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How to Build Rapport in the CRE Workplace

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Regardless of what role you have in the CRE field, the ability to build rapport among your colleagues is crucial. Not only does it help propel your career, but it also lubricates and strengthens team connections and interaction.

However, while this is a skill that comes naturally for some, others must learn how to build these strong connections and affinity. Fortunately, with just a few simple tricks up your sleeve, virtually anyone can build rapport with fellow CRE professionals and co-workers.

What Is Rapport?

One of the cornerstone skills needed in commercial real estate is business communication. And workplace rapport is the technique of opening up more effective communication through relationships and understanding.

Sometimes referred to as a connection or spark, rapport is what makes people more likely to listen to you and give your idea a chance. In this reciprocal relationship, your colleagues better understand your point of view, are more inclined to trust and like you, and will generally feel at ease around you.

This matters so much in a workplace environment, because our own success in business is often dependent upon others. And the success of the company or organization as a whole is dependent upon our ability to collaborate and work together.

Rapport in the office makes these collaborations and interactions more effective and productive. This vital interpersonal communication and business asset allows us to more effectively exchange thoughts and ideas in many aspects of our job. Whether it’s selling, negotiating, interviewing, or any other form of interaction, our ability to build rapport and foster eager cooperation is vital in many scenarios.

Secrets to Workplace Rapport

If you want to improve your ability to build rapport, internalize these techniques. Practice them. Develop them. And then begin implementing them across your workplace interactions as you see your success in communication improve.

1. Actively Listen

Active listening is a powerful communication hack that allows you to better understand those around you so you may better relate to them. By being present in the conversation, looking people in the eye, listening to understand rather than respond, and noticing non-verbal cues, you will become a better listener. In turn, you will better understand the intent behind the words as well as the kind of person you are dealing with.

And here’s the secret: when others feel you have truly heard them, they will like you more.

2. Don’t Overlook Casual Conversation

Especially in a workplace environment, it can be tempting to overlook casual chit chat. After all, this is business. And you don’t want to waste time, yours or theirs. But casual conversation is a powerful lubricator and rapport builder.

If you are interviewing for a job and the interviewer starts with some casual small talk, this is your chance to find commonalities and better relate. If your co-worker drops by to check on a project, mention what you did over the weekend or bring up the game their favorite team just played. If not carried to extremes, these little moments of casual banter are the building blocks of strong relationships and rapport.

3. Spend Quality Time

When appropriate, schedule quality time with workplace contacts. Going to lunch or having a genuine talk in the lunch room can take your casual connections to the next level.

4. Ask Good Questions

Especially early in a relationship or at networking events, your ability to ask creative questions will help you shortcut the relationship building process. Here are some helpful questions to bring up:

What subject would you most like to be an expert in?
If someone were to say you had a superpower, what would it be?
What kind of books do you like reading?
What are some skills you learned as a child that you continue to use today?
What’s your personality type?
What’s your proudest accomplishment?

5. Be Genuine

Nothing can put a damper on a relationship like inauthenticity. If there is a hint of being fake or trying to present yourself in the best light, it will hamper your rapport. Above all, be authentic.

If you can’t find common ground that you are truly interested in, then learn more about an interest of theirs to become genuinely interested in it. Don’t pretend to be the expert, but open yourself up to learning about their passion.

This sets you up for some great questions. And you’ll both learn more about each other in the process.

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Define Transformational Leadership

Leave a Comment / Blog, Employers, Set Yourself Up For Success

Leadership is scary and hard. But leading your team to achieve big, daring goals is one of the most rewarding things you’ll ever do—if you do it well. And that starts with deciding to level up in how you lead. Just like there’s no magic pill for weight loss or better finances, there’s no magic pill to being a leadership expert. You just put one courageous foot in front of the other, day in and day out, getting better and stronger as you go. And using the transformational leadership style will help you shift your mindset to focusing on your team’s ability (not just yours) to get those big, daring wins.

