CRE Success: The Podcast, S01BE2
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Welcome to CRE Success: The Podcast, where we help people working in commercial real estate achieve their professional goals. Check us out online at cresuccess.co/podcast. And now here's your host, Darren Krakowiak.
Hello, and welcome to this second bonus episode of CRE Success: The Podcast.
Today's episode is all about prospecting. A key product offering from CRE Success is providing group training and coaching. And one of the modules from one of my recent group training programs is all about prospecting. At the start of each module I deliver, I like to set the scene by explaining why the topic we're about to cover in that module is important. To explain the importance of prospecting in a recent group training session, I told this story about coconut trees:
And I want you to think about an island and a coconut tree. So, if you're stuck on an island with a lot of coconut trees you probably won't go hungry because eventually, coconuts will fall and you'll get some nutrients. But if you're a bit more hungry, you may decide to shake the tree and that will loosen the coconuts and will allow them to fall at your feet more freely, giving you more coconuts sooner. But you still don't have a choice over which coconuts are falling if you're the person who's just waiting for them to fall or if you're shaking the tree. If you want to choose the best coconuts, if you're ambitious and driven, you will make the decision to learn how to climb the tree and pick the specific coconuts that you want.
I think the story about getting coconuts is analogous for how you can source leads in commercial real estate. You can wait for them to fall in your lap from colleagues or the company, you can do something to get more of them to come to you through building your profile and getting referrals. Or you can be proactive and take the initiative to get your own coconuts by conducting outbound prospecting. Cold Calling is one of the more challenging aspects of the job, but Ashley Buller of CBRE told me in Episode Four, that he doesn't mind it.
So, yeah, so I think that that's that certainly challenging, I think, but no one really loves canvas calling. I actually, don't mind it, because I kind of I probably like the challenge around it. And I like to routine… I think what you get your routine rolling that's, that's, that's alright. But, you know, I think a lot of people find that a difficult thing.
Let's just touch on cold calling for a second. You know, in recent years, people are less likely to call each other because they text. So, do you feel like it's more of an imposition when you actually call people on their mobile today than perhaps it was five years ago?
No, I actually think I actually think that that way…I think that's where a lot of people have gone wrong. I would always call somebody even even over email, I still don't even think emails got the…has its has the effectiveness that it had the past, there's nothing like… first of all, I'd love to meet them in person because just seeing people's body language what they're doing is so much that you can break from them. And second best is obviously phonecalls, we can still get to learn so much for phone calls, you can kind of throw out the probing questions, etc. I'd always prefer that I just feel like emails and especially now that you know, we're getting so many emails and so many texts and so many LinkedIn things etc. I just think that people are flooded with it. And personally from one of you, I, if I can circumvent dealing with an email or, or a, you know, LinkedIn inquiry or whatever that might be, as in from, you know, from a non property related activity, I probably will just because I feel like I'm bombarded constantly with it. That's where I think there's nothing as good as as that face to face or phone call interaction.
The relationship between consistent prospecting and success is expressed perfectly in this story from Michael Bull, which was shared in episode nine when I asked him what was the one piece of advice that he would give to someone early in their career in commercial real estate who wants to succeed.
If I had to pick one thing, I would say it's consistent prospecting. You know, because, you always want to have…some people don't prospect, they say they don't have time. And, you know, and so they're not improving their lot in life. Right? So, if you ever had to get a price on doing some work around your property, your home, and the contractor gives you a high price. And then you ask him, Hey, this seemed a little high. And the contractor looks at you say, Yeah, well, I have a lot of business right now. So yes, it is high. If you want me, that's what I charge. We think about that as a broker. If you've got enough opportunities, because you're properly prospecting all the time, you're going to be able to work with more motivated clients, people who price their expectations are more proper, fees more proper, the agreements, you work through more proper, because you have more opportunities, right? So I think having a daily prospecting goal and a daily prospecting minimum that you do every day. And one of the things I found about that is half the minimum, that's low enough that you can get to it every day, no matter what. One day I had a really good day I sold five apartment complexes in one day. And this was before I owned my company, I was an agent, and I had three assistants that worked for me. And I went to those closings and went to closing I wasn’t around all day. And I came back in the office about 5:30. And I went to my desk and I and then picked up the phone and started to make some calls. And the couple of the girls, they were assistants, they came to my front office and said, What are you doing? What do you mean what I'm doing? I'm work here I'm making my dials. And he said, we just thought that since you had a good day, they figured out what I've made that day. And I said No, look, I don't know that every deal I have under contract that half probably could cancel the other half get delayed. I know I have to make my daily calls, get out of here, leave me alone. And I think when you get to that point in your career where you've hit these minimum, no matter what, it's almost hard not to be successful. That's the number one thing I would say.
Of course, it’s important to keep in mind that, if you are on top of how much prospecting you need to do, you will remain focused on the right things, and that will ultimately leave you with more time for what’s really important to you in life. This is something that Sheila Lobien explained when I asked her about balancing life’s competing priorities in episode 3.
Like, like what I have shared, you have to have priorities in life. But my strategy really is, I make sure that I plan my schedule well, even you know, before when I was just starting, I always have my calendar and then I work backwards. So, if you're driven, if you have a sales quota, I always look at what do I have to achieve and then work backwards. So, if this is my let's say, target for the month, then this is what I have to do. Right? My schedule has to be, I have to meet, let's say five people in a day. And that's 25 in a week, but my weekend is for my family, don't disturb me. So, it's always driven by my priorities. And when things are important, you will make time. So I always say that time is love. It's not just money, right? People are saying: Time is money. Time is love, because you'll always have time for the things that you love and you want in life. So if your career is your priority, then you'll put time in it. If your family also is a priority, then you'll make time for that. If you know learning is also one of your priorities, and you'll set aside a time to also learn something new to stretch yourself. So, it's all about priorities and how much weight you give in each priorities in life. Of course, as you go through life, as you age, you have different types of priorities. So, it's really up to you. But for me as a family woman, also and a very career woman, I have those two priorities set actually, three, career family and my personal improvement as well. So yeah, time is love. So you have to prioritize.
If you'd like to hear the full interviews from Ashley, Michael or Sheila, make sure you go back and listen to those past episodes of CRE Success: The Podcast. We've got another 10 new interviews coming up in the second half of season one. And I'll have that first interview of the next batch of 10 to present in our next episode. Thanks for listening to this special bonus episode, and I will speak to you soon.
Thanks for listening to CRE Success: The Podcast. If you enjoyed this episode, make sure you subscribe to us on your favourite podcast platform and be sure to leave us a five-star review. For more information about the show, just check the show notes on your podcast app or visit us online at cresuccess.co