The Real Reason You’re Not Winning Bigger Clients in Commercial Real Estate

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This week's listener of the week
is Hillary from Terracotta.

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Hillary, I see you in the
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listener of the Week Week week.
This week on commercial real

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estate secrets we have Marcy
Moneypenny.

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Marcy is the founder of the
Money Penny Collective with over

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35 years of experience in
commercial real estate under her

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belt.
This episode is here to deliver

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you commercial real estate
value.

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Marcy, thank you for being on
the show today.

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Aviva, thanks a million.
So I don't know if it was like

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this episode on 60 Minutes that
came out, and now I'm seeing all

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these clips and they're talking
about the economy crashing and

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we're teeing up to look like the
Great Depression.

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And I thought the economy
crashed in 2020.

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And I'm still confused.
But as someone who has LED teams

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through multiple market cycles,
what leadership traits or

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brokerage habits do you believe
will define the next generation

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of top performers in commercial
real estate?

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For me, it's quite frankly the
same characteristics, the same

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attributes that have always
worked well in commercial real

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estate.
And that's someone who can

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hustle someone who is committed
to getting it done, whatever

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that is, and someone who has a
really in depth understanding of

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client management.
That client management is all

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about what the client wants and
needs, not what you want to give

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the client.
And so it's very different and

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listening to a client, they want
to be heard, they want to be

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see, they want to be understood.
So it's all about the client.

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And those brokers that I see in
the market now who are really

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successful are those kind of
brokers.

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They understand it's all about
the client.

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They also understand, again, the
hustle, whether that's cold

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calling.
I know you're not necessarily an

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advocate of cold calling, but
sometimes for junior brokers,

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there you go.
But it has to be, you're

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dedicated to your craft.
You have to be out there.

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You have to be meeting people,
whether they're clients,

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perspective clients, perspective
team members.

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Quite frankly, you have to get
out there.

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That would be my $0.02 worth.
So Marcy, for the listeners,

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let's back into this.
Who are you?

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What is your experience in
commercial real estate over the

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last 35 years?
And yeah, just tell us a bit

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about yourself. 35 years ago
started as a single mom with a

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three-year old daughter working
for Heinz.

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Then you just go across 35
years.

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I worked in every line of
business, have done it, have

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seen it, have worked a majority
of my career with property

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managers, project managers,
brokers, really on the investor

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side of the business.
So capital markets, leasing,

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property management, but then
tenant reps, sales, all of that.

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I was legacy 15 years at CBRE.
When I left, CBI was the global

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lead for the Morgan Stanley
account.

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So client management throughout
my career, number one thing.

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And then most recently, I was
the city lead for the brokerage

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office for Avis and Young.
Left that position after my five

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years and contract is done and
life is good.

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It was wonderful.
I left that at the end of April

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and then launched the Moneypenny
Collective May 1st.

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That's me.
Well, you have certainly dove in

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to what is the commercial real
estate landscape online head

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first, feet first, etcetera.
And so we're excited to have you

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see you, embrace you.
And it's very interesting.

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I find the way that commercial
real estate compounds in, you

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know, in, in my decade of
transacting at this point, maybe

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a deal that fell apart or
something that never even

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started.
It's so interesting how the work

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you do today somehow just seems
to pay off in three years, in

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five.
Years it does.

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And it's rewarding, but it's a
long play of reward.

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It is certainly not the short.
No, Yeah.

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But what you'll find is, like
you said, behaviors today will

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bear low hanging fruit today
probably.

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But it really is the long game,
especially with clients.

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One of the things I've found
with brokers is if all they're

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thinking about is a transaction,
getting the deal done and

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getting paid, there is something
about that that I've found that

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clients can tell if they just
want that.

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It's just about the transaction.
But the brokers who are really

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successful are those who think
of the experience.

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Because think about it, a client
certainly wants things to come

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out successfully, but if they
didn't enjoy the experience,

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they probably won't work with
you again and they won't tell

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anyone about you.
And what that does is it makes

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you a one off broker and it
really helps your competitors.

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Yeah, because they're going to
go somewhere where the

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experience is worthwhile.
As you know in Colorado there is

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a sayings, is the hike worth the
view?

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Same thing with the experience
for for a client.

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Was the experience worth the
transaction?

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I like that we're sit both
sitting here in Colorado and

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that resonates.
It does.

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Hi so when you talk about client
experience, what is the

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definition of client experience
to you?

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Again, it's not what I want them
to have or what the platform of

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my company wants them to have.
It's active listening.

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It's really sitting down and
doing a diagnostic with a client

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and finding out what are their
needs, what are their pain

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points, what hasn't worked in
the past, what they want to

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embrace for the future and try
some things that might be really

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important.
And also when you when you sit

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down with a client, let's say
it's an asset manager, find out

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if it's about a particular
asset, find out if that asset is

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within a portfolio and if it is,
what kind of play does that

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asset make within the portfolio?
Is it 60% is at 20%?

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You want to know those things.
You have to look beyond the

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immediate asset and think about
what the asset manager or the

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owner needs for the bigger
picture and not be so focused

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that you're losing sight of what
the client needs to do for the

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future.
It's funny because to me there's

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like no other way of
transacting.

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Oh.
And I, and it's like you said,

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like maybe that is just like a
genuine, like that authentically

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comes from who you are as a
person.

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Are you a transactional person?
Are you a long term?

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You know, I, I find out as much
as the commissions and the

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successes, you know, is great.
Some of the relationships I have

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that come out of these
transactions, the people I meet,

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these are like these people
become friends and, and the

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relationships can be sweeter
than the checks.

