And That Key is Labeled ‘Desire’

This is a guest post by Wayne Foster. He is the owner of The Systems Specialists, Inc., American Patriot Getaways, and numerous other companies.

 

An old prospector wandered into a small town where he was accosted by a loud, obnoxious and quite drunken cowboy. The cowboy pointed his six-shooters in the old miner’s direction and asked, “Old man, do you know how to dance?”

“Nope,” the prospector replied.

“Maybe you’d better learn,” said the cowpuncher. Hot lead kicked up dust around the old man’s feet and he began to dance.

Soon, however, the guns were empty. Now the old prospector reached into his saddlebag and pulled out a sawed-off shotgun.

“Son,” he said, “you ever kissed a mule?”

Looking first at the shotgun, then at the spot where the mule’s tail is attached to its body, the young cowboy got the message. “Nope,” he answered, “I never kissed a mule. But I always wanted to!”

Desire is another word for wanting to do something. And in real life, desire is not something that can be given by anyone else. If there is something you want to do, it is probably not because somebody is holding a gun to your head. You just want to do it. Your desire comes from the inside.

If you decide you want to improve, if you want a meaningful relationship or more fulfilling work, if you want a rich spiritual life or a healthier body, then the desire must come from your own heart. Nobody can make you want those things. They can support you and even inspire you, but only you can make it happen.

There may be a hundred reasons we think we can’t be the people we want to be. But there is really only one. We don’t want it badly enough.

It was George Washington Carver, an African-American who probably did have a hundred reasons not to change his circumstances, who a century ago said, “Most people search high and wide for the keys to success. If they only knew, the key to their dreams lies within.”

And that key is labeled “desire.”

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The 5 Reasons to Systematize Your CRE Business

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Commercial Real Estate Systems.  The word is an anomaly.  While you may not be able to define what a system is – you need them.  You need them badly.  They can make you more effective.  They can make you more money.  They can shave hours off your week – hours you can give to your family or a worthy cause.  Let me share with you what I mean.

I have two sons (and a little 3-year-old princess).  They are both playing football.  Tonight, I was at the 9-year-old’s practice.  As I watched the practice, the coaches spent 80% of the practice putting in the system.  20% running the plays.  Now you know what I mean, don’t you.  Think about a football team.  Every player has a specific role.  They specialize.  My son is the quarterback because he is an intellectual.  He knows where everyone should be.  He also has the smallest butt on the team.  It would be ludicrous to make him a lineman.  His coaches spent 80% of the practice putting in the system because success between the hedges comes from a group of individuals working seamlessly as a team.  The sum can be so much greater than the parts.  Magic!

So should your business be!  Here are the five main benefits to systematizing your business:

  1. Systems allow you to break a process down to its smallest tasks.  This is so important.  This is what I go through with all my coaching clients.  Most leaders…most entrepreneurs…most of you, are big picture oriented.  The details are stifling.  I know they are for me.  The simple act of sitting down with your team and breaking a process down to its most detailed parts has tremendous value.
  2. Systems allow you to lead effectively by delegating.  Huge!  The primary role of a leader is to ensure the success of the team.  To do that, team members must understand their roles.  Once you go through the task of breaking a process down to its smallest tasks, those tasks are delegated to the team member with the most fitting skill set.  You just made your life easier.
  3. Systems allow you to hire/fire better.  This is a no-brainer.  Once you systematize your business, you have a better understanding of the skill sets you need in place.  Think of my son’s football team.  The coaches would have been foolish to draft a team full of little fast guys.  The coach understands the system he wants to run.  So he drafts the same.  Go and do likewise!
  4. Systems allow the team to execute.  This is where you see your team come to life.  The system is in place so just execute.  This allows for efficiency and speed.  If you don’t get the results you want, change the system.
  5. Systems allow the leader to focus on high dollar activities.  From my chair, this is the greatest benefit of systematizing your business.  When your team knows the play and their roles, then the leader can focus on just the things that only the leader can do.  This is the sweet spot.  This is where you can see exponential growth.  You should have goose bumps right now.

So join the conversation.  What processes in your business could you systematize?  How would you do it?  

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How to Get You and Your Agents to Make More Calls – These 3 Easy Ways

Commercial Real Estate (or any) sales is about calls:  cold calls, warm calls, personal calls, and so on.  He who makes the most calls generally does the most deals.  Making calls is also a lost art.

I recently had a review with one of my agents.  He was not making enough calls.  He and I had spoken a couple of times about this subject with no change.  Then it dawned on me.  Performance flows from leadership.  The problem was with me.

When I was in college I had a mentor who would teach me things by this method.  Teach me why.  Show me how.  Do it in front of me.  It was incredibly effective.  Answering the questions ‘why’ deals with casting the vision for the desired future outcome.  And this is rarely about making money.  Teaching the ‘how’ is the book smarts.  Demonstrating how introduces the street smarts.

I had been neglecting the third step.  So Friday morning, we went into my office and I spent nearly an hour making calls – on one of his deals.  I believe doing this on a regular basis is going to reap rewards.  More deals will be done, sure.  But there will be growth in our team in this area.

Here are 3 easy ways to make more calls:

1.  Block out time on your calendar.  This seems like such a no-brainer, but we don’t do it.  Prospecting for new business is the key to healthy deal flow and sustainable cash-flow.  Yet, it is the activity that is the most dreaded and overlooked. Block out time every day to make prospecting calls.  A top producer I know, who owns his company, schedules two hours a day on his calendar.  He gives his team the green light to ask him to get busy calling when he gets distracted by another task.  He knows that making calls is the absolute best use of his time.

