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
How to Find Your Specialty by Answering 3 Questions
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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.
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.
Three Questions to Find Your Specialty/Sweet Spot
1. What do you like?
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.
2. What are you good at?
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.
3. Where is the market velocity?
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.
How to Overcome the 4 Fears of Blogging – and Launch!
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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.
Overcoming the 4 Fears of Blogging
1. Who is my audience?
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.
2. How do I set it up?
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.
- Use the wordpress.org platform – Many platforms exist, but this is the one the pro’s use. It is what I use. It is the absolute bomb. It is free. The absolute best resource to learn how to use WordPress is – http://www.wp101.com/. It will have you rolling in no-time.
- Pick a web host – This is not free, but it is cheap. There are even more of these to choose from. Use Bluehost (affiliate link), and here is why.
- Their support is awesome! My site got hacked, and they helped me get it back up in no time. And I don’t have a clue how to do this website stuff. They have helped me at 2 in the morning. And they speak great English.
- In my one year with them, I’ve never had an outage.
- They don’t allow porn. This may not be a big deal to you, but it is to me. And as they generally use shared serves, I love the idea that my site doesn’t “live” next to that stuff. I love that.
- Pick a premium theme – If you are going to do this, then make it look excellent. A premium them will look like a million bucks. These can cost anywhere from $50 – $200, but it is a one time fee. The look of your site augments your brand, so don’t go cheap on me here. Here are some choices for you to cut through the clutter.
- Woo Themes – I’ve never used these, but I’ve heard many recommend them. They have many to choose from, and it will cost you about $100.
- Standard Theme – I have used this theme and was a big fan. It will run you $39. And brokers are cheap, so I might suggest you start here.
- Elegant Themes – You can get access to all 86 of their themes for just $39, and they are beautiful. I do think they are on the feminine side, but that’s just me.
- Get Noticed Theme – This is the one I use. It is on the expensive side for themes ($197), but I love it. If you are starting, you may wait until you know you will do this for the long haul before you spend this kind of jack.
- Watch this screencast – This is the best tutorial I’ve seen on how to put all of this together. You can be up and writing your first post in 20 minutes – literally. Just watch this video and follow along. This is exactly how I did it.
3. What do I write about?
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.
4. How do I find the time?
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 |
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Appearance: | How to Create Presence and Reach the Investors of Tomorrow |
Outlet: | NAR's Commercial Connections Podcast hosted by Alex Ruggieri, CCIM |
Format: | Podcast |
Join Me for a CRE Tech Event at CCIM Live!
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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.
How The Power of Words Can Set the Course of Your Life
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“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.
5 Suggestions for Using Your Words Wisely
- Words can define the culture and tone of your family, business, etc. – Do you affirm the behavior that you want to see more of? Do you praise your kids? Does your wife know how beautiful she is to you? Or do you criticize and tear down? The words you use will absolutely set the tone of your business or family. Don’t be the guy who complains all the time and wonders why his company has a negative culture.
- Gossip is a cancer – Gossip ruins culture. It is a sign of cowardice. It disrespects everyone involved. Don’t allow it – period.
- Beware of joking and teasing – This is a sensitive subject for me as I have wounded many people by what I believed was innocent teasing. Teasing destroys trust and breaks down communication. It can strike at the insecurities of a person’s heart. I grew up pretending like teasing didn’t bother me. It did. As a result, I kept everyone at a distance. This wound impacted my relationship with my friends, my parents, and even my marriage. It is something I’ve had to work through. Be very careful with innocent teasing.
- Be intentional with your words – Some of us are naturally very thoughtful with our words. Some of us are not. I encourage you to understand the truth that King Solomon wrote about in the proverb above. Words have the power of life and death. Think about the good you can do with your words. If you don’t, your words will control you. And you will reap what you sow. Use your words to bless and encourage. Speak the truth in love.
- Silence – This is my challenge to you. Build times of silence into your day. We are bombarded with so much noise all day long that it is difficult to think. A friend of mine said this morning, “The person who doesn’t know how to be silent doesn’t know who to speak.” Those in my life that give life with their words are thoughtful. They have these times in their day when they are silent. Try it.
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.
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Survey: Please Help Me Choose My Book Cover
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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!
Why You – Yes You – Should Blog: These 8 Reasons
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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.
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.
8 Reasons Why You Should Blog
- Visibility –