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Chapter One Your Success In Commercial Real Estate

1. Scottscalie AZ 25259 it a USA Explore this area Search nearby To lookup tenants automatically within REALHOUND select your property and from the Smart Links menu select Google Maps Make More Money Realhound Inc 42 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iialmlsinae Edit Search View Repot Analysis Smart Links 4 411 Full Name Lookup by State 4 411 Find Area Code or Zip Code Le 411 Reverse Address Lookup To lookup tenants l 4 411 Company Name Lookup by City and State automatically within 411 Company Name Lookup by Zip REALHOUND select your property and from the A Smart Links menu select t 411 Last Name Lookup by City and State Google Maps ce Free Demographics Report Bo Google Maps it lt MapQuest i 2 WhitePanes com Reverse Directory D 411 Reverse Phone Lookup One of the best ways to drum up tenant representation opportunities and get valuable lease data is to go and physically knock on doors Pick an office building or a shopping center and go to each suite Ask to talk with the business owner and always have something to offer such as a competitive lease analysis lease audit or market survey Make sure that you talk to them about their business goals and expansion plans Reviewing a tenant s lease can help both you and the tenant Is the tenant being charged correctly for common area maintenance CAM charges Is the square foot
2. Exclusively representing the interests of tenants Your full service commercial real estate expert or Your commercial real estate sales amp leasing expert A successful message will clearly state what you Service you have to offer Another component to a successful mailing campaign is to have a compelling reason for your prospects to call you Offering something for free or a take away is the most persuasive reason for the recipient to contact you Some of the best freebies that you can offer are property valuations market rent surveys lease analysis market trend reports and sales surveys When your phone rings in response to a mailer it is your responsibility to flush out a prospect s need and assess their motivation TIP Ifa property owner calls you to take you up on your offer for a free valuation of their property they are thinking about selling it Make sure that you personally meet them as soon as possible This will further your branding initiatives and allow you to begin to develop a more personal relationship with your prospect The overall appearance of your marketing materials is very important If you do not have sufficient experience designing marketing materials then leave the design work to the professionals There are many companies that can design and even mail your marketing materials for you Their services are generally affordable and will save you a tremendous amount of time More marketin
3. Ll alll is oil ee el Zoning yw Parking New Property Copy Property Drop Property korai A bapa ol taco acres IM era perils E STEP 2 Query the properties to be surveyed using the Radius Search or MapPoint 2014 To drop a property from the list of properties go to the Overview tab advance to the offending property and click the Drop Property button Poof It s gone STEP 3 Once a survey group of properties has been selected call all of the related property managers leasing agents and owners to gather and update rental data in your database For leased investments key in the rate information for each property in the Asking Rates and Available Square Footages section on the Facilities tab Overview Detail Facilities Available For Lease Leases Offering For Sale Terms Total SF 6000 Lease Type V Direct SF 6 000 Rent Type y Sublease SF 0 Tl Alowance Office SF 0 Expense Stop Retail SF 6 000 Base Year Max Contig SF 4000 NNN Charges Auto calculates Min Divisible SF 2000 CAM Charges PR Full Floor No v Escalations ii y Divisible No y Vacant Total 6 000 Vacant Direct 6 000 ae Vacant Sublease Calculate From Availability STEP 4 For Apartments and Storage property types select the Unit Types tab and enter in the rental data Follow the directions on the right side of the screen Make More Money Realhound Inc 94 MAKE MORE MONEY IN
4. Companies amp Contacts History Buyers amp Tenants Needs Marketing Cold Calls amp Call Lists List History tab This tab is an expanded view of the History box which is located on the Companies amp Contacts tab From this tab you can edit notes activity and visibility You can also view and attach links to the notes Buyers amp Tenant Needs tab This tab is where you will input every property or space requirement that an individual contact tells you that they are Make More Money Realhound Inc 57 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia eallsinw searching for in the market This tab allows you to search for a matching For Sale property or For Lease space in your database and can help you make a lot of money If your client tells you that they are looking for either a strip center for under 5 000 000 or an apartment building for under 50 000 unit you will enter both pieces of information by using two different saved requirements but both will be entered on this tab To enter a new Needs entry type a name in the blank description box and click once outside the box to activate the remaining portion of the screen TIP When entering in Buyer needs you should always enter in the following items Price Range Down Payment Range Expiration date Deal Probability and whether the buyer is in a 1031 Exchange if he is you should include his nomination date Need Type
5. MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia quicker you will cash a cheque Invariably there is always someone out there who has built their business on just listing properties or space and could care less about maintaining a database of buyers and tenants If you don t think buyers and tenants are important try closing a deal without one The simple truth is that if you are not showing properties to people in the marketplace then someone else in your market is meaning you are leaving money on the table for your competition If you re selling institutional grade properties we acknowledge that you think your business model is different and that you know who all the buyers are in the marketplace We also acknowledge that when a property closes for a price that you never thought possible with a buyer that you never heard of it is just a market anomaly Caution 80 of all potential buyers and tenants will just waste your time Make sure that every prospect is qualified has the money and is properly motivated before you invest more than 5 minutes of your time on them You must qualify your prospects by asking them the right questions upfront Always Always ALWAYS enter the Deal Probability on the Buyer amp Tenant Needs tab for each need that you record and a need expiration date At least 30 of your income should come from representing buyers and or tenants in the marketplace Clients that you represent are oftentimes loyal
6. Attach Allows you to attach different types of files to the contact record such as a marketing package MS Word document or PDF file These files are stored in the contact s document folder Documents An innovative way to store and view any electronic file associated with the current contact record Files can be cut copied dragged or pasted into the folder that pops up when you click the Documents button You will never lose an electronic file again Mail Email Merge You can create amp modify templates or create mail merges and email merges for your selected contacts Follow the simple onscreen steps New Doc This function gives you the ability to use custom templates to generate different types of correspondence to the selected contact This is where you would access your favorite fax cover sheet letter formats LOI s and memos that have been created as templates erge New Doc y Fax Cower Standard Letter The program will perform a mail merge with the selected contact s information generate the appropriate document and save the file in the Contact s Documents folder Email To create a new email double click on a contact s email address or click the email icon Tip To move backward and forward on the historical list of contacts that have been viewed click the Back or Next buttons all Back Next Other Tabs in the Contact Section of the program
7. You should only schedule a follow up phone call as a future Task if and only if you MUST call a prospect on a specific date This keeps your task list free from clutter and prevents you from becoming overwhelmed by 800 future tasks Use contact groups to track large numbers of non date specific follow up telephone calls that need to be made more frequently than the normal three month 90 day prospecting schedule Use this system to track prospects using Contact Groups Create three contact groups with the following names Weekly Bi Weekly and Monthly You will add contacts to the appropriate group as you are making your cold calls Make More Money Realhound Inc 100 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE G iaiAlea State 1 From the Save to History box click Save 2 Add the group name to Contact Groups box Example Monthly 3 Click the Drop Contact button to drop the current record and advance to the record on the call list What do the group names mean Weekly Contacts that you believe warrant a phone call every week Contacts in this group will be called weekly typically on a Monday or Friday Bi Weekly Contacts that you believe warrant a phone call every two weeks Contacts in this group will be called every two weeks typically in the middle and at the end of the month Monthly Contacts that you believe warrant a phone call every month Contacts in this group will be called monthly typically at the en
8. Cold calls come first and EVERYTHING else comes after that MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Chapter One Your Success In Commercial Real Estate Depends On Just One Thing Continuous Prospecting Some people will tell you that it is easy to sell commercial real estate because there are particularly low barriers to entering the commercial arena as an agent They might say something like even Bozo the Clown can sell commercial real estate or selling commercial real estate isn t exactly rocket science And if we are honest who among us has not from time to time thought that one of our competitors exhibited some clown like attributes But what makes Bozo a success while Joe Schmoe washes out of the business The answer is that daily prospecting practically guarantees your success in commercial real estate Consistent prospecting is the difference between the agents brokers who truly succeed in the business and those that only limp along or worse yet fail entirely There are two highly effective ways of prospecting in commercial real estate cold calling and direct mail There is a system to each method that you must master and practice regularly to ensure steady annual growth of your income Cold calling and direct mail can work independently from one another but when used in conjunction with each other they create a powerful lead generating machine that practically guarantees your success Most c
9. Ifa property owner calls to take you up on your offer for a free valuation or sales survey this is what we call in the business a very large clue It would be a good assumption that that owner is thinking about selling their property sometime soon Go meet them as soon as possible and stick to them like glue Caution If a prospect has called you off of a mailer there is a strong possibility that they also contacted your competition Do not be afraid to ask them if they have talked to or plan on talking to anyone else Never assume that you are not competing for their business Make sure your mailing campaign incorporates all five ingredients to ensure that you are sending the right message to your prospects A successful mailing campaign has all five of these critical elements Make More Money Realhound Inc 112 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Regular contact intervals Accessibility of the message Simplicity of design YS E a Call to action 5 A Take away Direct mail is a highly effective way of prospecting in commercial real estate but you must master the system and practice it regularly in order to maximize your direct mail results Email Blast Marketing Email is probably the most abused type of advertising in the history of the modern world because it is the next best thing to free Warning If you want to get both your company s and your personal email address blacklisted have a strong d
10. button CRW Development Bobby Fredricks 714 671 3330 Entering related contacts is easy Next to the asterisk Click on the Contact Search button enter the new related contact in the search box and click the Select button Once you have selected the related contact the contact s name and company will appear in the list Next in the box below the related contact s name and company select the relationship to the main contact or type in the relationship If the particular relationship is not on the list REALHOUND will automatically create a link between the two contacts and prompt you for the return relationship For example If the contact record that you are working with has an assistant you will enter in the assistant s name and define their relationship as Employee or Assistant REALHOUND will ask you to define the return relationship and you will enter in Employer or Boss To query the related contacts click the Goto button next to the Related Contacts radio button and REALHOUND will look up those records for you Click the Goto button if you want to send all of the related contacts a letter or email Company radio button This feature allows you to automatically view all of the contact records that are related to your current contact record by company name Company Hen gt Mary Dukas CA 602 345 2345 New York Contacts that shar
11. deal and the right feedback will help get them to that point Maybe you are about to lose a listing to your competition or even worse one of your clients is waiting until after your listing agreement expires to doa deal on the side with someone that they know A marketing report will be able to quickly substantiate who you have shown the property to in the event of a commission dispute Reminder You should always keep a record of who you have sent marketing materials to and who has responded to your advertising REALHOUND s Marketing Campaigns greatly simplifies this process Marketing reports should be consistently used for every listing to report Make More Money Realhound Inc 114 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali marketing effectiveness help win new business manage an owner or landlord s expectations and substantiate who you marketed the property to during your listing period Create a Marketing Report Let s say that you just listed a property and you want to keep track of your marketing and all corresponding results Maybe you would like to market your listings using the following six different stages signage direct mail newspaper advertising Internet listing services a broker mailer and an email blast But every broker has a different approach to marketing and the program is customizable to your style of marketing all you have to do is follow these easy steps 1 Go to the Today section a
12. when they want to sell their deals or renew their leases and will give you a call before they do decide to sell DealFinder DealFinder gives you the ability to find and manage buyers in your database who want to purchase properties that match certain criteria that you have already specified for them under the Buyer amp Tenant Needs tab in the Contacts section of the program This feature is extremely useful when you are trying to locate a buyer for a property that is For Sale but you have not entered that property into your database What you need to do is manage a list of clients in a 1031 tax deferred exchange and mange a general list of buyers Example You go toa meeting and another broker pitches a deal that requires 2 000 000 down After the meeting you search DealFinder for buyers that have at least 2 000 000 and a deal probability of 65 or greater Next you run the deal past those buyers that qualify Yes this feature can make you a lot of money Using DealFinder DealFinder is located in the Today section of the program on the DealFinder tab Let s continue with the above example and search for buyers that have at least 2 000 000 and a deal probability of 65 or greater 1 Enter in the Down Payment and deal Probability into the blank fields Click the Search button Make More Money Realhound Inc 124 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia 2 All of the contacts with matching Buyer Needs will b
13. COMMERCIAL REAL ESTATE Wozali Site lb Jat Typea Auma iles Oar aus Fun Sale Seles Qw ers History List se E Follow these care beet wiz zait Snapshot lates di irections Square Ferl Ment Marke Ront A Bregertad hl these Lewo Hight Loy Hian WGF FN Hig PISF Bed i ts an i Sees Fie calculate I fom Unit Types 58 1200 1202 S1450 f 450 S424 A i eOe K 10 nnapshotlin Acts to estore iw So ho sa 5 100 59 67 Sep Press Gulu Cor end Rents if Une Wullun s visie ep 7 Upeiate the rents tar each und Enter rental data ype displayed Lew EF and Low Rent arc required co calz 227 Bi 022 Sop 3 Emor the new Property Unt lyps Amer mes Fill out known Sep 4 Enler the date tat ihe data is Concer eione o OE information ag the Hew Survey Weeth W25 Mel Tuh Rent 31 450 Term Step 5 Check fyou want io change Market Low Ser Month cha current rante datae to the Survey Wachet igh Cfsaive Rent ol 450 Dc 4 00 on a Mote Vacant Unie m l Lufl hal den baw Leas Deposi Saves changes cee S LAT Pets CIEE NEAT Bo L SEN to the current Urey leased 1 1200 n 1200 g property s rental gae aa daie z Seca Sao purren Henta Dete to U cy BE 0 h Istory Naw Survey Date After Snapshot hats 1E2014 Sraashot Current Progerty Only Snaoshot All Selected rropertica Don t click on this button STEP 5 You can run
14. DealFinder feature 2 From the Property section on the Overview tab click the Match Buyers button 3 From a contact record s Buyer amp Tenant need tab select a Need and then click the Show Matched button Matching Tenant Needs to Available Space 1 Use the Tenant Wizard feature 2 From the Property section on the Available For Lease tab click the Match Tenants button 3 From a contact record s Buyer amp Tenant need tab select a Need and click the Show Matched button Make More Money Realhound Inc 128 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wosia iag Present and Record Properties Shown to Clients As you show properties to your clients you need to effectively enter into their contact records a history of those properties that you have shown them The following method works for an individual contact or a large number of contacts Record properties shown presented into a contact s history 1 Inthe Property section select the property or properties that need to be presented to a contact or contacts Make sure that you have NOT selected your entire Property database by mistake 2 On the Contact section of the program select all of the contacts that you are going to present the property or properties to Once again make sure that you have NOT selected your entire Contact database by mistake 3 Inthe Contact section of the program go to the Companies amp Contacts tab of the first contact that you
15. Make More Money Realhound Inc 131 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Power Moves 1 DealFinder and Tenant Wizard were designed to take the pain out of matching Buyer amp Tenant needs with available properties while managing lists of both buyers and Tenants You can now effectively manage hundreds of Buyer amp Tenant Needs and maintain even the most complex Buyer requirements with ease The program automatically matches needs against available inventory within the property database When a match is found the program will display the matching records As you show the matching properties or space to individual contacts a history of shown properties can be stored in that contact s record 2 80 ofall potential Buyers and Tenants will just waste your time Make sure that all prospects are qualified have the money and are properly motivated before you invest more than 5 minutes of your time on them You must qualify your prospects by asking them the right questions upfront Always Always ALWAYS enter the Deal Probability on the Buyer amp Tenant Needs tab for each Need that you record as well as a Need expiration date 3 Atleast 30 of your income should come from representing buyers and or tenants in the marketplace Clients that you represent in this way are oftentimes loyal when they want to sell their deals or renew their leases and will give you a call before they do so 4 Ifyou have an assistant the
16. Outlook Sync Group y w Some other useful contact groupings include O Contacts for whom you have completed a proposal O Contacts without a phone number O Contacts that need to be called on a regular basis O Contacts with whom you have met O Contacts for whom you have prepared a proposal and need to follow up with on a regular basis TIP There are two types of groups that you can use in REALHOUND Property Groups and Contact Groups You should NOT group your Farm by owners using a Contact Group because property ownership perpetually changes Instead you should use a Property Group because while the ownership will change the property is not going anywhere and will always be in your farm Property Groups are most effective for grouping properties with a similar location and or physical characteristics Another convenient use for groups is to save a particular list of contacts or properties that you will need to work with at some future point in time such as rent comparables or tenant types Related Contacts radio button This feature allows you to link related contacts to one another for quick reference and easy access To go to a related contact s record just double click on the grey box next to the contact s name Make More Money Realhound Inc 54 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaia ellsinw Fredricks Land Appraisal Jason Fredricks 312 669 5555 i l Contact Search Partner v
17. Purging Execute O S Oh Advance field splitting Direct edit of Contact table Global Replace File Clean amp Update property data Direct edit of unit mix table Reset GUIDs Standardize documents folders Direct edit of sales table Direct edit of activity table Power Moves 1 As a real estate practitioner the data that you have on the real estate market is your stock and trade Without local market knowledge your value proposition to your clients is greatly diminished You must distinguish yourself from your competition To accomplish this you must collect and verify all property related market data that impacts your business You or your team should do your own data input research and data verification Maintain professional relationships with your peers so they are willing to share information about their transactions with you Prospecting from an accurate well maintained property and contact database will make you a lot of money It is occupational suicide to exclusively use a third party data source as your database because you have no control over the information There are a few agents in every market that try to prospect from these online databases without having built their own personal database Traditionally these agents do poorly in the business and don t last through a full market cycle Identify a target market to become your farm You should have at least 700 properties in your farm with a m
18. Search button search The results of your search are displayed in the box below the Search button Click the Goto Properties button when you have the results os want sical JE 332 E Camelback Road 332 E Camelback Road wv 2 Maricopa 23535 North Scottsdale Road 24535 North Scottsdale F Ea _ Maricopa 7400 East Mcdonald Drive 7400 East Mcdonald Driv W 4 Maricopa 11054 North Frank Lloyd Wright B 11054 North Frank Lloyd W 5 Maricopa _Preston Plaza 15054 North Scottsdale F 6 Maricopa Aflac Health Care 4205 West Thomas Road i 7 Maricopa The Village On Shea 7000 East Shea Boulevar Tip Use the Radius search to find all of the property owners surrounding a new listing and call them to see if they would like to buy the property As you know a high percentage of all property sales are made to neighboring property owners Draw on a Map to Search for Properties using MapPoint 2014 REALHOUND lets you map properties in MapPoint 2014 by drawing a Shape around those properties and having only those properties within the shape be displayed in REALHOUND when you close MapPoint 2014 This feature is extremely useful if you want to query properties in a geographic location that is not readily definable using other search tools For example if you wanted to lookup all of the properties that are between four streets this will be the easiest way to accomplish the task Let s say that you want to query all buildi
19. There is no magic or innate talent to being one of The Vital Few it is not an exclusive club and the essentials can be learned by anyone who really wants to be excessively rewarded for their efforts You are probably wondering about fairness to one s fellow man but we are pleased to tell you that this system is perfectly fair Everyone has a choice to have to do or to be anything that they want The real question is whether or not they will decide to take the action necessary to achieve their desired outcomes This speaks volumes about an individual s motivation and has nothing to do with the question of fairness So what is the common characteristic shared by the most successful commercial real estate agents They execute the fundamentals of the business effectively by getting the maximum results out of the time and effort spent at a task They prospect control inventory and leverage their time and so must you Use the Pareto Principle 80 20 Rule for Maximum Results The Pareto Principal which is also known as The 80 20 Rule or the Law of the Vital Few was named after the Italian economist Vilfredo Pareto who observed at the turn of the 19th century that 80 of Italy s property wealth was held by just 20 of the country s population But the man responsible for further refining this idea in respect to the arena of commerce was the great business thinker Dr Joseph Juran who named this principle after Pareto Dr Juran suggested
20. Uen Te DOE aE E E T oasteneseese ste eects 11 A brief overview Of the technology cessessesscsesessesesessseensseensseensseenessenessecsteaesneassieaesneseseass 11 Your world is what you believe it tO bE ssssssssssssssssssrrsssresnsnsnesnnnnennnnennnnennnnnnnnnnnnnnnnnnnnnnnnnnnnee 12 Chapter One Gro Ga OVE 6 Ohm Prosperan EE EEE E 15 CORCA eE esata case S E suerte 15 Direct Fe eee eee eer ereen rere een ee ere ee ee ere ee er ere ere ee 17 Contact amp Property Information Management aka Your Database cscsseeeeen 19 POWE MOVE een ener nen een teen een ee ee ee ee eee 19 Chapter Two Use the Pareto Principle 80 20 Rule for Maximum ReSults csseseseseeeeeeerseees 22 The True Value of Your Time vs scsccscsssssccecsescsssnscosssssssnsssssassesersssseossse sonsnersnsseorsessssnenterensnennsnics 24 The Four Fundamentals to a Successful Commercial Real Estate Business 26 Leverage a workforce to maximize your productivity and income eeeeeee 27 Technology Is the Foundation Of Your SUCCESS ou eesesseessesesteseeteseeeseseeneseetssteneaeenesteneeteneteas 30 Are ois sicicg al 2 Een E eee eee A AE ee 31 Use Ants to beat your Competr Chom esecsisicscscssescsdcccsssenssscserasesssssceesetesseeteennteateneeanectnteestencaeeiee 32 Will you be the Market Cycle s next victim ccscssssessssesseseeseseseseeseseeseseeeeneseeneeeneaeseateneass 32 go al 0 os Eee eee eee O ee re ee ee eee 33 Chapter Three Cr
21. Wizard features will automatically match buyers with sellers and tenants with available space You can even search for and import listings directly from the Internet match them against your buyer amp tenant needs and then share property information with the real estate community all from within the program REALHOUND is the only commercial real estate software that can actually help make you money Your world is what you believe it to be Something that the top performers in commercial real estate all have in common is that they all view themselves first as business owners and second as Sales leasing tenant rep or marketing experts Likewise it is up to you to develop a positive business mentality They know what their business goals are and they take consistent daily action to attain those goals If something does not work they will take a different approach but they never give up trying Another commonality found in the best performers is that they all have made a commitment to continuously improving themselves They read books take classes attend seminars related to their field of expertise and have a business coach They have written goals and experiment with technology and new ways of doing business They are not afraid to invest in their business and get the best equipment software and people to support them They understand the concept of leverage and have hired staff to support their business They also know that success
22. and follow the labeled steps 1 through 4 on that screen To complete this search a Select the UNITS field Is Greater or Equal radio button type 60 in the Select a value field and click the Add Criteria button b Select the UNITS field Is Less or Equal radio button type 500 in the Select a value field and click the Add Criteria button c Select the CITY field Equals radio button type or select Scottsdale in the Select a value field click the Add Criteria button d Click the Show Properties radio button and New Search radio button in the middle left side of the Search Screen e Click the Search button REALHOUND will now display your results Finally click the Goto Properties button to query your properties on the Property section of the program and close the Search screen Make More Money Realhound Inc 74 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali 3 Filter By Fields Right click in any field that you want to filter AKA search in the database A menu box pops up and gives you the following filter options for the selected data field Filter For v2 Filter By Selection x Filter Excluding Selection i Remove Filter Sort Company Contact Search Refresh Drop Down Sort Ascending Sort Descending Cut a Copy J a Filter For Entering data in this field will filter the select
