How do you cope with rejections from commercial property owners ?
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[{"id": "hzi5ao4", "text": "It will be harder for you not being out of a commercial brokerage with more resources/clients at their disposal. Most commercial agent don\u2019t meddle with residential, and only specialize in commercial. If I was buying selling, buying or leasing one of my commercial properties, I\u2019d use an agent from a larger brokerage because they\u2019d normally have a better network and more resources at their disposal.", "replies": [{"id": "hzi7gad", "text": "To go along with this.  Not only do most commercial broker's specialize in commercial,  the good ones specialize in a specific part of town and asset class.  You are competing against brokers that live and breath something very specific.  These guys will run circles around a generalist.\n\n&amp;#x200B;\n\nIf I were you,  I'd focus on one thing and become the expert/ authority in that thing.", "replies": [{"id": "hzi7npv", "text": "This. Thanks for elaborating.", "replies": [], "depth": 3}, {"id": "hzi9nd2", "text": "I've been trying to work on my town. Steadily been selling in my farm, sold 2, missed out on a couple from negative mental health and no real guidance. I've found reliance in my own self and now I have 3 commercial for lease in my town and trying to spark some development here. Issue is owners want too much and the town doesn't have a good reputation for developmental permits.", "replies": [{"id": "hziac4p", "text": "Got it.  How big is your town?  I guess I should have asked that first.  If you live in a small town, it might not support specialized commercial brokers.  \n\nAnd I used to get mad when I missed a property.  I think the thing that has helped me the most is to have enough going on that I'm not worried if I miss something.  I also think having the mental attitude that you will get the next one helps.  Whatever you do,  try to show confidence,  clients can sniff out desperation real quick.", "replies": [{"id": "hzihell", "text": "It's actually a village, 3.5M SQ Miles", "replies": [], "depth": 5}], "depth": 4}, {"id": "hzj1km5", "text": "Owners always want \"*too much*\" (according to those who aren't owners) and, few towns have good reps on permits.\n\nBe the guy who gets owners to see a bigger picture.  Be the guy who knows *every* permit counter guy and be the one broker in town who golfs with the mayor.\n\nBe the *\"go to guy*\" to find the best plumber, sheet rock guy, HVAC firm....etc.\n\n(Guess who needs to know that info?:  Owners, Tenants, Permit guys, Mayors....)\n\nThere's only one person keeping you from making the most (and the most profitable) deals in your town.\n\nIn the Great Depression, 25 out of 100 people were unemployed. Sounds devastating, until you realize that what that *actually* means, 3 times that number, 75, were employed.\n\nDo what it takes to be one of those 75.\n\nTime to learn how to make lemonade my friend.\n\n10,000 hours.", "replies": [{"id": "hzjijl0", "text": "This is great advice for a small village. You really have the opportunity to build lasting connections", "replies": [], "depth": 5}], "depth": 4}, {"id": "hzj3uk1", "text": "This is a sales question, which most  RE people are terrible at.   Without even getting into numbers, most salespeople overlook opportunities.  I could write for days on this, but you asked how to deal with rejection.  Is it rejection when they say no?  I posit that it isn't, if you glean some information to put into your db for future soliciting.  Your job as a salesperson isn't to immediately sell.  That's most likely going to make you feel like a failure. Your job is to ask questions, create implications, and solve the problems.  They're not rejecting you, they're rejecting your premise.", "replies": [{"id": "hzj5qtv", "text": "This is correct. I have worked in CRE for a long time \u2014 rarely do I need a broker for a commission, I\u2019m not actually an owner.\n\nBut I can \u2014 and do \u2014 feed \u201cmy\u201d brokers information. All the time. Whenever I can. Nothing in writing \u2014 but I can usually tell them why a decision was made, or how a sales pitch was perceived. I can put \u201cmy\u201d brokers in front of decision makers, and I do. Whenever I can.\n\nCommercial RE is a relationship business. If you\u2019re cold calling owners, you\u2019re doing it wrong. There are only a handful of players that really matter in most markets. Know those players, develop those relationships \u2014 and include the supporting deal staff in your Rolodex. Don\u2019t prioritize us the way you do an established owner relationship, of course \u2014 I get that. Everyone in my seat gets that. But if you\u2019re cold calling as your main method of lead generation?\n\nCome on, man. Stop wasting my time.", "replies": [{"id": "hzke6rk", "text": "Based on his other posts, he's under 30, knows everything, and just came on here to explain to everyone that the world has changed and he has better answers.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hzi726f", "text": "It sounds like you\u2019re working landlord side leasing and investment sales. Right now it\u2019s a sellers market. I\u2019d drill down n your market using costar, see who the major players are in your market, introduce yourself and ask them what they\u2019re looking for, what you can dig up for them? Acquisitions is so hard up for good investment brokers right now. Ladies and gents that will actually knock on doors, make phone calls. You want to work with institutional buyers and family owned or small business sellers. Don\u2019t mess with institutional owners of real estate. They\u2019re already well repped and have their go-to guys. I\u2019ve been hired more than once to do leasing because I acquired a good deal, and to be honest, I was not the best choice for landlord side leasing. But I am the best choice for scouting deals.", "replies": [{"id": "hzi961o", "text": "I'm taking all my listings off loopnet. Garbage platform. Terrible business model by costar in making people ridiculous amount of money for uploading commercial listings on loopnet.", "replies": [{"id": "hzi9icf", "text": "I can\u2019t tell you how much a loathe both CoStar and LoopNet. Good for research only. More often than not, everytime a post a listing, competing brokers call to interfere.", "replies": [{"id": "hzia1k4", "text": "I'm a software engineer and I have plans to build a RE platform within 2 years.", "replies": [{"id": "hzj1ssm", "text": "(Just found out the entire thread has been played).", "replies": [{"id": "hzj8arb", "text": "DM me if you want to talk about it.", "replies": [{"id": "hzke1sx", "text": "?", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "hzj1q0t", "text": "Go knock on doors.  