CRE Romans

If you’re in CRE….. Which of these would you say most closely resembles the work that you do? *Only having four options to work with in the survey, I’m likely missing some so feel free to comment if you are an analyst, lender, asset manager, etc. Will be interesting to see what everyone does

Prospecting can oftentimes be neglected - which creates a roller coaster pipeline However, all the coaches and most successful in the business will tell you that you should always default to prospecting mode Making calls, sending emails, sending direct mail, following up is a primary feature of a successful business, not a secondary feature I know it’s hard to do, but if you have that type of mentality, it will become a habit and pipeline will remain more consistent at each stage What I have seen over my 23 years in the business is that there are people who get too busy doing other things to stay consistent with their prospecting So they bring in junior associates or hire outside agencies to help bridge the gap. Quick question…. Have you ever hired a junior associate or a third-party outbound prospecting company to make calls for you and follow up with prospects?

Follow up isn’t the problem Knowing what to say when you follow up is the problem Value add follow up is challenging for everyone Your CRM says it’s time to follow up, but you have no idea what to say when you do make the call

Who here is in office and/or industrial tenant rep in Dallas? If you know someone please tag them…. Need to discuss some opportunities

Do you think it’s possible that as humans we actually don’t know everything?

Example of medical outpatient building leverage in favor of LL Large outpatient surgery center (long term lease) owned by medical specialists who also lease space in same building for their practice For example, orthopedic surgeon is part owner of surgery center, does all their orthopedic cases at this location but also sees patients in his clinic on second floor for consult/post op follow ups and PT At renewal, the chances of the orthopedic doctor leaving the building are very slim LL can push rates, minimize TI

Can we all agree that using the “we’ve been a great tenant for x years” isn’t leverage I hear this crap all the time - it’s the laziest way to negotiate and I now know there is no way you aren’t renewing

A few big names here get invited to speak to college students Most of us are working up the courage to speak at our local AA meeting

Hard truth…Many brokers are under worked and over paid And before you say “well it took me 20 years to get to the point of making $1 blah blah” understand that it takes everyone time to become more valuable In your opinion, what percentage of brokers actually bring value to a client in excess of their fee? Many talk a big game but become overpaid paper pushers

Just got a response to an LOI and the broker says just a few minor changes and we are ready to draft a lease - $5 per square foot more in TI - 3% cap on all controllable expenses - Change of entity name (no credit information provided) - Change of commencement date language to state no sooner than August 1 - Amortize up to an additional $20 per square foot This is not my definition of a few minor changes

My all time favorite CRM built for automating prospecting efforts is @GHLforCRE Even if you never automated anything it’s a great place to house contact info, make calls, send emails, set reminders, create tasks, etc

Much more to demising space than simply slapping up a wall - gets expensive quickly

I have a new tenant who says they’re ready to sign the lease and are shooting for an April occupancy I have asked the broker for their client’s financials three times The broker is telling me that the tenant is working on putting the financials together, but it is not a top priority for them right now What a bizarre thing to say

“We just renewed” “Not interested” “We have a good relationship with our LL” “We already have a broker” “Our national team handles real estate” “We are never moving” “You’re information is incorrect” All of these types of objections create opportunities to have a simple conversation Don’t run away from objections - lean into them and ask questions, gather info, build rapport, most importantly follow up

Two full days cleaning and organizing garage Three truck bed loads to dumpster Two runs to local Goodwill I kid you not - the garage looks the same as it did Friday afternoon How is this possible?

Seems like we are all interested in most recent shiny objects But consistently prospecting using boring tools is how we make more money I’ve used many CRMs over the years and have found that simple automated email follow up does a few things 1. Doesn’t result in a payday very often 2. Plants the seed in your prospects mind and irritates a problem they have - gets them thinking 3. After many emails the prospect is now aware of the problem and recognizes your name 4. Improves call conversions dramatically. Meaning that when you call you’re more likely to hear “oh, you’ve been sending me emails” The fourth point is the main point. Don’t send emails thinking it’s going to result in business Send emails and make calls. That’s the magic formula Here’s the tool I recommend for setting up an automated email teapawt.net/GHLforCRE/status/19741…

Can anyone help Tyler?

How many deals are lost because someone is incapable of having a real live conversation I’d imagine texting and email have killed more opportunities than we care to mention I work with many Brokers who hate technology for this exact reason - it gives us the opportunity/excuse to not talk live

This is so well put. The other incredible piece of “it’s market” is that some lease rates haven’t increased in 4 years but occupancy has skyrocketed So is it market or is it complacency?

Literally only one thing wrong with yesterday… good guys lost