23. and gather as much information about the property as you can If the owner wants to talk let him do so without interrupting When you are closing the conversation thank him for taking your call tell him that you have a few more owners to speak with and that you would like to give him a copy of the market survey when you have it completed Odds are that he will want to have a copy Always try to personally deliver the market survey and meet the property owner Record newly acquired rental data into your database Remember sometimes you are going to have to talk to a property manager or leasing agent to get the type of data that will be of value to other prospects in your farm area Tongue tied Use smallTALK and ZoomInfo to Build Rapport There are several tools built into the program that are designed to help you build rapport with your prospects Knowing what direction to take a telephone conversation before you even dial can make the difference between having a great conversation or one that ends in failure smallITALK On the right hand side of the contact screen will see an button for smallTALK Make More Money Realhound Inc 92 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Sate g Back Next Small Talk This exciting feature will give you some suggestions of things to talk about on the telephone with a prospect Click on the smallTALK button to retrieve information about local new
24. are going to present the properties to Click the Note button to bring up the Save to History pop up box Make More Money Realhound Inc 129 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia 4 From the Save to History pop up box a Select Presented from the Sales Type drop down box b Check the box next to All Selected Properties if you want all of the queried selected properties on the Property section OR select the Property Lookup icon next to the Property field to select a SINGLE property c Check the box next to All Selected Contacts if you want this activity attached to all of the currently selected contacts OR leave the box blank to attach the activity to the CURRENT contact record d Enter your comments in the Comments box e Click the Save button when finis 5 The Program will make a note for each property in each Print an Available Space or Property Offering Report Once you have determined which properties or spaces that you wish to show your client generate and print an availability report to send them Here s how 1 Click the Reports button 2 Select the correct property type radio button Select the Available report group and then the specific report type that you want Make More Money Realhound Inc 130 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia 3 Select the desired report options and click the Preview button to create your report The preview should look as follows
25. are trying to figure out what properties a property manager or a real estate broker is related to The Compare Button Analyze properties on the fly Next let s explore the Compare button on the Related Properties section This button activates the Auto Compare feature which instantly gives you access to Rental Sale and For Sale comparables customized for any property in your database This amazing feature lets you analyze a contact s properties or leasehold interest in an instant making it a powerful tool to use while you are on the telephone Make More Money Realhound Inc 102 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaiAlea Sate To use the Auto Compare feature 1 Select Own Detail radio button Click once on the gray box next toa property s name and the box will highlight in black 2 Click the Compare button and the Auto Compare screen pops up The subject property will be listed in the bar at the top of the window Enter your search criteria and click the Search button Your objective is to narrow your Search criteria to only query other properties that are similar to the property which is the subject of your comparison Make More Money Realhound Inc 103 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia tte First select a range of Units or Square Feet that is about 20 lower and 20 greater than the Subject property If the subject property is an apartment building you will probably want to searc
26. by selecting the contact group and clicking the Add Contact Group button Remember to add contacts to active Marketing stages as you are doing or complete the stages 6 Passive marketing stages are marketing events that bring contacts to you Newspaper Website postings Internet listings Offers Property Tours and signage are all considered passive marketing because the contact comes to you If you have a passive marketing stage you will link contacts from your database to the marketing stage In other words if you receive a sign call send out a marketing package conduct a property tour receive an offer or receive an inquiry from an internet ad you must attach a contact to the appropriate marketing stage Let s say that someone called you regarding one of your listings because they saw a sign posted on the property You talked to them for a while and then sent the caller more information You need to link the caller to the Property Signage marketing stage so that the marketing report going to your client is accurate a In the Contact Section on the Companies amp Contacts tab select your contact activity type in this case it is a Call b On the Save to History pop up window select the marketing stage from the Campaign Stage drop down c On the same window select an Activity that best describes d On the same window enter your call comments in the Comments box at the bottom of the screen e Click the Save button to c
27. call you will get into a rhythm and your anxiety will start to fade away That s why it is important for you not to be disturbed while you are making your daily calls Make More Money Realhound Inc 96 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Eo Generate Your Call List STEP 1 From the Contacts section of the program select the Cold Calls amp Call Lists tab Select the Call owners of properties in a property group radio button From the drop box select your farm area that was saved as a property group Reminder You could also choose to call your currently queried contacts a contact group tenants with leases expiring between a certain date range and tenants with options to purchase or renew within certain date ranges STEP 2 On the same screen narrow down the contacts on your list Answer the questions and fill out the blank fields When you are done click the Create List button a Remove contacts who have been reached in the last x days Remember that the goal is to contact prospects every 90 days so you should enter 90 in the first field b Remove contacts who have been left a message in the last x days If you have recently called a prospect did not reach them but left them a message you probably don t want to call them for a few days Enter in 3 or 5 in this field c Remove contacts whose next call date is more than x days from today SKIP THIS AND LEAVE THE BOX BLANK
28. can also locate a contact by typing in a portion of their phone number address or fax number The Lookup box is intelligent meaning that it will automatically search for variants of the name you type in the lookup field For example if you type in Richard it will pull up all Richards and Ricks Bill will yield William and Billy etc i Companies oa Contacts ieee Businesses Document First Names Email Last Names Marketing Narrow Down Created 10 D Below the Lookup box is the What drop down list Use this feature to Narrow Down your search results within the currently selected records exclusively search the Contact or Company fields etc When you have Make More Money Realhound Inc 53 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia eallsine completed your search return the What drop down to the ALL This will refresh your search criteria to all records for your next search TIP To quickly jump your cursor to the Lookup box from anywhere in the program and set the lookup to ALL press the Ctrl J keys To set the lookup to just last name press the Ctrl L keys Contact Groups This is a useful feature that allows you to group contacts together by some relevant relationship For example you could create a group named Retail Brokers and designate every active broker in your database as a member of this group Contact Groups T Groups Brokers WA
29. d Include contacts marked as Do Not Call This is a personal preference but select NO Caution Some people do not want to be contacted by phone fax or email and it may be unlawful for you to do so Please use REALHOUND in accordance with all Federal State and local laws However if you do choose to use this software in an unlawful manner and get sent to prison please take our friendly advice never shower with a man named Bubba and always sleep on the top bunk e Include contacts without a phone number This is a personal preference select NO because you can always query search contacts without a phone number f Click the Create List button On the same screen you can review the total contacts selected and that number of contacts that were dropped from the call list STEP 3 Make More Money Realhound Inc 97 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali a Eo STEP 4 On the same screen check the box next to Use IntelliCall and click the Goto Contacts button IntelliCall will automatically arrange the call list by placing those contacts that are statistically more likely to do business with you at the top of the call list and those that are least likely at the bottom of the list Reminder The total number of properties or leases in your database will not necessarily equal the total number of contacts because some contacts will own more than one property or have more than one lease If you
30. different reports on this particular selection of properties by clicking the Report button on the top of the menu bar Make sure the correct radio button is selected For leased investments select the Commercial radio button For Apartments and storage select the Multi Unit radio button Available Properties List Contact Available Properties Summary Photo Label Available Spaces List Lease Comparable Available Spaces Summa Rent Comparables Comments Rent Comparables Comments Occupancy Rent Comparables Submarket Rent Comparables by Bedroom Rent Comparables by Bedroom Compact Make More Money Realhound Inc 95 The key to cold calling is just to do MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali State STEP 6 Select the professional report and click the Preview button How To Cold Call Using REALHOUND REALHOUND is the ONLY commercial real estate contact management program that is specifically designed to be used for cold calling PERIOD It is impossible to skip over or forget to call a prospect when you are using this system to track your calls Everyone gets called no Here is where the fun really begins You have completed your market survey entered in property data have researched prospect phone numbers entered property photos and you have also entered the last sale information and space available for lease on each property in your market If you are like most of our us
31. have ten properties in your farm and one owner who owned three properties out of that property group there will only be eight unique property owners queried Make More Money Realhound Inc 98 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Site STEP 5 After the Goto Contacts button has been clicked the program will take you to the Companies amp Contact tab and display the first contact record on the newly generated call list STEP 6 Call the first prospect or if you do not want to call the currently displayed prospect click the Drop Contact button on the lower left hand side of the screen and the record will be removed from the call list After the call has been made click the Cold Call button at the bottom of the screen and the Save to History pop up screen appears Select the Call Result drop down box and select the appropriate result Busy Disconnected Wrong Number Left Message No Answer and Reached Caution It is absolutely critical that you select the proper Call Result because other areas of the program will use this data to track and calculate your call effectiveness STEP 7 Enter your call comments in the box When you are done click the Save amp Drop button and the program will close the Save to History pop up window remove the contact from the call list and automatically advance to the next contact record Alternatively you could click the Follow up Task button to schedule an event or
32. listings 2 Commercial brokers need to manage and supply property level data to their agents to reduce the amount of time consumptive research that each agent does on a regular basis This will increase the amount of time that an agent can spend doing the most productive activity in real estate prospecting The broker supplies the property data to his agents and his agent s prospect from the supplied data Make More Money Realhound Inc 144 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali 3 Agents do not want to share the contact data that they have so painstakingly collected with other agents At the same time it is in the broker s best interest to have each agent s data in a centralized database because the broker s resources have contributed to the compilation of each agent s data If an agent leaves the broker is entitled to their share of the data Make More Money Realhound Inc 145 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE W im 50 C 0 Epilogue Alas our little journey comes to a close But do not despair because we have much more in store for you After each major upgrade we will add friendly advice to this guide that will help you become more effective in using our program in your daily quest to make money We hope you can forgive us for our attempt at making dry subject materials light hearted However if forgiveness is not in your heart we have also provided you with a 400 page unabridged user s manu
33. part of the menu bar to bring up the Search screen Analysis Smart Links Window Help ll amp Me A Search elt Reports 7 Demo The search screen is where complicated or multi step searches can be performed Remember EVERY field is searchable Casy Seerch Apancenltoregs ice Easy Search Commerce uivanced Search Property Search oy Map Apercent Hatstics rll Gown Special Search aswel Wabe masse De ele Vale ocrsse Link iD rabe ink 8 bs ora nr Fuel Veunilty Wet Ste O Does Hot Equal onr Renowaled C jaudas Fiiil Zoning we i la Bie The filter will narrow your fields by name a Soo Propedim C Show Comtacks Mew Search 1 Addo Meroe Down Wulhin Mies of Subject Nearest Proceres Sesth oe Gillen Couily Properly Mites Aalli ily Poel Side Squaw a hiks Gud mAT Ta AE ame Roa OO Eine fond __ Pi a PRS Horth Scotisdale toed tl 2 isisi 110 754 Hoelh Femi Drive 7400 Eesi Mod tel ai Er 54 Hilh Frm S054 Howth 2805 Wiest Thaan Rnd th owe Wih iuh Z Pregon Paza Afar Benth Care The Vilage Om Shea kscerd la d l 1 me off Auto Lace Asme Creek gi Uncteecs Drop Uirsher ter Load Seach Sens Taah Seach al ole Q ores Gaia Lotadh Gla Poorer ser Example You want to find every apartment building in your database that is 60 units or larger but less than 501 units in the City of Scottsdale On the Search screen select the Advanced tab
34. success in commercial real estate Pay little attention to your critics because they are the ones that will stagnate in the business We am very passionate about helping commercial real estate professionals make money In fact we are determined to change the entire commercial real Make More Money Realhound Inc 8 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Sim dat xsl lai estate industry for the better We believe that technology should make the commercial real estate practitioner s life easier and must never replace or marginalize their value proposition to the clients that they serve It is the pursuit of this vision that drives me and frequently finds me working into the early hours of the morning This book and the companion software that we have helped create would mean absolutely nothing to me if we did not truly believe that they were making a difference in thousands of careers right now Please share your success stories with us We are very curious to see how you utilize this material in your real estate business and how you have grown your income The REALHOUND Team Make More Money Realhound Inc 9 The secret to making more money in commercial real estate is NOT to work harder but to work smarter MAKE MORE MONEY IN COMMERCIAL REAL ESTATE BIAL ezio Introduction Unleash The Dog It was my original intention that this book was to be written in two parts The first part would explain
35. that most outcomes of any given situation are the result of only a few causes The Pareto Principle states that 20 of actions account for 80 of the outcomes in any phenomena The value of this principle to you and your commercial real estate business is this your focus should be on the 20 of the actions that really matter This does not mean that the other 80 can be ignored entirely It simply means that you must choose to put most of your attention on the top 20 of all activities that will yield you the most results Make More Money Realhound Inc 22 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali in your business Most commercial sales agents misallocate their time to the 80 those lowest yielding activities in their business instead of focusing more closely on the productive 20 Conversely the most successful commercial sales agents The Vital Few focus their efforts on the top 20 and delegate the other 80 of lower yielding activities to others on their team Some argue that the 80 20 rule should really be the 90 10 rule 10 of causes result in 90 of outcomes or the 80 10 10 rule in which case 10 of causes yield 80 of outcomes and the remaining 10 of causes yield no measurable outcomes whatsoever The percentages are purely conceptual and may differ as long as the total equals 100 Think about the validity of the 80 20 rule to the following applications e 20 of the commercial sales people in your of
36. trusted advisors to their clients giving them helpful advice during each stage of a real estate transaction 2 To help facilitate your advisory relationship with your clients REALHOUND has built several property analysis and comparison tools right into the program Each tool is integrated to the property database saving you the hassle of repeated data entry while giving you the ability to quickly generate analyses Use these tools to facilitate your advisory roles and deepen the professional relationship with your clients 3 Make sure you understand what all property analyses reports and comparison tools are telling you about the property market or space BEFORE you try to explain it to a client or take it on a listing presentation It is YOUR responsibility to check the accuracy of ALL analyses comparisons and reports that are generated by any software system Make More Money Realhound Inc 141 When you get to the end of your rope tie a knot and hang on Franklin D Roosevelt MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Chapter Nine Increased Market Share and Agent Retention Increasing Your Value Proposition The strength of the traditional Broker Agent business model is the network of agents formed for greater financial benefit In this environment agents cooperate by sharing and working on each other s listings There are strengths and synergies gained through greater numbers and value added to each indi
37. want to get yourself out of a sales slump get on the telephone If you don t want to worry about paying your monthly bills get on the telephone If you want your competitors to find a new line of work get on the telephone Are you Seeing a pattern developing here The simple reasons for calling property owners and tenants on a regular basis are to e Establish or re establish and maintain a relationship e Gather information about a property or prospect s intentions e Market properties or spaces your listings or other broker s listings e Distribute information e Market your services Your goal for every phone call is to secure a personal meeting with the property owner or tenant because people like doing business with people they know Your objective should be to meet every property owner and major tenant in your farm If a meeting is not possible gather information about their property or future business expansion plans and ask the prospect if you can help them with any of their real estate needs Some questions that you may want to customize and ask on the phone are 1 Are you interested in purchasing any real estate or leasing any space in the next twelve months 2 What direction do you think the real estate market is headed this year Do you anticipate any changes to your business 4 Howis your property or business doing vacancy rent increases management tenants expenses concessions leasing staffing sales
38. worse by not providing your client with a marketing report at all Your listing proposal should contain a marketing section and within that section you should have the first two pages of your most successful marketing campaigns displayed as an exhibit This will show that you actively market your listings and are not just an order taker During your listing presentation emphasize the fact that your competition does not provide this level of service and that most brokers invent their marketing reports In fact when pressed to do a marketing report other brokers will guess at the response rates This type of sloppy work should be a harbinger of ill things to come with your competition s work product if your prospective client does decide to hire the other guy What do you do when your client owner or landlord is unrealistic about pricing You have tried to market the property their way and now it is time for your client to get a dose of reality You could just tell them that their price and or terms are unrealistic like every other broker or you could show them ALL of the comments from real people in the marketplace that have looked at the property and passed on the deal The listing marketing report is the ideal tool to manage your client s expectations because itis a written record of factual conversations with real people about their property If your client is truly motivated he will need to adjust the offering to make a
39. you cannot effectively prospect you cannot maximize new business opportunities If you are not maximizing new business opportunities your income will decrease A successful database is scalable to an agent s business meaning that as the Make More Money Realhound Inc 30 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE GaAs a agent s business grows so their technology must grow with them Networking capabilities ease of use and functionality are extremely important functions of an agent s database The top performers in commercial real estate invest in technology that works for them and not against them REALHOUND is the ONLY commercial real estate software that is specifically designed for commercial real estate REALHOUND greatly enhances your ability to Prospect which in turn leads to new business opportunities listings buyer amp tenant rep It is also the only software that gives you the advantage of leverage by making the daily processes in commercial real estate simpler which in turn saves you time and makes your team more productive It automatically matches buyers with sellers and tenants with available space You can search the Internet for listings and import newly discovered property data into your database with a click ofa button It manages your contacts properties listings escrows timelines property photos documents projects buyers and tenants It can be scaled in order to meet the needs of a growing busi
40. you photograph When you get back to the office download your photos to your computer Next locate your photos on your computer and put each property s photos into individual folders Name each folder with the corresponding property s street address EXAMPLE 123 N Camelback Rd Import your pictures and record your notes into REALHOUND The Photo import button is located under the picture frame on the Property Overview tab on the Property section The program will automatically organize and optimize your photos Make More Money Realhound Inc 40 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imalnlisinae Insert a Photo Here ae sane Properties For Sale The two main classifications of properties that are For Sale are FSBO for sale by owner and Exclusively listed Internet listing services your competitors websites and your local newspaper are great sources for finding properties that are For Sale Check these resources often for changes that affect your market Input the offering data on the Property Overview screen in the offering section and change the For Sale dropdown box to Yes Type FSBO in the status field if the property is For Sale by Owner or type Listed if the property is Listed this field is customizable to fit the way you work Double click or go to the Offering tab if you need to enter more information about the offering Do this for every property tha
41. your own Smart Links under the File Menu gt Administration gt Settings gt Custom Add Ins tab Property Photographs Once you have input your property data into REALHOUND you will need to photograph each property in your farm Not only does having property photos in your database give you a tremendous advantage when you are on the telephone with property owners or tenant it also gives you the ability to quickly generate reports with photographs and distribute those reports at a moment s notice instead of driving all over town to take pictures Make More Money Realhound Inc 39 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie TIP Even if you are a seasoned pro in commercial real estate there is still tremendous value in driving the real estate in your farm area Buildings and neighborhoods change over time If a building has fallen into disrepair the owner might be in trouble and may need to sell Tenants might want to relocate from a tired shopping center You should be on top of the situation to seize such an opportunity Try to drive to each building in your farm at least once every three years The best way to accomplish photographing your entire property database is with a digital camera laptop computer Microsoft Streets and Trips the newest version sold with a GPS receiver and a driving buddy Start by exporting your property addresses from REALHOUND into an Excel spreadsheet and import tha
42. 0 000 3 000 000 ASSISTANT ASSISTANT JUNIOR AGENT DATABASE Database Team maintains Make More Money Realhound Inc 29 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Stage Five Five Staff Members Gross Fees 3 000 000 PLUS A A JUNIOR AGENT ASSISTANT V ASSISTANT ASSISTANT JUNIOR AGENT n lt p aE DATABASE Database Team maintains Technology Is the Foundation of Your Success The foundation of all the business models as illustrated above is the agent s database Consider your database to be your very own gold mine that if maintained properly will yield you a tremendous personal fortune Successful agents all have databases that contain property data corresponding ownership tenant data available space For Sale and lease information Their data is unique and not solely dependent on third party data providers Every change of ownership is verified against multiple sources including the Buyer Seller and brokers Newly leased space is verified with the tenant landlord what a great way to gain new business and brokers Depending on their target market they track ownership properties for sale Buyers transfers of ownership Sales rents tenants leases new construction and properties taken out of service They know who they have talked to met with and who is receiving marketing materials Without this critical information effective prospecting is not possible If
43. 1 714 555 5555 Owner Make More Money Realhound Inc 60 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia elllsine 3 Filter by field Right click in any field that you want to search in the Contact record A menu box pops up and gives you the following search options for the selected field Filter For Filter By Selection Filter Excluding Selection Remove Filter Sort Company Contact Search a Filter For Entering data in this field will filter selected records for an exact match to the data entered in the field If you wanted to filter for all records that had the text LLC in the selected field you would enter in LLC The asterisks tell the program to include any text strings before or after LLC will be included in the Filter results ie Simpson Housing LLC John Doe Member Filtering is not the same as a Search When a Filter is on the rest of the records are hidden from view If you would like to create a search from your filter click the Apply Filter button When you have completed the filter right click in the field that you were working with and select Remove Filter Sort to unhide the rest of the records b Filter by Selection Selecting this option will filter for records that have the exact matching text in the same field All of the other records will be hidden until you remove the Filter Sort c Filter Excluding Selection Selecting this option will hide all records t
44. 6 7200 Include Completed Tasks C 02 AMUYZo U elem ane Pesicarcs Stow Onh Fast Due Tasks C i EREMO aire Shi niy Wy Tasks cas a fies box to show only BEE your tasks MM Brows amp Brown Agsociotes Bob Brown 949 456 0000 Call It Mews Period All le Leste Karge pa L Click to refresh Ee p the list Calendar tab View individual or team tasks ona calendar You can customize your view of the calendar by performing a click and hold on the mini calendar and dragging the mouse pointer across the mini calendar highlighting the number of days that you wish to view You can move tasks to new time slots or to another day by performing a click and hold just to the left of the task on your calendar and moving the task to the desired time slot or day The Calendar features work the same way as the Task list Task List Caendar Search For Task Types Lnknown Al Call To Do i December 2014 P Email SMIWTF3S rini 3012345 6 7 3 9 1071172 1 bona 14 15 fel 17 18 19 20 Marketing pa a 21 2 23 24 25 26 27 Assigned to Users 28 29 30 31 Administrator T aprire anuary 7015 je bnewnan SMIWTFS cealilen o ies EE g poses Wal 456789 eae pine R 111213141516 17 18 19 2021 22 23 44 a Show Onh Past Due Tasks a 3 z ae ee If you are ina E a Today team check the box to s
45. ALHOUND to be 100 perfect all of the time because the real estate market is dynamic and is constantly changing If you are a single user with no help budget your time between money making activities and database upkeep Whatever you do do not get so absorbed in the upkeep of REALHOUND that you use it as an excuse not to prospect and grow your business 6 The key to cold calling is just to do it Pick up the phone and call your prospects For the most part you will find that people are very nice Make More Money Realhound Inc 106 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaiAlel Sate and you just never know what you might learn from the person at the other end of the line Always try to beat the number of calls that you made the previous week Make a game out of it like Dial for dollars You just never know when you will hit the jackpot Make More Money Realhound Inc 107 In all affairs it s a healthy thing now and then to hang a question mark on the things that you have long taken for granted Bertrand Russell MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Chapter Six Lick amp Stick Your Way to New Clients Direct Mail and Listing Marketing Reports Direct mail is a highly effective way of prospecting in commercial real estate There is a system to direct mail that you must master and practice regularly in order to maximize your direct mail results When done correctly you can e
