A couple of weeks ago, I had the privilege of visiting my little brother in North Carolina. He is a CH-53 helicopter pilot in the United State Marine Corp. I could not be more proud of him. In this picture, we are standing in his bird. On this Veteran’s Day, I salute my little bro and all who have sacrificed and served our great nation.
If you want to go fast, go alone. If you want to go far, go together. African Proverb
I am continually surprised by Commercial Real Estate brokers who lack a specialty. All top performers in CRE have a specialty. Yet, those mired in mediocrity refuse to hone in on what they can be awesome at doing. In fact, business owners of all kinds often have this problem.
Image courtesy of iStockPhoto.com
I had a call last week with one of our advisors on the East Coast. He was traditionally a specialist in hospitality. Because of some changes in his life, he needed to shift his specialty to something he could practice locally. His question was what should he specialize in. What would you tell him?
Many of my coaching clients face this question as well. It doesn’t matter if you are new to the business or you are mid-career. Making this decision correctly will have a profound impact on your career. Not only can it determine the amount of income you can make, but it can determine if you will like going to work every morning.
A CRE broker, or any business owner or salesperson, can find his/her sweet spot by answering 3 questions.
You should always start here. What product type do you like? What would you own if you could? For me, I love multi-family. I love to broker these deals. I own this property type. I understand it. I don’t like industrial properties. They don’t fit my eye. I don’t enjoy being in industrial parks. It just isn’t my thing.
You need to answer for yourself – what are my favorite 3 product types? Write them down.
This is completely different than what you like. Consider what you are good at. Do you enjoy intense underwriting and analysis? If so, multi-family might be your thing? Do you enjoy fast paced prospecting and deal making? If so, then maybe Single Tenant Net Lease (STNL) is your thing? Maybe you love evaluating how the business aspect of hospitality properties and convenient stores impact value?
Again, list what product types fit your skill set. Write them down.
I did this exercise in 2009. The market had dried up everywhere. My business was suffering. I looked around and saw that Dollar Stores were still trading at a rapid rate. That was the only market velocity I saw anywhere in Kentucky.
Now I already told you that I love multi-family and it fits my skill set. But no apartments were selling. If I would have chosen apartments as the object of my prospecting campaign, I would have failed. Instead, I began focusing on Dollar Stores. It was a great move, and I learned to love that product type.
Look around your market. Where is the transactional velocity? Write those down as well.
Now look at your lists. Where the answers to the three questions overlap is where you should specialize. This is your sweet spot.
I ask that you to do two things:
Regardless of what industry you are in, what benefits would you realize by finding your sweet spot and being known as the expert in your specialty? You can leave a comment by clicking here.
You have a friend that needs to find their sweet spot. I challenge you to email this post to them so they can do this simple exercise. It could change the trajectory of their career.
To download a free worksheet that will allow you to work this exercise and visually find your sweet spot, click the button below.
Photo courtesy of iStockPhoto.com
This is the mindset I encourage you to have when considering whether or not you will start your blog. I don’t know if you’ve noticed in your life, but fear will hold you back. I remember the fear I felt when I enlisted in the Marine Corps. I told my dad before I left that I wanted to go to Parris Island and be the best Marine in my company. After 10 days on the island, I wrote him a letter. It told him that I just wanted to survive. Fear holds you back. It causes you to pause – to hesitate. Fear can prevent you from doing something great. Fear is not your friend. You can launch your blog by overcoming these 4 fears.
Good question. Who is your audience? It isn’t going to be the same as mine – or anyone else’s. Ask yourself who your ideal client or prospect is. That is the who you are writing to. Frankly, I need to remind myself more about this. I was listening to an interview a couple of weeks ago. The topic was profiling your ideal client or customer. Do you know how they think? Do you know their buying habits? What they like? How much money they make? Single or married? Go through an exercise of answering all of these questions. Once you are done, name your ideal client. I call mine Bob. Now write to Bob. Clarity on this question will allow you to push through the fear.
This is really what help me back from starting. How do I do it? There are so many blogging platforms. How will you choose? I’m going to make this super easier for you, and I’m going to tell you what to do.
This is a post all unto itself, and I will write it soon. But take it from me, this is so much easier than I thought. Once you have an outlet for your thoughts, it is like you start thinking differently. I see potential blog posts in just about everything. I even have friends that feed me ideas now (thanks David!). I do have a brainstorming exercise that I use to generate post ideas. I will share this in a subsequent post. But for now, don’t let this stop you from starting.
