How To Ask The Right Questions To Get The Right Answers
Being a successful commercial real estate broker involves having good communication skills. Even though you are working on property related transactions, there are multiple people involved so communication is key. While negotiation skills are important, it’s also essential that you have the right information so you know what to negotiate. That’s where asking the right questions comes into play. Increase your communication and negotiation skills by mastering the art of asking questions with these tips:
Ask Open Ended Questions
This may seem like a no-brainer, but it’s usually best to ask questions that require more than a “yes” or “no” answer when you are trying to really understand something. For example, let’s say that you are doing a tenant-rep deal and you’re trying to find your clients a new space to lease. You would ask questions such as “what part of town do you want to be located in?”, “how much square footage do you need?”, “is street frontage and high-visibility something that you need?”, “what is your total budget for the space?”, and “how soon are you looking to execute a lease agreement?”
While the questions above are simple questions that will result in simple answers, you also need to dive deeper into really understanding your clients business, how they operate, how they plan to utilize this new location, and what their future plans are. That’s where the open-ended questions come in. The more information you have, the better equipped you will be to find your clients the perfect commercial space to lease.
Open ended questions usually start out with “Why…?”, “How…?”, or “Tell me about…?”
Use Questions To Create Value
In the commercial real estate industry, there is a lot of competition among brokers. That’s why you constantly need to stand out from the crowd, differentiate yourself, and add value for your clients. The questions that you are asking should not only give you the information you need to find them the perfect space to lease but should also give you an opportunity to provide value to your clients. Many times, your clients don’t know exactly what they want; that’s where your market knowledge and expertise come in. When you are asking the right questions to truly understand their business, their must-have needs, as well as their wish list of wants, you can provide more value to help them check most (if not all) of those boxes that they desire.
Questions that create value will give you more clarity, they will help you think analytically, they will help you see things from a new perspective, and they will help you find the right solution.
Effective Questioning Requires Effective Listening
Most people listen in order to respond, not to understand. Have you every caught yourself listening to someone and while they’re talking you’re already thinking about how you are going to respond? We’ve all done it! While it may take a little practice, try to get in the habit of truly listening to people talk; and listen with the intent of fully understanding what they’re saying. Don’t assume that you already know what they want or that you already have all the information you need; there’s always more to the story if you take the time to listen to the details.
Keep Track of The Answers
With all of the questions that you will be asking your clients, and all of the information that you will be gathering, it’s important to keep everything organized and easily accessible for each client and each deal that you’re working on. That’s where a CRM can help! Access all of your information at the tip of your fingers with our commercial real estate software. Save all of your client communications, such as emails, documents, property, and deal information that you can pull up to reference quickly and easily. If you’re ready to see how this level of organization can boost your productivity, schedule a demo today.
With a little practice, you’ll be asking the right questions in no time!