There’s a common perception out there that salespeople can somehow manage to sell us something we don’t want to buy. It’s one of the things that people frequently bring up when talking about the stereotypical “used car salesman” who is only interested in taking as much of their money as possible.
I’m here to tell you that, at least in our business, this is not reality.
Commercial real estate sales cycles are frequently years long, involve many professionals from different fields (lawyers, accounts, architects, etc.) and cost companies millions of dollars. These factors, coupled with the fact that most of the people making the final decision on the project are eminently qualified professionals themselves, leads me to believe that as a salesman in this business your focus should be more on helping the client and less on selling them.
Helping your client instead of selling them begins with always looking at things from the perspective of what is best for your client. Then, focus all of your efforts on helping the client to be successful. Here’s a crucial, yet often overlooked, fact about sales: no matter what type of product you’re selling, you are really in the information business and the top salespeople are the ones who provide the best information to their clients. They accomplish this by spending time learning about the product they are selling and the markets in which they are trying to sell it. They also spend time listening to their clients and learning what their clients want.
In our business, the key information involves market sales and leases. As a broker, I want to know where sales and leasing transactions are getting done and what the latest trends are in the market. I also need to know what kinds of businesses prefer to have space in my market area and why. I’m probably not going to be able to sell a penthouse suite in a Class A office building in downtown Bethesda to a tenant currently looking for industrial warehouse space – no matter how good of a salesman I am.
Once armed with the qualifying information, you can begin adding value to your client and guiding them towards making the wisest decision. You can help them find space that fits their goals, such as moving closer to where most of their employees work or opening a location in a new market to gain additional customers. You will find that the more you help your client, the more they will trust you. As I said earlier, commercial real estate sales run in cycles. If you establish a good relationship with your client now, you may find that they come to you again in 5-10 years when their business has grown and they are looking for bigger space. If you stay in the industry long enough, you may even find yourself working with multiple generations of the same family.
On your next deal, take the approach of less selling and more helping. You aren’t likely to succeed in getting a client to buy a multi-million-dollar building that isn’t right for them, no matter how persuasive your sales pitch. Even if you somehow did make the sale, you would likely lose the potential for a long-term relationship with that client. Instead, focus on gaining knowledge and adding value for your clients. You’ll be amazed at the results.
Have a great weekend,
Ro