I had the luxury of speaking with the international CEO of a top commercial real estate company a few weeks ago and found the talk to be particularly insightful. Because of his unique position, this CEO was able to approach the practice of high-level prospecting from both sides. He gave three main points on how to immediately connect and show that you can add value.
Give Solutions to Business Problems, Not Real Estate Problems
A CEOs time is limited and in order to add value you need to be able to immediately show that you are capable of solving problems. Real estate solutions can solve business problems, but this isn’t the route commonly taken by brokers. As a broker, you need to become less a salesperson and more of an advisor or a consultant. Ask what problems their business faces, not in real estate, but overall.
If you find out the company’s drivers, such as image and branding, expansion, trimming the bottom line, employee retention, or whatever else, you can craft real estate strategies around these already-established goals. Most CEO’s don’t know how real estate can help solve company issues. You have to ask better questions if you ever want to give better answers.
Connect on Their Level, Not Yours
A key point is not discussing lease terms or common area factors or cap rates or any other bits of industry jargon-based minutia. Most CEOs focus on the big picture and employ others to hammer out the details. They want it taken care of, whatever it is, but not have it slow them down. The CEO I spoke with fully admitted to not knowing the exact terms on any of the 400-some offices he oversaw in 60-some countries, and he is in commercial real estate no less. However, a CEO or someone else in the C-suite is still the best person to talk to because they simply don’t have to answer to as many people or as many questions as middle managers.
Everyone’s the Same, More or Less
It is worth remembering that at the higher levels, commercial real estate brokerage is a commoditized business. All of the top-tier competitors such as CBRE, Colliers International, Jones Lang Lasalle, Cushman and Wakefield, and a few regional players are more or less technically equal. Business is built on relationships instead. If you can make an impression quickly, understand the problems the CEO faces, and explain how you can deliver results through real estate, the business is yours.
Thanks @"CRE".
Good post as usual. Do you have any opinion on commercial mortgage lending as a career choice out of college?
Having a job when you graduate is legit.
How would you say it compares to CRE brokerage? I have potential offers for either position at a shop that does both in house.
It depends, in my opinion, on pay structure and how you view it. Usually brokerage is 100% commission based and that could either be a good thing or a bad thing depending on your situation and your personal makeup.
Great post, per usual. Any advice for framing up a call from the "consultant" perspective? I mean, sure, it would be nice if every CEO wanted to know what I thought about how to reduce his bottom line, but how can you initiate that conversation without sounding presumptuous and communicate--quickly--how you can add real value as a broker?
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