Ray White Commercial QLD is excited to announce that Brocke Hambrecht has joined the team as Associate Director of Industrial.
With over a decade of experience in the property industry Brocke has forged a formidable reputation in the South East Queensland Industrial market. His experience, combined with a degree in both Property Economics and Construction Management provides Brocke with the knowledge and skillset needed for any commercial transaction.
We caught up with Brocke to learn more about his career journey and his outlook for the industrial market.
How did you get your start in real estate? And more specifically commercial real estate?
I had been working in the residential real estate space for about eight years. This had taken me from the Sunshine Coast to Brisbane and then onto Melbourne in all different capacities, junior sales to senior management. When I returned from Melbourne almost four years ago I reached out to Michael McCullagh and was given a start at Ray White.
You’ve been a part of the Ray White Group for 3.5 years. What excites you about this new opportunity at Ray White Commercial QLD?
The ability to work alongside leading commercial entities like Tom Barr, John Dwyer and the White family was a great opportunity. The natural progression of my career was evident in the corporate structure provided. This structure is something that not only myself but my clients could benefit from.
Could you tell us about one of your most memorable or unique transactions?
One with an ironic story comes to mind. My very first commercial lease deal was for a small house converted to office in Brisbane’s outer northern suburbs. We leased the property for $19,000 per annum gross (in hindsight the metrics and the deal structure was all wrong). About six months later the property was sold by another agent to a well known buyer in the area who later became a key client of mine. Still to this day he reminds of how bad that lease was. Thankfully I have redeemed myself many, many times for this client and we are good friends today.
What are your go-to property marketing methods that you present to your clients?
As an auctioneer I’m a big believer in the auction process. However I’m also a believer in ensuring that you tailor a selling strategy on a property by property basis. The method I recommend is ensuring that each property is marketed on its own merits.
Having called over 1,000 auctions throughout your career as an auctioneer, could you tell us why this method continues to serve you well as an industrial specialist?
The biggest yet simplest reason is that I work for my seller. It is my job to supply the sellers with options, guidance and opportunity. The auction method ensures that the sellers remain in control of the process and are able to make decisions on their own terms and not have to live in uncertainty. All the risks associated with auctions are controllable, unlike a method such as private treaty – how will you know if the first offer is the best offer especially if it is produced in the first week of the campaign?
What advice would you offer to those wanting to forge a career in commercial property?
Look at the first two years as an apprenticeship. The most successful people in our industry play the long game. Making decisions as if you were project managing the property and not hunting a commission cheque. The respect earned from being forward thinking means you will have a client for life. The more of those you accumulate the easier and more fruitful your career will be.
What is your outlook for the industrial market in Brisbane over the next 12 months?
I strongly believe that the Industrial activity across South East Queensland is continuing its momentum in 2022. Interest rate rises, supply chain issues and employee shortages are in no uncertain terms providing challenges for business, however this has been mitigated by the continued growth in e-commerce. This has resulted in a strong appetite for quality large warehousing and manufacturing options.
I also believe the sub $3million dollar market continues to perform well as we observe the owner occupiers maintain the need to secure their business location long term. The reserve bank rate increases seem to have been largely off-set by the weight of capital seeking investment. Record home prices still being achieved in Brisbane have buoyed the private investor market which is evident in the high level of household savings over the last 12 months. Syndicators and investment funds have often been oversubscribed raising capital which is further evidence of the on-going demand for investments.