You may be thinking that transformational leadership sounds like corporate mumbo jumbo. However, it’s anything but that. Imagine drama and bureaucracy in your business decreasing so productivity, innovation and creativity can take center stage. Imagine a team of go-getters who are motivated to win every day and enjoy going to work—that’s the culture transformational leadership can create for your business. As you inspire your team to think and work beyond themselves for the greater good, you are on your way to becoming a bona fide transformational leader. Is this really possible? Absolutely.

Define Transformational Leadership

In the words of the Transformer Optimus Prime, “Autobots, transform and roll out!” If only transformation was that simple for us non-autobots, right? But it’s possible to spur on change—and it starts with your leadership.

The idea of a style of leadership that transforms team members, businesses and the world was first introduced in the 1970s by sociologist J.V. Downton. The theory caught fire later that decade when James MacGregor Burns, a leadership expert and historian, wrote Leadership. In this book, James describes transformational leadership as a style where “leaders and followers raise one another to higher levels of motivation and morality.” This style is based on a leader who has built trust and respect with their team—and because of that, they can influence their team to work harder and think smarter to achieve a common goal.

James put a spotlight on a leadership style that increases loyalty, commitment and the ability to accomplish way more than the company and team members thought they could. So, what does a transformational leader look like?

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How To Effectively Delegate Tasks

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All managers and leaders must master the art to effectively delegate tasks. Understanding how and when to allocate responsibility to others is essential in maintaining a high level of productivity, both on a personal and organizational level. Delegating tasks is also essential for effective leadership.

To learn how to effectively delegate tasks is to build a cohesive and effective team that can meet deadlines. Moreover, knowing when and how to delegate work will reduce your workload, thus improving your well-being at work and boosting your job satisfaction. Unfortunately, many leaders are unsure how to delegate properly or are hesitant to do so.

In this guide, you will discover what delegation really entails, how delegating tasks benefits your team, and how to assign tasks effectively.

The Significance Of Delegating Tasks

A good leader knows how to delegate. When you delegate some of your work, you free up your time and achieve more on a daily basis.

Effective delegation also promotes productivity and good time management within a team by drawing on the existing skill set of its members and allowing them to develop new knowledge and competencies along the way. The result is a more flexible team that can share roles when the need arises.

When you are willing to delegate, you promote an atmosphere of confidence and trust. Your actions send a clear signal: as a leader, you trust your subordinates to achieve desired outcomes. As a result, they will come to think of you as a likeable and effective leader who respects their skills and needs.

Delegation isn’t about barking orders and hoping that your staff falls in line. A manager’s job is to get the very best from those under their supervision and, in doing so, maximize productivity and profit.

Careful delegation helps to identify and capitalize on the unique strengths and weaknesses of the team members. Delegation also boosts employees’ engagement as it proves that the managers are interested in drawing on their talents.

Why Are People Afraid Of Delegating Tasks?

Delegation boosts productivity, but not all managers are willing or able to delegate.[4] Why? Here’re some common reasons:

They resent the idea that someone else may get the credit for a project.
They are willing to delegate in principle but are afraid their team won’t be able to handle more responsibility.
They suspect that their staff is already overworked and feel reluctant to increase their burden.
They suspect that it’s simpler and quicker just to do a task themselves.
They dislike the idea of letting go of tasks they enjoy doing.
They fear that if they delegate responsibility, their manager will conclude that they can’t handle their workload.

How To Effectively Delegate Tasks Read More »

7 Tips for Career Success in CRE

Leave a Comment / Ask An Expert, Blog, Building Careers, Set Yourself Up For Success

So, you’ve chosen a career in commercial real estate and want to make the most of it. How do you climb that ladder and become the best in your league? How do you ensure career success in your current CRE field?

Regardless of what specialty or focus your career path is in, commercial real estate is a demanding field that requires dedication, commitment, and growth. It is crucial for CRE professionals to be ever-learning, ever-advancing, and ever-evolving for maximum career success and advancement.