You have the time. In fact, you have the same 168 hours a week that everyone else does. You will spend those hours exactly how you choose to. Personally, I watch less TV. It may be something different for you that has to go. I encourage you to consider what you are doing during your non-productive hours. Those hours when you aren’t producing. When I struggle with this area, I reconnect with my why. I remind myself about the many benefits of blogging – how this site can go before me and grease the wheels of the sales process. Connect with your why, and it will drive away the fear.
Question: So what is holding you back from launching your blog? You can leave a comment by clicking here.
Alex Ruggieri, CCIM is a great friend of mine and a colleague. He and I spend 15 minutes talking about how to create presence and reach the investor of tomorrow (and today!) on the National Association of Realtors Commercial Connections Podcast. We had a blast!
| Date: | October 22, 2013 |
|---|---|
| Appearance: | How to Create Presence and Reach the Investors of Tomorrow |
| Outlet: | NAR's Commercial Connections Podcast hosted by Alex Ruggieri, CCIM |
| Format: | Podcast |
If you are going to be in Denver for CCIM Live this week, please join us on Thursday for a technology event I am co-hosting with some of my Sperry Van Ness colleagues. I would love to meet you and shake your hand.
Kevin Maggiacomo, CEO of Sperry Van Ness International Corp, shares an inspiring TEDx Talk on Awakening the American Dream. I encourage you to watch as Kevin is a gifted communicator, and he has a powerful message.
“Sticks and stone may break my bones, but words can never hurt me.” That is the biggest lie ever told. Words have tremendous power.
When I was in the 6th grade, I earned a black belt in Tae Kwon Do. I was determined to be the Karate Kid. By the way, do you remember the little guy who was the smallest kid in your class. That was me.
I had yet to learn anything about physics, however. I did not know that regardless of unfounded arrogance, the big guy wins 9 times out of 10. I started running my mouth to a 10th grader stuck in a 7th grader’s body.
What happened next was over in 15 seconds. The 7th grader tried to throw me into my locker. I bounced off the locker next to mine right back at him. He hit me twice, and I laid on the ground looking up at him while everyone in the hall encircled us. All of this happened because I couldn’t control my tongue. Words have power – for good or for bad.
My dad had me write the 3rd chapter of the book of James 10 times. I think I still have some of it memorized. That chapter details the immense power of tongue. This chapter calls the tongue a fire – a restless evil full of deadly poison.
You have heard the saying, “You will eat your words.” That phrase stems from the book of Proverbs – chapter 18. Verse 20 and 21 say this,
From the fruit of their mouth a person’s stomach is filled; with the harvest of their lips they are satisfied. The tongue has the power of life and death, and those who love it will eat its fruit.
Words have the power of life and death. The way you use them will have a profound impact on the climate of your life.
Question: How can you improve the life of someone you love with your words today? How can the power of your words change your company’s culture and effectiveness? You can leave a comment by clicking here.
Download a Free PDF of this Post
I am very excited to announce that I am almost finished with my first ebook. In the coming weeks, I will make it available here at BoBarron.com.
Right now, however, you can play a role in helping me choose my book cover.
Below is a simple survey with four choices. Please take 15 seconds and let me know which one you prefer. I would be so grateful!
All you need to do is click on the cover you prefer and click the button at the bottom. Thanks so much!
I’ve had this conversation with many of the groups that I’ve spoken to. I have encouraged those I coach to blog. If you have ever wondered if you should blog, this post is for you. Note: A free PDF version of this post is available to download at the end of this post.
Photo courtesy of iStockPhoto
Some of you have probably heard of Jeffrey Gitomer. He’s an author and speaker regarding sales. Almost all of you have heard of Roger Staubach. He is a Heisman Trophy winner for the Naval Academy. He was a Super Bowl MVP for the Dallas Cowboys. He also started a multi-billion dollar commercial real estate company – the Staubach Company – which sold to Jones Lang LaSalle for $612 million in 2011.
One day, Jeffrey Gitomer walked into Roger Staubach’s office in Dallas without an appointment. He just walked in and asked to see Roger. As you might expect, the gatekeeper was not giving him access.
Then something remarkable happened. Roger heard Gitomer’s name from his office. He came racing down the hall and escorted Gitomer back to his office. Why on earth was Roger Staubach that interested in meeting with Jeffrey Gitomer? How could Gitomer succeed in just walking in and getting a meeting?
Jeffrey Gitomer wrote (maybe he still does) a syndicated column on sales that appeared in many newspapers at the time. Staubach was a fan. When Rodger the Dodger heard Gitomer’s name – he had to meet him.
Blogging can produce the same results for you. Specifically, you should blog for the following 8 reasons.