46. Are you having any challenges with your property space or location Are your CAM charges what you expected Do you have time to show me your property I can meet you at the property the next time that you are in town 8 Do you mind if I stop by and give you my business card What days are you at the property Again your goal for each phone call is to obtain a face to face meeting with the property owner or tenant You must meet him to establish and build rapport Your goal is NOT to list the building over the telephone or send him half baked offers because that destroys your credibility Nor is it your goal to supply a prospect enough information that he can find a new space or market his property without you You are not the Library of Congress or the Red Cross so don t give away your trade secrets Make More Money Realhound Inc 88 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE G iaiAlea State If you notice that you are doing all of the talking during a cold call it is time for you to say goodbye that is of course after you ask for a meeting When you are on a Call always remember that you were born with two ears and one mouth and that you should use them proportionately If you are doing all of the talking that means that you are not asking enough quality questions People like to talk about themselves so make sure your prospect is the one doing the talking and that you are attentively listening for your opportunity to as
47. Drops the current property from the list of displayed properties and advances you to the next property record Task Allows you to schedule a Call Meeting or To Do task with a contact record at some future point in time and links the activities to the property record Scheduled activities will appear on your calendar NOTE The Task Note and Call buttons will only display if the History radio button is selected Note Creates a new note in the property history record Call Creates a note about a call you received or placed to a selected contact in the contact and property history record Attach Allows you to attach different types of files to the contact record such as a marketing package MS Word document or PDF file to the contact record history Files are stored in the property s document folder Documents An innovative way to store and view any electronic file associated with the current property record Files can be cut copied dragged or pasted into the folder that pops up when you click the Documents button You will never lose an electronic file again AutoCompare The AutoCompare feature automatically compares the currently selected property to the other similar properties in the database that have recently Sold are currently For Sale and are potential rent comparables This feature will also estimate the current property s value based on Sales and current Offering information that has been entered into the
48. E Chapter Six Direct Mail and Listing Marketing Reports uu cssessssesseesseeseeessseeseseeneseeneseeseeteneseaeeens 109 Direct Mail vs Cold Calling Which Is Better oe cccssssssesesseneeeseeessestssesnsseeeseenesteesees 109 The Secrets to a Successful Direct Mail Campaign ou cccesesseecseseeseseseeeeeseesesnsaesneaeeees 110 Email Blast Mar RUINS snimana eaaa EE i 113 Marketing Reports Are Easily Created Using Marketing Campaigns cscs 113 The Listing Marketing Report A Staple in Your Arsenal sssssssssssssrrsssrrsrssesreesrens 114 Track a Newsletter or Non listing Related Advertisement cssssesestseeseeeees 120 Review a Contact s Marketing History cccsesscssessssscssseesseeseseesessesesseneasensseeneasseeneseneaeeens 121 FOV VC rch ese tec A este esate acute ct eet corte anteaters 121 Chapter Seven DealFinder and Tenant WiZard ccssccsssessssecssssseeceseseeesesesessesssseessseeneseseseenesteneasensesensateneens 124 Introducing DealFinder amp Tenant WiZard ecessssesssesessestssessseeseeensseeneetenestenesteieetaeeneaeeees 124 DealFinder cscs este ccc etc cesccca esc anata woes ececasc te ape sees seas sestecueeecepcpeseset aspen eae eaeeemnaeereeses 125 Using Deal G dEr cionan Ea 125 LO VNT O a E E AE E O A A 127 Usinge Tenant VIZA dicene a ASE a anaE EN E ETENEE 127 Matching Buyers to Listed Properties cssecsssesessesseseseseeneseeneseeneaseneseeeseeneseeeneseeneneenens 129 Matching Tenant Nee
49. ERCIAL REAL ESTATE Wozali at Use Ants to beat your Competition It seems that we are always asked how REALHOUND can best be used to really beat the competition and gain market share My reply is always the Same use ants Now you re probably thinking that we couldn t possibly be referring to the little insect but we are You will not literally dump a box of ants on to your competition s doorstep to drive them out but you will use your study of the insect to accomplish the same thing Ants are amazing creatures There are species of ants in South America that can clear an entire forest when they are hunting By sheer number they can take down larger more powerful prey When they have a collective goal they are fearless All creatures big and small flee from them The same can be true in the business world your competition will flee from you Your market is your forest and your potential clients are your prey Cover your market exactly as described in this book and you will drive your competitors from your business forest Will you be the Market Cycle s next victim When the real estate market was edging its peak my local newspaper ran an article predicting that the market would continue to climb The article quoted a major commercial brokerage firm proclaiming that the traditional real estate market cycle was dead and that there was not going to be a bust to this market s boom Time has obviously proven that statement
50. For Sale Type w Price 7 000 000 10 000 Expires 42 12 2015 Sub Type w Down Pmt 3 000 000 3 500 Target Date Year Built CAP Deal Probability 65 Class v GRM Investment No w 54 Ft Occupancy Net Lease Mo w Unts Rooms SF Month 1031 Exchange No w Available SF VSF ear Closing Date r y z 7 TTT a Comment 10 Cap and 125 SF Mj en eee ee vein Only wants Scotsdale A Use Saved Search Y Note Double click on a field to select multiple values The Deal Probability field is your own personal assessment of the contact s motivation This field will help you remember which people in your database are truly motivated when you are reviewing their Buyer Tenant Needs in the future Deal Probability is expressed as a percentage and should always be used Details should be kept to the Comments box or you will narrow the search results by having too many limiting parameters In other words you could skip over properties that your client might want to buy Click the Show Matched button to automatically find available properties Don t forget to click the search Internet button The difference between entering a Buyer need and a Tenant need is very subtle You must be conscious of selecting the correct Need Type so the proper property availabilities can be searched and matched to the recorded needs Need Type For Sale v Fynirear 14 onds Tenant needs For Lease Need Type should have an expiration date Deal Pr
51. His Apartment Homes Apartment The Matched Properties window shows you matching properties that have had their For Sale status changed to Yes in the Property section DealFinder is discussed in greater detail in a later chapter Make More Money Realhound Inc 65 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia Offering For Sale For Sale Yes W in Escrow No Y Status Otm available i isdie Piil BiA AAA ARA i ieii Pod foto Wo mA E FaF Tal Tenant Wizard This tab gives you the ability to find and manage Tenant needs in your database for contacts who are looking to lease space that match certain criteria that you have already specified for them under the Buyer amp Bia Money Tenant Needs tab in the Contacts section of the program The Tenant Made Here Wizard feature is extremely useful when you are trying to locate a tenant for an available space but that space has not been entered into your database or if you want to manage a list of tenants looking for space Example You get to a flyer from another broker marketing 20 000 SF of office space You then search the Tenant Wizard feature for tenants that have a need for 20 000 SF of office and then run the deal past all of your clients that qualify Yes this is another feature that can make you a lot of money Within this tab is the Matched Available Spaces window By selecting a tenant on the screen above this window and pressing the Match Availab
52. In commercial real estate SUCCESSFUL it s all about the money merry because it s the best way to keep score BUSINESS sR RID Bitte AIR 8 te REE MODELS INSIDE In Commercial Real Estate Grow your business in any market REALHOUND Inc Copyright 2006 2015 by REALHOUND Inc All rights reserved No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems without permission in writing from the publisher except by a reviewer who may quote brief passages in a review This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is given out with the understanding that the publisher is not engaged in or rendering legal accounting or other professional service If legal advice or other expert assistance is required the services of a competent professional person should be sought It is the responsibility of each individual person to check the accuracy of ALL analyses comparisons and reports that are generated by any software system they may happen to use If you would like to receive an additional copy of this book please contact us and we will gladly send one to you Hurry supplies are limited REALHOUND Inc 27068 La Paz Road Suite 637 Aliso Viejo CA 92656 949 309 2810 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE WONNE Ri Contents
53. MAP button at the top of the screen Select the radio button next to the geocode option that you wish to use and click the Start button Primary Wapping and Aerial Options What would you like to do iat yoa tenve Aakaissise Heep tit SS or es nalik OA an Cmn Aer _ Map and show an Aerial of my selected properties with Microsoft Live Map Your properties must first be geocoded nd Aerial Options Sie ad Gi a Ack Sepak Gags VOL e aaa a E i O Map and Show an Aerial of my Sareri propethfenchart acim Yahoo Hybrid Maps lel Make More Money Realhound Inc 78 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washi aE Reminder You need to have Microsoft MapPoint 2014 installed on your computer to utilize some of the program s mapping capabilities MapPoint 2014 was included in the higher end MS OfficePackages If you did not purchase MapPoint 2014 with your computer please consider purchasing the program online from EBAY com for about 75 It is well worth the investment Geocode By Hand This is the least appealing of the three options because of the tedious nature of the work However if you do not have a property address you will have to manually enter the geocode for the property in the Detail tab In order to get the coordinates you will need to drive to the property with a GPS unit and record the latitude and longitude Radius Searches Analysis Smart Links Window Help ll amp Me Search gh Reports 7 De
54. NG DATA MAY CAUSE UNDESIRABLE RESULTS BACKUP YOUR DATABASE BEFORE STARTING E Backup Now B Read the Notice and if you agree to the terms contained therein select the Agree to only import data that I am properly licensed to import or that I own radio button Agreement agree to only import data that am properly licensed to import or that own Ido not agree to only import data that am properly licensed to use or data that own C Confirm your agreement to the terms in the Notice by typing Yes in the box provided Make More Money Realhound Inc 44 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE ia elsinae Confirm your agreement by typing YES YES D Click on the Next button to continue STEP 3 Click the Easy Import Wizard button to start the Import Wizard mplest way to import data The wizard will create an Excel spreadsheet for you to cut eature requires Excel 2003 2013 ve ee fiom sete ee een Wizar Ss Se Se eS STEP 4 From the Import Wizard Screen select the type of data that you wish to import If you want to import property data select the Properties and Contacts radio button If your spreadsheet contains strictly contact data select the Contacts Only radio button Step 1 What type type of data would you ike to import STEP 5 Enter a name for the spreadsheet that you will paste your data into What would you like to call the
55. Realhound Classic data file to Login to ope lt p venue Last Opened Microsoft Access Database Tune Up Database Who s Logged In Test Security Rights Test Internet Access OF j i A E O O PE P E E 5 el y G ate N PU SG LNE Pa hs Create a New Database Locate a Database Data Doctor fixes and cleans your data A truly unique feature of the program is the data management suite called Data Doctor Data Doctor allows you to globally change the data in your database and perform duplicate checking on your data There are over 75 data management and cleansing features in this section of the program Warning Always Always ALWAYS backup your original database before you attempt to use any feature in Data Doctor There is significant chance that you will corrupt your entire database using Data Doctor in which case you will be thankful that you took the time to backup Make More Money Realhound Inc 48 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imialmlsinae Data Doctor is not for everyone and was specifically designed for your database administrator and IT professionals Using Data Doctor 1 From the File menu select Administration and then Data Doctor 2 Find and run the data management feature that you wish to use Partial Data Doctor feature list Duplicate checking with merge Setup users Data Clean up amp and delete functions optimization Switch data between fields Data
56. a to do with the current contact TIP Ifa prospect wants to meet with you do it as soon as possible The longer you delay you increase the probabilities that your competition will find this prospect and will swoop in on your business Before you meet with a prospect it is always a good idea to drive any related property to refresh your memory Reminder Liberate your Task list If you reached a prospect and he is on your normal quarterly calling schedule you do NOT have to schedule a new task to remind yourself to call him in the future REALHOUND manages your call lists for you The only thing you need to do is click the Cold Call button and select the proper call result after EACH call Track Follow up Phone Calls with Contact Groups It is not practical to schedule future cold call dates with your prospects simply because you want to remember to call them every 90 days If you did your task list would quickly become overwhelming and unmanageable It is equally impractical to schedule reminders to call prospects with whom you want to follow up with on a more frequent basis Make More Money Realhound Inc 99 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali State other than your usual 90 day call schedule because you think they might be getting close to making a real estate decision A Contact Group is the simplest way to track prospects that you need to call frequently but that you do not have a formal appointment to call
57. able that someone in your farm is interested in buying selling or leasing real estate right now The big question is will they call you first The response rate in a competitive market is approximately to percent per mailing Sending out mailers is purely a numbers game the more you send out the greater the number of responses youll receive Caution If you fail to send mailers to your farm for more than 6 weeks you run the risk of having to start your marketing campaign all over again with the initial weekly mailers What that means to you is that you will have to wait another four to six months for your mailers to become fully effective again The second critical element The second critical element in a successful direct mail campaign is the Make More Money Realhound Inc 110 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali accessibility of the message When your message arrives in your prospects mailbox it is competing against at least 10 other pieces of mail for their attention Typically people will look for a bulk mail stamp or some other indication on an envelope to determine if a mailer is junk mail If it does not pass their initial sniff test it is immediately discarded as junk mail For this reason you should not send you marketing materials in envelopes or witha bulk mail stamp A postcard is the best choice for direct mail because your message is immediately received when the postcard viewed plus i
58. age in the space accurately reflected on the lease You would be amazed at what you can find in some leases when you start digging around One word of caution if your investigation uncovers certain items which impact a landlord s pocketbook you will get crossed off of that particular landlord s holiday gift list You should also consider charging a fee for any amount that you happen to save the tenant If you are not fortunate enough to obtain a copy of a tenant s lease at least ask them about their rate lease expiration date renewal options and purchase option dates Record these critical details in your database for future reference Reminder Do not plan on meeting and greeting tenants while you are photographing your properties for your database If you did this you would never finish this essential activity of getting your database photos Data Imports You can import REA Act and any type of data that you can view using Excel From the File menu select the Import Export option and Import Select the import option that best accomplishes your goal The Easy Import Wizard Data can be easily imported into the program without complicated field mapping using the Easy Import Wizard The Easy Import Wizard works by copying data from one Excel spreadsheet and pasting that data into the correct columns in another Excel spreadsheet that is created by the Easy Import Wizard After all of the data has been pasted into the newly create
59. ake 350 000 per year work 50 weeks per year and 40 hours each week adding up to a total of 2 000 hours worked per year Your unleveraged time is worth 175 hour 350 000 income 2 000 work hours However just 20 of your time was spent on activities that generated 80 of your income Using the 80 20 rule you are only at your peak productivity for 400 hours year and have misallocated 1 600 hour to activities that only produced 20 of your income Therefore the true value of your time is when you are at your peak productivity or in this example 700 hour 350 000 x 80 of your income 280 000 400 hours 700 hour Your non productive time is therefore worth only 44 hour 350 000 x 20 of your income 70 000 1 600 44 hour Make More Money Realhound Inc 24 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Se What this means is that you should hire someone to manage and complete the tasks that are a misallocation of your talents the least productive of use of your time You can hire this person in a full time position pay them up to 44 hour and still expect to come out ahead on the arrangement as long as you discipline yourself to focus on your top 20 and let your employee complete those tasks that are a misallocation of your time Reminder There are many different people in this world that you can hire at many different pay rates Make sure that your new hire s is fairly compensated so you can minimize emp
60. aking a ene absolute best commercial real estate contact management software in existence today This book will guide you through the same processes and will teach you the same system that these top brokers use to consistently make six seven and eight figure incomes in commercial real estate using this software The strength of the companion software is its simplicity The program was designed with the novice computer user in mind but is powerful enough to meet the needs of the most experienced commercial practitioner It simplifies and automates complicated commercial real estate processes which in turn increases productivity You can run the program as a single user in a team of networked multi users remotely with or without the internet or have a true virtual office Your company can actually rebrand the program with their logo and a different name It allows you to manage your contacts properties escrows listings leases sales loans buyer amp tenant needs prospecting marketing and most importantly your time all from a single application You no longer have to toggle between various databases and different applications in order to run your business REALHOUND is the most powerful commercial real estate software that you can buy Whether you work alone have a partner are a broker with an office full of agents or have a single assistant REALHOUND is ideal for sharing data locally or over the Internet storing electroni
61. al that also doubles as the cure for the most chronic case of insomnia For a free trial and personal product tour of REALHOUND visit us on the Internet at www realhound com send an email to sales realhound com or call us at 949 309 2810 Make More Money Realhound Inc 146
62. anging their leasing agent Consistent telephone calls to property owners and tenants in your market will help you anticipate their needs and keep you ahead of your competition Cold Calling techniques and other helpful calling tools are covered in detail in a later chapter You should contact every property owner or major tenant who is in your target market at least once per quarter every 3 months TIP To determine how many calls you need to make on a daily basis to reach your goal divide the number of owners and tenants in your target market by work weeks in the quarter typically 12 weeks and finally divide the resulting number by the number of workdays in the week You now know how many calls you need to make per work day to reach every owner or tenant in your target market quarterly If you realize that there is NO possible way to reach everyone on your list ina three month recurring cycle then you have too many prospects on your call list Cut your list down to a more manageable level A good rule of thumb is that one person can effectively contact 700 to 900 prospects by telephone per quarter Remember your goal is to talk to a live body who can make real estate decisions and not just mindlessly dial the telephone Dedicate at least two consecutive hours each work day to cold calling Schedule your cold call time during the week alternating the days that calls are made in the morning and afternoons Don t let anything distrac
63. any informational gaps that they would have better luck prospecting blind folded from a metropolitan phone book Without an accurate contact and property database effective prospecting is not possible If you cannot effectively prospect you cannot maximize your business opportunities If you are not maximizing your business Opportunities your real estate business will stagnate This is evident in the business models of many Old timers in the business because they only work with a handful of clients As their clients transition out of the business and are not adequately replaced their incomes start to stagnate Caution There are no shortcuts to creating and maintaining a property and contact database Some people only want to import data in to their database without ever questioning and verifying the quality of the data If you decide to take this approach toward maintaining your database it can cost you hundreds of thousands of dollars each year in lost fees Effective methods of maintaining your database will save you time and money The top performers in commercial real estate invest in technology that works FOR them and not against them REALHOUND is the ONLY commercial real estate software that is specifically designed to help prospect It is the only software that leverages your time by making the daily processes in commercial real estate simpler It manages your contacts properties cold calls listings escrows projects buye
64. ase Offering For Sale and Sales tabs Displayed screen sections data fields and tabs will change based on the type of property that has been entered into the database This means that a retail broker does not see apartment data fields and unit mix information on a shopping center s property record Make More Money Realhound Inc 66 Big Money Made Here MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali The Overview tab The Overview tab was designed to give you all the essential information about a property on one screen In addition to the basic information about the property it shows Ownership Offering For Sale details Last Sale data and property photos You will find that you rarely need to go to any other tab in this section When entering a new property record you should always enter the property name if you do not know the property name use the street address as the name For example 3135 South Front St property type and address Overview Detail Unit Types Offering For Sale Sales O Name Aloha Key data fields Property Type Apartment that should be Units 95 Rie filled out Square Feet 69 940 Occupancy oot Year Built 1977 Web Site Www alohaapartments com Parcel No 123 456 789 Mb Sub Type student Housing Building Status User mprice Visibility Team a Location 127100 N 56th 5t City Scottsdale hajaz wi asz u Country United States m Mame Pro
65. c files documents managing transactions communicating with other members of your team and granting client access If you have a team approach to commercial real Make More Money Realhound Inc 11 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE BINIOU ez iON estate our software will make you more money by increasing your team s capabilities and productivity 3 The program greatly simplifies the prospecting process because you can easily execute cold calls target your contacts with direct mail as well as Some of our users identify potential properties for buyers and find spaces for tenants all from sell billions of within your database Find missing phone numbers unlisted and listed and dollarsof addresses right from a contact s record by simply clicking on a Smart Link If commercial real cold calling is a part of your business plan and I m certain that it is estate every year TntelliCall will increase both your chances of reaching property owners on the phone and getting new business from them when you do The Auto Compare feature gives you instant access to Rental Sale and For Sale comparables customized for any property in your database This powerful feature allows you to analyze a prospect s properties on the fly making it a powerful tool to use while you are on the telephone The program also tracks your marketing efforts projects and timelines from start to finish Our revolutionary DealFinder amp Tenant
66. cial analysis tool that is extremely easy to use Not only does it calculate both leveraged and unleveraged IRR but will also calculate a new price if you change the IRR Warning Make sure you understand what the financial analysis model is telling you about the property BEFORE you try to explain it to a client or take it on a listing presentation It is YOUR responsibility to check the accuracy of ALL analyses comparisons and reports that are generated by any software system How to use the Underwriting analysis tool 1 Query the property that you want to run the analysis on 2 Before you get started enter the rents or asking rates for the property For leased investments enter in the rate information for the property in the Asking Rates and Available Square Footages section on the Facilities tab Make More Money Realhound Inc 134 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali ag For Apartments and Storage property types select the Unit Types tab and enter in the rental data Follow the directions on the right side of the screen 3 Select Underwriting from the Analysis menu 4 Click the New button to start a new analysis and enter ina Description to name your analysis Make More Money Realhound Inc 135 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Enter data in the blank fields The program will auto calculate fields based upon your input You can change the IRR CAP etc to adjust the price Click t
67. could pay in salaries It is your unproductive rate hour multiplied by 2 000 hours worked each year The minimum annual salary for this example is 25 000 Your time is very valuable Do not squander it on unproductive meetings unqualified buyers amp Tenants web browsing unmotivated sellers substandard software or just hanging around the water cooler The Four Fundamentals to a Successful Commercial Real Estate Business In order to master the three fundamentals of a successful commercial real estate business you must understand these concepts and make them part of your core business focus 1 Prospecting Prospecting is the life blood of a successful commercial real estate career You MUST prospect on a daily basis by telephone and send direct mail to your farm weekly It doesn t matter what else is happening in your business prospect first and handle problems later 2 Controlling Inventory Commercial real estate is a business of control You either have control or you have nothing Your goal is to be your clients exclusive representation as a listing agent buyer s representative or tenant representative This is called controlling the inventory and the concept extends beyond properties to include people that you represent both buyers and tenants The purpose of getting control is not to generate offers on listings or drive all over town with your clients but to close transactions and you should always work toward this e
68. d Make More Money Realhound Inc 43 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaa mlisinas spreadsheet the Easy Import Wizard will automatically bring the data into the program Warning Always backup your original database before you attempt to import any new data into it There is always a chance that you will corrupt your original database with any new data import in which case you will be thankful that you took the time to backup From the File menu select Backup Agent Using the Import Wizard STEP 1 From the File menu select the Import Export option and Import option L IE e Edit Search View Report Analysis Smart Links Window Hel Login to Database lt 7 All Me 4 Search yy Reports 7 Den OYD WRIGHT B cy Print Vright B Scottsdale Import Export Administration OF Lease Leas E Offering OF oak Import Export to Excel 2003 2013 Export to Excel User Interface WE Backup Agent Export REALHOUND Classic Exit Zip a file Web Site Unzip a file Amira sted Realhound Upload Download Sub Type Retail strip Center ETE Actual Use cr SS SSS STEP 2 From the Import Agreement window A Click the Backup Now button to make a backup of your current database If you happen to adulterate your current database with your newly imported data you will be very thankful that you took the time to backup WARNING TRANSFERRI