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And like, man, if if you're
doing this every day for your,

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you know, day in day out, 40
hours, 50 hours, 60 hours a

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week, I would hope that you
would gain more than just a

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couple, a couple, you know,
zeros on your screen in the

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bank.
Bitcoin, yeah, well, but I mean,

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think about that.
I have people who are no longer

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clients, but we talk 20 years
worth just checking in on

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family.
And that's because when you have

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a client, if you ever have the
privilege of walking into their

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office and can see what's
important to them on the walls

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or sitting on a credenza or
whatever, and you don't take

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notice of that, you're missing
something.

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Because those are things later
on, you can kind of tag in with

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the client now and then kind of,
you know, softballs to stay

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connected.
I have a client that I learned

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his son was autistic 20 years
ago.

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I'm still checking in with him.
How is Jack doing?

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Wow.
And would send him articles or

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whatever you came to mind.
Hope all is well in the home

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front.
Those sort of things.

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That, to me, is treating a
transaction and assignment a

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deal like a human.
Crazy how that works for you.

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It's what worked for 35 years.
I mean, when I started, it was

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all about art and science, which
meant the art was the art, quite

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frankly, of bullshit, you know,
talking to the client, you know,

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doing the handshake for deals.
It was all about kind of the

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cowboy, the Wild West.
And science was a number or two

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that you used and it was usually
your cell phone number.

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But now that's flipped because
you and I know this about

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technology and social media and
digital marketing.

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Science now rules and the art is
still there and really important

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to help differentiate if nothing
else but data, digital

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marketing, interaction having
more than costar for your

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clients.
Those sort of things have now

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taken over.
And quite frankly, I think that

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the pandemic took commercial
real estate out of the 19th

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century into the 20th century.
I don't know that we're even in

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the 21st, but it helped with
that.

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It's so funny you bring it up
and and you talk about the art

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and the science of relationships
and transacting.

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I was talking to a unbelievable
broker yesterday about this.

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You know, he's asking me about
the social media and the angle

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and how to extract the most
value.

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And I said to him, I said, Mike,
the posts that do the best and

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resonate the most with the
potential client, user, tenant,

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owner are the ones you would
least suspected.

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I posted on, I posted on
LinkedIn a picture of my one

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eyed cat.
OK, I get a call from an owner.

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He said, you know, he owns a
bunch of warehouses in town and

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he said, I have a one eyed cat.
It's like the most right the the

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the Bentley of clients are
portfolio owners as a broker,

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yes, this portfolio owner called
me because I posted a picture of

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my one eyed cat that resonated
with him right.

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This is no longer, I know it's,
it's just and, and so I like to

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tell brokers, you know, yes,
your successes are important to

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post what you closed the comp
blah, blah, blah.

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But also there's like an element
of just being a real person,

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showing your authentic self and
maybe even being creative and

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posting something else.
And the crazy, the craziest part

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about it is, in my experience,
the best results come from the

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least suspecting content that we
post online.

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I would agree.
I think when we show that human

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side that it gives them a better
understanding.

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What I've found often times when
I look at posts from brokers,

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they use LinkedIn like a
bulletin board.

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They might as well go to King
Soopers or whatever, put it up

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on, you know, with the thumbtack
on a bulletin board.

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All they do is closed.
Yeah, might remember that they

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they can connect the brokers who
were working on it in the post,

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but they don't say what was the
value, the money saved.

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You know, the things about the
deal that were unique that they

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brought to the table.
Because I would think they want

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to establish that they're an
expert on LinkedIn if they get

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business from it, terrific.
But you want to establish your

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expertise.
Yeah, I literally scream at from

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the mountain tops to my
competitors in my market, get on

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LinkedIn, get on social media,
tell people and they won't do

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it.
And I'm like, look, that's fine.

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Like I'll keep, you know, taking
that market share.

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It does nothing but help me.
Believe me, your resistance to

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posting on social media because
it was it's taboo in our

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industry helps me.
But like, let me help you it.

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I digress.
So this leads into I question I

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have for you about data.
OK.

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Transparency technology, right?
You just said that commercial

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real estate lives in the 20th
century, but you and I are

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living in the 21st century,
right.

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How do you see client
expectations and industry

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standard transacting as it
pertains to data transparency

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and technology?
And what should brokers be

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fundamentally doing to stay in
compliance but also stay ahead?

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Well, compliance quite frankly,
often is, is handled by the

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brokerage firm they're working
with, you know, they and often

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times there's some firms that do
not want the brokers to have

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their own persona that it has to
be under the umbrella of the

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firm.
So some brokers are, I'm giving

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them the benefit of the doubt
that they're not extending

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themselves.
But I'm with you.

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I mean, you know, we were in
Palm Desert together listening

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to all of those fabulous people
and learning right and left what

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we could be doing to further
extend ourselves in social media

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that brokers need to understand
that the excuse I don't have

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time for it is no longer valid.
I talked with them about you do

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know you can schedule those
what, how do you do that?

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00:16:00,960 --> 00:16:03,040
So we we talked a bit about
that.

228
00:16:03,080 --> 00:16:05,240
I have some clients that I'm
working with them on their

229
00:16:05,240 --> 00:16:11,960
marketing plan for that and that
they it's like marketing not in

230
00:16:11,960 --> 00:16:15,960
a costar, but however they were
marketing themselves before.

231
00:16:16,400 --> 00:16:22,360
It's just has a further reach
and and then they've ever had

232
00:16:22,360 --> 00:16:29,000
before and they are associating
and partnering and connecting

233
00:16:29,000 --> 00:16:31,680
with other brokers and clients
around the world.

