s time to set new goals. This can be a time to put this last year behind us and create a brand new slate of opportunities to pursue for ourselves in 2010.
But what are you really going to do differently this year? I’m asking this because so many agents often begin the new year feeling excited about all the possibilities that they can create for themselves with a fresh, full calendar year ahead of them. But in the end, how many agents will really accomplish throughout the year what they originally setout to do in January? Oftentimes agents can have the best of intentions every new year of accomplishing some exciting new goals, but by the time the end of the year rolls around they then feel disappointed with their results.
If you’d like to know the reason for this, it sometimes lies in the unrealistic goals that agents can set for themselves at the beginning of the year, and at other times it can lie in the flawed game plans that they utilize throughout the year when working towards accomplishing these goals. For example, an agent who made $100,000.00 this past year might set an income goal of $250,000.00 for 2010. But keep in mind that the sum total of all the best the agent could bring to the table throughout 2009 had them earn and get paid a total of $100,000.00 in commissions. So do they really now know what they have to do differently in 2010 to make the jump from $100,000.00 to $250,000.00 in commission income? And if they do know, why didn’t they just apply this information to their real estate business during 2009?
Setting goals at the beginning of the year can be a great experience for all of us, but it’s how we’re going to get those goals accomplished that represents the real meat and potatoes that will either lead us towards accomplishing those goals, or feeling disappointed.
So with this in mind I’m asking you:
1) What are your goals in your real estate business in 2010?
2) What specifically is your game plan of activities that you’re going to do to make these goals a reality by December 31, 2010?
And…
3) What do you have to do differently than what you did in 2009 in order to achieve your new goals in 2010?
And finally, one activity that’s extremely important to incorporate into your game plan for 2010 is feedback. You need to check in with how you’re doing throughout the year to determine if you’re on track or off track in accomplishing your goals. And if you’re off track, you need to make modifications to your game plan to still ensure that you’ll successfully achieve your goals by December 31st.
As an example of this, experts say that a jet flying from New York to Los Angeles is off track from reaching it’s final destination approximately 98% of the time. But the continued monitoring of the flight path and correction through both the jet’s inertial guidance system and the pilot himself still ensures the jet’s timely arrival in Los Angeles.
With real estate agents, however, this is often not the case. One’s ideal goals for the year can be created in January, but the "flight path" of the agent throughout the year can oftentimes be completely off track from accomplishing these goals. The agent can be thinking something like, "As long as I’m feeling really busy, I must be on track towards accomplishing my goals for the year." This is similar to the pilot of the commercial airliner saying, "As long as I’m up here right now flying this aircraft, I must be on track towards arriving at my desired destination on time."
But alas, in both situations, achieving the desired goal in a timely manner does not result from just being busy doing activities, it comes from doing the right activities at the right time, and in the right sequence.
With this in mind, see if the following has ever applied to you:
You set your goals for your real estate business in January and feel enthusiastic about accomplishing them. You feel extremely busy throughout the year, but you recognize you’re falling behind in achieving your income goal for the year along the way. Then around September or so, you start thinking a thought similar to "If I can just find, negotiate, and close both sides of a $30,000,000.00 transaction by the end of the year, I’ll meet my income goal."
Like the airline pilot and the inertial guidance system within the plane itself, you need to monitor your success throughout the year to make sure you’re on track. Set a reminder at the end of every month in your contact management program to check in and see how you’re doing. Are you on track towards achieving your income goals for the year, or are you falling behind? And if you’re falling behind, go immediately and get some help from someone. Sit down and talk with a top producing agent, your manager, or hire a real estate coach. Because right now you’re risking throwing your income goals completely out the window if you don’t.
You may have noticed something in our industry over the years. Our industry has its fair share of people who have big egos. I deal with this constantly with coaching clients who produce great results in their business through working with me, but more than anything they really want to return to having no one whatsoever advising them on running their real estate business. But trying to do it all alone in this business on an ongoing basis can be a very costly decision. As Albert Einstein once said, "We can’t solve problems by using the same kind of thinking we used when we created them." And if you’re constantly trying to solve your business development problems with the same mind that created them…your own mind…you could be in for a very long and frustrating year.
