Mark Rauch's Tenant Rep Times November 27, 2012
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Greetings! Welcome to the "Tenant Rep Times". You are receiving this edition of my eNewsletter because you rent or own commercial office space and are either my client or a potential client. I trust you will enjoy this issue and get a "gem" or two out of it. Your email address will only be used to communicate with you and will NEVER be sold, shared, rented or otherwise provided to other entities. |
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Is Cold Calling Damaging The Office Tenant Rep?
Presented By Mark Rauch
"The only limits are, as always, those of vision" -James Broughton-
Is cold calling damaging the Office Tenant Rep? This question has been front and center in my mind for the last few years. Most Tenant Rep veterans when asked how to create more business will suggest making more cold calls or canvassing more buildings. Cold calling has definitely worked for me. The majority of my business has been produced from cold calls and canvassing. These clients tend to be extremely loyal to me. Yes, it may have taken 10 follow up calls after the initial one, but the relationship was nevertheless the result of a cold call.
Why am I contemplating this question? 1) The number of calls my clients and prospects are currently receiving from other brokers and 2) the fact that cold calling puts the Tenant Rep on a lower playing field than the prospect. These are the reasons I sense that a confirmed method for lead generation could be damaging the business I truly adore.
Here is a good example of how bad cold calling has become in my market. A client of mine and I were having lunch. We were sharing new business ideas about social media. I asked him how my competitors approached him. My client responded by saying that he receives 10 - 15 calls a week from brokers and it is all static noise at this point. He expressed that his lease expiration must be on some kind of database. His sentiment made me appreciate that even if there was some pivotal news about my prospects current landlord, that he would not hear it. Even the best cold calls have now become static noise.
Another client once told me that unless I could save her company ten million dollars on her lease she would not have time to hear what I have to say. She said 15 of my competitors have already told her that they're going to save her money.
In addition, cold calling puts you on a lower playing field than the prospect you are calling. The truth is that cold calling makes you look desperate. It makes your prospect think you're not very successful because you have resorted to making cold calls. This is a very naive way of thinking but nonetheless true. In many cases it is a real struggle just to be considered an equal in the eyes of the prospect. Include that frame of mind to the number of calls that contact is receiving from other commercial real estate brokers, and you're now a hopeless commercial real estate broker.
Referrals are always welcome however what is the answer if you are not super well connected to individuals that are motivated to send you a constant flow of referral based business? For myself, I have been on a quest to look for more efficient methods to get in front of potential clients such as the eNewsletter you are currently reading which has opened up a whole new set of doors for my Tenant Rep practice. Am I going to give up cold calling? Not yet. That being said, times are changing and I intend to change with it.
Until that time, when I do make cold calls, I will continue to research the company and their particular situation so when I do call a prospect for the first time, I'll have something of real value to convey. The goal is to develop trust with a prospect. The time to be aggressive is when you are negotiating with a landlord on behalf of your client NOT when you are interested in developing a relationship with a potential client.
Approaching prospects professionally and with a distinctive message and a proven process designed to negotiate benchmark terms and conditions will perhaps minimize my getting caught up in the static noise while doing my part to prevent destroying the commercial real estate broker through desperate, hopeless, unprofessional cold calling.
Would love to hear your feedback.
Nothing contained herein is to be considered legal advice. Always seek legal advice when evaluating any legal document. |
This Weeks Resource
Word Hippo
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Question: Mark, will using your services jeopardize our relationship with our current landlord? Answer: No, utilizing our services will not jeopardize that relationship. Most landlords recognize that we are professionals dedicated to helping tenants obtain the most cost-effective real estate transaction. When a landlord is resistant to a tenant utilizing the services of a tenant representation firm, that landlord is sending a message that he may be trying to structure a lease deal that is not in the tenant's best interest. Tenant representation services level the playing field between the tenant and the landlord.
I also want to reiterate that we are requesting meetings with Professional and Corporate Office Tenants
We are looking to represent a handful of Tenants, each occupying 5,000 rentable square feet to 500,000 rentable square feet. Please call or email us to schedule a time to discuss how we can help. The only way to help you is to hear from you. Please don't keep me a secret. Other than representing you, a referral is the greatest compliment I can receive. |
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My focused specialty is solely driven to advocate the office space interests of Southern California-based corporations and professional services firms in leasing and purchasing negotiations of all types-renewals, relocations, renegotiations, recasting, subleasing, terminations and investments on a local, regional, national and international basis through a network of offices in 200+ markets around the world. Assignments range from single office lease transactions to national and multi-national real estate portfolios. It is my sincere desire to develop meaningful, long term relationships as your trusted
Tenant Rep Consultant and friend. Regards, Mark
Thank you for taking the time to spend a few minutes with me.
Sincerely, Mark D. Rauch Senior Vice President Travers Realty Corporation Direct: 213-430-2469 Mobile: 818-943-2959 License # 01019455
MARKRAUCH.TENANTADVISOR@GMAIL.COM LINKEDIN TWITTER TENANT REP TIMES BLOG |
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