Some of these principles hold true for whatever career path you take. Others are especially important in CRE. If you’ve made a commitment to succeed, here are seven tips to help you get the most out of your career.

1. Come Prepared to Learn

Like most professions, working in CRE means learning a variety of skills, information sets, and best practices. But much of what makes you successful now might change in coming years. Therefore, it is imperative that you are prepared to learn on the job, even after you have become well-established in your field.

Continuous learning has been directly tied to success on the job. It enables you to adapt and become multifunctional, engaged, and prepared for the unexpected. In the long run, it positions you to excel in your career and be promoted in time.

2. Cultivate Better Communication

One of the keys to career success in any field is effective business communication. Proactively and effectively communicating with your direct reports and superiors facilitates a more functional workplace and healthier relationships. These in turn directly contribute to your success. Some keys to improving your communication include:

Use clarity
Err on the side of over communication
Be open and honest
Emphasize a communication culture

3. Achieve Specific Goals

Especially in the world of commercial real estate, you are not paid just to clock in and clock out. Your career advancement hinges on your ability to identify and achieve goals central to your company’s mission. Your employer will recognize your profitability if you focus on achieving these goals, both long term and short term. And your career will benefit from it.

4. Demonstrate Initiative

If you want to actually go places in your career, take initiative. Your growth, adaptability, work relationships, and overall success depend on you. It’s up to you then to demonstrate initiative to succeed in your career. Some ways to do this include:

Ask for guidance
Offer help
Volunteer
Educate yourself
Be a cost saver

5. Manage Up

When you manage your boss instead of waiting to be managed, you will become far more valuable and likely to succeed in your career. Really impress your boss by getting to know him or her, avoiding office politics, and bringing solutions rather than just problems to the table. When you are detailed and proactive in solving problems for your managers, your career success will be inevitable.

6. Evaluate Yourself

Rather than waiting for your annual evaluation, be your own evaluator! Identify objectives and goals, and then create a task list to achieve them. At the end of each week, fill out a form or work diary to rate your progress on each of these tasks and overall goals.

You might even consider showing these work logs to your supervisors to see if they agree with your real-time self-evaluations. And doing so will also impress upon them your dedication to progressing and improving in your career.

7. Act

Talk comes cheap. There’s a saying managers used once upon a time: “Show me the baby, don’t tell me about the labor pains.” While this antiquated quip may sound cold, what’s beneath it is an inherent valuation on putting feet to your plans and ideas. When you do what you say, it goes a long way towards building your credibility and long-term prospects for success. When you put in the effort to make real gains, it translates into respect and meaningful contributions at work.

Generating real and tangible career success in CRE has so much more to do with being proactive than being lucky. By following these basic principles and tips, you can climb the ladder and achieve your career goals. It doesn’t matter where you start or what adversity you encounter. You can find fulfillment at work and create the career trajectory you want.

It’s entirely up to you!

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What Is Employee Advocacy?

Leave a Comment / Blog, Employers, Set Yourself Up For Success

Employee advocacy is one of the most effective ways to boost your public image and employee engagement.

Why? Because your employees are already posting about you. Half of all employees share content from or about their employer on social media, and 33% of all employees do so without any prompting.

Sounds great. But without a content strategy to guide them, you have no idea what they’re posting or the ROI of those efforts. With a formal employee advocacy program, you can expand your organic reach by 200% and increase profitability by 23%, among many other benefits.

Keep reading to learn how to build an employee advocacy program that your team will love, and that will contribute to your business results.

Define Employee Advocacy

Employee advocacy is the promotion of an organization by its workforce. Employee advocacy can take many forms, both online and off. But the most common and effective channel is social media advocacy.

Social media advocacy comes down to employees sharing your company’s content on their personal social media accounts. Everything from job postings (and other resources for job seekers), blog articles, and industry resources, to new product launches.

However, employee advocacy can also be original content that offers a glimpse into your company culture. Maybe it’s an Instagram post showing the free lunch spread you brought in last Friday, a special event, or a moment from an average workday.

