How did you start your career in commercial real estate?

I did my valuers training at the Government but I really started when I joined Jones Lang Wootton (JLW) in 1984 as their only industrial agency person. I spent 10 years at JLW before moving to establish the Hawaiian Property Group in 1994 with Tan Sri Dr Wen. Starting with the modest purchase of 16 St Georges Terrace for $10 million we went on to acquire and develop over $1 billion of real estate in WA and Queensland before I left on the Chairman’s death in early 2000.

What do you enjoy most about working at Ray White Commercial?  

I like the flexibility Ray White Commercial offers me. Whilst I specialise in larger property sales, I do have the flexibility to move across sectors and areas which the larger agencies don’t allow. I have been involved in several real estate agencies and was at one stage a shareholder in Coldwell Banker Australia. I really value the input from Ray White management and owners, they actually do add value to their franchisees.

What is a key strategic marketing approach that you present to your clients?

I like to think I individualise every marketing proposal but obviously also fall back on the internet and newspapers. However, I maintain a very extensive database with over 10,000 contacts and nothing beats direct presentation of an opportunity with personal contact. I like to be out of the office at least 50% of the day meeting and greeting.

Describe a unique success story?

I still like my sale of The Richardson Hotel in West Perth. I had been talking to the owners for a few years and developed the idea of a conversion to aged care and independent living units. Working in conjunction with EY we identified the buyer and sold the property for $35.75 million, which represented a significant premium over what it was worth as a hotel (big sale, no marketing).

Tell us about a major auction?

I still remember the first large multiple commercial auction Perth had seen, which was an idea I developed looking for the next big thing. It was 1992 and we had to get ISDN lines installed at the Perth Hyatt because the internet wasn’t even here then. Fifteen properties up for the day and I sold 14 under the hammer. A big celebration and lots of happy vendors.

What is a highlight of selling via social media?

We were appointed to sell a small neighbourhood shopping centre in the northern suburbs of Perth, but it had to be discreet and off-market. I have always maintained an active and large LinkedIn contact base and one small reference to this offering with no real details resulted in a Singaporean LinkedIn contact buying the property for $12.5 million.

What sale gives you the greatest satisfaction?

I like to think I am a very persistent salesman. I think too many people give up easily if the deal doesn’t go right the first time. The recent sale of The Colonnade at 388 Hay Street Subiaco for $37.85 million took 16 months, several false starts and failed contracts until the right buyer was found at the right price and terms.

Do you auction? 

I love auctions. They work and they excite me. I have personally auctioned over 500 properties but unfortunately, they’re not as popular in the WA marketplace. I remember being the pioneer of large multiple auctions screened from Perth through Asian offices back in the early 1990s and trust me, the logistics of setting that up was difficult.

What’s the one thing you know now, that you wish you knew when you first started out?

It never stays the same and the cycle always happens again albeit a bit different every time.

What is your outlook for the commercial market in WA over the next 12 months?

The WA commercial market is definitely on the upswing and this is characterised by the improving office vacancy figures for the CBD and the significant influx of opportunistic money from Asia and the eastern states trying to buy property in Western Australia at the moment.

Ray White Commercial (WA) is part of the Ray White Group, the largest real estate group in Australasia.

Read more about the company and the commercial properties for sale across the state at https://raywhitecommercialwa.com.

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