It is very important to make sure you are always consistently marketing your expertise to the correct audience! I know most of us are doing this on several different social networks and are in “groups” on those where we can show our expertise and discuss CE matters with others.
If you are doing this, be sure the profile you have developed has all of the pertinent information and that there are no typos and things like that.
MYRETA has a profile developed that focuses only on the CRE business. You can put in your normal information like on other sites but, MYRETA allows you to both connect with People and with Properties. This will let you communicate and collaborate with colleagues that are also connected to the property.
Additionally, there are areas for both your professional resume, your company resume and your personal resume. You can also add the transactions you have done so that everyone can see your deal resume.
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Marketing Properties and their Availabilities
There are really only four transactions and therefore four types of marketing for an asset. You can lease it, sell it, raise equity for it and place debt on it. If someone decides to “scrape” the asset that is currently there, you will have to get equity and debt to develop another property and then lease that asset and sell it! Owners and their representatives will continue using these during their ownership to maximize their returns.
While there are some of you that have the skills to market and transact each of these, most of us usually focus on just one type. Since there are usually numerous available spaces in each property for lease, there are many more leasing professionals in the CRE space than other types of professionals. Additionally, while there may be a couple of brokers on a specific asset, there can be a couple of tenant representatives for each tenant in that asset.
Therefore, let’s start by discussing the different skills and marketing styles that are required to both win the business you want and then market that effectively.
The Sales Process…Both of Them. First Thoughts
We are in a very unique business as it relates to the sales process we need to go through to get hired for the job and then to sell the business we were hired to sell. You see, as you really start looking at the process we go through to win the business of selling an asset for a client, we need to go through two different sale processes for each deal.
Let’s start by looking at a conventional sales model of let’s say, a widget. These are those mythical things that people who teach and write books use to give us street folks and students something to hypothecate about. Anyway, let’s sell some of these magical things.
Typically, the sales organization of these type products are structured either internally or externally. Both will have a sales team headed by the sales leader that focuses on selling these widgets to people that use them or people that will re-sell them to the public. The main function of this group is to develop relationships with the users or re-sellers and sell as many as possible. Once the order has been made, this group hands the order over to the folks that will handle the order and ship it to the buyer.
If the order is for software or a non-physical widget, the process is the same except the order handlers will on-board the users and help them with understanding the product.
In either example the sales person or team, after the order is taken, is done with that order and will focus on other sales or the next sale to the group they just sold too.
This process is not the same in our commercial real estate business!
After most other industry’s sale’s teams have finished their sales responsibilities, ours now has to switch gears and get the property we have been given the assignment on prepared for whatever the sales person that won it, is supposed to do. Lease it, sell it, or raise debt and equity for it.
Well this actually takes us back to what we told the client about our process, the story and the team you have in place to sell the story of the property you have won. You now need to coordinate the marketing information and flow for the assignment, send the campaign out to the correct folks that have an interest and generate the reporting needed to support the campaign.
If you have prepared everything properly and set expectations at a reasonable price and time, you will most likely assist the client in completing the assignment at the pricing discussed and the timing expected. If not, you will not get paid, right?
Hopefully, while marketing this campaign, you were able to show your expertise to the client and the prospects so that hopefully you will be allowed into the next process these folks have so you can get hired again. You will then be able to sell yourself and the property all over again.
Why do some get hired and others don’t?
Sell your company, Sell your expertise, Sell your team, Sell that you know who the folks are that you should sell to!
I Have Never Been Hired By Someone That I Did Not Know.