234
00:16:31,680 --> 00:16:35,800
It's not just the US.
Yeah, but there is no other

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00:16:35,840 --> 00:16:39,760
whether it's Instagram, whether
it's X, whether it's LinkedIn

236
00:16:40,480 --> 00:16:45,920
and it's free.
I mean, I heard you say that at

237
00:16:45,920 --> 00:16:48,680
in Palm Desert and I was just
duh.

238
00:16:49,160 --> 00:16:52,760
She's absolutely right.
Why wouldn't you use it?

239
00:16:53,040 --> 00:16:55,360
Why wouldn't you put together a
plan?

240
00:16:55,520 --> 00:16:59,200
Why wouldn't you go into chat,
CBT or one of the other

241
00:16:59,200 --> 00:17:03,000
platforms and and ask, here are
my interests.

242
00:17:03,000 --> 00:17:05,440
Here are the trends.
Here are the topics I want to

243
00:17:05,440 --> 00:17:09,079
talk about.
Help me create 5 or 6 posts over

244
00:17:09,079 --> 00:17:12,520
the next couple weeks and I will
schedule them.

245
00:17:12,520 --> 00:17:15,960
I will learn how to use that
little, you know, clock on

246
00:17:15,960 --> 00:17:19,880
LinkedIn and I will schedule
them and they will come out like

247
00:17:19,880 --> 00:17:23,560
that.
It's the best free marketing

248
00:17:23,560 --> 00:17:27,160
they could possibly get.
I want to.

249
00:17:27,160 --> 00:17:29,120
Double click into that.
That's my new word.

250
00:17:29,240 --> 00:17:31,960
Double clicking into things.
I'll have to swipe it.

251
00:17:32,160 --> 00:17:35,960
OK, I want to double click into
that.

252
00:17:36,840 --> 00:17:39,920
The power of social media lies
in the fact that I can post

253
00:17:39,920 --> 00:17:43,320
something and then go hang out
with my daughter and it's

254
00:17:43,320 --> 00:17:47,080
working for me 40. 4 hours,
seven days a week.

255
00:17:47,280 --> 00:17:48,720
Overtime.
Double time.

256
00:17:49,160 --> 00:17:51,120
It's.
Unbelievable.

257
00:17:51,120 --> 00:17:56,320
But everybody wants that quick.
You know, this goes back to what

258
00:17:56,320 --> 00:17:57,680
we were talking about at the
very beginning.

259
00:17:58,680 --> 00:18:01,440
I post, you know, or the broker
expectation.

260
00:18:01,440 --> 00:18:06,040
The transactional broker broker
expectation is post sale.

261
00:18:06,720 --> 00:18:09,840
That's not reality.
Nothing happens that quick.

262
00:18:10,080 --> 00:18:12,280
Correct.
I'm still waiting for that one.

263
00:18:12,320 --> 00:18:15,600
Just kidding.
But it's the same thing with

264
00:18:15,600 --> 00:18:17,840
social media.
There is no post sale.

265
00:18:17,840 --> 00:18:21,080
It's post.
You know, it's really what goes

266
00:18:21,080 --> 00:18:26,360
like you just said, hustle,
consistency, authenticity, yes,

267
00:18:26,360 --> 00:18:31,680
in providing an experience for
the end viewer to gain value of

268
00:18:31,680 --> 00:18:36,280
the experience in the hopes that
and it's not the hopes like I, I

269
00:18:36,280 --> 00:18:39,120
am a case in point that there is
no hope behind this.

270
00:18:39,120 --> 00:18:43,920
Like consistency will lead to
transactions, but it takes time

271
00:18:43,920 --> 00:18:47,560
and it's not glamorous and
nothing is in life that's worth

272
00:18:47,560 --> 00:18:49,120
it.
So.

273
00:18:49,880 --> 00:18:53,640
Well, and think of this, they
can practice client management

274
00:18:54,520 --> 00:18:58,640
on LinkedIn.
I sit in on Mow and Fly social

275
00:18:58,640 --> 00:19:01,160
surge Tuesday and Thursday
mornings.

276
00:19:02,040 --> 00:19:05,400
And one of the things we were
talking about is people will

277
00:19:05,400 --> 00:19:11,800
post on LinkedIn and they don't
host the post.

278
00:19:12,040 --> 00:19:16,760
It would be like you have a
party, you get all the food, all

279
00:19:16,760 --> 00:19:19,720
the beverages out, music's on
all of that.

280
00:19:19,920 --> 00:19:23,440
People start coming in and
you're sitting in a closet

281
00:19:23,440 --> 00:19:27,120
somewhere.
Yeah, you're not engaging,

282
00:19:27,120 --> 00:19:32,440
you're not whatever.
So when you post on LinkedIn and

283
00:19:32,440 --> 00:19:38,480
people comment and they like, if
you're not responding to that, I

284
00:19:38,480 --> 00:19:43,520
don't think people know.
Only 13% of people on LinkedIn

285
00:19:44,280 --> 00:19:49,760
get likes, comments, that sort
of thing, so you better treat

286
00:19:49,760 --> 00:19:54,640
them like the gold that they
are, just like with a client I I

287
00:19:54,640 --> 00:19:56,320
have.
Divulged this.

288
00:19:56,320 --> 00:19:59,800
If I want somebody's attention
and they are on a social media

289
00:19:59,800 --> 00:20:02,680
platform, I am liking and
commenting on every single

290
00:20:02,680 --> 00:20:04,480
thing.
They are posting absolutely

291
00:20:04,480 --> 00:20:08,480
relentlessly and it works.
It does.

292
00:20:08,800 --> 00:20:11,320
So if I like all your stuff, now
you know why.

