module 6 business development skills for today's practioners
DESCRIPTION
TRANSCRIPT
Li
Lipsey School of Real Estate2011 Systems for Success
Presented by
Mike Lipsey, MCRE
Module 6: Business Development Skills
Module 6 Business Development Skills6.1…...……….Client Discovery / Needs Analysis
6.2…..………………...…Questioning Techniques
6.3…..………………………...Handling Objections6.4…..…………………………Closing Techniques
Client Discovery - Needs Analysis
Resource Urgency Needs
R U N
Rating Your Prospect1 5
COLD HOT
C L E A RCauses Loyalty Expectations Authority Revenue
6.1
Run Clear (Client Worksheet)
RResource
UUrgency
NNeeds
CCauses
LLoyalty
EExpectations
AAuthority
RRevenue
6.1
Resource (Run Clear)
Resource – Ability to Perform Financially Evaluation of Client’s (Examples)
Credit Available Equity Line of Credit Remaining Balance
“Can The Client Perform Financially?”
No Show List – Client’s Inability to Perform Financially
6.1
Urgency (Run Clear)
Expiration Urgency – “When does your lease expire?”
Financial Urgency – Upcoming Debt Maturity
Space Urgency – “Will additional Space Increase Revenue?”
Location Urgency – “Moving Customer Base, Benefit to a Centralized Location VS Multiple Locations?”
Determining What Drives Urgency..
Types of Urgency
6.1
Needs (Run Clear)
Needs Unrelated to Real Estate “Tell me about your business?” “What are your business expectations?” “What are you doing to increase sales?”
Physical (Real Estate) VS Other (Business) Needs
Physical (Real Estate) Requirements “When does your lease expire?” “How many SF do you have?” “What part of town would you like to be in?”
6.1
Causes (Run Clear)
Establishing Pain and Discomfort“Can you share with me anything unpleasant about your existing facility?”
Hot Button Leasing or Selling Connecting Discomfort o Existing Property Creating Excitement and Pleasure towards Future Property
Determining What CAUSES PAIN or DISCOMFORT
6.1
Loyalty (Run Clear)
Rating Prospects Loyalty
College Activities Business Relationship Social Relationship Company Ties
Common Interest (Creating Loyalty)No Existing Relationship
Strong Existing Relationship
(5)(3)(1)
6.1
Expectations (Run Clear)
Driving Expectations (Examples) Public Transportation (Increased Employment Pool) Open Floor Plan (Improved Productivity) On Site Amenities (Convenience)
Establish Prospect’s Expectations
Example Question Can you share with me your most important objectives, as
it relates to this assignment?”
6.1
Authority (Run Clear)
Determine Authority Establish Decision Making Hierarchy Interviewing All Influential Parties Increasing Time Management and Productivity
Example Question “Is there anyone else involved in the decision
making process?”
6.1
Revenue (Run Clear)
Account Revenue Other Service Lines
Property Management Appraisal Mortgage Banking
Transaction Revenue “Is this assignment cost/time effective?”
Account Revenue VS Transaction Revenue
6.1
Questioning Techniques
“You will win more assignments, not by the statements you make, but the QUESTIONS
you ask.”
6.2
“What do you look for…?”“What have you found…?”
“What has been your experience…?”
“How have you successfully used…?
“How do you propose…?”
Questioning Techniques
“What makes you choose…?”
“What do you like about…?”
“Are there other factors…?”
“How do you determine…?”
“Why is that a deciding factor…?”
6.2
Objections Are Sales-Makers, Not Deal-Breakers
Objections Show the Prospect’s Interest
Minor Objections Are Used to Slow Things Down
Objections Show the Prospect’s Interest
Hesitation May Not be an Objection, May Be a Condition
Understanding Objections
6.3
Don’t Argue With Objections – Could Be a Deal Killer
Develop Sensitivity to How Prospects Feel About Their Objection – Show Concern
Lead Your Prospect to Answer Their Own Objection
Handling Objections
6.3
Identify All Objections and Write Them all Down
Script Responses with Closing Questions For Each
Develop Sales Tools to Enhance / Support Responses
Rehearse and Role - Play
Handling Objections
6.3
Hear Them Out – Take Time to Listen
Feed The Objection Back
Question the Objection, Answer the Objection
Confirm and Clarify the Answer
Change Gears – Go Immediately to the Next Step in the Selling Sequence
Responding to Objections
6.3
Overcoming Specific Objections
“Lease term is too long; I’m looking for a short term, 1 -2 years.”
“Monthly rent is too high since the space is a little larger than what I need.”
“Reimbursements for my practice have been cut by at least 20% so I need to reduce my rent
accordingly, but I can’t move into smaller space.”
6.3
Overcoming Specific Objections
“Only want to do short term renewal, 1 year, since I don’t know how healthcare changes are going to
effect my practice.”
“One objection we hear particularly in new developments or occupancy-challenged buildings is that “the building is empty”; “there is no traffic”, or “we like the building, but want to wait until there are
more tenants”.
6.3
Progressive Chart of Closing Techniques
Order Form Close
Use on Small Transactions
Sharp Angle Close
Use to Resolve an Objection
Smoke Out Close
Use When Sharp Angle
Close Leads to More than
One Objection
Chain Close
Use When Speaking to an
Inattentive Prospect
Summary Close
Use to Summarize
Key Objectives Identified in
Needs Analysis
6.4
Closing Techniques
Minor Point Close
Alternative Choice Close
Assumptive Close
Instructional Close
Action Close
6.4
Closing Techniques (Trial Close)
Trial CloseLooking For An Opinion
Negotiation Tactic Objection Condition
Neutralize Resolve Compromise
6.4