Li

Lipsey School of Real Estate2011 Systems for Success

Presented by

Mike Lipsey, MCRE

Module 4 Best Practice for Tours4.1………………….……..…….…...The Tour Team4.2………………...................….10 Step Approach 4.3…………………………….…Feature & Benefits

4.31……..............................................Owner

4.32..............................................…Property

Module 4: Best Practice for Tours

The Tour Team

VALUE__________________________________________

SPECIFIC ROLE__________________________________________

ADVANCED PREP__________________________________________

VALUE__________________________________________

SPECIFIC ROLE__________________________________________

ADVANCED PREP__________________________________________

VALUE__________________________________________

SPECIFIC ROLE__________________________________________

ADVANCED PREP__________________________________________

Building Engineer Broker AssociateProperty Manger

Who Else Should Be Involved

4.1

FOLLOW UP

OPEN PROBE 1

TOUR PROCESS

CUSTOMER’S SITUATION

OWNER’S SITUATION: FEATURE / BENEFIT

PROPERTY SITUATION: FEATURE / BENEFIT

CUSTOMER SITUATION

SIMILAR SITUATION

THE WAY FORWARD

OPEN PROBE 2

10 Step Approach

1

7

34

65

98

2

10

4.2

Open Probe 11Determine Prospect’s Requirement Essential Needs 80 / 20 Rule

Example Question’s “What objectives do you have for today’s

tour?” “Would you share with me 2-3 detrimental

essentials?”

4.2

Tour Purpose2Prospect Requirement Awareness of Tour Purpose

Discovery of Open Probe 1

Example’s “We understand you have a requirement of

10,000 sf.” “We understand that access is essential.” “We understand amenities are important

to your employees.”

4.2

Open Probe 23Discover Prospect’s Pain or Discomfort

What is Prospect Moving To What is Prospect Moving From

Example Question “Could you share with us negative past

experiences that you would like to avoid?” “What do you like about your current

location?”

4.2

Customer’s Situation4Discovery of Prospect’s Needs

Example’s 10,000 SF Public Transportation Covered Parking Amenities State of the Art HVAC Fast Response Times

4.2

Owner’s Situation (Feature / Benefit)5Owner’s Attributes Owner’s Features Selling Benefits

Example Question “Owner is a Core Buyer, therefore property

will always be kept in pristine condition.

4.2

Property Situation (Feature / Benefit)6Building Attributes Building’s Features Selling Benefits

Example Question “Building has onsite management which

will ensure fast response times and attention to details.”

4.2

Customized Situation7

CUSTOMIZED SITUATION

Step 1Step 2

Step 3

Step 4Step 5

Step 6

Step 7

Incorporate Previous StepsCreate Customized Situation

4.2

Similar Situation8Successful Previous Projects Introduction To (Similar) Existing Tenants Tour Recent Build Out (Similar to Prospect’s

Requirement’s) Play Matchmaker

4.2

The Way Forward9Trial Close (Example’s) “What are your initial thoughts of the tour?” “What are your initial thoughts of the

location?” “Should we generate a proposal?”

4.2

Follow Up10Using Appropriate Follow Up Technique Proper Timing Proper Method

Example’s Note Phone Call Proposal Space Plan

4.2

Owner: Feature & Benefits

Discovering Feature, Selling Benefit

Feature’sOwner Bio Benefit’s

Strong Emphasis on Property Management

Multiple Office Locations

Publicly Traded REIT

Southeastern Investment Strategy

Established in 1983

Property Management Expierance

Experienced Leasing Professionals

Equity for Tenant Improvement’s

Focused Owner

Stable Ownership

Hold Buyer

Quick Response Times

Smooth Leasing Process

Competitive Improvement Packages

One Owner Throughout Lease Term

4.31

Property: Feature & BenefitsDiscovering Feature, Selling Benefit

FeatureProperty Bio Benefit

Built in 2008

Owned By LPC

Centrally Located

50,000 SF of Availability

Recently Built

Reliable Owner

Multiple Space Options

Several Amenities Nearby

Available Public Transportation

Attractive Parking Ratio’s

Pride of Ownership

Floor and Square Footage Options

Productive Work Environment (Amenities)

Transportation Options for Employees

Hassle Free Garage

111 E WashingtonOrlando, FL

4.32

Exercise: Feature & BenefitsDiscovering Feature, Selling Benefits

FeatureOwner / Property Benefit

4.3