293
00:20:11,640 --> 00:20:13,160
No, just kidding, but not
really.

294
00:20:13,320 --> 00:20:18,520
So I have all those behind this
behind the scenes plan was Sarah

295
00:20:18,520 --> 00:20:22,800
Blakely of Spanx with Mel
Robbins with a number of

296
00:20:22,800 --> 00:20:25,840
different people that I just
like a dripping faucet.

297
00:20:26,040 --> 00:20:30,840
And yeah, yeah, yeah, I want to
bring them into our industry.

298
00:20:31,280 --> 00:20:38,400
And anyway, we'll see.
So what do you think are the

299
00:20:38,400 --> 00:20:42,280
biggest opportunities right now
in industrial real estate and

300
00:20:42,280 --> 00:20:46,760
how can brokers position
themselves to capture, I want to

301
00:20:46,760 --> 00:20:50,680
say brokers or owners position
themselves to capture the

302
00:20:50,680 --> 00:20:58,760
opportunity in industrial?
First of all, for owners, leave

303
00:20:58,760 --> 00:21:06,520
that 2020 and 2022 pricing that
you like to hold on to.

304
00:21:08,120 --> 00:21:12,600
We're back in the, you know, in
the past and listen to your

305
00:21:12,600 --> 00:21:18,200
brokers, read whatever market
advice coming into the 21st

306
00:21:18,200 --> 00:21:22,960
century on that and understand
that things have changed and,

307
00:21:22,960 --> 00:21:28,240
you know, industrial hot, hot,
hot, cooling the smidge, you

308
00:21:28,240 --> 00:21:32,320
know, a bit, but not like
office, not like some of, you

309
00:21:32,320 --> 00:21:34,080
know, the other lines of
business.

310
00:21:34,440 --> 00:21:39,200
But there has to be a reality
check, because if there isn't,

311
00:21:39,400 --> 00:21:42,680
you will hire someone, let's
say, to sell your building, who

312
00:21:42,680 --> 00:21:44,880
will tell you what you want to
hear.

313
00:21:45,840 --> 00:21:49,360
Right.
And then you'll need to reprice

314
00:21:49,400 --> 00:21:55,080
a reduction or it will sit so.
If I'm owner A and I want to

315
00:21:55,080 --> 00:21:59,400
sell, how am I differentiating
between the broker who's full of

316
00:21:59,400 --> 00:22:02,320
shit and the broker who's honest
with the lower number?

317
00:22:03,920 --> 00:22:07,640
I quite frankly, during the
pitch, I'd want to find out,

318
00:22:07,640 --> 00:22:12,720
tell me your last six months,
year of those buildings that you

319
00:22:12,720 --> 00:22:17,720
sold, what percent, how, what
was the percentage of closeness,

320
00:22:17,720 --> 00:22:21,520
if you will, that you got to the
number you said you would sell

321
00:22:21,520 --> 00:22:24,840
the building for?
The bid ask gap.

322
00:22:25,200 --> 00:22:27,240
Yes.
Thank you very much.

323
00:22:28,040 --> 00:22:32,920
You said what in three words,
which I use many adjectives for,

324
00:22:33,600 --> 00:22:38,120
but that would be really
important because you have to

325
00:22:38,280 --> 00:22:42,320
weed out the bullshit from the
presentation, from the reality

326
00:22:42,320 --> 00:22:45,440
of what their experience is and
what they actually can

327
00:22:45,440 --> 00:22:48,560
accomplish.
It's a big struggle we're

328
00:22:48,560 --> 00:22:54,280
dealing with right now.
I know, that's why I brought it

329
00:22:54,280 --> 00:22:57,520
up.
And then with brokers, how they

330
00:22:57,520 --> 00:23:02,240
can differentiate in a tough
market is the things that we've

331
00:23:02,240 --> 00:23:06,680
mentioned before.
It has to be, you know, one of

332
00:23:06,680 --> 00:23:10,640
the things it's not so much now,
but it used to be industrial

333
00:23:10,640 --> 00:23:17,800
brokers were treated a bit like
a, let's see, misfit toy because

334
00:23:17,800 --> 00:23:22,920
industrial was industrial, you
know, kind of like a red headed

335
00:23:22,920 --> 00:23:27,880
stepchild with a broken arm.
Yeah, kind of.

336
00:23:28,280 --> 00:23:32,840
And, you know, because the
return on the effort was just

337
00:23:33,160 --> 00:23:36,200
minimal compared to what it is
now.

338
00:23:37,040 --> 00:23:42,320
It's certainly not office.
It's not, you know, it's

339
00:23:42,320 --> 00:23:45,080
certainly not office or how
office was.

340
00:23:46,440 --> 00:23:51,840
But they need to step up and get
out of that mindset that they

341
00:23:51,840 --> 00:23:55,320
can kind of just play at the
game, do a little bit here or

342
00:23:55,320 --> 00:23:57,400
there.
But this is serious business.

343
00:23:57,400 --> 00:24:02,360
Industrial is now a top line of
business.

344
00:24:02,920 --> 00:24:06,440
And you need to pay attention
and you need to rise with the

345
00:24:06,440 --> 00:24:13,120
boat, if you will, and really
put in the time, that effort and

346
00:24:13,760 --> 00:24:16,960
have a broker, male broker that
I'm working with.

347
00:24:16,960 --> 00:24:19,200
And one of the things we talked
about was knowing your

348
00:24:19,200 --> 00:24:24,120
submarket.
And I'm not talking about being

349
00:24:24,120 --> 00:24:28,200
stuck in a geography like many
brokers can be depending on the

350
00:24:28,200 --> 00:24:30,120
platform they're associated
with.