Shake their hands.  Show them your eyeballs.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hzi9ao3", "text": "I have been doing the approach you mentioned. I guess I need to keep steady and stay on course", "replies": [], "depth": 2}], "depth": 1}, {"id": "hzidmtx", "text": "Have you considered affiliating with a commercial real estate broker to build up experience and networking?", "replies": [], "depth": 1}, {"id": "hziel2s", "text": "Pick a speciality, create an ideal prospect, figure out what problems your idea prospect has, decide how you can solve them and convey that value in terms of how it can help them in their world.\n\nExample:\n\nSpeciality: Industrial \n\nProspect: CEO of distribution company with 50-$500MM in revenue, with more than one location over 40k sf\n\nProblems: Scaling with client, keeping operating costs down, growing supply chain into new markets \n\nValue statement: Many of our clients are industrial tenants like you that are doing well but are struggling to keep their operating costs\nLow. We track every single industrial lease and sale transaction in the market to leverage against your landlord in order to get you the best deal possible on your next renewal or new lease. In fact we helped xxx company save xxxx on their recent lease on xxxx street. We can help when the time is right and id like to set up a meeting to show you how.\n\nMake a list of 200-400 prospects that meet those criteria and start calling. The odds you will catch someone that has to sell, move ect now is low. It will take months and years of calling to become their go-to advisor. Call until you get the prospect on the phone and keep in touch quarterly. \n\nIn the meantime become an expert in your speciality, track all comparable sales, lease comps, land sales, talk to all the neighbors, read national and local news, track trends. Attend industry events and conferences. Don\u2019t be a residential broker who just puts a sign in the ground be an expert who has the information his clients need to make money. \n\nThe more calls you make the faster you will get to yes and the better you get. When I started I would make 100 calls and have only a handful of meaningful conversations now I can do the same in 10 calls. This business is not for the faint of heart so be patient.", "replies": [{"id": "hzj7nun", "text": "Thank you for this reply - very informative.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hzigr1m", "text": "Each time you're rejected, treat it as a success. It means you put yourself out there, that you were brave and fought a battle instead of sitting on your ass at home playing videogames", "replies": [{"id": "hziiw08", "text": "Thanks , I like to think of it that way. After a few times, you can't help but fall into that feeling. I guess that's how you get stronger, by just realizing you still can make things happen if you rearrange your focus", "replies": [{"id": "hzivrfd", "text": "You have to try harder to see the positive. When you have bad thoughts happen, stop what you're doing, close your eyes, and focus on positive thoughts. Try to keep positive thoughts, for about five minutes or until you feel good again. \n\nIt sounds silly, but it helps reprogram your brain to soften the blow of rejection.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hzixs88", "text": "This is so fucking true\u2026. I have lost so many deals over the years and especially in the beginning I told myself at least I got a signed contract, at least I had an accepted offer etc. the new guys don\u2019t realize how close they are sometimes.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hzijccz", "text": "Commercial is highly analytical and financially driven, there is an element of trust with your owners and investors but it is more of a business oriented trust. An investor wants to see where the market advantage is with a specific product and the upside potential, while yielding a return that supports the purchase price. They want to trust that you have done your homework on a specific investment, or that you have a level of expertise congruent with the type of product/tenant your owners or investors prefer. *MOST IMPORTANTLY* your buyers/investors must be able to trust that you understand and can execute their investment goals.\n\n\nI could never imagine getting my feelings hurt that an investor rejected my presentation, because I know they are making an economic decision. Consider\nthis is perhaps an indication that CRE is not a fit for you. Residential is a much more emotional process and sometimes a better fit for emotionally intelligent/aware salespeople.", "replies": [{"id": "hziwaxs", "text": "I have great expertise in both and experience. I am younger than what you may think. I'm excited to see where the next quarter of my life takes me as real estate has been a building blocks passion I've had since I was young. I just have been growing and maturing a lot, the logical element is just starting to come in more and more as part of adulthood. \n\nI posted on here for good logistical ways to counter negative sentiment or lack of executed operations. A good one I realized is I need better presentation and put more focus on investors/buyers who are more readily willing. Then accumulate as many lists of inventory as I can.", "replies": [{"id": "hzj1w6z", "text": "&gt;I am younger than what you may think.\n\nYou're *most* assuredly not.\n\n^((And, we) **^(all)** ^(presumed you're still playing with your building blocks).)", "replies": [{"id": "hzkssd4", "text": "Definitely!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hzix76s", "text": "A lot of good advice here but my one piece of advice is to realize that there are literally thousands of prospects you can work with so if one shuts you down ok.. there\u2019s more fish in the sea and another thing even more important is no one is going to do business with a stranger the first time you talk to them. That would be crazy\u2026. Cre sales/leasing is all about FOLLOW UP!", "replies": [], "depth": 1}, {"id": "hzl2f43", "text": "*How do you cope with rejections from commercial property owners ?\"*\n\nYou grow up and put your big boy pants on.", "replies": [{"id": "hzl36wo", "text": "Good answer. Putting my big man pants on", "replies": [], "depth": 2}], "depth": 1}]