69. d of the month As the appropriate time of the month rolls around just pick your contact group s and make your calls Using this system you would call the Weekly group every week Around the 14th of the month you would call the Bi Weekly and Weekly contact groups At the end of the month the Bi Weekly Weekly and Monthly contact groups would be called This system works well because real estate is a cyclical business meaning you tend to do the same activities every month So it is very easy to remember to call the appropriate contact group TIP Create a contact group named Wrong Numbers As you are making your cold calls and come across a wrong number just add that contact to the Wrong Numbers group This is a quick and easy way to recall the contact records that require phone number research Make More Money Realhound Inc 101 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE G iaiAlea State Using the Related Properties section to make painless cold calls Nothing is more helpful than having organized information at your fingertips while you are on the telephone When you can talk to a prospect about his properties discuss other properties that are For Sale have Sold and what the surrounding rents are near his buildings during a normal phone conversation with him you establish credibility and sound like a commercial real estate expert Who cares that you clicked a few buttons and all of the information just popped up You get t
70. database Other Important Tabs in the Property Section Availability For Lease tab This tab is where all of the information on the available vacant space is recorded for a particular property From this screen you can create a Stacking Chart or Lease vs Buy analysis As you enter in vacant space click the Match Tenants button and the program will automatically query the contacts in your database that have a matching tenant needs If you lease space this feature is going to make you a lot of money Make More Money Realhound Inc 70 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE GaAs Sina Overview Detaj Faciities Available For Lease Leases Offering For Sale Sales Owners History List _ f I g _ j r i ice roor S Iri PNG L MEHO lerim ki i Avitabile CS iont ear CSF iMonth WSFivear Tyoe 2 10000 S6667 S80 3067 58 00 Nnn 60 2 15000 56667 8000 S04 5 33 Nnn v 60 3 10000 S6667 80004 0 67 8 00 Offce sy 60 v Space 200 Status G Free Rent mos n all mr Effective Rate Sq Ft 10 000 Listing Date oo su onth S6 667 Available Date 11 12 2015 Expenses Stop S Year 80 004 Available Note NNN Charges WSFitonth 0 67 sisFivear 8 00 es YC Adjustments Term mos 60 Space Type Office W 4 Consideration 400 020 Use yl Lease Type Nnn ig ee type y Actual Us Sublease No g nee _ Fee NAIC Code yl Potential Fee SK Code we Delete Available Space and Save a
71. down market cycle Be prepared Make More Money Realhound Inc 34 I learned long ago never to wrestle with a pig You get dirty and besides the pig likes it George Bernard Shaw MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie Chapter Three Creating Your Database Goldmine Creating a Database amp Importing Data As a real estate professional the data that you have accumulated about the real estate market is your stock and trade If you do not track information about the marketplace your value proposition to your clients is greatly diminished A key component to accomplishing this involves collecting verifying and warehousing all property related market data that impacts your business and having it at your fingertips when you need it If you sell apartments and industrial buildings then collect data about those property types in your trade area If you lease retail space collect information on retail properties owners leases and tenants Tenant reps will focus on companies and their lease data Property information is a commodity these days Most of the information you need to build your database can be found using online public databases purchased from a third party uncovered with a quick property visit or a phone call There are only two ways to warehouse all of your data the easy way and the hard way The easy way is to use the companion software REALHOUND The hard way is to use anything else Wh
72. ds to Available Space wu ccesssessesssestseseseesseetsstensseenestenesteneseaeenens 129 Present and Record Properties Shown to Cli nts ccssssesseesessesesessssessssseesseeseess 130 Print an Available Space or Property Offering ReDOFt cssesesssessesseeseseseeees 132 FOWEC MOVO Sonan eee ener eer ee ee ee eer ere en eee er ee tre 134 Chapter Eight Comparison lo 0 heen eo ee i ee 136 Underwriting and Financial Analysis cccssssssseeeseseessesseesesesnesesnsseeseseeneseeseneeeneeeneneeens 136 Lease vs B y 8 UGE 0 NYC Loe mrinen Semerene stem cemnirren a eerirretiren erre oa irartr neereserre tein eee mr ere arr 139 AE Gl ors T eee ne ee rer eee ee ere eee ee ce ee eee ee ere 141 Available Space Comparison g aan eee anne one artnet rete emer cee arene ire err eater ere ne nee aera 142 FO TO VC cence cesta A ct ct cece aatueag one 143 Chapter Nine Coaching Takes Your business To the Next Level Error Bookmark not defined Real Estate Coaching Maximizes Your Income Error Bookmark not defined Power MOVE G asroor teeter Error Bookmark not defined Chapter Ten Increasing Your Value Proposition cscs ceseseeseseenesteneseesenesesteceneaseneaeeneaseeaeenees 145 The Solution for Increased Market Share and Agent Retention sssr 145 The Right Fit for Your Corporate Real Estate Business Do it Smarter Do it Better MAKE MORE MONEY IN COMMERCIAL REAL ESTATE WONSA Commercial real estate is nothi
73. e of the screen 8 The Property Map window will close and only those properties located within the polygon will be selected in REALHOUND Internet Mapping There is a mapping arms race happening on the Internet these days and you are the direct beneficiary to the conflict Say goodbye to the weak looking Mapquest maps and welcome to the days of full detailed aerials and street level views of your properties delivered right through your web browser The best part of this all is that these powerful mapping tools don t cost you a dime and they are integrated right into REALHOUND When you click the Map button all queried selected properties will get sent out to the Internet and mapped using the mapping service of your choice Microsoft Google Yahoo and MapQuest Microsoft s Virtual Earth This option produces very nice Roadmaps Aerials and Bird s eye views Properties are represented on the map as numbered red dots and a corresponding legend is created at the bottom of the web page You can also send your map to a client as an HTML email and they will be able to view your mapped properties complete with Make More Money Realhound Inc 81 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia Bird s eye views 1 Click the Map button From the Mapping Options screen select Map and show an Aerial of my selected properties with Microsoft Live Map radio button and click the Start button A map will be created in your br
74. e queried in the Buyers window 3 Select a Buyer to show their property need in greater detail You may also edit the Buyer Need from this window 4 On this tab is the Matched Properties window By selecting a buyer on the screen above the window and pressing the Show Matched button don t forget to click the Search Internet button to find online listed properties Properties in your database with their For Sale status marked as Yes that meet the selected buyer s criteria will be displayed in the Matched Properties window The Matched Properties window shows you a list of properties that match the selected Buyer Need Click the Goto Properties button to query the list of properties in the Property section Print the property list run an availability report and send it to your Client Tenant Wizard Tenant Wizard gives you the ability to find and manage multiple tenant needs in your database for contacts who are looking to lease space that match certain criteria that you have already specified for them under the Buyer amp Tenant Needs tab in the Contacts section of the program The Tenant Wizard feature is extremely useful when you are trying to locate a tenant for an available space but that space has not been entered into your database or if you want to manage a list of tenants looking for space Example You receive a flyer from another broker marketing 20 000 SF of office space You would search the Tenant Wizard feature for te
75. e the EXACT company name will automatically link to your current contact record just by selecting the Company radio button To query the related contacts in the same company click the Goto button next to the Company radio button and REALHOUND will look up those records for you You would click the Goto button if you wanted to send all of the related contacts in the same company a letter or email History Task Other Radio Buttons Select History or Other and the information displayed in the box below these settings changes With Other selected the program displays more contact fields and other customizable fields When History is selected every note logged call email letter scanned or attached document is displayed in date order Make More Money Realhound Inc 55 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washi aE O Histo x ii 3 26 09 2 00 p a i aji im etrator d Feasibility Study For Sale Proper 1216 08 2 00 p Hee agT Te aor To filter activities go to the Show Type drop down box and select the type of activity that you only want the program to display Tip To customize fields in your database select the File Menu gt Administration gt Settings gt Custom Fields tab Related Properties Displays all properties leases sales and linked properties that are related to the
76. e the follow up meeting to present your proposal that solves the prospect s problem You can have numerous 2nd meetings or arm twisting sessions as we like to call them with your client until you get their business Power Moves 1 Daily prospecting is the key to making a lot of money in commercial real estate Devote two hours of everyday to prospecting on the telephone Do nothing else during this scheduled time and do not allow any interruptions Record your call results for each prospect reached in their respective contact record Your goal with each phone call is to meet the prospect because people do business with people they know 2 Cold Calling is a specialized activity and there is no other software program on the market that can effectively manage the process like REALHOUND If you are migrating to REALHOUND from another software program congratulations cold calling just got easier for you 3 When you are on a call always remember that your Creator gave you two ears and one mouth with the intention that you would use them proportionately The best calls that you will ever have with a prospect are the ones where you just listen and let them talk 4 Here is the good news about cold calling the people that you call on the telephone are not going to remember if the last call that you had with them was good or bad So the only thing that really matters is that you are on the phone daily 5 You will never get the data in RE
77. eate a Stacking Chart from this screen To use the Stacking Chart you must have all of the required data fields filled out or the chart will not be created List tab This tab allows you to view your selected properties in a summary view and add or drop property records from your active list Itis very useful for selecting property groups and adding them to your list of active properties In addition you can easily export your property records to Excel Goto both the linked Owner of the property and Tenants contact records with a push of a button Searching For Properties Four Great Ways to Get the Job Done 1 Lookup box Located on the top right hand side of the Property Overview screen the Lookup box is a quick way to find properties and Owners in your database Type in all or part of an owner s name owner company name property name address city submarket subregion type sub type actual use and tenancy type then press the Enter key The program will pull up every matching record When you have completed your search select the ALL button to return to viewing all of your property records Don t forget that the List tab will display the search results in a summary format TIP To jump the cursor to the Property Lookup Box anywhere in the Make More Money Realhound Inc 73 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE GaAs Sine program press Ctrl P keys 2 Search button Click the Search button on the upper middle
78. eating a Database amp Importing Data ou eceessesseeeseeeceeeteeeeneeneseeneeeneaeeneaeenaeeneaeeneneeenee 36 Sources of Propery Dala Reremeetnareerca reereeretererereere re errr errr aeeer aren enter earner arte a ere tere 37 Create Your DalaDaS E ina vest eecteoe ee este aca ede eee ee eee 37 Geena nigh cela ium ere errr eT meer ter Terre rey ar terror rer er tr 37 Easily Find Phone Numbers Using REALHOUND s Smart Links sessccscssesseseesee 38 FTO PC Fy UC Ol ONG saarnaan ar aneneen NEEE AEEA EEEE EEEE ESS EEEO EPE ONNEA memes 39 Properties For Sale sessssssssessssnssrnensrrsnenrnensnnnsnnnnnnennnnnnnnennnnnnnnnnenntennnnnnnnennnnnnnnnnn nenn nnnnnnnnnennnnnna 41 Track down tenants amp valuable lease data sssssssssssssesssrnsssrrssssnsnernsnnennnnnnnnnnnnnnnnnnnnnnnnnnnnnnnns 42 BDO E a eee aes See eee ee eee ee 43 GW seal cee hia i 8 0 eam A164 a o A reer eminent nitrate EE E E E ere cer ener tee 43 Usinge the eoy ele mem NZa Td serasi ar aS ates tanec mettre tere nmr eerie emer terete 44 Data Doctor fixes and cleans your at uu essences seeeteteeteeeneieeteaseneaseneseneaeeneaeeeaee 48 Jome Da DOC OT e E E 49 POWE MOVE S srra E E N 49 Chapter Four MAKE MORE MONEY IN COMMERCIAL REAL ESTATE WONU The Contact SC U1 ON esen E S 52 Buttons buttons and more DUttONS wcccecccccssscsccssseceeceeccsesecsecseceesececeeseveeeasseessavseeaesaveesseeess 56 Other Tabs in the Contact Section of the Program eens 57 Searchi
79. ed records for an exact match to the data entered in the field If you wanted to filter for all records that had the text LLC somewhere in the selected field you would enter in LLC The asterisks tell the program to include any text strings before or after LLC and will be included in the Filter results i e Simpson Housing LLC John Doe Member If you wanted to filter for all records that had JUST the text LLC in the selected field you would enter in LLC Filtering is not exactly the same thing as a Search When a Filter is on the rest of the records are hidden from view When you have completed the filter right click in the field that you were working with and select Remove Filter Sort to unhide the rest of the records If you would like to create a Search from a filter go to the Overview tab and click the Apply Filter button b Filter by Selection Selecting this option will filter for records that have the exact matching text in the same field that is currently selected All of the other records will be hidden until you select Remove Filter Sort c Filter Excluding Selection Selecting this option will HIDE all records that have the exact matching text in the same field that is currently selected These records will remain hidden until you select Remove Filter Sort d Remove Filter Sort Selecting this option removes the filter on the selected field Here is another practical example of the use of
80. ee just ISAN 112014 your calender Oisplay Options Time Scale G0 Mnutes wl Ei 3 24 2 a 2 Ei e e e Search History tab This very useful tab shows you contact activities by Make More Money Realhound Inc 64 Big Money Made Here MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia ellsinw Sales Status and or Call Result You can also narrow your search by entering a date range or find key words in the database Print the results of your search by pressing the Report button If you want to know for which of your clients you created a proposal in November or met with in the first week of December you will be able to find that information easily by using this tab Project Status tab This tab shows you a summary of all property related projects New projects are entered in the Property section on the Projects tab of the property involved Once you have entered in a new project on a specific property record you will be able to access and manage that project from this tab Projects are very useful for managing property related activities that involve multiple steps such as closing timeline development timeline putting together a marketing package listing proposal or some other multi stage process Marketing Campaigns The Marketing Campaigns tab is where you will create and edit marketing campaigns for your property based marketing This feature will greatly reduce the amount of time and effort required to gen
81. en you choose to use RRALHOUND your data is stored in the most advanced database that you can buy for commercial real estate It organizes your market data so you can retrieve it quickly and logically It has a powerful customer relationship management CRM component that helps you develop and maintain client relationships by tying their contact records directly to the real estate that they are related to It will also match buyer amp tenant needs to available properties space in your database or on the Internet This powerful tool will save you a tremendous amount of time and can make you a ton of money The key to any database is to keep the information current Even if you have already created a database that has information that is relevant to your specialty in commercial real estate such as ownership tenants phone numbers property data property photos sales comparables properties For Sale rental data and lease data and have also created a farm area target market you should still review this chapter to learn new ideas that will increase the effectiveness of your database upkeep As a successful real estate practitioner you will need to track information related to your specialty which could include owners tenants leases properties for sale buyers transfers of ownership sales rents new construction and properties taken out of service Most of your or your team s database efforts will be spent keeping this informat
82. ents Make More Money Realhound Inc 111 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wosa ai e 4to6 word small headline e Ashort 25 to 30 word write up tell the story e A tagline Dont sell your property without talking to me first e Your name e Contact information with email e Company logo e Your professional photo The back of your postcard should be neat uncluttered and professional The fourth amp fifth critical elements It is essential that your mailers ALWAYS have a call to action and a take away on them A call to action asks the prospect to do something such as pick up the telephone and call you A take away is something that a prospect gets if they do contact you Giving a prospect something for free is the most compelling reason of all for them to contact you The following are good examples of successful call to actions with a take away Call for a free property valuation Call for a free sales survey Call for a free market survey Call for a free rent survey amp Call for a free lease analysis Reminder Everybody loves to get something for free so give it to them Oh there is just one tiny catch they have to agree to meet with you to get it Ifa prospect refuses to meet with you but wants you to do a lot of work for them there is a good chance that they are just wasting your time Guard your time wisely It is the most valuable commodity that you have and once expended can never be reclaimed Tip
83. erate marketing reports on your listings If you are not providing your clients marketing reports on their listings your business is in real trouble The program truly takes the pain out of the reporting process saving you and your staff hours of time Marketing campaigns are discussed in a later chapter DealFinder This tab gives you the ability to find and manage buyers in your database who are looking to purchase properties that match certain criteria that you have already specified under the Buyer amp Tenant Needs tab in the Contacts section of the program This feature is extremely useful when you are trying to locate a buyer for a For Sale property that is not currently entered into your database or if you want to manage a list of clients ina 1031 tax deferred exchange Example You go to a meeting and another broker pitches a deal that requires 2 000 000 down You search DealFinder for buyers that have at least 2 000 000 and then run the deal past the buyers that qualify Yes this feature can make you a lot of money Within this tab is the Matched Properties window By selecting a buyer on the screen above the window and pressing the Show Matched button properties in your database with the For Sale status of Yes that meet the selected buyer s criteria will be displayed in the Matched Properties window Don t forget to search and match off of the Internet listings Property Pacenter Cty Piace Apartment Scottsdale Caste
84. ers you only have these tasks partially completed So let s just consider your database to be a work in progress Your Farm area list of properties should already be setup as a property group if you sell investment real estate or specialize in leasing Because your focus is on current property ownership a property group will allow you to efficiently contact new owners that own properties in your farm area after your database has been updated with recent property sales If your forte is tenant representation you should have the major tenants in your farm saved as a contact group Caution You will never get the database to be 100 perfect all of the time because the real estate market is dynamic and is constantly changing Whatever you do don t allow yourself to get so absorbed in the upkeep of your database that it becomes an excuse not to prospect and grow your business If you are a single user with no help budget your time between money making activities and database upkeep Update your database only during hours that you cannot make phone calls Always run your call lists through the Cold Calls tab because the program will automatically generate and manage your call list based on your defined parameters Call frequency national DNC phone number availability are just some of the factors that the program uses to determine who should be called and in what order The key to cold calling is to JUST DO IT After the fourth or fifth
85. esire to pay stiff fines or face criminal charge continue to send regular email blasts from your office account Always always ALWAYS use a 3rd party email blast service to send email blasts and stay on the right side of the law Most people are numb to email marketing and will ignore messages that aren t new listings or recent sales activity Not to mention that spam filters will kill about 40 or more of your emails before they hit your prospects inbox If you insist on sending email blasts make sure that it is through a third party email blast service so you comply with all Federal State and Local laws This includes the laws in the State in which the email was received Reminder Spend the money to set yourself apart from your competition send direct mail or spend the extra buck on a professional email blast Besides unlike spam filters your neighborhood postman won t screen your prospects mail for them Marketing Reports Are Easily Created Using Marketing Campaigns REALHOUND tracks all of your marketing through the Marketing Campaigns tab This feature is ideal for tracking and managing all marketing associated with your listings If you were to send out a Just Listed postcard to a group of building owners or tenants you would enter it into marketing campaigns REALHOUND would automatically update each contact record to show that you sent them a postcard and would also update who responded If you gota call off of a
86. f the unproductive 80 The 80 gets redistributed as the size of the population changes Instead use this Make More Money Realhound Inc 23 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali information as a tool to spot inefficiency and to better manage resources within your business The Pareto Principle teaches us how to allocate scarce resources capital labor and time while in the pursuit of the most effective use of those resources Streamline your actions to obtain the maximum results for the amount of resources invested into your endeavors and watch your business grow The True Value of Your Time Have you ever stopped to consider the value of your time in a scenario where you accomplish everything by yourself with no outside assistance This would mean that closing a real estate deal would have the same time value as buying a roll of stamps In other words the highest and most productive use of your time has the exact same value as the least productive use of your time Using the Pareto Principle where 20 of your efforts create 80 of your income the True Value of your time is the value of your time when you are at your most productive You must increase the TOTAL value of your time by using leverage and delegating certain activities to hired staff that do not require your special talents in order that you can focus on the top 20 of the money making activities in your business Example Let s suppose that you m
87. fice generate 80 of the company s revenues which means that 80 of sales people generate just 20 of the company s revenues e 20 of workers do 80 of the work which means that 80 of your workforce does just 20 of the work e 20 of all Brokerage companies control 80 of the market which means that 80 of all Brokerage companies control just 20 of the market e 20 of Buyers amp Tenants you talk to will complete a deal e and 80 will not which means that 80 of all potential buyers and tenants will be a waste of your time e 80 ofa goal is achieved in the last 20 of the remaining time before the goal deadline This concept also applies to negative results e 20 of your clients will create 80 of your problems e 20 of inaction can ruin 80 of what has been accomplished e 20 of your workforce take 80 of the cumulative sick days at your office e 20 of your workers account for 80 of the tardiness in your office Try to avoid the misallocation of your resources to the unproductive 80 in your business Some examples of this type of resource misallocation are e 80 of a company s sales revenues are produced by just 20 ofa company s sales force but 80 of a company s resources go into making just 20 of its revenue or supporting the other 80 of the sales force e 80 of your marketing resources are spent creating just 20 of your sales leads Warning Do not assume that you can rid yourself o
88. g information will be discussed in detail in a later chapter And what about email Well it is cheaper than direct mail but most unsolicited messages wind up in the recipient s junk folder Make More Money Realhound Inc 18 Your contact and property database is truly the foundation of your SUCCESS Think about it Without knowing who owns the real estate or leases space in your target market how can you effectively prospect MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Contact amp Property Information Management aka Your Database Successful agents all have databases that contain property data corresponding ownership lease data and tenant information Internet sharing capabilities ease of use and functionality are extremely important aspects of an effective database Their data is unique and not dependent on third party data providers Every change of ownership and major lease is verified against multiple sources including the Buyer and Seller calling them to talk about the transaction is a great way to pick up new business Leases are verified with the leasing broker landlord and the tenant Successful agents know who they have talked to met with and who is receiving their marketing materials Unsuccessful agents do not have a database at all try to use Outlook for the task or have a hodge podge collection of dysfunctional data that was imported and never verified Their contact records contain so m
89. g the Easy Import Wizard If you choose to key in your data by hand we recommend that you start inputting your data on the Property Overview screen Create your Farm Make More Money Realhound Inc 37 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie With REALHOUND you have the possibility of storing an unlimited number of properties and contacts in your database A farm is a subset of properties or contacts in your database that you are continually prospecting for business Your farm could be determined by such factors as geographic area property size tenant type or property type If you are operating as an individual agent with over 1 200 properties or contacts in your farm you will not be as effective in personally contacting all of the prospects in your target market and you will have to slim down the size of your targeted group Conversely if you have a large multi agent team your team will be able to effectively handle a larger volume of prospects based upon the number of members on the team As a general rule you should have at least 700 properties in your farm with a minimum of 500 individual owners or tenants per agent on your team Your goal is to contact every prospect in your farm area at least once a quarter to secure a face to face meeting Owners with properties or tenants that are outside of your farm but are in your property database can be targeted with direct mail Identify a target market to become yo
90. ge of marketing Sample Stage Descriptions Once you have entered your initial marketing stages you have the option to save them as a template so you don t have to enter them again for future listings Click the Save Template button to save your newly created Marketing Stages template The Apply Template button will load the previously saved marketing stages template into your Marketing Stages window Here is what the marketing report looks like now 5 Marketing stages are either passive or active If you senda mailer toa list of contacts in your database it is considered active marketing If you have an active marketing stage you will link contacts from your database to that the marketing stage In other words if you send postcards to contacts in your database you will link those contacts to the marketing stage Mailers email blasts and fax blasts are all examples of active marketing Contacts now need to be added to the Postcard stage a Query the contacts that you want to mail postcards in the Contact section of REALHOUND b With your contacts selected in the Contact section return to the Marketing Campaign tab c Locate your listing campaign and select the Postcard Marketing stage d Click the Add Selected Contacts button Make More Money Realhound Inc 116 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE jaiAleaiSinae Alternatively you could attach all of the contacts in a Contact Group to a marketing stage
