What Do the Best Mentors Really Do?

03:26:2024
Navigating mentorship is like embarking on a journey with a trusted guide. Leaders, like mentors, hold the map to help others navigate their paths to success. But what makes mentorship truly effective? This article from the Business Harvard Review explores the untold secrets, shedding light on the essence of mentorship that extends beyond mere guidance. Relationship over Mentorship: Authentic mentorship hinges on genuine rapport between mentor and mentee. Studies underscore the necessity of a strong interpersonal connection for meaningful mentorship outcomes. Character Focus: Superior mentors prioritize shaping mentees' character, values, and self-awareness, beyond just job competency. Recognizing the significance of soft skills, they emphasize empathy, respect, and self-awareness in mentoring endeavors. Someone in your Corner: Mentors cultivate optimism by embracing unconventional ideas and encouraging exploration. Loyalty to mentees' best interests…

The Intersection of AI and Human Touch in Commercial Real Estate

03:04:2024
In commercial real estate brokerage, delivering exceptional customer experiences is critical to be successful. With Artificial Intelligence (AI), brokers have an opportunity to tailor their services to individual clients (at scale), and create a more personalized and engaging journey. AI can sift through large amounts of data, from market trends to client preferences, and help provide insights that enable brokers to offer tailored solutions and anticipate the needs of their clients. By harnessing AI, brokers can improve efficiency and deliver a seamless experience that aligns with modern expectations. The Importance of Human Touch: Brokerage is a service that starts and ends with people. Although AI is a big buzzword today, it's essential to not overlook the importance of human touch. The article below discusses the synergy between AI-driven personalization and…

Did Apple Just Change the Trajectory of Commercial Real Estate?

02:27:2024
Check the lines at any Apple store around the block, there is no doubt that the future is here. With the release of the new Apple Vision Pro, it is hard to think that this device will not, in some way, change the context of modern CRE. This article highlights four pivotal applications of Augmented Reality (AR) in commercial real estate, and how brokers must begin planning for the future now. Project Design and Stakeholder Approval: AR fundamentally enhances the early stages of building design, allowing stakeholders to visualize intricate details through 3D models swiftly. This not only expedites the design process but also provides a compelling tool for investors and potential tenants to grasp the project's potential. Elevating Customer Experiences: AR is reshaping customer engagement within commercial spaces, offering…

How to Optimize Your Support Staff’s Time

01:31:2024
In the world of commercial real estate, time is the life of all deals, and optimizing your support staff's efficiency can significantly impact your bottom line. Many understand the importance of a well-coordinated team to navigate the complexities of the industry. Here are six key strategies to ensure your support staff operates at peak efficiency: Clear Communication Channels: Establishing transparent communication channels is crucial. Implement a robust system that allows for seamless information flow among team members. Utilize project management tools, collaborative platforms, and regular check-ins to keep everyone on the same page. Specialized Training: Invest in continuous training to enhance your support staff's skills and knowledge. Equip them with specialized training programs tailored to the unique demands of commercial real estate transactions. This not only boosts their confidence but…

Are you in Crippling Tech Debt?

01:12:2024
Recent surveys from Deloitte reveal that 61% of global real estate owners and investors are still reliant on outdated technology infrastructures. The journey towards modernization is a pivotal step, but as the saying goes, successful implementation is often more complicated than clicking 'update.'" The data further highlights that up to 73% of enterprise data across industries goes unused, creating untapped opportunities for leaders in the real estate sector. It's time to harness the power of this valuable information to drive innovation and strategic decision-making. While technology is the linchpin for achieving strategic goals, the silent hindrance, technical debt, lurks in the shadows. Our research shows that this "tax" on development comprises about 40% of IT balance sheets, with an additional 10 to 20% added to address tech debt on top…

10 Things to Do to Get Business

11:28:2023
Rainmakers are the two or so people in the firm who are responsible for generating most of the new business and revenue, per Jeffrey Fox. Big-hitting Rainmakers are among the highest paid employees in every company in every industry. If becoming a Rainmaker is your goal, keep reading.  One of the chapters from that book is titled 10 Things to Do to Get Business. Here’s that list.  Send a handwritten note  Clip and send an article of interest Talk to a happy client and ask who else you might help Thank you gift for some who referred you Give your business card to someone with influence  Send a letter to the editor of a magazine your customers read Add 15 people to your mailing list Leave a compelling voicemail –…

Budget Cuts… Now What?

11:28:2023
The commercial real estate market is experiencing a significant shake-up, marked by a wave of departures from property management to proptech to brokerage. The industry-wide brain drain, resulting from layoffs and voluntary exits, poses a threat to companies, prompting questions about the changing landscape of brokerage quality and sophistication. Key Takeaways: Voluntary Mass Exits: Unlike previous years, the current turmoil has witnessed voluntary mass exits from firms, such as JLL, Avison Young, and Cushman & Wakefield. The departure trend has extended beyond brokerages, affecting tech firms like Lev, which had to tighten its belt amidst rising interest rates. Impact on Brokerages and Professionals: The real estate industry is witnessing a significant thinning of the herd, affecting both young and experienced brokers. The economic environment, described as a "perfect storm" due…

Timeless Wisdom: Insights from 1966 that Still Resonate

11:13:2023
This 1966 article by John D. Louth contains enduring principles that remain essential for anyone in the field of sales and marketing. The article focuses on adapting, emphasizing that managing change is a key to success in business. Adaptability is the distinguishing factor that sets you apart from your competition. Although nearly six decades have passed, several noteworthy insights still resonate. Data Driven Research: The realm of marketing research has evolved significantly, delving deeper and broadening its scope. Failing to integrate this wealth of data into your decision-making process can put you at a distinct disadvantage. This is where Deal View helps brokers. Experimentation: Despite its 1966 origin, the principle of experimenting with emerging technologies remains as relevant as ever. Technology is currently revolutionizing many parts of the world, and…

How Rising Interest Rates are Affecting Investment Sales

11:02:2023
Interest rates have been a major topic of discussion over the past few years, particularly in Commercial Real Estate (CRE). Interest rates significantly shape the landscape of CRE investing. Here's a breakdown of the key points from the article: Low Interest Rates in Real Estate Investing: Low rates reduce borrowing costs, stimulating demand for real estate projects. They often lead to property value appreciation over time, fostering a climate of increased real estate investment. Underestimated Benefits of High Interest Rates: High interest rates contribute to a stable investment environment by deterring speculative behavior. They act as a safeguard against market volatility, preventing property prices from reaching unsustainable levels. Risk Management in High Interest Rate Environments: Prioritize conservative financing practices to shield against interest rate fluctuations. Conduct thorough due diligence on…

AI is Revolutionizing Business: Implications for Commercial Real Estate Brokers

10:23:2023
Artificial intelligence (AI) is revolutionizing business, and this transformation has significant implications for commercial real estate brokers. Here are the key takeaways from the article: AI for Enhanced Consumer Insights: Commercial real estate brokers can leverage AI to gain profound insights into consumer behavior, enabling them to provide highly personalized and effective services. The Expanding Role of AI in Real Estate Marketing:  AI's influence on marketing in the real estate industry is rapidly growing, with the market predicted to exceed $35 billion in the coming year. Over the next four years, this market is expected to triple, reaching nearly $108 million by 2028. Current Applications of AI in Real Estate Marketing: Many real estate professionals have already integrated AI into their business, realizing benefits in automation, data analysis, and email…