Business Meetings Online – Catch the Wave of the Future

Are you new to business meetings online? If so, you need to get with the program! Holding business meetings online is becoming an accepted, even encouraged, practice in today’s enterprise. Hosting or attending business meetings online is an essential component of business communications.

Today’s online meetings are collaborative affairs. You can share applications and documents, send messages, and even work on the whiteboard. Online meetings are definitely revolutionizing the way people interact. No longer just a business tool, you’ll find religious groups, addiction support groups, and civic groups meeting online.

Several web sites have emerged that allow participants of online business meetings to exchange graphic files and images while eliminating the need for a video cam or web cam. An added bonus is there is no need for you and/or your meeting partners to download cumbersome software before the meeting.

Business meetings online, used appropriately, can save small business owners, and their clients, time and money. Note that I’m not advocating using an online meeting to cold-call or prospect with. First time meetings with potential clients are probably still best held face-to-face. But a follow-up meeting to answer questions? Definitely think about doing it online. Where a phone conference is a “tell” method of selling, the online meeting takes it to the “show-and-tell “method.

Other solid benefits of online business meetings are reduced expenses, higher productivity and increased time. These are mainly accomplished by eliminating travel time and expense. Rather than have the meeting attendees gather in one physical location, the World Wide Web is used to create a virtual meeting place that can be accessed with the proper login credentials.

Online meetings are a secure way to interact with your clients, business partners and team members. This makes them ideal for sales pitches, performance reporting or providing training for other members of your organization. Online meetings make audio communication possible by using VoIP (voice over IP) applications.

Online meetings are idea for organizing small impromptu meetings of fewer than 8 participants. This particularly benefits small businesses where interactions tend to be spur-of-the-moment and include fewer participants than in larger companies.

Commercial Broker Fee Agreement – Exclusive Or Non Exclusive?

Commercial mortgage brokers are constantly asking themselves if they should ask their clients for an exclusive relationship or go the “easier route” and secure a non exclusive fee agreement. What’s the difference? What’s the pros and con’s of both? That’s the point of this brief article.

An exclusive relationship within the commercial mortgage field can be thought of as a listing agreement within the real estate brokerage side of the business. Or more specifically the exclusive agreement should be thought of as a tenant representation agreement for those that are familiar with that agreement.

Essentially the exclusive agreement states that the borrower agrees to work with the mortgage broker on an exclusive basis with shopping for lenders, negotiating term sheets and coordinating the processing and closing of the loan (among other legal issues I’m not qualified to discuss). The commercial mortgage broker is handling the whole transaction on behalf of the borrower and typically is looking out for the borrower interests. A non exclusive agreement still covers a lot of the same issues but gives the borrower the right to work with other lenders/ brokers. So there’s no guarantee that you’ll win the deal and or get paid.

The main advantage for the commercial mortgage broker to get an exclusive is that the borrower has committed to working with the broker, and at the end of the deal the broker will get paid. For those reading this article that have worked on deals for months with borrowers and to find out they lost it because of 10 basis points or slightly lower fees know how bad this can sting.

Most exclusive fee agreements cover a lot more than the exclusivity issue; retainers, expenses covered, minimum fees are some of the more important issues. For example having a borrower send you a thousand dollar retainer and a signed exclusive agreement says a lot; that he’s on board and going to work with you.

There are disadvantages though of going for an exclusive agreement. The obvious is that many borrowers simply will not want to sign off on this. It can be a hard sell. They’ll want you to “get them quotes” or “see what you can offer” first. Basically the borrower will want to keep total control and will only want to work with you if you can produce the best deal. So you stand to lose working on the deal if they don’t agree. You may know that perfect bank for the deal and or just want to work on it with the hopes of building a solid relationship along the way.

Also, YOU may not want to work on the deal on an exclusive basis. Believe me when I tell you that if your borrower agrees to a 5 page agreement and sends you a $1000 retainer, that they will want to get their money’s worth and are not going away. If they deal is weak and you find you can’t get it done, you’ll have to invest a lot more time into the deal than wanted and or break off the relationship and risk tarnishing your reputation.

So, unfortunately there’s no simple answer if you should go for an exclusive commercial mortgage broker fee agreement or not. But you should get you borrower to sign something that says you’re working with him and that you’ll get paid at close.

Best Ever Prospecting Letters for Commercial Brokers

In commercial real estate brokerage the prospecting letter process really works. To be successful at it you need to plan the process and control your actions as you progress.

Why will the ‘letter’ process help your prospecting efforts today? Well, it’s because the letters are less inclined to be ‘binned’; that is of course if you plan them correctly and follow the rules.

Here are some facts in comparing letters to emails:

  • Prospecting emails are not very successful at all. Most of the people you send them to will delete the communication quickly. As a by-product of the process you must have their approval to communicate in that way, otherwise you will be breaking the laws on ‘spam’.
  • A letter is very professional as long as you do not ‘overdo it’. In commercial real estate the best letter is compiled on one single page. The contents should be contained in no more than 4 paragraphs. Sign the letter personally in blue ink. Ensure that your signature is legible and professional (don’t sign in a ‘scrawl’ as it sends the wrong message).
  • Create the correspondence to introduce your upcoming telephone call. Make the call a few days after the letter has been received. The prospect will be expecting your call and will be more inclined to take it.
  • Always put your business card in the envelope. Don’t put anything else in a prospecting letter. The object is to sell yourself and your upcoming telephone call. Don’t confuse the message with bulky brochures on other issues and property matters. Focus on the one thing that is important, and that is your upcoming telephone call.
  • Design the letter for the person you are writing to. In other words you should have separate letters covering sales, leasing, property management, and retail. Get away from the generic approach and be specific to a part of the industry. Sell your upcoming telephone call on that basis.
  • Get a reference book on ‘words that sell’ or ‘phrases that sell’. Add a few words from the books into your letter to increase readability.
  • Every good prospecting letter should have a great headline. You want the person to read the message. Perhaps the headline you use could reflect local property activity or changes. Understand the concerns of the market and match the letter to the focus of investors, property owners, or tenants as the case may be.
  • The letters should be sent every 60 to 90 days. As part of that process, follow-up as many of the letters that you can. It directly follows that you should not send out too many at once and thereby create a situation where you cannot make the calls.

This is a system of prospecting. The letters are part of the bigger picture. They do not replace cold calling, but they add to the momentum that you would have in other prospecting processes. Start using the system as a boost to your market share.

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