91. grows so will the demands on your time You will always be evaluating what the most productive activities are and delegating the rest to hired staff Some agents have hired professional drivers to chauffeur them to and from the office so they can maximize their productive time Others have hired off shore virtual assistants to do database entry and upkeep So what tasks could you delegate right now to become more productive in your own business Make More Money Realhound Inc 25 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia i T nleveraged i Unproductive Most Productive Leveraged Annual Salaries Leveraged Annual income 5 Hour S Hour True Value Revenue Paid Annual Income 75 000 00 9 150 159 375 25 000 134 375 100 000 00 13 200 212 500 25 000 187 500 125 000 00 16 250 265 625 31 250 234 375 150 000 00 19 300 318 750 537 500 281 250 200 000 00 25 400 425 000 50 000 375 000 250 000 00 31 500 531 250 562 500 468 750 300 000 00 538 S600 637 500 75 000 567 500 350 000 00 44 700 743 750 587 500 656 250 500 000 00 63 1 000 1 062 500 5125 000 937 500 1 000 000 00 125 2 000 2 125 000 250 000 1 875 000 1 500 000 00 188 3 000 3 187 500 375 000 2 812 500 2 000 000 00 250 00 3 998 4 247 876 500 000 3 747 876 Assumes that you work 1 000 hours at your most productive rate and 1 000 hours at your unproductive rate using leverage A general estimate of what you
92. h by units If the Subject is a strip center you will more than likely want to search by Square Feet Rarely would you search by both Units and Square Feet Example For a 50 unit apartment building you would enter Units 40 to 60 Enter 16 000 to 24 000 square feet for a 20 000 square foot strip center Note Your properties MUST be geocoded for the radius search to work see Mapping 3 Select the appropriate radio button to see comparable Sales Offerings and Properties rental comps are available for apartments amp storage only that meet the existing search criteria A list of matching properties will appear in the list below the radio buttons Tip Adjust your search criteria to narrow or broaden your search results After you change the search parameters click the Search button to view your search results 4 Atthe top of the Auto Compare window the program will display a summary of the sale Comparables Offerings For Sale properties Rent Comparables apartments amp Storage only and will compare each category to the Subject property Make More Money Realhound Inc 104 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wesala State Reminder The Auto Compare search function will function to save you from repetitive input by remembering the parameters that you entered into it from a previous search and will adapt those settings to the current Subject property 5 You can map the properties in the list by pressing the Map bu
93. hat have the exact matching text in the field These records will be hidden until you remove the Filter Sort d Remove Filter Sort Selecting this option removes the filter on the selected field Here is a practical example of the use of the Filter by field option There was a REALHOUND user who put an X in a certain user text field of every record that had an incorrect phone number He was distraught when he could not figure out how to find those records that he had marked with an K When he called our customer support department he was told to scroll through his contacts until he found one of the contacts that had an X and then to do a Filter by Selection Instantly all of the records marked with an K Showed up Customer Support then walked him through the process to create a group for his contacts with wrong numbers making it easier to find that group of records in the future Smart Links Make More Money Realhound Inc 61 Click and drag downwards Release here MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washi aE File Edit Search View Report Analysis Smart Links Window Help Today 3 Contact fi Property lt 7 All Me Search gly Reports Demographics Smart Links is bound to become one of your favorite features of the program It will take information from your current contact or property record depending on which section of the program you are in and searches t
94. he internet for useful information on that property or contact using some of the more popular websites This means that with one mouse click you can quickly get the weather forecast in a contact s city Internet maps with aerial photography overlays phone numbers demographics residential home valuations and everything else that your favorite search engines can tell you juicy tidbits that I m sure you will absolutely love Smart Links are located on the main menu bar on the top of the screen next to the Help drop down menu Go to a Contact or Property record and try it out Helpful Hints 1 REALHOUND is a database program designed to store your Contact Property and Activity information Buttons and controls in REALHOUND do certain things just like in an automobile If you learn these quick tips it will make operating the program much easier 2 To exit out of a field without making changes press the ESCAPE key This is very useful if you get an error while changing data 3 As soon as you move off a field your data is saved There is no need to click the SAVE icon 4 To close a screen press the X on the top right hand side To copy any list from REALHOUND into Excel use your mouse to click on the record selector the arrow to the left of the row of the first row in the list you would like to copy then hold down the SHIFT key and click on the last row While still holding down SHIFT right click on the last row and se
95. he Map Aerial button and select From the Mapping Option window the radio button next to Map and Show an Aerial of my current property contact using Google hybrid Maps Gg eee gt eee is Next click the Start button at the bottom of the window Your Internet browser will now display the mapped property 2 On the displayed web page choose the type of map you wish to view Street View Traffic Map Satellite or Terrain Try the Street View if it is available in your area 3 To see the Street view in full screen mode click on the Full Screen Option Yahoo amp MapQuest These features work in much the same way as the above Reminder The type of Internet mapping services and quality of the maps offered by the mapping companies will vary by location Power Moves 1 The Contact Section s Companies amp Contacts tab displays a contact s primary information history of property ownership Leasehold interest related contacts group membership and history of activities relating to the contact In addition you can send emails generate letters and schedule activities with your contacts from within this screen 2 Always enter in Buyer amp Tenant Needs for each qualified contact that you speak with Buyer amp Tenant Needs are used to match Buyers with Sellers and Tenants with available space in other areas of the program You should always enter in the following items into Buyer Needs Price Range Dow
96. he Report button to print a report Enter the property Expenses Click the Recalculate button after any changes have been made Enter in financing data Make More Money Realhound Inc 136 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali 8 Enter in Increases Decreases for each year of the analysis 9 Cash Flows Tab displays the financial analysis cash flows Lease vs Buy Analysis The Lease vs Buy Analysis feature is a fast and easy way to compare the financial aspects of purchasing a property and leasing out any unused space to leasing the same property The comparison even takes into consideration leasing out any unused space when purchasing a property How to create the Lease vs Buy comparison report 1 From the Analysis menu select Lease vs Buy Make More Money Realhound Inc 137 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaiAleaSiaas 1 Enter data in the blank fields on the Lease vs Buy screen 2 Click the Preview button to view and print a report Make More Money Realhound Inc 138 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Stacking Charts Stacking charts is a way of representing a building s vacancy and in place leases graphically Stacking charts is most often used for office properties How to create stacking charts 1 2 Query your subject property Input the property s in place leases under the Lease tab including the Space Floor Rate Start Date and Expirati
97. he credit while your database does all of the work So let s get you familiar with the Related Properties section on the Companies amp Contacts tab On the Companies amp Contacts tab in the lower right hand portion of the screen is the Related Properties section You have several ways to view the information in the list box By selecting the appropriate radio button next to Own Summary The box will display a one line property summary that shows all of the currently selected contact s owned properties Use the scroll bar to move up and down the list box Own Detail The list box will display a list of properties owned with a summary of Property which includes details such as property address listing information square footage units year built and last sale data This setting gives you the need to know basics on the real estate owned by a contact without having to click over to the Property section of the program Lessee The list displays all of the leases that the contact is connected to as a tenant Other details such as the property address square feet lease expiration date renewal date option date lease rate and total lease consideration are all displayed Sold The list will display the selected contact s history of sold properties All Related The list will display properties that the selected contact is related to and the relationship Owner Manager Listing Agent etc This is a useful feature when you
98. how to use advanced software technology in commercial real commercial real estate brokerage as to save you time and increase your income while the second part would discuss techniques and business strategies for commercial real estate agents and companies to become more successful in their businesses However as the book progressed it became obvious to me that the two parts were not separate since continued success in commercial real estate is due in part to discovering mastering and applying new technological advancements to a practitioner s real estate business In the end the two parts of the book were integrated into one and it is my belief that the result is a fluid and concise description of how to use existing technology to grow your business in any market A brief overview of the technology 3 REALHOUND Classic the companion software that is discussed in this book was developed in collaboration with some of the best commercial real estate You should be making brokers in the country Prior to the creation of this program there truly were at least three hundred no good existing software solutions available for commercial real estate thousand dollars a year professionals You are gaining the benefit of a business tool that was created gross fees in at a combined cost of over eleven million dollars and growing in labor commercial real estate research equipment and capital all poured into a product that is the without even bre
99. in this business depends on daily Prospecting and Controlling the Inventory through exclusive representation of sellers buyers landlords and tenants Finally if you are a Broker with independent agents working for you don t skip Chapter Ten which details a revolutionary new way to approach agent retention and increase your market share If you are currently struggling with another software program that was half heartedly adapted to support commercial real estate sales leasing and tenant Make More Money Realhound Inc 12 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE gg bltlersie x representation you are wasting your most precious asset your time REALHOUND was purposefully designed for one industry commercial real estate You can use it straight out of the box without any customization Everyone at our company believes that they are in a partnership with our users and want to help you succeed in your business by supplying you with the very best commercial real estate software available We truly care about your success in commercial real estate it s our passion Are you ready to grow your business and make more money Great now let s get started Download your free trial of the companion software at www realhound com Make More Money Realhound Inc 13 Every time a door closes a new rat role is opened All you have to do is get on your knees and crawl through it Andrew Blount
100. inimum of 500 corresponding owners per agent on your team Tenant representatives should have at least 500 tenants Your goal is to contact every prospect in your farm at least once per quarter Owners and tenants that are outside of your farm but are still in your database can be targeted with direct mail Make More Money Realhound Inc 49 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie 3 Save your farm properties as a property Group and give it a name such as my farm Tenant representatives can save their prospects as a contact Group Alternatively if you have linked all of your tenants to the properties that they have leased under the Leases tab you Should save the properties in a property Group 4 Saving your farm as a Group will save you time when you are prospecting and need to query your prospects at a moment s notice Make More Money Realhound Inc 50 Cats get fat by eating mice not from chasing them MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washi ae Chapter Four What goes where and why should you care The Contact Today and Property Screens REALHOUND is divided into three main sections Property Today and Contact sections The Contact section is where you will spend most of your time in the program Each of these main sections is broken down further into other related components Reminder First time users of REALHOUND may find the multiple Sections with numerou
101. ion current and recording the conversations that you have with your prospects in their respective contact records Consider your database to be your very own goldmine that if maintained properly will yield you a tremendous personal fortune Make More Money Realhound Inc 36 Buying and importing your property data ona regular basis makes you just as good as the agent down the street MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie Your goal for creating a database is to have at least 700 properties with corresponding ownership owner phone numbers owner addresses and property photographs Leasing specialists and tenant representatives will add lease and tenant contacts to their database In addition to the 700 properties mentioned above tenant representatives should have at least 500 tenants with phone numbers and addresses in their database You will use 3rd party data services public records interviews with other brokers and your Own personal research to complete and maintain your database Sources of Property Data Title companies are a good source of basic property and ownership data Contact your local title representative for more details Public records are another excellent source of free data REALHOUND com is currently exploring the possibility of having this sort of data mining ability automatically integrated into the program so stay tuned for further details There are a number of subscripti
102. isor to your clients in their time of need Have you incorporated the latest real estate technologies into your business If not you must make an immediate change to your business plan while you Make More Money Realhound Inc 32 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali still have time An expert advisor understands the mechanics behind commercial real estate and the forces at work in the marketplace If you do not know the difference between a CAP rate and an interest rate yes it is a trick question We recommend that you attend several classes offered by CCIM Institute Society of Industrial and Office Realtors Toll Free 800 621 7027 Phone 202 449 8200 www ccim com www sior com Both organizations have a spectacular reputation in the industry and offer professional designations that will distinguish you from your competition When it comes to technology you must use an integrated CRM Contact Relationship Management and property database software system in your daily business Power Moves 1 The most successful commercial real estate agents all execute the fundamentals of the business by getting the maximum results out of the efforts spent on a task They prospect control inventory leverage their time and focus to achieve peak productivity 2 The foundation of your business is your database Consider your database to be your very own gold mine that if maintained properly will yield you a tremendous perso
103. ist calendar and search contact histories In addition you can manage your projects marketing campaigns and buyer amp tenant needs on a large scale Tip If you do not like the color scheme of your REALHOUND screen change them Go to the File menu gt User Interface Screen Colors and themes will be on the upper right hand side of the screen Make More Money Realhound Inc 63 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia eallsine Tasks tab Allows you to view a list of your tasks by task type and user Tasa Lisl Calendar Search For A z August FAG Ci ii i tiam Ate tN aie a Cold Call F nei lask lypes E ts 2 70 Pil Jackie amp B ian Fuller Javkis Buller 212 833 3333 Hutch A ur Prat Cards a a5 alee H j i cke amp Blan 3Ltler Jackie Butler 212 833 3333 To Du Highlight IKO see Jackie lan Stier Jackl Butler 21 prapa 1 Cold Call Post Carde Sen ra just selected 20 art Call Note oes 2 0 activities MH Happy Mais Michelle Les DEU Poel Carde lt a eS 2 70 Pl Adminis alu ro aprize 10 August 2009 Call anes 2 70 Pll MP Jav o2 Pactrers Bill Jay oe 310 272 5490 cea ihan 00 August 2003 Call datewart 2 00 PM MP Adem Queck SA7 A5A 7RTA kbretzke 06 Augusl 2009 Cull inbripeeirs 2 70 PM MP Farnest Richie AS 7AS 345 Mar ce ng 02 August 2009 Call gt i MP Arthur Fieditg 252 45
104. k for a face to face meeting If a property owner or tenant refuses to meet with you but wants you to do a lot of work for him a valuation lease analysis detail rent surveys sales reports etc do yourself a big favor move on Don t waste your efforts on someone who does not respect or value your time Chances are they never will meet with you and their list of demands will only grow longer Rid Yourself of Phone Anxiety Here is a secret to ridding yourself of your telephone anxiety Give yourself permission to botch phone calls Yes you heard me it is OK to stink at cold calling as long as you make your calls every single day because in time your cold calling skills will improve If you cannot give yourself permission to stink on the phone then we give you permission because we know that you will get better with each cold call you make Think about it Everything that you are good at today you were once not good at riding a bicycle driving a car reading using a computer public speaking underwriting deals filling out leases etc You only became proficient at these activities by doing them repeatedly and by learning new techniques from other people It is no different when you are learning how to effectively cold call Another way to get rid of your anxiety is to practice different call scenarios with a partner for at least 20 minutes each day Practice overcoming the objections that are typically raised by your prospects on y
105. le Spaces button available spaces for lease in the database that match that tenant s specific requirements will be displayed Matched Availahla Spares D Match Availatle Space Name Adtress ity Joga Space SoH A et hee Lease Using walobls Wonk Hear WSeMonth BGhAea gt Type Cale ode p 332 E Comeback Awad 332 E Comeback Awad Flouenix 35023 404 2000 S4 400 352500 32 20 26 4 202 C Cameback toad 202 C Cemeback oad Phoenix woz 422 2000 34000 20 32 27 G J22 E Comeback tood 232 E Comcback tood Phecnis 02 35 2 000 S4 500 55 200 B23 par 6 4 Pomebart Jrad 999 F Cermahark Jrad Chronis 3cm EJA Ann grinn g an grin 96 HL Recent Changes This tab displays all of the contacts and properties that have been recently modified This feature is useful for monitoring changes made to the database Property Section File Edit Search View Report Analysis Smart Links Window Help fit Today 43 Contact I Property lt y All A Me Search ne Reports T Demographics The Property section of the program is where all of your property data is stored including property pictures sales offering information available spaces leases and rental history Most users will never use all of the features in this section but for those of you that are true data hounds you will not be disappointed All REALHOUND users should acquaint themselves with at least the Overview Unit Types Leases Available For Le
106. lect COPY Switch to Excel and select Edit gt Paste from the main menu or use the Ctrl V keys Company Contact Name City State All E _ Administrator Administrator Pretoria Gaute Management Engineering Mary Dukas New York CA B Fredrick Lamber Fredrick Lambert Monterey Park CA iE Christman amp Schuester Baily Schuester santa Ana CA gt x Five Star Lic Patrick Simmons Hayward CA tra Adem Mnank Pineere mA 4 To move from one record to another use the buttons that resemble VCR buttons on the bottom left hand side of the screen Record W 4 ilb FL UF of 10 i p Make More Money Realhound Inc 62 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia ellsinw 5 To move forward from one field to another using the keyboard press the TAB key 6 To move backward from one field to another press both SHIFT and TAB at the same time 7 To quickly search in a field right click on it and enter what you are searching for into the FILTER then press ENTER Use the asa wildcard for finding anything that may come before or after what you requested Such as Smith in the Contact Name field would find anyone whose last name ends with Smith The Today Section a File Edit Search View Report Analysis Smart Links Window Help 7 Today St Contact f Property lt All Me Search gf Reports 7 Demographics The Today Section is where you will access your task l
107. lord s expectations and substantiate who you marketed the property to during your listing period Make More Money Realhound Inc 121 Change is inevitable Growth is optional Unknown MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Chapter Seven Your Personal Money Machine DealFinder and Tenant Wizard Everyone knows that money does not grow on trees If it did everybody would have it and nobody would want to work So we have come up witha way to make your work easier DealFinder Tenant Wizard and space property auto matching These features are going to put a lot of money in your pocket Do you like money Of course you do So the next time somebody in your office makes fun of REALHOUND s quirky name just smile nod and tell them that you have gone to the dogs After all there is nothing wrong with being the Top Dog in commercial real estate So you better start practicing your howl right now Everyone at some point in time has had a prospect who only wants a building in avery specific location You know the type I want a 1990 s or newer constructed office building in east Phoenix east of SR 51 and within the Camelback business corridor It needs to have at least 15 000 sqft available If you are like most brokers you will have a general idea of the properties that might fit his needs as soon as he begins outlining his needs to you but after a few days have passed you have mentally moved on Si
108. lose the window and return to the contact screen Make More Money Realhound Inc 117 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Here is what the marketing report looks like now Notice what happens to the Contact Detail when the same contact who called you prompted by the property signage now tours the property and makes an offer a complete contact marketing history will be added to the report Make More Money Realhound Inc 118 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Reminder If someone calls prompted by your advertising and they are nota contact in your database you should always enter them into your database You just never know when you will need their name and number in the future 7 To create a marketing report from the Marketing Campaigns tab select a Marketing Campaign and click the Report button 8 Once you have completely finished with this Marketing Campaign and no longer need to work with it for example when you sell the building or lease the space change the completed status from No to Yes The marketing campaign will disappear from the list We highly suggest that you never delete a marketing campaign Track a Newsletter or Non listing Related Advertisement You will always want to maintain a record of what marketing materials you have sent to the contacts in your database as well as who responded to your marketing This includes the marketing pieces that advertise your service
109. loyee turnover You goal is to hire competent people and keep them for many years Don t just hire people to fill an immediate need without thought to the future Carefully screen your prospective employees for the skill sets necessary and willingness to perform the job Caution The cost of a bad hire could set you back months in achieving your financial goals Do not take the hiring process lightly Do not hire people just because they need a job If you decide to hire family members or friends think about the consequences this will have on your relationship if things to go badly Take it from the author after you fire a family member who was not pulling their weight in the business hamburgers and hotdogs might not be the only thing getting roasted at the family BBQ Your goal after delegating your low yielding tasks to your staff is to focus exclusively on the highest yielding activities in your business prospecting deal making etc Imagine what your income would be if instead of spending 400 hours a year on your most productive tasks you spent 1 000 hours a year maximizing those opportunities To use the numbers from our previous example your income would increase from 350 000 to 656 250 per year after paying out 87 500 in salaries Yes you are going to make a lot more money It is only fair to mention that you will never completely achieve your goal of exclusively focusing on the top 20 of productive tasks As your business
110. me to reach them and call them back at that time EXAMPLE 2 Hi John Let them reply This is Tom Smith with Smith amp Associates I am calling to introduce myself to you I am an office broker here in town Let them reply I am just finishing up an owner market survey and Iam wondering if I can talk to you about your building on 24th Street for a few quick moments If they say no ask them for a better time to reach them TIP If you are calling on larger buildings and you call the owner to do a rent survey they will refer you to their manager just to get rid of you So always do an owner survey and ask them about their opinions of the market the direction that they think that it is headed if they are keeping up with what is for sale and sold etc EXAMPLE 3 Hi John Let them reply This is Tom Smith with Smith amp Associates I am calling to introduce myself to you I specialize in tenant representation here in town Let them reply I am helping a number of business owners and I am wondering if I can talk to you about your business expansion plans for a few moments If they say no ask them for a better time to reach them Always record a brief synopsis of your conversation with a property owner in their contact record If they mention that they like golf or something else that you can use to develop rapport in a later conversation make a note of it With each call always remember to ask for a mee
111. mmercial agents will send two or three mailers to their farm per year and get poor results They then grumble to themselves that the mailing was not worth the money and effort The truth of the matter is that their campaign lacked consistency or rather the only thing consistent about their mailing campaign was their inconsistency A successful mailing campaign has these five critical elements regular contact intervals accessibility of the message simplicity of design a call to action and a take away The most critical element The most important element to direct mail is regular contact intervals All too often people will send two or three mailers to their farm and get no or very few results By maintaining regular contact with your farm you will start to generate a significant amount of inbound telephone calls from prospects requiring your services It takes approximately four to six months of consistently mailing to your farm to get decent results from the mailing campaign At the beginning of your mailing campaign you should send out one mailer a week for the first four weeks From that point on send at least one mailer every two weeks for the rest of your commercial sales career You will still obtain some results if you send only a monthly mailer to your farm but we don t recommend this approach Ideally you should mail to your farm every week Direct mail works on the principle of probability and response rate It is highly prob
112. mo The radius search feature requires a geocode on each property Properties without geocodes will not be queried and subsequently will not be displayed in your search results Select the Subject property that you wish to do a radius search around by displaying that property on the Property section Overview tab Click the Search button and select either the Multi Unit Commercial or Advanced tab At the top of the search window the current Subject property is listed p Easy Search Commercial Ad mh Double click Easy Search 4partment Storage Hotel Y Advanced Search Property Sea here to go the HYR For our example we will use the easy Commercial search tab 1 Enter any other search criteria such as building square footage that might be of interest Property oguare Feet 100 000 300 000 2 Select the Show Properties radio button from the middle left hand side on the window Show Properties t Show Contacts 3 Select the New Search radio button on the middle of the window New Search Addto Narrow Down Make More Money Realhound Inc 79 Double click here to make this property the new SUBJECT property MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia t 4 Enter the mile radius around the Subject property that you want to include in the search Within S Miles of Subject Nearest Properties 5 Click the