351
00:24:30,840 --> 00:24:34,600
But know your market and that's
the data, that's the comps,

352
00:24:34,600 --> 00:24:39,720
that's the pending sales,
whatever market Intel you've had

353
00:24:39,720 --> 00:24:43,080
and you know it.
And then when you are talking

354
00:24:43,080 --> 00:24:46,880
with a client, prospective
client, another broker about

355
00:24:46,880 --> 00:24:54,320
that, you call it my market,
claim it as your own.

356
00:24:54,920 --> 00:24:58,760
It's amazing.
Look at her face.

357
00:24:59,280 --> 00:25:04,760
It's amazing the twist that has.
Good.

358
00:25:04,920 --> 00:25:06,840
That's a good one.
Thank you.

359
00:25:07,560 --> 00:25:08,960
Because well, I, I do feel that
way.

360
00:25:08,960 --> 00:25:12,120
I think about the markets, you
know, all we do is industrial in

361
00:25:12,120 --> 00:25:16,000
the Denver metro, like Commerce
City, Aurora, I know these

362
00:25:16,000 --> 00:25:19,400
buildings and comps upside down
and backwards, right?

363
00:25:19,600 --> 00:25:21,920
It is my market.
Yes.

364
00:25:24,360 --> 00:25:26,640
I just have never thought about
phrasing it that way.

365
00:25:27,920 --> 00:25:30,320
But it's not.
You know it's true.

366
00:25:30,880 --> 00:25:34,280
It's a relationship.
You embrace that relationship

367
00:25:34,280 --> 00:25:38,000
you have with it rather than it
being an acquaintance.

368
00:25:40,040 --> 00:25:43,480
And I say, you know, these
properties are like people, you

369
00:25:43,480 --> 00:25:47,120
know, some you come, you see on
the market at once a year, once

370
00:25:47,120 --> 00:25:49,160
every two years.
And you're like, why is this

371
00:25:49,160 --> 00:25:52,320
property always on?
You know, you get to know them,

372
00:25:52,600 --> 00:25:54,720
you walk them.
It it's, it's funny.

373
00:25:54,720 --> 00:25:57,640
It's.
You can claim that as your own.

374
00:25:58,520 --> 00:26:01,280
And I will.
I intend to do so.

375
00:26:01,600 --> 00:26:03,840
Yeah, fine.
So.

376
00:26:04,680 --> 00:26:08,240
Well, let me ask you if you
don't mind, I'm flipping it.

377
00:26:10,200 --> 00:26:13,760
You're in and out of the market.
I watch, you know, as far as

378
00:26:13,760 --> 00:26:19,920
advice and thoughts and
whatever, how are you addressing

379
00:26:19,920 --> 00:26:23,720
deal fatigue?
Because I think it's a huge

380
00:26:25,000 --> 00:26:30,000
problem for brokers, especially
deals that are taking a year, 18

381
00:26:30,000 --> 00:26:33,080
months, they're just dragging on
for whatever reason.

382
00:26:33,800 --> 00:26:37,360
And then here comes some new
assignments and those are shiny

383
00:26:37,360 --> 00:26:41,840
exciting.
How are you advising them to

384
00:26:41,840 --> 00:26:46,320
stay on task?
That's a great question.

385
00:26:46,880 --> 00:26:50,000
I mean, first and foremost,
we're playing the long game like

386
00:26:50,320 --> 00:26:54,160
I will do.
I will be in commercial real

387
00:26:54,160 --> 00:26:57,080
estate for my entire life.
This is what I was born and bred

388
00:26:57,080 --> 00:27:00,480
to do.
And like I said earlier, I

389
00:27:00,480 --> 00:27:05,560
understand the work I do today
will pay me maybe in three

390
00:27:05,560 --> 00:27:11,160
years, five years.
And so if once you essentially

391
00:27:11,160 --> 00:27:15,240
get that iron stomach where
you're like, I can stomach this,

392
00:27:15,480 --> 00:27:19,560
I can understand that what our
job is, is planting seeds.

393
00:27:19,840 --> 00:27:24,320
I have a garden, I plant my
seeds and then I water them,

394
00:27:24,320 --> 00:27:28,840
nurture them, etcetera.
But I have no control over when

395
00:27:28,840 --> 00:27:32,520
these seeds grow and when they
flourish.

396
00:27:32,520 --> 00:27:37,920
I just have to have a large, you
know, you know, your pipeline is

397
00:27:37,920 --> 00:27:40,840
your lifeline to now just go
straight into broker talk.

398
00:27:40,840 --> 00:27:45,680
So it's just understanding like
from day one, this is the long

399
00:27:45,680 --> 00:27:47,480
game.
This is a long play.

400
00:27:47,760 --> 00:27:53,120
It will pay dividends.
But those dividends, those

401
00:27:53,640 --> 00:27:58,320
glamorous 6 figure checks or 7
figure checks, they're not easy

402
00:27:58,520 --> 00:28:02,240
and they're not fast.
And we have a lot of

403
00:28:02,240 --> 00:28:05,320
competition, right?
I have a lot of senior brokers

404
00:28:05,320 --> 00:28:08,960
who are who have been doing this
for longer than I've been alive

405
00:28:08,960 --> 00:28:10,240
that I am competing with.
Sure.

406
00:28:11,760 --> 00:28:17,280
So understanding the headwinds,
but I also understand that you

407
00:28:17,280 --> 00:28:21,600
know, these 70 year old brokers
like how you know, how much

408
00:28:21,600 --> 00:28:24,760
longer can they really do this?
And then what happens to my

409
00:28:24,760 --> 00:28:30,160
business when those folks
finally go to the Cayman Islands

410
00:28:30,160 --> 00:28:33,440
and stop calling my competitor,
you know, my potential clients.