2.  Keep the calls short.  The first call I made on Friday lasted 20 minutes.  I know better.  This should never happen.  The purpose of a prospecting call is to get a meeting.  If you get a talker, politely transition the conversation after 4 minutes to scheduling a meeting.  If they want to talk, do it face to face at a later date.  Remember that prospecting calls are a numbers game.  The more calls you can make, the more meetings you can get.  Challenge yourself to a certain amount of calls in your scheduled time.  Don’t let one talker derail you.

3.  Schedule an office wide calling blitz.  Most agents do not like cold calling.  Some of the weird ones, like me, do.  But most salespeople are ultra-competitive so make it a game.  Schedule a block of time once or twice a month when everyone in the office is making calls at the same time.  Make it a competition.  Have a prize for the winner.

So what other ways do you encourage more calls?  What ideas have I missed?  Let’s see how many great ideas we can come up with!

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Vintage Business Principals of a CRE Investor

Part of my business includes Commercial Real Estate coaching with the Massimo Group, America’s premier Commercial Real Estate Coaching firm (www.massimo-group.com) and I have the privilege of coaching around a dozen brokers throughout the United States and Canada.  This blog is inspired by one of my clients in South Carolina, Ben Goforth (www.twitter.com/bengoforth), who sent me what is to follow.  I do not know the man who wrote these principles, but they resonate with me as if they were said by my own father.  I debated elaborating on some of these, but they don’t need it.  Read and enjoy, and maybe if we’re lucky, these words could be used to describe us someday.

My Business Principles

by T. Walter Brashier – as taught to him by his father, Ralph Brashier

1.  Let your word be your bond.  Think before you speak, but when you tell a person something, do it, even if it costs you.  Keep your word – have credibility.  But remember…

2.  Plain talk is easy to understand.  “Never beat around the bush,” because…how can you give a man “your word, your bond” if a man does not understand perfectly what you are talking about?  Remember…

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CRE Investing 101: 4 Reasons to Invest In Commercial Real Estate

A guy told me one time that there are two types of people in the world:  those that spend all their time trying to make their fortunes, and those that once they make their fortunes, spend all their time trying to guard them.  Regardless of whether you are in the first category or the second, there are 4 compelling reasons to invest in Commercial Real Estate (CRE) – especially as the alternative investments, like the stock market, bonds, etc., are yielding such a minimal return.

1.  Cash Flow – Cash flow is the most obvious of the reasons to invest in Commercial Real Estate, and this is what people are generally referring to when they remark about making “your money work for you.”  Whether we are talking about retail, office, industrial, or multifamily, CRE investments produce cash flows, and that is really what you are buying – future cash flows generated mainly from rent.  Now, investors vary wildly on what they do with the cash flows.  Some live off the cash flows while others plow all that money back into retiring whatever debt is on the property.  Regardless, everything from the value of the property to how it is managed is derived from the cash flows that the property creates.

2.  Principal Reduction

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Lessons from the Corps – Part 2

I’ve spent many minutes over the last couple of days thinking about preparedness and swagger and how connected these to qualities are.  It is interesting to me that Marines do 2 things:  they go to war and they train.  At a bottom line level, that is all they do.

Marines train ad nauseam!  And they do so in conditions as close to war as possible so that the Marine becomes accustomed to performing at a hero-level under conditions of extreme stress.  Boot Camp is like this.  For the first 2 weeks, I was completely disoriented.  Nothing was said that wasn’t yelled.  Drill Instructors talk so fast that they can be hardly understood, and regardless
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Lessons from the Corps – Part 1

I have a pretty sweet situation at my office.  I share the office with my dad.  Technically, it is his office, and when I bought the real estate company from him a while back, I stayed.  So his office is still next to mine, and he is still an incredible resource to me.  Frankly, I just like seeing him nearly every day.  As is often the case, as the day winds down, I find myself in his office, or he is in mine – and we chat.  Today’s chat brought back a memory.

After a Marine graduates boot camp, he’ll go to SOI – the School of Infantry.  6 weeks of hell for the true ground-pounder, and 17 days of the same for the rest of us.  When I graduated SOI, I had a day lay-over before my flight took me to California the next day.  So for the first time in months, I had some free time to walk around base.  I made two huge rookie mistakes that day.  First, I was walking with something in my right hand which was a big no-no because you can’t salute.  Second, I walked by a Lt Colonel without noticing him.  I was sunk.
Some Gunny standing next to the Colonel got ahold of me and ripped me a new one,
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Greed Is Good? I Disagree!

 

Greed is good, eh?  Are we sure?

Greed is Good?  I Disagree!
by Bo Barron, CCIM

Most brokers love Gordon Gekko.  How could you not?  He swings for the fences and rarely misses.  He lives on the edge, bends the rules, and does the deals.  One word, though, is synonymous with Gordon Gekko, and that word is Greed.  Brokers love Gordon Gekko because he made this phrase famous – “Greed is good.”

It’s not good, but commercial real estate has never gotten that message.  Let me show you what I mean by illustration.  Imagine Gekko’s boy

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What Really Matters in 2011

 

Don’t get the picture?  Keep reading…

Booyeah!  My sons’ favorite word, and the word that describes my excitement for the beginning of this year.  As I, like so many others, look back on 2010, I remember a roller-coaster ride.  The first 7 months of the year were brutal, but then in August, we closed a big sale and were off and running.  Many of the marketing and prospecting activities to which we committed and relationships that we had been pouring into and developing began to bear fruit.  Heading into 2011, I am giddy about what lies ahead and the opportunities that have been laid before our company’s feet.

And a quick aside…I had a short conversation with a few of my CRE friends via twitter about the unscrupulous over use of the phrase “cautiously

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