Broker Tips: The Inaugural Edition
Commercial real estate (CRE) is a fast-moving and complex industry, and developing into a successful broker within that can be a steep learning curve – one that requires mastering both “soft” and “hard” skills, including client relationships, contract negotiations, property management, and financial savvy.
Thankfully, NAI Global has expertise in our network that runs generations and decades deep.
With that in mind, we’ve tapped into some of our top minds for their take on “broker tips” to help up-and-comers get the inside track on their own professional development. These tips cover the full spectrum, from the pragmatic to the surprising.
Lunch Bucket Formula for Success
George Macoubray, vice president of retail brokerage at NAI Elliott, has a wonderfully simple method for mastering the field, inspired by the legendary Dick Nelson. Of course, simple doesn’t mean easy, but it does offer a road map for brokers with market-leading aspirations. George says, “the lunch bucket formula for success in commercial real estate is the following”
- Show up each day and work consistent hours. This will put you in the top 60 % of your peers.
- Be persistent, follow-up, finish what your start, and return all phone calls within 24 hours. If you add this to consistency in your work habits, you will outperform 80% of your peers.
- Have a game plan and work your plan in an ethical manner.
- Set a goal to be the best and pursue that goal relentlessly.
He adds, “If you follow this formula, you should consistently be in the top 10% of a very high-paying industry. This is a blue-collar lunch-bucket approach to making money, but if followed, it can’t fail.” The message is clear: “Put in the hours, pay attention, be ethical, have a game plan that leads to your goal, and have the patience and courage to work your plan. Always remember that integrity and trust are the foundation of all success.”
What’s in a “no”?
Albert Fontana from NAI Harcourts is a property trade specialist who operates across diverse categories. He says that when a buyer responds with a “no” when you’re trying to close a deal, “you need to understand what ‘no’ really means”. According to Albert, ‘No’ means “No, I’m not convinced yet!”
When you view the reply through that lens, he says, the next step might be pointing out more features and benefits of the property to create more desire”. The objective, he says, is always to “convert the ‘no’ into a ‘yes’”.
Lead to understanding
A different take, but one that draws from the same well of knowing a broker’s influence is Laurel Lewis’s advice. Laurel is the senior vice president at NAI Horizon, and she says: “Don’t tell your client anything. Lead your client to make their own conclusion by educating them, while ensuring they are in control of the process.”
This is the first round-up in the series so be sure to check back regularly for more insightful broker tips. What are your top tips for brokers?