411
00:28:33,720 --> 00:28:37,240
But here's the thing with the
seasoned professionals.

412
00:28:37,960 --> 00:28:42,480
Oftentimes they make themselves
dinosaurs before their time.

413
00:28:43,360 --> 00:28:47,240
Yeah, they stop learning.
They give all the learning and

414
00:28:47,240 --> 00:28:52,160
technology to junior brokers and
they're doing the glad handing

415
00:28:52,160 --> 00:28:57,480
with the clients rather than
rolling up their sleeves and

416
00:28:57,480 --> 00:29:01,400
jumping in and being all in
until the last transaction.

417
00:29:04,160 --> 00:29:07,920
And I, you know, I look at
somebody like Bob NaCl and the

418
00:29:07,920 --> 00:29:13,440
way he is so enthusiastic about
figuring it out, you know, he'll

419
00:29:13,440 --> 00:29:16,720
be at the CREI.
Bob Nacl's the top grossing

420
00:29:16,720 --> 00:29:20,680
commercial real estate broker in
New York City probably of all

421
00:29:20,680 --> 00:29:23,680
time.
We go to these conferences where

422
00:29:23,680 --> 00:29:25,960
we learn about commercial real
estate and social media.

423
00:29:26,160 --> 00:29:27,880
He's in the front row taking
notes.

424
00:29:28,040 --> 00:29:31,040
He is.
He and he He's 62.

425
00:29:31,680 --> 00:29:33,800
But.
And and just.

426
00:29:34,920 --> 00:29:39,920
Oh, he could coast from now on,
but that is that's what I love

427
00:29:39,920 --> 00:29:44,120
about him is his dedication.
That's what I love about Rod and

428
00:29:44,120 --> 00:29:51,360
Ron and so many of those brokers
is it's not only the deal, but

429
00:29:51,360 --> 00:29:55,000
it's the client relationships.
It's the relationships in the

430
00:29:55,000 --> 00:29:58,800
business no one wants to leave
behind because we've been

431
00:29:58,800 --> 00:30:01,760
immersed.
We've found our tribe, if you

432
00:30:01,760 --> 00:30:06,160
will.
And I'm OK with the senior

433
00:30:06,160 --> 00:30:11,160
brokers not adapting to new real
estate, specifically the ones in

434
00:30:11,160 --> 00:30:16,800
industrial in Denver, Co.
However, I empathize because I

435
00:30:16,800 --> 00:30:20,120
understand that it is to their
own detriment and their clients

436
00:30:20,120 --> 00:30:22,480
detriment.
Because if you want, you know,

437
00:30:22,560 --> 00:30:25,560
we're talking about lead
generation for brokers, but what

438
00:30:25,560 --> 00:30:28,840
we haven't even discussed is
marketing strategies for our

439
00:30:28,840 --> 00:30:33,720
clients.
And if you are not adapting to

440
00:30:33,720 --> 00:30:39,080
reality, how can you really
properly market a listing?

441
00:30:39,400 --> 00:30:43,040
If you don't, if you refuse to
use new marketing channels,

442
00:30:43,040 --> 00:30:46,640
that's scary and crazy.
It is.

443
00:30:46,640 --> 00:30:50,000
And think about it, your client
isn't getting the best use of

444
00:30:50,000 --> 00:30:55,600
you, the highest use of you.
They're getting ordinary.

445
00:30:55,600 --> 00:31:00,960
I have a saying, playing it safe
can only take you as far as

446
00:31:00,960 --> 00:31:05,840
ordinary.
I'm not ordinary.

447
00:31:06,120 --> 00:31:10,720
You sure as heck aren't.
And so why would we want to have

448
00:31:10,720 --> 00:31:14,160
our clients settle for ordinary?
Give them the best, give them a

449
00:31:14,160 --> 00:31:20,840
marketing that they deserve so
that we have returned business

450
00:31:20,840 --> 00:31:24,240
and we're not one off brokers.
And we're not selling T-shirts

451
00:31:24,240 --> 00:31:26,320
here.
We're selling the most valuable

452
00:31:26,640 --> 00:31:31,480
assets people own.
Like they deserve that and we

453
00:31:31,480 --> 00:31:34,200
owe it to them.
That is, you know, when you talk

454
00:31:34,200 --> 00:31:38,480
about ethics and.
Ethical trust, right?

455
00:31:39,520 --> 00:31:44,360
Ethically, we have to evolve
because we don't choose where

456
00:31:44,360 --> 00:31:49,160
the market share consumes our
media, right, right.

457
00:31:49,640 --> 00:31:54,240
So yeah, Oh yeah, I could really
go into it, Marcie.

458
00:31:55,840 --> 00:32:02,200
I know, I know, absolutely.
So I have a a question for us.

459
00:32:02,360 --> 00:32:04,320
OK, that's fun.
Yeah.

460
00:32:05,360 --> 00:32:10,200
With clients, when I was the
global lead for the Morgan

461
00:32:10,200 --> 00:32:14,280
Stanley account, I obviously
obviously started first in North

462
00:32:14,280 --> 00:32:19,840
America and was able to bring
consistency with technology for

463
00:32:19,840 --> 00:32:25,320
them and more and consistency
internally with communication.

464
00:32:25,720 --> 00:32:28,600
And that was huge, Loved it,
loved it.