All these activities can help boost your brand reputation with both customers and potential new recruits.

The Importance Of Employee Advocacy

A recent study found that employee advocacy benefits companies in three key ways:

It positively impacts sales due to increased brand awareness and favorable perceptions (“brand sentiment”).
It improves staff recruitment, retention, and engagement.
It aids in PR crises and issues management.

What Is Employee Advocacy? Read More »

Is Commercial Real Estate Cooling?

Leave a Comment / Blog, Industry Insights

With Fed rate hikes continuing indefinitely, many are asking what the future holds for CRE. Are we finally at the end of the bull market? While it seems a recession is more and more likely, just how will this impact CRE?

Perhaps the biggest question in the minds of professionals is whether or not commercial real estate is cooling down. Has a slowdown already begun? Just how will capital markets affect real estate? Let’s wade into these waters to get a better handle on what the rest of this year and 2023 will look like.

Interest Rates

It’s no secret that commercial real estate is a highly leveraged industry. Interest rate hikes are not our friend. And it would seem that recent rate hikes will continue for a while. Because the cost of capital is rising, investors are more hesitant. Higher interest rates mean smaller margins and greater risk. It’s quite likely that over the next year or more, success in CRE will require more capital and more effort than the previous few years.

However, there is currently somewhat of a disparity between capital markets and property markets. While rising interest rates are making it more difficult to fund new projects, we still see strong fundamentals. Most commercial properties are still outperforming expectations. Commercial real estate may be cooling, but it seems quite gradual.

Other factors are holding up. For example, job growth is still strong. CRE compensation is still rising, as demand remains strong. And liquidity is still profound at this juncture, leading some to theorize that an inevitable downturn will not be nearly as severe as the 2008 recession. Not all recessions are the same, and if we are entering one, it might be a mixed bag.

Market Sectors

2022 has not been a bad year for CRE. Though it all depends on which asset class you are looking at, commercial real estate in general looks rather strong considering the headwinds it is facing. Indeed, the remainder of 2022 looks promising, in spite of some commercial real estate cooling in the forecast.

Retail Properties

In densely populated areas, retail spaces like strip malls are performing well. Class B and C malls are struggling, but that’s nothing new. These buildings may present an opportunity for adaptive reuse as fulfillment centers or industrial space.

Multifamily Properties

Current vacancy rates are lower than they were in 2019 for multifamily, with rents at near-record highs. Nationally, the US is facing a housing shortage estimated to be between 2 million and 5 million units. Add to this the advent of Gen Z renters entering the market, and there is a strong argument to be made for modernizing and updating apartment space even during these uncertain times. Even Baby Boomers are selling their homes and renting in apartment spaces at increasing levels.

Office Properties

Offices are evolving, and companies may need to rethink how much office space they need. In an age of hybrid work and work from home, it is likely that demand for office space will decrease and change. How companies use their spaces will likely change, too.

Industrial Properties

Industrial space is still experiencing a boom, thanks to growth in ecommerce. Warehouses and fulfillment centers continue to be in high demand. Even though most commercial properties will likely see some level of slowing during a recession, if consumers continue to purchase online, odds are industrial space will remain in demand.

What’s Next?

There’s no denying that CRE deals are slowing down. Commercial real estate is cooling down like everything as interest rates climb. But as the balance shifts from a sellers’ market to a buyers’ market, there is immense opportunity to capitalize on new deals. The strength of multifamily and industrial are very promising.

Cheap debt is a thing of the past for the foreseeable future. As such, more-speculative deals aren’t as attractive. But with the shift, sellers are more likely to make favorable concessions to retain potential buyers. Bargains will once again enter the marketplace.

Office space will need some time to adjust to new formats and uses. Commercial real estate cooling will likely continue for a time as the overall economy reacts to rising inflation and rate hikes. But analysts are optimistic about new opportunities and long-term viability.

