I was asked recently to do a quick presentation to a few companies specifically targeting the commercial real estate space. I could have gone many ways and many different directions but I chose to keep it short, sweet and to the point as they say. Brevity is way underrated in my opinion. So, I thought I would post up the basic points, FREE and OPEN to the #CRE world because that just how I do it!
1. Sales, Sales, and Only Sales.
Be a sales organization period. Start with that, live it and breathe it. It’s all I want to know about your organization. How do you sell and what is your plan moving forward? DO NOT try and convince me you need to focus on anything else. Don’t waste my time. It’s all about market share. Land grab or die!
Talk to me about partnerships and who you are targeting. You don’t have a partnership strategy? Well just stop what you are doing and find another verticle to play in. Ironically they all have partnership strategies. What makes #CRE different? Nothing! Oh, and one other thing you better have more that one customer target. How about tenants? Wait, what? Tenants, yes tenants! Revenue and numbers, sales and sales and only sales!
2. Get To Scale Now!
Scale means what to you? Five buildings a month? One million square feet a year? That’s not even trying. Who do you know on this planet that owns one thousand buildings? [________________] that’s who and if I walked you in there today could you onboard all one thousand in a week? You can’t, well then what’s the point of your technology? You are not solving a problem, you are trying to fund your trips to Mexico for vacation by having someone else play with your product, instead of fixing a problem at SCALE! Might want to peek over at the companies in Europe and Asia, they start out that way. And they all want to come here! Oh, and the only possible advantage your technology will provide is the ability to beat your competition to scale! Think about that one.
3. The Value Chain.
Own the entire value chain of your customer’s transaction or be such an important part of it that the transaction does not function without you. How do you do that? How about the example of a commercial real estate broker. It’s easy to see when you think through the process of what they do for their customer. What makes you different? Nothing. Map out each and every step. One CEO of a company had 1700 parts of their customer transaction identified. Yea, 1700! if you think you are already a huge part of that transactional process let me ask one simple question, how do you get paid? How about this, what if you controlled the transaction and all the money came through you. You like that don’t you! So do I! That’s owning The Value Chain!
4. What Is Your Company To The World?
Get profitable. Be profitable and show the world profitability. WOW, what a concept. Is that not the goal of any company? Then get there NOW! What does that say to the world? It says we are the shit and know what we are doing. As a side raising money is not a party inducing event. It should scare the hell out of you because now it’s on and you are on the nine to eighteen-month treadmill. Hit your numbers or die. You can hope the market has “patience” and lets you float forever but what are the odds. Also maybe don’t post pics from that Mexico trip (it’s a theme) or the Wimbledon/Ascot pics. WTF is that saying? yes, I saw them, be fucking smarter than that or are you just that arrogant? You can push out all the canned content you want but your behavior is what will kill you. What’s the saying “hire for talent, fire for behavior.”
It’s simple, Sell Your Vision, Keep Money In The Bank, Recruit like your life depends on it because it does.
5. Save the BS!
I don’t care about your “stack.” I don’t care about your patents. Do you think China cares about your patents? You’re not going to China? Just the USA then, big enough for you? There are at least ten companies doing the same thing you are. YES, THEY ARE. How about this, your customers don’t need your solution…ever. They’re good and making billions without you. But you can save then pennies per square foot? They don’t care.
Your customers are smart, they are not dinosaurs, they are not old and stupid. They have owned real estate since the dawn of time. All they have to do is smash debt and hold, and they make Billions. You can only screw that up. And quit bashing brokers ( I was at a dinner recently and..) they are smart, they make all the money. They fill the pipeline that makes all the rest of #CRE money, they don’t need you, they only tolerate you until you show them you are solving a problem they did not know they had. They negotiate and sell every minute of every day to eat! Maybe value who they are and who they touch because it sure as hell is your customer.
Honesty, hey it just might work.
I see it all day every day and it’s just a Trillion-Dollar asset class.
And It’s Now A Global Marketplace for Commercial Real Estate Technology.
And There Are 5 of My Truth Bombs To Help You Compete Today.
+1 Word is that there over 400,000 buildings in the boroughs of New York.
+1+1 Too many to even comprehend? Google, Microsoft, and Amazon don’t think so. THINK BIG!