113. n Payment Range Expiration date Deal Probability and whether they are in a 1031 Exchange If the contact is in an exchange include their nomination date Extra details should be stored in the comments box 3 You should always enter in the following items into Tenant Needs Lease Rate Available SK Expiration date and Deal Probability Extra details should be stored in the comments box 4 The Today Section is where you can access your task list calendar Make More Money Realhound Inc 84 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imiA ellsine Search history enter Marketing campaigns and manage projects The Property section of the program is where all of your property data is stored including pictures property related documents Sales Availability For Lease Leases and rental history Most users will never use all of the features in this section but for those of you that are true data hounds you will not be disappointed All REALHOUND users should acquaint themselves with the Overview Unit Types Square Footage Lease Offerings and Sales tabs Use DealFinder to find and manage Buyer needs in your database or automatically match Buyers with properties that are for sale Use Tenant Wizard to find and manage Tenant needs in your database or automatically match Tenant needs to available space These features are going to make you a lot of money Make More Money Realhound Inc 85 Life is a long le
114. n abysmal call or you will spread that negative energy to every call made thereafter TIP On the off chance that someone does recognize you as that person who sounded like a dope on the phone 90 days ago which they never do but for the sake of argument let s say that it happens to you take the following steps 1 Remain calm and collected 2 Insist that they must have been talking to your competition 3 And close by asking for a face to face meeting To clear the negative energy after a bad call immediately hang up the telephone and say out loud and the horse you rode in on While this might seem childish it really does works The wilder and crazier your hang up technique is the better you will feel No wild and crazy does not mean that it is acceptable to throw the telephone across the room Brokerage is business that is all about your recovery Did you get the job done the very next time that you could prove yourself That s the only thing that people in this business will remember Now get out there botch some calls and get a little crazy Preparing to Cold Call Forget cold calling for a minute because we re going to make it easy for you Make More Money Realhound Inc 91 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE G iaiAlna Sate to talk to prospects in your market by telephone REALHOUND com has developed a number of tools that will help ease your pain If you have followed the instructions in Cha
115. n it should be their responsibility to maintain your database and match Buyer amp Tenant Needs to available properties regularly leaving you time to focus on other money making activities Make More Money Realhound Inc 132 The beginning is always today Mary Shelley MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Chapter Eight Financial Analysis Stacking Charts and Leases Comparison Tools Every new real estate agent fresh from passing their state exams knows just enough to be qualified as a real estate order taker Just tell them what you want and they will scour their local listed universe returning everything in the marketplace even if it makes no financial sense whatsoever By contrast commercial real estate professionals add value to their client relationships by understanding that there are ramifications behind all real estate purchase and leasing decisions As professionals they are trusted advisors to their clients giving them helpful advice during each stage of a real estate transaction To help facilitate your advisory relationship with your clients REALHOUND has built several property analysis and comparison tools right into the program Each tool is integrated to the property database saving you the hassle of repeated data entry and giving you the ability to quickly generate the desired analysis or report Underwriting and Financial Analysis Built within the software is a powerful finan
116. nal fortune 3 Leverage is the key to growing your business each and every year You are now familiar with the Pareto Principal the principle that states that a mere 20 of your actions accounts for 80 of your results Commercial sales people consistently misallocate their time to the 80 lowest yielding activities in their business The most successful sales people focus on just their top 20 and delegate the other 80 of their low yielding activities to hired staff 4 Using the Pareto Principal 20 of your efforts create 80 of your income you can estimate the True Value of your time as the value of your time when you are at your most productive You must increase the TOTAL value of your time by using leverage and delegating those activities that do not require your special talents to hired staff so you can focus on the top 20 of money making activities 5 Without the proper amount of leverage in your business it is practically impossible to maintain a high income and still achieve balance in your personal life The key concept behind leverage is not to work harder but to work smarter and focus on your top 20 high income yielding activities 6 Always prepare an annual business plan to keep you focused on your business outcomes for the year and review it regularly Use ants to beat your competition Make More Money Realhound Inc 33 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaiAleSae 8 Don t be a victim of a
117. nants that have a need for 20 000 SF of office and then run the deal past all of your prospects that qualify Yes this is another feature that can make you a lot of money Using Tenant Wizard Tenant Wizard is located in the Today section of the program on the Tenant Wizard tab Let s continue with the above example and search for Tenants that have a need for at least 20 000 SF of office space and a Deal Probability of 65 or greater Make More Money Realhound Inc 125 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Make More Money Realhound Inc 126 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Enter in the Square Feet Available and Deal Probability into the blank fields Click the Search button All of the contacts with matching Tenant Needs will be queried in the Tenants window Select a contact to show their Tenant Need in greater detail You may also edit the Tenant Need from this window On this tab is the Matched Available Spaces window By selecting a Tenant need on the screen above the window and pressing the Match Available Spaces button don t forget to click the search Internet button properties in your database with spaces available for lease that meet the selected Tenant s criteria will be displayed in the Matched Available Spaces window Make More Money Realhound Inc 127 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Matching Buyers to Listed Properties 1 Use the
118. nd goal Make sure that your clients are motivated qualified and that their expectations are properly managed Agents that control the inventory get paid when their exclusively represented clients sellers buyers amp tenants close Make More Money Realhound Inc 26 Leverage is the key to growing your business each and every year MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia t deals Leverage Hire employees to help leverage your time and increase productivity don t be afraid to explore the possibility of hiring off shore labor to maintain your database if you are on a budget The Pareto Principle states that 20 of actions account for 80 of the outcomes in any phenomena This does not mean that the other 80 can be ignored entirely Successful agents focus primarily on the 20 of actions that maximize results such as prospecting and deal making Assign hired staff to deal with the other 80 of actions that yield minimal results Using leverage effectively allows you to grow your business As an agent s business grows so should their level of staffing Remember each hire should be based on true need and not ego Control Your Focus What you focus on you will get Ask yourself this question at least 3 times a day am I working on my top 20 or have I gotten myself side tracked If you are caught up in a diversion shift your focus back to your top 20 If you are like most people you will catch yourself d
119. nd select the Marketing Campaigns tab 2 Next to the grey box with the asterisk click the Property Lookup icon Find your subject property on the list highlight the property s name and click the Select button Enter in a brief but descriptive name a property name or space followed by the listing expiration for your new marketing campaign in the description field or enter in the listing expiration date 3 Go to the Stages for this Marketing Campaign box Enter a Description and an order for each of the six phases of our marketing To continue with our example we will enter all six stages of marketing Property signage Email Blast Just Listed Postcard Internet Listing Service Newspaper Ad and Broker Mailer Make More Money Realhound Inc 115 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Each stage must be properly filled out with the proper stage number entered and Marketing Type selected 4 Enter the order in the Stage field Select your first activity Property Signage and complete the information in the blank fields You should always enter in the Start Date your start date is the day that you actually sent out a mailer or the first day you ran an ad Description Comment and select the correct Marketing Type in the drop down field The Complete Date is the day that you stopped a particular stage of marketing and is not critical to your advertising report Enter the appropriate information for each sta
120. nding the right message to your prospects A successful mailing campaign has all five of these critical elements Make More Money Realhound Inc 120 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali ai a Regular contact intervals b Accessibility of the message c Simplicity of design d Call to action A take away Direct mail is a highly effective way of prospecting in commercial real estate You must master and regularly practice the system of marketing to maximize your direct mail results The most important element of direct mail is the frequency of contact All too often people will send only two or three mailers to their farm and get no or very few results But by maintaining regular contact intervals with your prospects you will start to generate a significant amount of inbound phone calls from property owners requiring your service Ideally you should mail to your farm weekly REALHOUND s Marketing Campaign feature is ideal for tracking single and multiphase marketing campaigns such as what is involved in sending out a newsletter or marketing a listing The best way to lose a listing at renewal time is by not giving your client weekly marketing updates during the listing term Traditionally listing marketing reports required a tremendous amount of time labor and effort to create but with REALHOUND you just click a button Marketing reports should also be used to win new business manage an owner or land
121. ness keeps you organized can communicate data over the Internet and it is extremely EASY to use Agent Business Plan The agent business plan is a critical component to maximizing your revenues for the year It is nothing more than a document containing goals and milestones for your personal real estate business Without clearly defining your business goals you run the risk of getting distracted and falling short of your desired outcomes The key elements of a successful agent business plan are e Simplicity One or two pages max e Revenue Goals How much do you want to make and how many deals do you need to do it e Why Statement Why MUST you accomplish this plan e Target Market focus Define your target market and personal focus top 20 e Transaction Velocity Does the deal velocity in your market support your revenue goals Judging from prior years is it possible to make your revenue goal e Staff Equipment amp technology Do you have the proper resources to pull it off e Prospecting How much daily telephone time will you commit to reach your revenue goal How many new prospects will you meet with per week How many and how often will you send out mailers e Budget What is your budget Review the top goals in your business plan daily and your entire business plan monthly Make adjustments to your approach until you achieve your desired results Make More Money Realhound Inc 31 MAKE MORE MONEY IN COMM
122. new Excel file that wil be created for you to paste your data into a This is the name of a brand new Excel file not one you are trying to import STEP 6 Click the Create Excel File button to create the new spreadsheet Step 3 Press Create Excel File to create your new Excel file and open Excel Cut and paste or type the data you want import into this spreadsheet Then save the file and close Excel The columns titles will be locked don t try to change them or rearrange them Create Excel File If you selected a file name that already exists you will get a message similar to this screenshot Select Yes ONLY if you are sure you want to ERASE the original file and replace it with a new file with the same name Make More Money Realhound Inc 45 If you are going to manually type in your data you can start here Otherwise remove the entry seen here on cell A1 If you don t remove it the information will be imported into the first properties name field MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iialelsinae C realhndip Realhound_import xls already exists Are you sure you want to overwrite it STEP 7 Open the spreadsheet that contains the data you wish to import into the program The new Excel file you just created in Step 6 and the data file you wish to pull data from will now both be open If you are importing property data start pasting your data in the cell marked Enter Da
123. ng like the game of Monopoly The players dontt all start out with the same amount of money and those that rely on the luck of the dice go broke MAKE MORE MONEY IN COMMERCIAL REAL ESTATE at si la13 Why Read This Book This book is designed to help you make MORE money with less effort in commercial real estate Using advanced technology support staff and prospecting techniques you will gain a force multiplier effect in your business that will propel you to the next level In other words it will be easier to make 600 000 in fees than it was to make the first 400 000 This book will help you transform your real estate business into a money making machine Every success and failure that you have experienced thus far in your real estate career and life in general can be directly attributed to the daily choices that you have made along the way For ultimately it is you who decides what to do It is the compilation of countless choices that have brought you to your current point in your career today Now you have another choice to make Do you invest your valuable time in to reading a book about commercial real estate Do not discount the knowledge that is contained within this book just because you only paid twenty five dollars for it On the contrary reading this book is going to cost you the most prized possession that you have your time There is only so much time in the day and by judiciously managing this scarce res
124. ng someone that you do not know stop and think for a moment about how harmless this piece of equipment really is The telephone does not bite transfer any communicable diseases from the person on the other end and will not inflict any physical pain on your body They cannot judge you for your taste in neckties or criticize you for eating too many onions on your burger at lunch So what s your hang up If you are honest with yourself fear of rejection is more than likely the problem But don t worry you are not alone because almost everyone has this exact same fear You need a strategy to overcome fear and anxiety to become one of the truly great commercial sales agents Did you notice that we said overcome and not eliminate your fear Managing and controlling telephone anxiety is the best that most of us will be able to achieve And after all you have a lot of money to make and you cannot afford to let something so small get in your way Make More Money Realhound Inc 87 Your goal for every phone call is to secure a personal meeting MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali a Eo Cold Calling the Big Picture Simply put cold calling is the most effective way of generating new business in commercial real estate If you really want to put your career on the fast track get on the telephone If you want to make more money get on the telephone If you want to win more sales awards get on the telephone If you
125. ng For Contacts Three Great Ways to Get the JOD uu csesesereees 60 BUTT URI acca ees R c ceca cate eee 61 PAS iO TAU e E sondensecusesaseceusescssastacicreas 62 SPAMS Today SON sake ec ca eecte cote cee E ie co accede asa eceac estes eaten eee 63 Property SC CUO Mes sescccrecsancareses creases eect awe lay E Ea seer anetkoyereswnie teaverscteaveteteteacsiess 66 Buttons buttons ANd more buttons ieccececccsesscssccescesseceeeceeceseeceeceuseeseveeseeseeseeeaesessessesassasseseneess 69 Other Important Tabs in the Property Section sss ssssssrsssrrenrresnenrreesnensnrnnrensnnnsnresnnnnnnss 70 Available Spaces Lease Comparables List fe ature csscsesesssscsssesssesssesssesssesssessseeseess 71 Searching For Properties Four Great Ways to Get the Job Done eesesseseteetetetetees 73 Mapping That Will Blow Your Mind uu ecesssseseseesesesesssesseesseseesseesssesesssseeseaeeseaseceesnseeeeaces 77 Geocoding your PLO POS sssrin iaa e aaa 78 Radius Sea CS e E E 79 Draw on a Map to Search for Properties using MapPoint 2014 essen 80 MenO M OE as a er nErenrenrrrtee terre erernrr starr are tener arir met eee mee rt eer rer 81 gO 11 aM O c eee nee eee ee ne ere E E eee 84 Chapter Five Cold Calling amp Market Surveys Made EaSy sssssssssssssssssrsssrrrssrrnsnessnnessnnnssnnnennnnensnnnnnnnnnnnnnnnnas 87 Cold Calling the Big PU CCU acs seecctpccsscsetecccsadecectdstcssintaatsnsteseshsscvosncncseesoshtadeseasstecoensnecesectaseies 88 Rid Yo
126. ngs in Scottsdale Arizona south of Indian School Road north of the 202 between Hayden Street and Scottsdale Road 1 Search and select all of the buildings in Scottsdale from the List tab or the Search screen 2 Press the Map button 3 From the Mapping Options window select the radio button marked Map and geocode my selected properties contacts using Microsoft MapPoint ey Map and geocode my selected properties contacts using Microsoft MapPoint then have the option to search geographically using the map This requires that you have Microsoft MapPoint 2013 or later installed on your computer C Mon ond chews oan A orial nf mar colo etod nronorthion urh Miernon nra 4 From the Mapping Options window click the Start button REALHOUND will send all of your selected properties to MapPoint Make More Money Realhound Inc 80 Properties outside the shape will be discarded MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia t 2014 and open a new window 5 Maneuver and zoom the Property Map window to the geographic area that you are interested in Select the drawing tool that you prefer perag Taer PONE 6 Draw a complete polygon around the properties that you want in your search Click the Remove Properties Not in Shape button Dairy tart Rd Cale we sere Rome Dw Z Sa GOOG 4 A S E 7 Close the Property Map window by clicking on the red X on the upper right sid
127. ntact records to their lease by clicking the Change Contact icon Lease information will appear on a tenant s contact record when you click the Refresh button on their record Make More Money Realhound Inc 72 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie Overview Detail Facilities Available For Lease Leases Offering For Sale Sales Owners History List Stacking Chart Space Floor SqFt Rate Lease lransaction S Month S Y ear S SFiMonth SSFivear Type Date p 10 1 2000 10400 124 5 20 62 40 Retail 11 1 3 000 315 000 3180 000 35 00 360 00 Retail l 15 1 3000 515300 183 55 10 561 20 Retail z i2 1000 4 100 49 200 4 10 1549 20 Office 22 2 1050 4515 54 180 4 30 51 60 Office m 23 2 1 000 4 900 58 800 4 90 355 80 Office EI Ny Details Type Financial Space 10 Space Type w Free Rent mos Floor 1 Sub Type 57 Effective Rate SqFt 2000 Use w TAlbwance SF Month 10 400 Use Type oo s Year 124 800 Actual Use E e SF Month 5 20 Location aetna cte S SF Y ear 62 40 NAIC Code W Adjustments Start SIC Code v Expiration Comments ae i Total Fee Term mos Term Note Listing Consideration Vicente Flores 909 888 7878 gw Usting Date Lease Type Retail y Months on Market Trans Date Ask SMonth Sublease No W EET Ask SEMS Renewal No Toy Boal MarciP Link tenants here inactive No y i isk S SF Year You can also cr
128. o Itis your responsibility to determine the legality of your actions so please use REALHOUND in accordance with all Federal State and local laws Smart Links are pre set connections from your REALHOUND database to some of the more useful websites on the Internet When you use a Smart link information about a contact or property is automatically sent to the corresponding website and information is retrieved without manually entering data on the website REALHOUND s most popular Smart Links are to ZoomInfo and 411 com The 411 com Smart Link is represented by a red 4 icon next to the contact name on the Companies amp Contacts tab To use this Smart Link select a contact record and press the red 4 icon 411 com will automatically lookup a contact s phone number from the internet free of charge ZoomInfo can be found under the Smart link menu A ZoomInfo Internet report pulls available information on the selected contact that includes company information related articles that the contact is quoted in address education and phone numbers Narrow down your results by selecting a state or other qualifier on the ZoomInfo webpage Smart Links can also be completely customized to send information from your REALHOUND database to your favorite websites with a click ofa button One use for a customized Smart Link would be to send property information from your database to your county assessor s website You can create
129. o effective in bringing in a tremendous amount of leads but they do pay for themselves and create brand awareness in the marketplace Cold calling is the Queen of your prospecting game Your Queen is quick and nimble and can go where she is needed in an instant She is very effective in bringing in new business but does not cover the entire game board Your Queen will always capture business away from your competitors Pawns if you have good timing and call a prospect during the investigative phase In other words a well timed telephone call to a property owner or tenant will always generate more business than a random mailer Make More Money Realhound Inc 109 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Direct mail and cold calling work best when done in conjunction with one another You could not possibly call everybody in your farm every single week but you can send mail to them weekly Your mailers are a gentle reminder that you are active in the marketplace and are willing to help prospects with their needs Mailers fill the gap between your quarterly phone calls Your quarterly cold calls are at random that is you never know when you will reach a prospect your mailers are not because they go out in predetermined intervals and always show up in your prospects mailbox The Secrets to a Successful Direct Mail Campaign And now I d like to share some of the secrets of a successful direct mail campaign All too often co
130. obability Available SF and rate information Details should be kept to the Comments box Make More Money Realhound Inc 58 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE jimia ellsinw Caution Only use the Type and Sub type fields if you have been diligently entering in this information on your available spaces or you will severely limit the number of matches that you will get on available spaces Cold Calls amp Call Lists tab The Cold Calls tab see later Chapter for full details is an extremely useful tool that allows you to narrow a list of contacts that you wish to call by filtering out those contacts for which you do not have phone numbers you have previously called are on a do not call list or have left a message for in the past The program will then generate your call list using Intellicall a sophisticated algorithm that greatly increases the probabilities that you will contact prospects who are in need of your services Using this feature makes it virtually impossible for you to skip a call to prospects in your database Marketing tab The Marketing screen contains a list of marketing materials sent to properties shown and offers written by the selected contact List tab This tab allows you to view your selected contacts in a summary view and add or drop contact records from your active list It is very useful for selecting contact groups and adding them to your list of active contacts In addition you can easily ex
131. olphin This hair raising experience can be avoided with consistent daily prospecting and will greatly reduce your anxiety and increase your faith that you will always make money in commercial real estate Direct Mail Would you believe it if we told you that there is a magic recipe for sending out mailers Well it s true and I m going to share it with you now Mailers are expensive in comparison to cold calls but if done correctly they will more than pay for themselves If you approach mailers incorrectly you will be wasting your money on print costs postage and more importantly your valuable time When done correctly you can expect a 350 or more return on your investment In other words for every dollar you spend on mailers you should get 3 5 dollars in return However if you are just starting your direct mail campaign your results will not be immediate It takes approximately six months for your prospects to recognize your name and want to call you A successful mailing campaign has these five critical elements regular contact intervals accessibility of the message simplicity of design a call to Make More Money Realhound Inc 17 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE ia Alel Siam action and a take away which is a compelling reason for the recipient to call you Unless you are sending out a newsletter or a targeted letter you should always mail postcards only to the prospects in your target market Po
132. ommercial real estate agents favor one method over the other and the most popular method is also the least effective in a competitive market direct mail You need to use both methods to have the greatest impact in your market You cannot effectively prospect if you do not know what your target market is or who your real prospects are As simple as this principle sounds We are surprised to find that many agents still overlook this basic rule The most successful commercial real estate agents know who their target market is and have compiled their own integrated CRM Contact Relationship Management property database This data is meticulously maintained because it is essential to the continued success of the agent s business Cold Calling Cold calling is the most effective method of generating new business and it is also the undertaking most dreaded by commercial agents But let s put this highly productive activity into perspective you will simply be making a lot more money if you are calling owners and tenants in your market than by not calling them Think of it in terms of probability there is an excellent chance that there are property owners in your market that want to buy or sell real estate right now regardless of whether the market is good or bad Somebody wants to lease space and there are property owners who are thinking about Make More Money Realhound Inc 15 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wsad iai ch
133. ommissioned to start with As their skill set develops their position should evolve to be 100 commissioned You will have to make a commitment to train your workforce Train and retain the first two members of your team and then they will train all future new hires Have your staff document their job duties and the steps to Make More Money Realhound Inc 27 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali ai accomplish those tasks so those skills can be passed to the next generation The key concept behind leverage is not to work harder or work less but to work smarter and focus on your top 20 but working less is always a nice perk too Stage One Sole Practitioner with No Leverage Gross Fees 50 000 300 000 AGENT DATABASE Prospecting comes before anything else Database maintenance should always be done after you have prospected for the day Stage Two One Staff Member Gross Fees 300 000 700 000 AGENT ASSISTANT DATABASE Database Assistant maintains and checks new availabilities against the Buyer and Tenant Needs Make More Money Realhound Inc 28 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia i Stage Three Two Staff Members Gross Fees 700 000 1 700 000 ASSISTANT DATABASE DATABASE Database Team maintains Note One variation of this model would to have a junior agent handling Buyer amp Tenant Representation Stage Four Three Staff Members Gross Fees 1 70
134. on Date and the property s available space under the Available For Lease tab including the Space Floor Availability date and Rate If this data is not entered in correctly the stacking chart will be incomplete From the subject property s Available For Lease tab or Leases tab click the Stacking Chart button Select your options and click the Preview button low is an example of a sample Stacking Chart Make More Money Realhound Inc 139 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Available Space Comparison The Available Space Comparison feature will compare the financial aspects of different spaces using a Discount Rate and over a set term How to create the Available Space Comparison report Query the properties with the spaces that will be compared 2 From the Available For Lease tab enter in the space information rates and financial aspects of EACH space that is to be compared Under the Analysis menu select Available Space Comparison 4 Select the spaces to be compared and then add the Discount Rate finally add the number of years and click the Preview button to view and print a report Make More Money Realhound Inc 140 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Power Moves 1 Commercial real estate professionals add value to their client relationships by understanding that there are ramifications behind all real estate purchase and leasing decisions As professionals they are