Is Commercial Real Estate Cooling? Read More »

6 Employee Appreciation Gifts And Ideas

Employee Appreciation Gifts and Ideas

1. Give everyone on your team a small allowance for a few desk or work-from-home upgrades. Items like standing desks, desk organizers, or even a new coffee mug can provide a welcome change of pace.

2. Show your appreciation by prioritizing the health of your employees. Try having juices and wellness shots from a local company delivered to your team to promote workplace wellness.

3. Treat everyone to a fun company activity. If your team feels comfortable, try out things like bowling and laser tag. For those who’d prefer social distancing activities, try enjoying virtual karaoke or bingo for virtual team bonding via Zoom.

4. Survey employees to learn their favorite self-care products or services. You can use that to provide your team with a curated self-care package to use at their leisure.

5. Plan a virtual happy hour or dinner for your team, and arrange for the food and beverages to be delivered directly to your employees. As an employer, it’s always nice to foot all or part of the bill if you’re able.

6. Surprise your team with a picnic-style lunch. Cater the food from one of the team’s favorite local restaurants if you’re in the office, or have your remote employees order their favorite take-out meal. In-person, remote, and hybrid teams can all enjoy lunch outside together (weather permitting) thanks to Zoom and other video conferencing platforms.

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3 Methods Leaders Can Use Set Employees Up For Success

Leave a Comment / Blog, Employers, Set Yourself Up For Success

As leaders, we sometimes lose touch of the importance of our employees. This is not to say that we forget them, it just means that we sometimes forget how important they are to our bottom line. After all, without our employees, we would not be able to perform the functions of our organization.

The reality is that if we do not give our employees the tools they need to succeed, they will either quit or “simply collect a paycheck” (i.e. perform their job to minimal expectations). Either scenario is detrimental to your business.

So what does it mean to “set our employees up for success”? It means we invest in them, giving them the tools needed to succeed, both personally and professionally. This concept can easily be dismissed by larger companies having hundreds and thousands of employees, with a pipeline of individuals ready to take on any job. However, the basic needs of an individual to feel successful, needed, respected, and appreciated do not change, whether in a small company or large. It does not take a Harvard graduate to predict the productivity and longevity of an employee that is set up for success versus one that is not.

So how do we as leaders set employees up to succeed and avoid leadership mistakes? Keep reading!

1. Be Mindful

As Brad Federman once said “Paychecks can’t buy passion”. The first step for a leader is to become aware that a paycheck alone is not going to create the motivation for employees to succeed. Or bring fulfillment for them at work. You will not retain the employees you would want to keep without giving them the opportunity to innovate and excel. As such, you must create opportunities for them to grow, for them to champion a process or skill set, for them to learn new things, for them to innovate and learn how to pick themselves up from a setback. These are not only skill sets that can help them professionally, but personally as well.

2. Create Programs

This is where we need to invest some time and money. Task your managers with identifying training programs that can ensure their employees are given the training needed to perform their job functions.

I would recommend digital training programs that can be accessed 24/7, ensuring consistent application from one employee to another of what is being taught and giving the employee opportunity to take the course at their own speed and as many times as needed. These three vital elements of learning (among others) do not always happen in a classroom environment, nor in subsequent training sessions. Creating digital training programs take time and money, but once the initial investment has been made, each employee will be given the same exact opportunity to learn how to succeed in their job.

3. Motivate Your Employees

Take success stories and share them with the other managers. Utilize the experiences of each manager to further tweak the programs and make them more effective and more successful. Build benchmarks that show progress and success and then rally around those numbers.

Use your marketing team to use these stories on social media or in the trade press. Get the word out that your company has a culture of success and you will recruit better employees and retain existing ones. Create these programs to give your employees the opportunity to better themselves and increase their skills. You will then begin to see an increase in productivity, innovation, initiative, and retention.

Let’s not forget about what it does for the personal life of your employee. If they feel successful, respected, and needed at work, think of the positive influence they will have at home and with others.