465
00:32:28,600 --> 00:32:32,280
Then they said, OK, let's take
it globally at EMEA and AIPAC

466
00:32:32,400 --> 00:32:36,680
and OK, different environments,
different communication, that

467
00:32:36,680 --> 00:32:41,480
sort of thing.
So my question is now that I got

468
00:32:41,560 --> 00:32:50,800
to tell you that again, is how
do you pivot from one client to

469
00:32:50,800 --> 00:32:54,200
another?
Because the needs can be

470
00:32:54,200 --> 00:32:56,360
different from one client to
another.

471
00:32:56,680 --> 00:33:00,400
Their understanding of of
commercial real estate could be

472
00:33:00,400 --> 00:33:03,520
very different than someone
who's an asset manager for

473
00:33:03,520 --> 00:33:08,800
Prologis or whatever.
Let's just say that how do you

474
00:33:08,800 --> 00:33:14,360
find an in between language?
Do you pepper it up, salt it

475
00:33:14,360 --> 00:33:17,680
down, whatever it is?
How do you handle the difference

476
00:33:17,680 --> 00:33:21,760
in clients?
It's a good question and I'm

477
00:33:21,760 --> 00:33:23,680
still trying to figure out the
answer to that, right?

478
00:33:24,400 --> 00:33:30,120
Look at when somebody starts in
a commercial real estate career,

479
00:33:30,120 --> 00:33:31,960
they just want to take any deal
possible.

480
00:33:32,560 --> 00:33:35,720
You know, anybody with a pulse
and a need is what you do at the

481
00:33:35,720 --> 00:33:40,680
beginning.
Right now there are.

482
00:33:40,680 --> 00:33:43,280
I am trying to work with a
certain person at a certain

483
00:33:43,280 --> 00:33:48,000
level because I don't want to
explain to somebody what a

484
00:33:48,000 --> 00:33:51,280
triple net lease is anymore
because that if I have to

485
00:33:51,280 --> 00:33:54,680
explain to a tenant what a
triple net lease is now I know

486
00:33:54,680 --> 00:33:55,880
this is going to take way too
long.

487
00:33:57,000 --> 00:33:59,440
So I have junior brokers.
You know, it's, it's

488
00:33:59,680 --> 00:34:03,400
understanding the client, their
needs, their level and then

489
00:34:03,400 --> 00:34:11,719
placing them accordingly.
You know, I, I have AI have I

490
00:34:11,719 --> 00:34:14,560
just brought on a new junior
broker and I got an assignment

491
00:34:14,560 --> 00:34:18,560
where the, the person genuinely
needed space, but they also

492
00:34:18,840 --> 00:34:20,719
didn't know anything about the
space they needed.

493
00:34:20,960 --> 00:34:24,360
They didn't know square footage,
they didn't know budget, but

494
00:34:24,360 --> 00:34:27,800
they had the need.
And it's like, I cannot

495
00:34:27,800 --> 00:34:31,480
personally spend my time on a
small assignment where like we

496
00:34:31,480 --> 00:34:34,199
have to figure out how much
space you need, right?

497
00:34:34,199 --> 00:34:38,000
I, I need an operator to call me
who's done this before, who is

498
00:34:38,000 --> 00:34:42,719
ready to transact just because I
don't have time, right?

499
00:34:42,800 --> 00:34:48,199
You know, but it's, it's playing
matchmaker, right?

500
00:34:48,480 --> 00:34:52,800
You don't know your square
footage and, and you will be

501
00:34:52,800 --> 00:34:55,960
working with the junior broker.
You're going to learn together.

502
00:34:56,080 --> 00:34:58,280
And you guys have ChatGPT.
We didn't have that.

503
00:34:58,280 --> 00:35:02,360
So we're going to you're 100
steps ahead.

504
00:35:02,640 --> 00:35:05,880
Right.
But it's just, you know, being

505
00:35:05,880 --> 00:35:09,920
realistic with where you are,
where you're at, and then also

506
00:35:10,160 --> 00:35:18,520
like learning to say no, value
your time, not being a people

507
00:35:18,520 --> 00:35:20,960
pleaser.
That's not a being a people

508
00:35:20,960 --> 00:35:26,880
pleaser doesn't benefit anybody.
So self-awareness.

509
00:35:28,000 --> 00:35:31,160
I would, I would agree.
It's interesting with no.

510
00:35:33,600 --> 00:35:37,160
I've found that women in our
industry struggle with saying

511
00:35:37,160 --> 00:35:39,920
no.
And one of the things I work

512
00:35:39,920 --> 00:35:47,040
with my clients on, it's not no.
It's no comma, not yet, which

513
00:35:47,040 --> 00:35:50,080
means you can ask a million
times, which I've done a million

514
00:35:50,080 --> 00:35:56,960
times, or a no is a yes in the
making that you can't let

515
00:35:56,960 --> 00:36:02,680
someone's response deter you.
And once you learn to accept

516
00:36:03,200 --> 00:36:08,720
what no temporarily is or
whatever, it's easier for you to

517
00:36:08,720 --> 00:36:12,240
say no because you know, with
the person you're saying no to

518
00:36:12,240 --> 00:36:17,720
the request, not to the person
very, very different.

519
00:36:19,960 --> 00:36:25,520
That was free.
You know, you said like, mostly

520
00:36:25,520 --> 00:36:29,080
women say no.
My husband would probably agree

521
00:36:29,080 --> 00:36:30,040
that I'm the same.
No, I'm just.

522
00:36:30,040 --> 00:36:32,880
I was going to make a bad joke
about my husband saying.

523
00:36:32,880 --> 00:36:35,960
And then I say no anyway.
Oh, gosh, My jokes are getting

524
00:36:35,960 --> 00:36:39,480
worse by the minute.
No, I mean, yeah.