135. on services in every metropolitan area that will sell you property data Use your favorite internet search engine to locate relevant data providers in your area Caution It is occupational suicide to exclusively use a single third party data source as your database because that makes you no better than the guy down the street who is doing the exact same thing There are a few agents in every market that try to prospect from a single third party database without having built their own personal database Traditionally these agents do poorly in the business and don t last through a full market cycle REALHOUND has a very powerful import mechanism but most subscription data contains errors and or have license restrictions that limit your ability to use their data Therefore we do not recommend that you import data directly into REALHOUND from those sources but rather manually enter and maintain your own data Rental data can be obtained from vendors in select markets but you should augment the information obtained from them with a personal phone call to their respective property owners and or their property managers because an Owner rental survey is a great reason to call prospects in your market Create Your Database Input your information into a new database Data can be imported or input manually into REALHOUND Anything that can put into an Excel spreadsheet can be imported into the program by mapping the data fields or by usin
136. our real calls If your state allows you to legally record your telephone calls playback your actual recorded phone calls in your cold call practice sessions Dissect the call into things that were done proficiently and areas that could use some work Roll play calls with your partner to figure out how to get the calls to have a positive ending Cold Calling Techniques 101 The following is what is known as the stacked calling method Each of your phone conversations with a prospect stacks on top of each other to build a relationship with that prospect over a period of time The Key to this method is entering accurate call notes and maintaining a historical record of those notes in your database First Contact by Telephone When you call someone for the very first time introduce yourself your service the purpose of your call and ask their permission to talk to them about their property or their business plans if you are calling tenants Make More Money Realhound Inc 89 Each new call builds on previous conversations to create rapport MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidia Eo EXAMPLE 1 Hi John Let them reply This is Tom Smith with Smith amp Associates I am calling to introduce myself to you I am an office broker here in town Let them reply Iam wondering if I can talk to you about your building on 24th street for just a few moments If they say no ask them for a better ti
137. ource you can positively impact both your finances and your happiness This is just one lesson that is covered in these chapters This book was written to help anyone endeavoring in commercial real estate brokerage make more money in any market condition and should be considered a best practices guide to commercial real estate Whatever your specialty is in commercial real estate you will benefit from the information contained within You will learn new techniques and reacquaint yourself with some old techniques that you can use immediately to grow your business In fact we would even challenge you to set a goal of doubling your personal income over the next 12 months Whether you are an office manager or a seasoned commercial sales veteran who has decided to pass along your trade to the next generation please make this book required reading for your junior agents There are wonderful prospecting tools and explanations on how to become a productive agent inside This book marries new software technology to proven business development techniques which will help both new and seasoned agents alike grow their business in an increasingly competitive and challenging environment It is an unfortunate truth that as you become more successful in this business some naysayers will be critical and attribute your success to pure luck They will ignore your long hours of hard work personal sacrifices and the disciplined approach that you took to become a
138. ow Click the Import Excel File button to start the import process Step 4 Import the Excel file back into REALHOUND Classic Import Excel File STEP 11 From the Import Status window select the options that best meet your import goals Once you have selected your import options click the Make More Money Realhound Inc 47 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wo saidimage Start button ions for How Your Import Works t database before importing C Only add new properties contacts and update rents O last updated date O Update user field names after import O to 09 30 2014 y onal Features for Testing Your Impor C rhserver realhnd importT emplateProperty def property matching o import only x number of records contact matching C import only records with a keywor logging CJ Display Duplicate Matches 0O From this point forward don t touch your computer allow it to finish and it will automatically return to the REALHOUND database screen A data import is one of the most computer resource intensive processes that you can ever do and it can take a long time depending on the number of records If Windows Task Manager states that the program is Not Responding this is perfectly normal Just let it run STEP 12 After the import completes click the Tune Up Database button from the main login screen or your newly imported data will not show correctly in your database Tools Select a
139. own into the following components Contact information The top half of the screen contains information about your Contact Always try to enter in as much relevant data as possible You never know when you will need to reach your client at some obscure location Make More Money Realhound Inc 52 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE G imia eallsine for which they gave you the telephone number months ago TIP If you are just getting started with REALHOUND and you think you might be missing some of your contact records click the ALL button on top of the screen on the menu bar Type Owner hy Prospect T Source bf College Y Back Next Call Yes y Emal Yes eet Small Talk Small Talk Tak Mail Yes y Fax Yes Meeting Pe Document 26 03 2009 I Sorc E Email A Marketing Created 10 11 2005 Administra Lr Updated 181232014 Administra The field should explain the major role that the contact plays in your market some examples are Owner Tenant Owner user Investor Lender Manager Developer Appraiser etc Lookup box Located on the top right hand side of the screen the Lookup box is a quick way to find contacts in your database Our Lookup box is patterned after the Lookup box commonly found on your favorite internet search engines Type in all or part of a contact s name or company name and press the Enter key The program will pull up every matching record You
140. owser aal Z W Tumey Awa Grand cpnal WOGDLEA YAPLE Histomi Hist District Dist Le pea Hover over the Jok dot to see 2 W_ Indian School Rd property eo Schon information z Haw 13 ott eee foe bee Mead oe a Morte E 5 4 ENCANTO A P 3 Sane eile Li BE 4 DISTRICT DISTRICT g E A W Earll Br St Jos Hospi l Med W Thomas Rd WeThomas Rd WeThomas Rd GREENWAY E ans neocon Thar e eee E 2 You can select Road maps Aerial or Bird s eye views 3 To send this map to a client click the Page button inside of Microsoft s Internet Explorer and select Send Page by Email Select HTML and your email will open Enter your client s email address and send your email File L 9 E C rhtemp virtualearth htm P CArhtemp virtualeart Edit View Favorites Tools Help New tab Ctrl T Oe lt Duplicate tab Ctri K New window Ctrl N i New senion uadalupe Open in Immersive Browser Open Ctri O Edit with Microsoft Office Word Save Save as Ctrl S 5 Close tab Ctrl W 3 s WA iy Page setup ji Print tri P om ii Send this map to a your client so Send z Page by e mail they can tour the Import and export Link by e mail properties virtuall Properties to Desktop y Ewit 4 At the bottom of the page displayed in the browser window a legend with all of the mapped properties is displayed Use the scroll bar to view the propert
141. perty Type Units Square Feet Occupancy Year Built Web Site Sub Type Ruildina Stat Use the drop down menu to reveal more options Industrial Land Mobile Home Make sure that you ALWAYS select the correct Property Type because different property types have different screen views to accommodate information specific to each property type Offering For Sale section This is where you will enter offering information about the property if it is For Sale Change the For Sale field to Yes if the property is available then you can enter more detailed information under the Offering tab if you wish Make More Money Realhound Inc 67 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia Offering For Sale _Match Buyers For Sale Yes y In Escrow Ho w status Otmw awailable Listing Price 10000000 Listing Date 08 01 2015 CAP SF 142 98 Expire Date GRM S Unit 105 263 Listing Broker Chester Hill amp Company Anita Hill 510 830 0988 A After the offering information has been entered you should ALWAYS click the Match Buyers button and the program will search your database for contact records that have matching Buyer Needs If a matching need is found the corresponding contact records will be automatically queried for you This is another feature that will grow the size of your wallet Owner Principal Shows the current owner of the property The ownership link between a property and it
142. port your contact records to MS Excel for use in direct mail or broadcast emails as well as Email All contacts and create Labels You can also access and create mail merge templates by clicking on the Documents Email button at the bottom of this tab Sort your contact list using the Quick Sort dropdown box on the lower right portion of the screen Make More Money Realhound Inc 59 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia eallsine Searching For Contacts Three Great Ways to Get the job 1 Lookup box Located on the top right hand side of the Companies amp Contacts screen the Lookup box is a quick way to find contacts in your database Our Lookup box is patterned after the Lookup box commonly found on popular internet search engines Type in all or part of a contact s name or company name and press the Enter key The program will pull up every matching record You can also locate a contact by typing in a portion of their phone number address or fax number The Lookup box is intelligent meaning that it will automatically search for variants of the name you type in the lookup field For example if you type in Richard it will pull up all Richards and Ricks Below the Lookup box is the What drop down list Use this feature to narrow down your search to currently selected records exclusively search contact fields or company fields Go to the List tab to see you
143. pter Three talking to prospects in your target market will be a snap To properly prepare for a cold call you must first have some market data on hand in order to have a meaningful conversation Most owners like to talk about rents sales new laws amp city ordinances construction trends industry news local business news sports local weather and market trends It is also helpful if you know something about your prospect before you speak with them Read What Your Prospects Read Subscribe to periodicals that cater to your market A must read for all real estate practitioners is your local newspaper the Wall Street Journal and your local business journal Scan through these periodicals and read only the relevant articles It should only take approximately 30 minutes each day when you are doing this correctly CAUTION If you are dedicating prime work hours each day to reading newspapers and you are not cold calling at least two hours each day you have missed the point The point is and always will be this consistently prospect for at least two hours by telephone every work day Conduct a Market Survey Survey at least ten properties that are similar in location age and amenities Call each of the ten property owners and ask them for their assistance with your survey and in return for their help tell them that you will share the results of the survey During your conversation with the property owner continually ask open ended questions
144. que customer relationship management CRM needs and processes that are an inherent part of the commercial real estate business This in turn always leads to low user adoption rates and failed implementations Our approach is different because our CRM is an industry specific process orientated solution that was designed specifically for the business of commercial real estate It is based on a detailed understanding of the unique needs of the industry and incorporates a property database that directly integrates to a CRM component creating one seamless system In that way we deliver a purpose built flexible CRM solution that helps you achieve your business objectives quickly while avoiding any significant or costly customization Our CRM is flexible and is the only solution in the world that allows for multiple integrated deployment methods Users can access data remotely on their laptop 30 000 feet in the air using a compatible smart phone ona desktop computer and from a client server configuration You can even grant your clients access to marketing results offer activity timelines and documents directly through their web browsers And setup is easy taking just hours not months Power Moves 1 The strength of the traditional Broker Agent business model is the network of agents formed under a broker working together as a cohesive unit In this environment agents are cooperating with each other by sharing and working each other s
145. r Search results in a list format When you have completed your search return the What drop down to the ALL This will refresh your search criteria to all records for your next search TIP Type the word Owners into the lookup box to view secondary property owners 2 List screen sis Smart Links Window Help li Reports Demographics Mz reds Marketing Cold Calls amp Call Lists List vle A Search Click on the List tab located to the right of the Company Contact tab At the top of the List screen you will see blank boxes under Company Contact Name City State Postal Code Phone and Contact Type Enter the information that you want to search for in the appropriate box and click the Lookup button to start your search The results of your search will populate in the list Double click on any contact in the list to go to that contact s record If you want to view all of the Contact records on the list simply click on the Companies amp Contacts tab and you can click through the records at your leisure uyers amp Tenants Needs Marketing Cold Cals amp Call Lists List Contact Name City State Postal Code Phone Contact Type Administrator Pretoria Gaute 0042 27 T 2 102 2029 Owner Kary Dukas New York CA 10178 602 345 2345 Manager Fredrick Lambert Monterey Park CA S17547666 333 444 1177 Owner Baily Schuester Santa Ana CA 9270
146. rifting a few times a day Leverage a workforce to maximize your productivity and income How did the Pharaohs build their pyramids Nobody is exactly sure how it was done but we can safely assume that the Pharaohs who ruled Egypt did not carve or carry any of the stone blocks used in the construction of the pyramids up the ramps themselves This is a fantastic metaphor for the use of a workforce to achieve leverage in your real estate business You can accomplish much more by instructing and directing a workforce of others than you can do on your own There are typically five stages of leveraged growth in commercial real estate While it is not necessary for every agent to grow their business to stage five or beyond most commercial agents are comfortable at stage two or three However without the proper amount of leverage in your business it is practically impossible to maintain a high income and balance in your personal life When you add staff their job responsibilities should include everything that can be delegated that is not part of your top 20 of productive activities remember that your key activities are prospecting and deal making This allows you to leverage your time Pay everyone on your staff a competitive salary with bonuses to keep them motivated to help you achieve your goals Your first hire should always be an assistant and remember that you get what you pay for Junior agents should be paid a small salary and be c
147. round the properties using the Bird s eye view 11054 North Frans Lap ev rig nit 3 SOc rr ae AS E 11th HFE kd a t WIG TE Biya Wemba Swe dnns 5 Millacs hovar E Wia sl L ea n eS ee P 4 Me 3 FL th T Who Sh 5 F Fayuan a r P re 5 a ie ps bound wale if rein d a at Chri or ech Eata J P pgh hig S j d a 1 an Cee i Dg ZEN a wali pale HUNELA NONY T ALLL Make More Money Realhound Inc 77 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaiA ea Sine Geocoding your properties Properties must be geocoded before several mapping functions in the program such as the radius search will work properly A geocode is justa fancy way of saying that the property has latitude and longitude coordinates associated with its record You can tell ifa property has a geocode by looking at the Tract section of the Details tab in the Property section of the program Oth Teri 33 58687 14918329 Geocode Pro ngtude 111835165093192 Census Tract Con There are currently three ways to geocode your properties using Microsoft Map Point 2006 Yahoo Maps or entering the coordinates yourself by hand If you use Map Point 2006 or Yahoo to automatically geocode the properties in your database each property must have a valid mailing address MapPoint 2014 and Yahoo Maps Select the properties that you wish to geocode or select the ALL button Click the
148. rs and tenants It is designed specifically to meet the needs of a growing real estate business to keep you organized and it is extremely EASY to use It is the only software that can actually help make you money Power Moves 1 Daily prospecting is the key to making a lot of money in commercial real estate Devote two hours of everyday to prospecting on the telephone Do nothing else during this scheduled time and make sure that you do not entertain any interruptions Record your call results Make More Money Realhound Inc 19 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasii aS for each contact reached in their respective contact record Your goal with each phone call is to talk to the real estate decision maker and meet that person People do business with people they know Send mailers out on a regular basis to every owner or tenant who is in your target market Your mailers must have a consistent message and should compel the recipient to call you Don t forget to offer some service for free or a take away Most people find it difficult to resist free offers Record every mailer sent in each recipient s contact record The secret to a successful direct mail campaign is to send out your mailer at regular intervals This will further reinforce your branding efforts Email blasts tend to get ignored and left unopened in the recipient s Spam box Your database is the foundation of your success Successful agents all ha
149. s Let s say that you are sending out your quarterly newsletter You want to send it to everyone in your farm Follow these easy steps 1 From the Marketing Campaign tab create a new campaign but leave the property name blank Add a description such as Newsletter 2nd Quarter 2015 Make More Money Realhound Inc 119 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali 2 Create your Marketing Stage and attach your Contacts to that stage or you can add contacts as they contact you You can search for contacts that responded to your marketing and print a marketing report on the Marketing Campaign tab 3 Once you have completely finished with this particular marketing campaign and no longer need to work with it change the completed status from No to Yes The marketing campaign will disappear from the list Review a Contact s Marketing History A contact s marketing history can be viewed from their individual contact record by clicking on the Marketing tab Power Moves 1 Direct mail and cold calling work best when done together You could not possibly call everybody in your farm every single week but you can send mail to them weekly Your mailers are a gentle reminder that you are active in the marketplace and are willing to help a property owner with their needs Mailers fill the gap between your quarterly phone calls 2 Make sure your mailing campaign incorporates all five ingredients to ensure that you are se
150. s weather professional and college sports scores all tailored to your currently selected contact Make sure that you key in your contact s city Interests under the Other radio button and attended university on their contact record to get the maximum benefit of this feature ZoomInfo Smart links The ZoomInfo and Smart Links are located on the Smart links menu of the program By selecting Zoominfo from the menu the program will send contact information to ZoomInfo s website which automatically generates a report regarding your contact This is very helpful for looking up phone numbers and discerning the line of business that your prospect is in It can also help you to uncover details on your prospect such as the college that they attended professional picture and articles that they have been quoted in or have published Once the contact or company list pulls up in your web browser you can narrow down the search results using the refine search results box on the left side of the web page Make More Money Realhound Inc 93 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Sate Creating a Market Rent Survey STEP 1 Create a market survey using the Radius Search to find properties around a subject property or the MapPoint 2014 geographic search functions for finding properties in an area by drawing on a map A detailed explanation of each of these search functions is covered under the Mapping section in the previous chapter
151. s a Lease Delete Available Space and Save as Off Market Match Tenants Available Spaces Lease Comparables List feature This feature will allow you to select and rank spaces from a queried list of properties so reports can be run just on the selected spaces To use the Available Spaces Lease Comparables List feature query the properties with spaces in your database that you wish to run the comparables list on With your properties selected click the Available Leases button on the property List tab Once the spaces have been selected and ranked select your desired report to be run from the Report button at the top of the screen Make More Money Realhound Inc 71 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wasaidie S743 Esti Thomas Aged um St E Thomas Fid vecant Yes Ling Date DWOS 2006 Avalabie Dals Avnioble Mobs mmodaic Term mes Space Type Warehouse Term Mabe Sub Type Censdermlion Lae Lease Type Nen y Ue Type Actual Use Location Corner Fee MAIC Code Potential Fee Sac Code Aulo ider Uncheck Al Drop Unchecked Leases tab All of your property leases are stored on this tab Make sure you record the lease expiration date purchase option date and renewal option dates on this screen if that information is available to you The program will use these dates to manage your future call lists saving you a lot of time and effort in the future Link the tenant co
152. s corresponding owner contact record is established in this section The owner that appears in the Owner section of this tab is the owner that the property is linked to in the Contacts section of the program ra i rieri Fareri ruri Owner Principal Primary Five Star Lie Jerry Ball 512 556 9090 Click the Change Contact icon to change the owner To complete the link between a Contact owner and property you must click the Refresh button on the Companies amp Contacts tab You can add additional owners under the Owners tab Ren EES Refresh Refresh All Compare O Own Summary Own Detail Lessee Sold C All Related Radio buttons Allows you to select different views in the Activity box below These buttons are different for each property type Make More Money Realhound Inc 68 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia The radio button for Apartments and Storage Size Bed Bth SF Low SF High SLow High SF 0 1 v 500 500 500 500 1 00 17 7600 600 600 610 151 01 784 784 S780 790 51 00 1000 1000 51000 51000 51 00 900 900 900 900 151 00 property types 2 1 2 2 2 2 k le le le Ie Lookup box Type in a property name address zip code city sub market property type property sub type property actual use tenancy owner company owner contact sub region and the program will display all the properties that meet your specified cri
153. s tabs and a seeming sea of endless fields slightly intimidating However you have the ability to hide tabs and fields so you can customize the look of the program As your confidence grows you can turn on or off areas of the program that you may or may not want to use To take advantage of this feature go to File gt User Interface to turn on or off program Tabs or File gt Administration gt Settings gt Field Visibility to hide fields in the database The Contact Section ma Ta File Edt Aleh View Report Analysis Smart Links Window 5 The first tab in the Contact section is the Companies amp Contacts tab The Contact Screen displays a contact s primary information history of property ownership related contacts group membership leases and history of activities relating to the contact amp File Edit Search View Report Analysis Smart Links Window 7 Today 3 Contact fi Property lt All Me Search fly Reports 2T Eos History Cold Calls amp CallLists List Entity Type individual Contact y Phone Company Administrator l 4 Celt Home Contact Administrator l4 Phone 4 Taia ia Everything that is mission critical to successful communication with your clients is displayed on this one tab You can also send emails generate letters and schedule activities with your contacts without leaving this screen The Companies amp Contacts tab s screen is broken d
154. selected contact This feature is discussed in detail in another section of this book H Lessee Sold All Related p Evergreen Park 350 Units SF o 3979 E Greenway Park Scottsdale AZ 1993 Built Listing sale Buttons buttons and more buttons New Contact Copy Contact Drop Contact ote jl Cold Call At the bottom of the Companies and Contacts screen there are a series of buttons that function as follows New Contact Creates a new contact record Note that you CANNOT create a new contact record from the Edit menu Copy Contact Creates a new contact record and populates the record with the same company name address and phone numbers as the currently selected contact Drop Contact Drops the current contact from the list of contacts displayed and advances you to the next contact record Task Allows you to schedule a Call Meeting or To Do task with the current contact at some future pointin time Scheduled activities will appear on your calendar Make More Money Realhound Inc 56 Big Money Made Here MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia ellsinw Note Creates a new note into the contact history record Call Creates note about a call you made to or received from the selected contact in the contact history record Cold Call This button is covered in detail in another section
155. sign that was posted on a property it would be tracked and tallied with the rest of the property marketing This feature is ideal for multiphase marketing campaigns such as those involved in the marketing of a property or space To communicate your marketing efforts to your client simply click a button to print out a marketing Make More Money Realhound Inc 113 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali report and send it to them The Listing Marketing Report A Staple in Your Arsenal The listing marketing report is a staple in your arsenal of essential brokerage services Ideally marketing reports should contain the different marketing stages results and the names of people who had an interest in the listing Your marketing report should be sent to your client weekly and also be made available in real time for your client to view over the Internet With the proper software technology it should take no more than 5 minutes to generate a weekly professional looking paper report and no time whatsoever for your clients to view real time reports directly on the Internet Marketing reports should be used to win new business manage an owner landlord s expectations substantiate who you marketed a listing to and demonstrate to your clients that you are working the deal Always remember that the fastest way to lose a listing at renewal time is by being inconsistent with your reporting methodologies or even
156. sson in humility J M Barrie MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali Sate Chapter Five Fish Will Not Jump Into Your Boat Just Because You Look Good Cold Calling amp Market Surveys Made Easy Let s face it if you are not talking to every property owner or tenant in your farm at least once a quarter you are not effectively covering your market If you are not covering your market you are leaving the door wide open for your competition to make a very nice living from commissions that you left on the table So it is up to you to cover your farm so well that your competition does not like going to work in the mornings and agonizes over their career choice Now we know that some of you consider your competition to be friends But no broker who will just let you have a 150 000 fee if they think they can earn it first We advocate a healthy respect for your competition within the bounds of fair dealings but you should not let yourself be naive enough to step into the brokerage arena with the belief that you will necessarily be treated the same way Always carry the strongest shield and the sharpest sword if you want to prevail in this business Which brings me back to my point the most effective way to cover your farm is by using the telephone and sending direct mail Most people are afraid of the telephone after all it is the leading cause of neck cramps and lock jaw in our society today If you are afraid of calli
157. st ContactLast Addre Michael Pierce Michael Pierce Evelyn Levi Evelyn Lewis Freddy Monkey Freddy Monkey Linda Pawlick Linda Pawlick Lizzie Pfeifer Lizzie Pfeifer sAlton Peters Alton Peters Dennis Oleary Dennis Oleary Lester Langson Lester Langson Harvey Ringo womox Hwd Au UN mn In the spreadsheet created by the Easy Import Wizard find the equivalent field name in this case it is Owner Company and select the cell immediately below the name With the receiving cell selected press and hold the Ctrl key while pressing the V key This will paste the contents of the clipboard in that column starting at the selected cell Alternatively you could right click on the receiving cell then select Paste A B Property Parking Property Ownership Entity Owner Company y Paste Options Paste Special STEP 8 Continue to copy the data from the original data file and paste it into the appropriate columns in the new data file created by the Easy Import Wizard If your data source has 123 N Anywhere St you would simply paste it into the Property Address Full field If your data source has two 123 and N Anywhere St address fields you would paste the data into the Property Address Street Number and Property Address Street fields STEP 9 After all of the property and contact data has been pasted into the new spreadsheet Save the changes and Close Excel completely STEP 10 Return to the open Import Wizard wind
