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The Polsinelli Report

The Polsinelli Report

Post Super Bowl: Six Tips to Ensure Success on the Field

Adelaide Polsinelli Headshot2

If you think the Super Bowl is only about football, think again.

A broker friend of mine, who had little, if any, interest in the game of the year, decided to take heed of some of the comments shouted by the armchair quarterbacks gathered in front of the screen. He realized that there was a similarity between the game and his professional life in real estate.

He was able to see the entire playing field, without the personal attachment to a particular team. This enabled him to peel away some valuable lessons from the fumbles and apply the strategies to his real estate presentations. Read More

The Polsinelli Report

Blame the Broker: It’s a Thankless Job, But Someone Has to Make the Deals

Adelaide Polsinelli silo for web

Being a broker can at times be a thankless job.

In many cases, no good deed goes unpunished, and sometimes the rewards must come from within. If you’re hoping for a pat on the back when you’re awarded an assignment, an offer is accepted, or a deal is running smoothly, you may be in for a disappointment. More often than not, recognition only comes when a problem arises.

A broker is the most sought-after participant in a deal when something goes awry. The broker—a likely scapegoat—usually bears the brunt of failed sales, missed appointments, deals retrading, buyers misrepresenting their financial abilities, sellers exaggerating the income of their property. Right or wrong, it all comes back to land on the shoulders of the broker. Read More

The Polsinelli Report

From One Woman To Another: No Crying in Real Estate & Other Tips

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The glass ceiling needs a shine.

In fairy tales like Snow White, Cinderella and Sleeping Beauty, little girls learn that rewards, like a knight in shining armor, are earned by being passive, demure and quiet. The few women who do speak out were usually witches or evildoers. But unlike what we were told in these fairy tales, women are born for business.

Today, studies show that women process about 20,000 words per day, while men process about 7,000. Women have approximately 11 percent more brain cells responsible for language. Women can speak at a speed of 250 words per minute and have 12 percent more neurons in the area of the brain responsible for memory, feelings and critical thinking. Read More

The Polsinelli Report

Do You Have What it Takes to Be a Great Broker?

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Well, do you?

Real estate has become a very popular career choice. And why not? It’s a business that affords you the unlimited earning potential that few other careers can boast. The financial independence offered by this career allows you the flexibility to make lifestyle choices. Every day is an adventure. There is nothing more invigorating than being in the midst of the elite group of movers and shakers who create the ever-changing skyline of the city.

I polled several veteran brokers who are at the top of their game and have earned the respect of their peers. In addition to being highly organized, tenacious and disciplined, here is what they said is important for a promising future superstar. Read More

The Polsinelli Report

You Get What You Pay for: Fast-Food Brokerage Only Goes So Far

Adelaide Polsinelli.

With reality shows and the internet glorifying the heady prices of retail condos, skyscraper office buildings, five-star hotels, luxury apartment buildings, trophy apartments and McMansions, it’s no wonder that sideline spectators are enviously calculating the millions of dollars that brokers must make as the gatekeepers of real estate heaven.

Given the high stakes involved in achieving premium prices, how do you get that maestro of a broker to work her magic for you? Not just anyone can convince buyers why they should pay a premium. Not just anyone can get a more qualified buyer on the phone, or source those under-the-radar buyers whom very few brokers have access to. Not just anyone can create a competitive environment while at the same time orchestrating a quiet selling arena where a premium is paid for the privilege of seeing this opportunity. Read More

The Polsinelli Report

Non, Niet, No! Columnist Looks to Rao’s For Metaphor On Real Estate Rejection

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Anyone who has ever dared attempt to make a reservation at Manhattan’s single most elusive and notoriously difficult restaurant to get into, Rao’s, will attest to the acid-like sting of the resounding “NO” coming from the owner, Mr. Pellegrino. His nickname is “Frankie No” because that’s what you get when you call for an appointment.

After years of hearing Frankie No’s negative response, I persisted until I finally got my “yes.” For real estate brokers and many other professionals, the word “no” is par for the course. Sometimes it’s the main and only course. What separates a great broker from an average one is how they go about turning nos into yeses. Turning rejection into acceptance is a highly skilled trait that is worth fine-tuning.

The mother of all rejection sits in the nest of cold calling. Every broker has had to begin in this cold, dark, door-slamming chapter of sales. Eventually most brokers get so numb to the rejection that they give up or become immune. Immunity is good if it turns those nos into yeses. Success is bestowed on those who learn the techniques of positive persistence and relentless tenacity. Read More

The Polsinelli Report

Just One Call: Email, Text and Skype Are Fine, But Don’t Count Out Ma Bell

Adelaide Polsinelli.