525
00:36:39,640 --> 00:36:44,080
Look, in this business, you have
to learn how to take a No.

526
00:36:44,240 --> 00:36:46,840
I call it like getting kicked in
the mouth first thing in the

527
00:36:46,840 --> 00:36:48,800
morning and then standing back
up with a smile.

528
00:36:49,120 --> 00:36:50,680
Sure.
And.

529
00:36:50,880 --> 00:36:53,640
And that if you want to be
successful in commercial real

530
00:36:53,640 --> 00:36:56,200
estate, brokerage is a must.
Right.

531
00:36:57,040 --> 00:37:01,360
And it's no to a request, no.
I love that it's a no to a

532
00:37:01,360 --> 00:37:04,960
request.
It's not a personal insult, no.

533
00:37:05,600 --> 00:37:10,280
No has nothing to do with you
personally unless they say no.

534
00:37:10,880 --> 00:37:14,240
You stupid whatever person.
Now then you could probably take

535
00:37:14,240 --> 00:37:17,560
it personally, but it's no to
the request.

536
00:37:18,200 --> 00:37:20,480
Marseille, This has been
fantastic.

537
00:37:22,200 --> 00:37:24,800
It's been fun.
And I could do this.

538
00:37:24,800 --> 00:37:27,880
We could chat.
And honestly, you bring immense

539
00:37:27,880 --> 00:37:29,920
value.
So we could chat and you could

540
00:37:29,920 --> 00:37:32,320
continue to bring immense value
all day long.

541
00:37:33,320 --> 00:37:35,880
And I appreciate your time.
Of course.

542
00:37:36,360 --> 00:37:39,640
For the listeners, where can
they find you?

543
00:37:39,840 --> 00:37:42,120
Follow you.
Learn more about the Money Penny

544
00:37:42,120 --> 00:37:44,640
Collective.
OK, awesome.

545
00:37:44,640 --> 00:37:49,640
Thanks for the opportunity to do
a small infomercial here, Money

546
00:37:49,640 --> 00:37:52,960
Penny Collective.
I'm on LinkedIn, all of my

547
00:37:52,960 --> 00:37:56,000
information, contact
information, website,

548
00:37:56,000 --> 00:37:58,360
newsletter, all of that is
listed there.

549
00:37:58,920 --> 00:38:04,880
But what I want to make a point
is for me, I started the Money

550
00:38:04,880 --> 00:38:09,000
Penny Collective to serve women
in our industry because I think

551
00:38:09,000 --> 00:38:13,240
they're underserved and
underrepresented and fun.

552
00:38:13,280 --> 00:38:15,760
But The funny thing, my first
official client was a male

553
00:38:15,760 --> 00:38:19,400
broker.
You know when you when you've

554
00:38:19,600 --> 00:38:22,200
worked with male brokers most of
your life because you're in a

555
00:38:22,200 --> 00:38:25,000
male dominated industry, that's
how it works.

556
00:38:25,520 --> 00:38:31,080
But I really it is to serve
people who want, who might deal

557
00:38:31,080 --> 00:38:35,640
with self doubt, self talk, lack
of confidence, wanting to

558
00:38:35,640 --> 00:38:38,720
increase their visibility.
We talked about a million ways

559
00:38:38,720 --> 00:38:42,480
to increase their visibility and
for me to go in and help them

560
00:38:42,480 --> 00:38:46,280
with that.
That's what the Money Penny

561
00:38:46,280 --> 00:38:49,400
Collective is.
And 35 years of experience

562
00:38:49,400 --> 00:38:52,960
because I haven't stayed in one
vertical my entire career.

563
00:38:54,080 --> 00:38:56,760
I've done a little bit of
everything, worked with

564
00:38:56,760 --> 00:39:00,000
institutional clients and with
mom and pop clients.

565
00:39:00,000 --> 00:39:05,440
So I can't say I've done it all,
but I want to share that

566
00:39:05,440 --> 00:39:10,200
experience and advocate for
people in our industry so they

567
00:39:10,200 --> 00:39:13,800
can be more successful than they
already are.

568
00:39:15,800 --> 00:39:19,760
And is is it Moneypenny?
Tell me the website and we'll

569
00:39:19,760 --> 00:39:22,480
put it in the notes.
Also, the website is Marcy

570
00:39:22,480 --> 00:39:29,400
moneypenny.waityeahmarcymoneypenny.com.
Marcy moneypenny.com Marcy

571
00:39:29,400 --> 00:39:35,080
moneypenny on LinkedIn.
Yes, the one and only.

572
00:39:35,360 --> 00:39:39,800
I mean, my son is in Atlanta,
works for Colliers, so he's in

573
00:39:39,800 --> 00:39:42,480
commercial real estate.
He's the other Moneypenny.

574
00:39:42,840 --> 00:39:48,360
OK, that's cute.
Marcy, thank you for being on

575
00:39:48,360 --> 00:39:51,560
the show today and for everybody
listening.

576
00:39:51,960 --> 00:39:59,240
We'll see you next week.
That's a wrap for this week on

577
00:39:59,240 --> 00:40:03,160
commercial real estate secrets.
If you found value, do us a

578
00:40:03,160 --> 00:40:06,960
favor and subscribe.
Leave a review and share it with

579
00:40:06,960 --> 00:40:09,360
a fellow commercial real estate
lover.

580
00:40:10,040 --> 00:40:12,560
For brokerage services or to
connect, visit

581
00:40:12,560 --> 00:40:15,240
warehousehotline.com.
I'm Aviva.

582
00:40:15,640 --> 00:40:16,840
We'll see you next week.