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Workplace Conflict: How To Deal With It

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A recent study of remote workers found that 80% of respondents experienced conflict in a remote environment. If you broaden the focus to all types of workplaces, another study found that 85% of employees at all levels have experienced workplace conflict to some degree.

That means that most of us have dealt with our fair share of workplace drama.

Conflict at work is inevitable, but even though we can’t entirely avoid it, we can become better at resolving our disputes. How well you and your team handle conflict can make a world of difference to your organization, even when there are intimidating situations to address.

Have no fear because we’re diving into workplace conflicts — including what they are, how to spot them, and how to help resolve them.

What Is Workplace Conflict?

Workplace conflict occurs when there’s a disagreement amongst employees due to opposing interests, personalities, beliefs, or ideas. Conflict in the workplace is natural and bound to occur when you have people of different backgrounds and perspectives working side-by-side.

Conflict can be expressed in various ways, including lack of cooperation, verbal insults, bullying, anger, poor quality or delayed work, project failure, and more.

You don’t have to fear workplace conflict in your organization. It’s natural and can even be healthy when dealt with appropriately. Let’s explore the types of conflict in the workplace, signs of conflict, and tips for conflict resolution to help you tackle disputes in your organization.

Types Of Conflict In The Workplace?

Yes, not all conflicts are the same — there are different types of conflict in the workplace. Let’s take a look at some of the most common types to watch out for:

1. Personality Conflicts

Clashes due to different personality types are some of the most common types of workplace conflicts. These conflicts are impossible to avoid because we all have our own personalities and won’t get along with every person we meet. Personality-based conflicts can be challenging and frustrating, but it’s beneficial to learn how to work with individuals whose approaches and perspectives are different from your own.

2. Interdependent Task-Based Conflicts

Think about the processes that help your organization stay afloat. Often, there are a lot of cross-functional processes that take place within interdependent workstreams. For example, your IT department may be responsible for setting up accounts and technology for new hires once HR informs them of the new hire’s start date. But what if HR forgets to tell IT about a new hire and the new employee arrives on their first day and isn’t set up and ready to work? These types of interdependencies can be frustrating and cause conflict, particularly amongst departments.

Workplace Conflict: How To Deal With It Read More »

3 Crucial Tips for Improving Work Performance

1. Become Accustomed to Your Organization’s Culture

Culture is the backbone of success for many organizations. A Harvard Business Review Study highlights that business leaders of fortune 500 companies discussed the term culture 27 times in a meeting of 90 minutes.

That’s not to say that you need to be personally invested in every aspect of the organization—a healthy work-life balance is essential, after all.

That said, there is little doubt that without a clear alignment between your interests and your company’s culture you will struggle with developing relationships and you may have to overcome resistance that would not otherwise be present.

As an individual employee you may not be able to dictate the workplace culture as a whole, however the way that you present yourself at work and the skills you contribute will influence it.

2. Find A Link Between Personal And Professional Goals

While a strong work ethic will help you through a task in the short term, to stay motivated in the long term you need to find fulfillment in your professional life. A link between your personal and professional objectives will improve job performance, ensure you lose focus less often, and make professional development far more fulfilling.

As an employee you may have personal benchmarks related to developing a skill set that makes you a viable candidate for professional projects that warrant a greater salary, more responsibilities, and a unique task pool.

With that link between personal and professional goals in mind, it will help with improving work performance and you will be more motivated to stay focused on achievable goals that will take you a step further towards achieving them.

3. Work Smarter, Not Harder

Time is a non-renewable resource, making it one of the most valuable assets you have when you approach a task. Without a clear structure, you may inadvertently waste time on one task while you lose track of more urgent tasks.

Poor prioritization is the bane of optimal productivity. Not having a clear priority status makes it difficult to delegate tasks effectively, structure a viable to do list, and hinders improving work performance.

It’s essential that you understand how to use the valuable time you have during work hours effectively. Being able to avoid idle chat, develop strong time management skills, and optimize your work process will ensure that you are focused on tasks that matter.

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