158. stcards are the least expensive mailer that you can possibly send and they are also the most effective They are more likely to be read because the recipient does not need to open an envelope to receive the message A simple glance at your well designed postcard gets your message across quickly Maintaining regular contact intervals with your prospects is the first key component to a successful direct mail marketing campaign If you are just beginning your mailing campaign it is important that you brand yourself and your services in the minds of your prospects In order to do this your initial mailings to your target market must be once a week for four weeks After the first four weeks you will send a mailer out every two weeks for the rest of your career Like anything worthwhile a successful marketing campaign takes time and mailers can take anywhere from 3 to 6 months to become truly effective If you fail to send mailers out for more than 6 weeks you run the risk of having your prospects forget who you are and this will force you to start your mailing campaign all over again from scratch A record of each mailer sent and the results it received get entered into each recipient s contact record REALHOUND does this with just a push of a button Each marketing piece should have a consistent message that can be as simple D as Your commercial real estate sales expert Your office amp industrial property sales specialist
159. t is For Sale in your farm Update this information on a weekly basis Reminder You may also import newly listed properties from the Internet from within the program As you talk to property owners in your target market it will not be uncommon for you to run across owners who tell you that they will sell only if the price is right These owners are price motivated and are difficult to convert to listings If they will not list their property with you you should still consider their property for sale Change the For Sale dropdown box to Yes and type FSBO into the status field J Match Buyers No w Net Lease No wy In Escrow Ho nf FSBO hg Listing Price 1 450 000 Listing Date 11 11 2015 CAP 6 00 wF P30 271 Expire Date GRM Acre 2 135647 Listing Broker A For Lease Yes y Publish Offering to Realhound Network Ho w Enter the Listing Price CAP and as much relevant data as you can in the offering section on the property overview screen as you can FSBOs are notorious for selling their properties at below market prices Tracking this type of data will let you quickly find owners who will consider an offer if you are working as a Buyer s Representative or when using the Buyer needs portion of REALHOUND Make More Money Realhound Inc 41 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imuialmlisinae Warning Working with property owners that are price motivated and refuse to exclusively list
160. t is extremely time consuming for agents to mine Therein lies the opportunity for a broker to increase their value proposition to their agents Given a choice most agents would choose to import their property data on a regular basis if they knew the information was accurate So a broker must reduce the amount of time consumptive research that each agent does in order to increase the amount of time that an agent can spend doing the most productive activity in real estate sales prospecting Your agent s time is always best spent prospecting and not doing mundane time consumptive research From this fundamental activity springs a pipeline of transactions that leads to increased revenue for both the agent and the broker The broker supplies the CRM software and uniquely researched property data to his agents so his agents can prospect from the supplied data REALHOUND Classic will provide your company with the tools that will increase agent productivity and drive more dollars to your bottom line Make More Money Realhound Inc 143 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali The Right Fit for Your Corporate Real Estate Business Do it Smarter Do it Better Traditionally CRM solutions for the commercial real estate industry have been designed either as one size fits all or poorly adapted versions of rigid monolithic enterprise systems that were intended for use in other industries These flawed approaches do not account for the uni
161. t is the most inexpensive form of mail that can be sent When your prospect receives a postcard they will look at the front and if it is designed well turn it over and read the back Your message is received and the mailer has achieved some level of success Tip If you must send advertising materials to your farm in a standard envelope try to make the envelope look different from every other piece of junk mail in the prospects mailbox You might try using these techniques to get your envelope opened e Have your own handwriting made into a font and have your printer print directly to the envelope instead of a label e Use a first class stamp instead of metered mail e Create a red colored hand stamp at your local office supply store that says Market Information Enclosed and use it to stamp the front of your envelope The third critical element The third critical element is that the mailer should be simply designed The front should not be cluttered the recipient must clearly understand the subject matter of the postcard easily The following are some headlines that work well e Just Sold e Just Listed e For Lease e Just Leased e Are you thinking about selling e Do you need some growing room e Do you need another location An uncluttered design on the front of the postcard and a good property photograph will get them to turn over the postcard to get more details The back of the card should have the following elem
162. t spreadsheet into Microsoft Streets and Trips on your laptop Map the properties and select optimized route Plug in the GPS and drive to each property The passenger navigates and the driver safely keeps their eyes on the road Reminder Using your car s navigational system to guide you to a large number of properties is probably not the best use of your time Yes someone did ask the question It takes a considerably longer amount of time to key each property into your car s navigational system than it does to use your laptop to map out all the properties at once Take at least four digital photos of each property using the medium quality setting on your camera This should give sufficient resolution and detail without maxing out your camera s memory media The first shot of every building should be of the property address or monument sign This will give you a reference point to discern one property from another when you download your photos to your computer Other things that you should consider photographing include the view from the front sidewalk HVAC system parking lot amenities property directory tenant signage and different building angles Make sure that at least one photo is good enough to be used on a marketing brochure or on a postcard This will save you time in the future when you are trying to complete a report you will not need to run across town to take a picture Don t forget to take notes about each property that
163. t you from making your daily calls Remember that calls come first and EVERYTHING else comes after that To avoid unnecessary distraction alert your staff that you are not to be disturbed while making your calls The first few calls tend to be a little awkward but you will get into a rhythm that will make each subsequent call easier If you allow yourself to become distracted you run the risk of never finding your rhythm or finishing your daily call quota Each call must be tracked and a brief synopsis of the conversation saved in the prospect s contact record for future reference Both buyer and tenant needs should be recorded for future reference Every conversation that you have with a single prospect builds on the previous conversations and it becomes easier to talk to that contact over time REALHOUND simplifies the entire cold calling process reducing your anxiety and allowing you to make more effective calls Like most things the more calls you make the better you will become Make More Money Realhound Inc 16 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali aS In a healthy real estate business prospecting is a continuous process that is done in parallel with every other daily activity in that business and when done correctly can be characterized by a smooth steady growthin a practitioner s income By contrast sporadic prospecting results in income peaks and troughs which are also known as porpoising yes like a d
164. ta Here Itis extremely important that you have the correct Property Type listed for each property being imported Only those properties that have valid REALHOUND Property Types will import correctly Use Excel s Find and Replace functions to change invalid types Valid types include Apartment Office Industrial Retail Land Storage Hotel Casino Condo Mobile Home and Single Family HOME INSERT PAGE LAYOUT FORMULAS DATA REVIE ig ae A B I U4 Format as Table Paste Alignment Number Ff Hr Q Cell Styles ir X Calibri 0 Fs Conditional Formatting 5 Clipboard Styles cs A C Property Name Property Type Property Sub Type Property A Enter Properties Here If you are only importing Contact data don t forget to clear the contents from Cell A2 and start pasting your data in the columns for contact data In the following example we will import Property and Owner Contact information Select the first column of data be mindful not to copy the field header hold down the Ctrl key and press the C key This will copy the selected data to your clipboard In our example we will select the Company field Make More Money Realhound Inc 46 Select the first column of data and hold down the Ctrl key and tap the O key This will copy your selection to the clipboard MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iialslsinae fx Fpi Land Appraisals C D E F Contact ContactFir
165. teria Alternatively you can lookup a property from anywhere in the program by pressing the Ctrl P keys Property Photo Display box Displays the default property photo You can store as many photos as you like in the program without slowing it down Beneath the photo display box is a series of icons that have various functions which are explained in the illustration below ine bse SPCC ARAB Most Recent Sale Shows you summary information about the last sale of the property In most cases this is really all the information that you need however you can enter in even more details under the Sales tab You should ALWAYS enter a new sale by pressing the New Sale button because the program will save you some work by clearing out the Offering information and will fill in certain sales fields automatically Buttons buttons and more buttons New Property Copy Property Drop Property Task Note Call Attach Documents At the bottom of the property Overview tab there are a series of buttons that function as follows New Property Creates a new property record You CANNOT create a new Property record from the Edit menu Make More Money Realhound Inc 69 Big Money Made Here MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imfa ellsine Copy Property Creates a new property record with the same basic property information as the currently selected property Drop Property
166. the Filter by field option Let s suppose that you need to find every building on S Pico Street Click the All button at the top of the screen and right click Make More Money Realhound Inc 75 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia in the address field on any property record Select Filter For and enter S Pico in the blank box again the asterisks tell the program to include any text strings before or after S Pico and press the Enter key Every property that has S Pico in its address will now be displayed If you would like to create a Search from this filter go to the Overview tab and click the Apply Filter button List tab Click on the List tab located to the far right of the Overview tab ities Ayailable For Lease Leases Offering For Sale Sales Qwners History 4 4 Click the ALL button on the top left side of the screen At the top of the List screen you will see blank boxes under Property Name Address City Square Feet Range Unit Range Type and Status Enter the information that you want to search for in the appropriate box and push the Lookup button Property Name Address City Square Feet Range Unis Range Type Status Aa 123Anypvhere Lookup Aflac Health Care Bi 4805 West Thomas Road A The All button will show all the properties in the database The results of your search
167. their properties can be hazardous to your wallet If you bring a property owner an offer make sure that you have a signed commission agreement from both your buyer and the property owner Many times the buyer will make sure that the seller pays the commission for fear of being left on the hook for your fee Even with a commission agreement you still might have to fight for your fee Track down tenants amp valuable lease data If leasing or tenant representation are part of your business plan you must collect and store tenant information and lease data in your database Some people will take a shortcut and exclusively rely on third party data providers for this valuable information If you are one of these people please step into my common sense corner for a moment If you were the leasing broker ina transaction and you were asked to provide the lease details to a company that was going to make the information available to everybody on the planet how accurate would your reporting be The same holds true for the landlords Do you think they want every broker in town chasing their tenants at renewal time Tenants can easily be located at any building address through the internet Google Maps will list the majority of the tenants at a given location by property address i 11054 N Frank Lloyd Wright Blvd Ancala Village 11054 N Frank Lloyd i X Wright Blvd Ancala Village Shopping Directions Save _ Canter EL i
168. ting before you hang up Subsequent Contact by Telephone Here is the real beauty of this system Every time that you speak with that owner after your initial phone call with him you will always refer back to the last phone conversation that you had to re establish rapport If he was planning to take a trip to Italy you can ask him about the trip the next time that you call If he was going to repave the parking lot you can ask him how it turned out If he had a problem with vacancy inquire about his success leasing the space EXAMPLE Hi John Let them reply This is Tom Smith with Smith amp Associates I am an office broker here in town and we spoke a few months ago about your property on 24th Street You were very generous with your time and helped me out with my market survey Let them reply Now lead in gracefully with something that they told you in the previous conversation The last time that we spoke you had mentioned that you were going to take a trip to Italy How was it OR The last time that we spoke you had mentioned that you were trying to lease some space to a major tenant How did it go OR The last time that we spoke you had mentioned that you were going to replace the HVAC Did you get everything up and running Make More Money Realhound Inc 90 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Waisai Site With the stacked method each new cold call builds on the previous conversa
169. tion creating rapport It is important to stay in regular contact with your property owners so you don t lose the benefit of the accumulated conversations Remember the goal is to meet your prospect face to face A good rule of thumb is to meet with them every 18 months TIP If your prospect lives out of state and does not come to town very often then you must go and see him Commercial real estate professionals don t waste their time traveling to see just one prospect they schedule two or three meetings to optimize their time and get the most bang for their dollars You should take your show on the road at least once a quarter OK if you are thinking that you do not want to spring for the airline ticket and rental car let me assure you that many agents have been beat to the listing punch line by making the extra effort to meet with a prospect that lives out of state Fly Southwest Airlines and save a buck Recover From a Cold Call Gone Wrong If you are human like the rest of us you will never be perfect on the telephone 100 of the time You will occasionally put your foot in your mouth and really botch some calls everyone does Here is the good news about cold calling the people that you call on the telephone are not usually going to remember in 90 days if the last call that you had with them was good or bad So don t worry about being perfect on the telephone What you should worry about is keeping a positive attitude after having a
170. tton or query the properties in the Show Detail list by pressing the Goto Selected button 6 Close the window to return to the Contact screen Cold Calling Statistics and Printing a Call Report Easily check your cold calling effectiveness and generate a cold call report from within the program After you have completed your daily cold calls you should always review your call statistics Your goal is to beat the numbers from the prior week If you make it into a game you will improve your call results over time Consider it a personal challenge never to end the week without calling at least one more prospect this week than you did the prior week Make More Money Realhound Inc 105 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Waisai State Track 1st Meetings and 2nd Meetings To track 1st Meetings and 2nd Meetings you must set the Sales Type drop down box to 1st Meeting when you are scheduling a new Task with a contact on the Companies amp Contacts tab So what exactly is a 1st Meeting and a 2nd Meeting When you meet a prospect for the very first time it is considered a 1st Meeting At that meeting you should try to uncover the prospect s needs and ask for the opportunity to solve the need If their need is to sell their property you would prepare a proposal for the sale of the property If they want to sublet their space you would prepare a proposal to lease the space It is considered a 2nd Meeting when you hav
171. ur farm Your target market your farm will become a group of properties or tenants that you will continuously prospect for business and become an expert on Some criteria that you can use to select your target market are property size geographic location property type tenant type city or county When you have selected your farm save it as a Property Group and give it a name that is easily recognizable to you or simply call it my farm If you are working as a tenant rep you will also need to save your tenant contacts as a Contact Group Easily Find Phone Numbers Using REALHOUND s Smart Links In the past researching owner and tenant contact data was laborious time consuming work In many cases the information that you were able to glean about a property owner was only partially complete or no longer current Finding accurate contact information for each prospect in your database is critical to your success but that doesn t mean that it should take you all day to find That s why we created Smart Links and integrated them into the program Make More Money Realhound Inc 38 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE iaia elisinae Entity Type Individual Contact y Company Administrator 4 Contact Administrator o 4 Title Mr vial Position v Address 386 Walter Bunton Street y Reminder Some people do not want to be contacted by phone fax or email and it may be unlawful for you to do s
172. urself of Phone AiO eee cete sats ce raestscccts ceetsopenee cacan nestescoxnsaeshcsstsoedeeesareeagcanstviseseendeate 89 Cola Calling Technigues LOL seiceanna EAEEREN 89 First Contact by Telephon senwineiniisiin a A Nai 89 Subsequent Contact by Telephone s ssssssrssssreesrrsnrnssnssrrnsnnnnnnennnnnsnnnnnnnnnnnnnnnnnnnnnnnnnennnnnnnnennnes 90 Recover From a Cold Call Gone Wrong sssssssssssssssssssnsesrrssnnsnenunnnnnnennnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnns 91 Prone OC Cod Ca on E a ec ee 91 Tongue tied Use smallTALK and ZoomInfo to Build Rapport 92 Creating a Market kent onrVey kerensa E E 94 How To Cold Call Using REALHOUND cccscsssssstecetcesseeesenteetentcetestinereeteestseteeteete 96 OTIC eae OUR GAG Uap cece ves ctectetevere E A ese eeetaitneteeee 97 Track Follow up Phone Calls with Contact GroupS s ssssessssssrsssrrsnrnsneesreennnessneesrnnssnes 100 Using the Related Properties section to make painless cold calls eeseseeseseeeees 102 The Compare Button Analyze properties on the fly 103 Cold Calling Statistics and Printing a Call RepoTft s ssssssssssssssesssnnensnnsrnsnnnneennnennrnesennnsnns 105 Track 1st Meetings and 2nd Meetings s ssssssssssssrrrssrrrssrnsnnensnnensnnennnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnns 106 So what exactly is a 1st Meeting and a 2nd Meeting ssssssssssssresssrsssnsesrsrrssrnenrrirnrnssnns 106 Power MOVES anarai aa EEE EE E NAAS A 106 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE WONN
173. ve databases that contain property data corresponding ownership tenant information and lease information Without this critical information effective prospecting is not possible If you are currently struggling with another software program that was half heartedly adapted to support commercial real estate sales you are wasting your most precious asset your time REALHOUND will be a different experience for you because it was specifically designed for commercial real estate by the TOP practitioners in the industry Make More Money Realhound Inc 20 It isn t soup until it is cooked Unknown MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Wozali ai Chapter Two What one person can achieve another can too The law of the Vital Few true value of time business models and surviving a down market In any given group from any industry the highest paid and most highly recognized people are those that consistently out perform their peers To these victors go the lion s share of the reward This phenomenon is known as the Law of the Vital Few or the Pareto Principle But what really makes these Vital Few so successful while the rest of the group can barely achieve mediocrity The thing that truly separates these people from the crowd is an unwavering dedication to achieving the maximum results for the amount of time and effort invested into their endeavors This is recognized in our society as a commitment to excellence
174. vidual agent cooperating in the group However just providing a broker with a desk a few subscription data sources and an Office full of agents is not enough A broker needs to continually add value to the Broker Agent relationship in order to keep pace with changes in the industry and foster an atmosphere of cooperation between the agents and the company The best way for a brokerage company to add value is by continually investing in technology that will benefit both the agent and the company The Solution for Increased Market Share and Agent Retention Ideally changes made to a broker s value proposition will benefit both the broker and the agents working for him This occurs when the agents and the broker make more money from their association rather than their disassociation For an agent to make more money he must focus on the fundamentals of the business by consistently prospecting An agent cannot effectively prospect if he does not have the ability to quickly access current owner tenant and associated property information Most brokerage companies provide access to data subscription services and let their agents diligently mine those services for data But merely providing data services to agents is not enough because these services are inexpensive and easily obtainable if an agent were to leave his broker Some additional problems with subscription data is that there is an over abundance of information most is of poor quality and i
175. will populate in the list Double click on any property in the list to go to that property s record If you want to view all of the property records on the list simply click on the Overview tab and you can click through the records at your leisure 11054 North Frank Lloyd Wright B Retail But 1997 11054 North Frank Lloyd Wright B Sub Type Retail strip Center Sa Ft 25000 x 1 UA mPa i t tel Y a Double click here to go the property record Make More Money Realhound Inc 76 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia Mapping That Will Blow Your Mind The mapping capabilities of the program are so powerful that they are considered the most extensive on the market Using MapPoint 2014 you can map all of the properties in a city draw a shape around the section of town that interests you and the program will select only those properties within the designated area dropping unwanted properties from your search When you return to the Property section of REALHOUND only those properties located within the shape will be queried selected in the program Then click a button and visually fly around your property with a Bird s eye view using a number of different internet mapping tools and finally geta street level view of your property without even leaving your office Next generate and map a list of properties that are For Sale or Available for Lease and email the map to a Client so they can fly a
176. wrong The real estate market cycle is here to stay it is as unavoidable as the law of gravity If what goes up must come down the question then is how can you avoid becoming the next victim of a market downturn Even during a market downturn the fundamental truth about commercial real estate is that the demand will never completely dissipate Sure the players and economics may change but the real estate itself must always be owned managed and leased by someone which in turn creates demand for your expert services In a downturn your client could be a doctor one day or a bank that foreclosed on a property the next Always market your services to the people who can say yes to your fee All market cycles have identifiable characteristics that are easy to spot if you know what to look for For example in an upmarket excess demand for commercial real estate services can be satisfied by amateurs but in a market downturn that demand shifts quickly to a dependence on the expert real estate advisor The expert always gets busier and makes the most money ina down market And the amateurs well let s just say that they get an education paid for by the market cycle scholarship fund We are now on the verge of the largest transfer of wealth in modern history where the prepared commercial real estate practitioner stands to directly benefit Let me emphasize that preparedness is the key Do you have the skill sets needed to be an expert adv
177. x months later your prospect has closed with another broker This can be avoided by always setting up individual Buyer amp Tenant Needs and by using DealFinder and Tenant Wizard Introducing DealFinder amp Tenant Wizard DealFinder and Tenant Wizard were designed to take the pain out of matching Buyer amp Tenant needs with available properties while managing lists of both buyers and Tenants You can now effectively manage hundreds of Buyer amp Tenant Needs and maintain even the most complex requirements The program automatically matches needs against available inventory in your property database When a match is found the program will display the matching records As you show the matching properties or space to individual contacts a history of shown properties can be stored in a contact s record Consistently tracking Buyer and Tenant Needs is a vital component to your success in commercial real estate Once you have a well maintained database of active buyers amp tenants and a track record of successful deals you are well on your way to becoming the market leader With each new sale and lease transaction your reputation for getting the job done grows in the marketplace Eventually new clients will seek you out for your expertise TIP Maintaining your database in this fashion will allow you to quickly find buyers and tenants for your own listings The quicker you find a buyer the Make More Money Realhound Inc 123
178. xpect a 350 or more return on your investment in direct mail Direct mail can work independently from cold calling but when done in conjunction with each other they create a powerful lead generating machine that will make you very successful Most commercial real estate agents favor direct mail over cold calling because they are too scared to pick up the phone even though direct mail alone is not as effective in a competitive market You must combine cold calling and use direct mail to have maximum impact in your market This two prong approach has been demonstrated to maximize lead generation and your income REALHOUND is the only commercial real estate software that lets you track each phase of your marketing and tie it directly to your contacts and property If you have listings you can easily generate push button marketing reports for your clients and even review a history of who responded to your marketing saving you hours of work every week Direct Mail vs Cold Calling Which Is Better The difference between cold calling and the use of direct mail can be compared to the difference between a Queen and Pawns in the game of chess Pawns are numerous but weak and a Queen is strong but scarce Direct mail is the Pawn of your prospecting game Your Pawns are weak but numerous and you just never know when they will capture some business for you They cover the game board by sheer numbers and help you establish your brand They are not to
179. y list Make More Money Realhound Inc 82 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE Washia Public Storage 1850 N Central Ave Phoenix AZ Storage 654009 Square Feet Mid Town Professional Center 1102 1108 West Indian School Rd Phoenix AZ Office 114851 Square Feet _Doheney Building 4445 Indian School Road Phoenix AZ Office 4224 Square Feet Crystal Centerplex 4304 Camelback Read Phoenix AZ Office 1504000 Square Feet _ Aflac Health Care 4805 West Thomas Road Phoenix AZ Office 16744 Square Feet 332 E Camelback Road 332 E Camelback Road Phcenix AZ Retal 484000 Square Feet ba 5 To see a Bird s Eye view of the property select the See this location in bird s eye view button Road Aerial Bird s eye a Py my 6 Next select the magnification icon to zoom in and out and change direction Aerial Bird s eye Labels ke Make More Money Realhound Inc 83 MAKE MORE MONEY IN COMMERCIAL REAL ESTATE imia eallsine Google Maps Not to be outdone by their competition in Seattle Google has Road Maps Aerial and Street View mapping A property is represented on the map as a green arrow with a text box Only one property can be mapped at a time You can send your map to a client as an Html email and they will be able to view your mapped property complete with street views 1 Select the property to be mapped in REALHOUND Click t

Chapter One Your Success In Commercial Real Estate

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