Lessons I’ve learned over the two years of blogging about commercial real estate
Number 1 – It is a lot harder to blog the busier you get. Hence, the fact that I haven’t blogged in over 4 months. I was once the bell of the ball from our good friend Duke Long who praised me for the amount of content I produced. Doubt I’d get the same praise now…
Number 2 – And this is probably the most important lesson I’ve learned over my 2 years of blogging, 7 years in the business, and 3 years of bucking the norm and doing things differently. IT IS ALL ABOUT RELATIONSHIPS!! Hate to be the bearer of bad news for all the new, you’ve got to do this to get more CRE business. I’ve tried them all, and I’ve even invented a few. Bottom-line: It is all about relationships. Want an example, I’ve got more then I care to count. But, here is a quick one. ”Patrick, your new technology is great, and I can really see how it would save me and my executives a ton of time throughout the process. But, I really just don’t think I could leave my guy…. He’s been here since day one, and I’d feel awful leaving him.” Now, don’t feel bad for me. I’ve won my fair share of new assignments this year, and gotten in front of a lot of great prospects. The key, get in earlier and provide more then just great CRE value to your clients. See Steve Beecham if you want a better explanation.
Number 3 - Innovation for Commercial Real Estate is coming!! Be ready, or get left behind. I’ve seen too much noise behind changing things in CRE for it not to change. Don’t forget lesson Number 2, but don’t put all of your eggs in that basket. Generation Y’ers are gaining more and more power in organizations and they aren’t as stuck on Number 2. Especially if their relationship isn’t not readily available to them. Heard of Google? We grew up with all the information we ever needed at our finger tips. Change is coming, and who knows, maybe at some level I’ll be part of that change…
Number 4 - Cold Calling isn’t dead, but it should be… Wake up fellow commercial real estate brokers. There are better ways to get in front of people then calling them 20 weeks in a row, hoping that if you annoy them enough they’ll meet with you. See lesson number 2, utilize your existing relationships, and stop wasting your time.