“Are you selling your property?”

“How much do you want for your building?”

“I have an offer for you!”

“How fast do you want to close?”

“Make the deal!”

A broker’s most effective tool is a phone call. It’s how we reach out and touch someone. Emails and texts are effective too, but a call can make all the difference in whether a deal goes forward or dies on the vine. The tone, inflection, urgency, pitch and content are all synergistically intertwined to elicit an intended response. Sometimes these invisible catalysts are the reason deals get the response that a broker is looking for. A broker who can use these tools masterfully can make magic happen and bring deals to fruition that may not have had a chance without that call. Read More

The Polsinelli Report

King of the Road: By Paying Close Attention to the Signs, the City’s Brokerages Can Be Easily Navigated.

Adelaide Polsinelli.

My son, who was born and raised in the heart of Manhattan, came home from college for the summer. His first day out for a drive across town sent him into frenzy. He was used to some sort of semblance in the traffic patterns of the already unpredictable New York City drivers. However, he was unprepared for the confusing palette of newly colored street lanes, designs, plazas and pathways. Red for bus lanes, white for God alone knows what, yellow for plows and green for bikes or people, whichever dared step in first.

Once he put aside his road rage, he begged me to explain how one was supposed to make intelligent choices when signals can be so misleading. I realized he was on to something. Finding the right platform to associate oneself within the brokerage industry can now be as exhausting and frustrating as the city’s confusing tangle of street patterns. Read More

The Polsinelli Report

Fifty Shades: When Ambiguity Makes Doing the Right Thing Difficult

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Have you ever made a decision and then felt a weird tingling in your gut, or a warm flush flow across your face? Can you recall a nagging feeling of remorse or guilt you experienced after an encounter with conflict?

If you have a conscience, you will be nodding yes to at least one of these feelings. If you can’t ever remember a feeling of guilt, uncertainty or wanting a do-over after making a questionable decision, you’re obviously reading the wrong version of “Fifty Shades.” Read More

The Polsinelli Report

Curb Your Enthusiasm: Don’t Uncork the 1978 Montrachet Until the Ink is Dry

Adelaide Polsinelli.

You’ve been working tirelessly, all summer long, on a really exciting, quiet, below-the-radar real estate deal.
After hours of careful planning to ensure success and predict any possible roadblocks, you create the perfect package to showcase the property’s unique attributes as well as address all of the owner’s possible concerns.

Several meetings later, the owner finally hires you to represent her exclusively in the marketing of her asset. You know you can get this deal done, but the seller gave you a short window. You have 30 days to get an acceptable offer into contract. Having spent the time exploring the best possible outcome, you are confident that you can deliver what you promised. Read More

The Polsinelli Report

Closing the Deal: The Grand Finale Versus the Premature Exit

Adelaide Polsinelli.

What’s the bottom line? Where can a deal be made? What takes it? What price can I get if I close quickly? Is there room in the asking price? How low will the seller go?

Buyers of real estate will always ask their broker how they can jockey themselves into the best position to get the best deal for the real estate they are considering buying.

Those with strong cash positions will tout their ability to close without lender financing. Those in need of financing will boast that they can pay a higher price for more time to close. Those with surety of funds to close will insist they can close as soon as the ink on the contract dries, for a price reduction. Read More

The Polsinelli Report

Reach Out and Touch Someone: Dialing for Dollars & Other Listing Strategies

Adelaide Polsinelli.

Have you ever noticed how some real estate sales brokers seem effortlessly to have listings at all times, pumping out sales like a fired-up ATM machine squirting out dollars, while other brokers struggle just to get 10 seconds on the phone with an owner?

Well, the first thing you should know is that almost every broker started out with nothing. For the purpose of this article, we will assume a clean and level playing field. Read More

The Polsinelli Report

The One I Want: For Buyers, Loyalty and Listings Can Be Deciding Factors For Whether Your Broker Calls You First

Adelaide Polsinelli.

Truly great brokers can be likened to sculptors. As a sculptor takes a lump of clay and sees a statue of David, a creative broker sees a building and envisions more than just bricks and mortar. Exceptional brokers are visionaries who see all of the unique possibilities in every deal.

They connect situations to the appropriate buyers who will bring out the essence of their value. They navigate each deal carefully and methodically with artistic flair to uncover the gem that will bring that deal to life. Read More