So check in with yourself once a month to see how you’re doing in accomplishing the goals you’ve created for yourself in 2010. And if you find yourself falling behind in accomplishing these goals, stop everything you’re doing and find someone who can give you the help and direction you need to get back on track and make these goals happen for you.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"My work with Jim has helped my team, my company, and my development business to perform at substantially higher levels."
D. Alex Rhoten
Coldwell Banker Commercial
Click here to see more testimonials from my coaching clients.
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Should You Be Utilizing Online Social Networking in Your Commercial Real Estate Brokerage Business?
By Jim Gillespie | December 2, 2009
Online social networking is a phenomenon that has grown considerably in recent years. But is it something that you should be utilizing in your own commercial real estate brokerage business?
While many commercial brokers have begun to utilize online social networking, only a small percentage of them have actually made any money in doing so. So for most commercial brokers the payoff in terms of commissions earned vs. time invested really hasn’t been there for them. But this doesn’t mean that it all couldn’t change over the coming years.
In the early 1990s, the idea of using the Internet to market oneself and one’s commercial listings hadn’t really gone mainstream. Heck, back in 1990 I had my own desktop PC and I was utilizing ACT! contact management software for my own commercial real estate brokerage business. And other brokers would tell me that keeping stacks of business cards with rubber bands around them was working just fine for them.
They just didn’t see what was coming.
And now that we’ve experienced how much the Internet has changed commercial real estate brokerage over the years, the question then becomes, "Will online social networking finally catch fire in commercial real estate brokerage, much like the use of the Internet finally did?" And the only truthful answer I can really give to that question is, "We’re going to have to wait and see."
But I can almost guarantee you that over the next two years in your commercial brokerage business, you’ll make much more money from the time you spend prospecting, marketing yourself, and networking by other means than through online social networking. But this doesn’t mean that you shouldn’t engage in online social networking at all. Because if it really does catch fire over the coming years, you’ll want to be fully on board with it instead of beginning to start from scratch when that time finally gets here.
And in trying to determine whether or not online social networking will catch fire within commercial real estate brokerage, meaning whether or not it will begin making commercial brokers a lot of money, one arena we can look to in determining this is the residential real estate brokerage arena. Because as most of us already know, residential agents have been far ahead of commercial agents in terms of implementing new technology into their businesses. I mean, here we are at the end of 2009 and I estimate that less than 10% of all commercial brokers even have their own standalone commercial agent Web site up on the Internet.
But even on the residential side of the business, online social networking isn’t making the majority of residential agents a lot of money. And as one top Internet marketing expert for residential agents said to me, "Online social networking can be like a bright, shiny object distracting residential agents. It’s just one approach that should be utilized along with many other marketing approaches for them, and the truth is that there are other marketing approaches that are much more effective for them."
In addition, there’s another factor we have to consider in terms of where online social networking could be headed to in commercial real estate brokerage. I heard a future trends expert say when addressing a real estate audience, "We’re now entering the time when the people from Generation X are beginning to hold important decision-making positions within the business world. This is the first generation of people who were raised on video games, and when they want something they’re not accustomed to waiting for it. So when they look to hire a real estate broker, they won’t necessarily take the time to interview different brokers. They’ll gravitate towards hiring the first broker who responds to them."
And with this in mind, since the people in Generation X have grown up with both the computer and the Internet being a more normal part of their everyday lives, online social networking may become deeply ingrained in them by the time they begin making commercial real estate decisions. So while today’s commercial real estate decision makers may tend to be in their mid-40s to late-60s, the next generation will slowly be moving in. And if they’re dedicated to online social networking, you’ll want to be involved in it, too.
So while right now it’s very rare to see commercial brokers making very much money through online social networking, it’s possible that this could all be changing over the coming years.
__________________
If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to send me an E-mail.
"My work with Jim has helped my team, my company, and my development business to perform at substantially higher levels."
D. Alex Rhoten
Coldwell Banker Commercial
Click here to see more testimonials from my coaching clients.
Topics: Marketing, Prospecting |
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