HOW TO WIN
WHEN YOU LOSE
Being a real estate advisor in Honolulu, Hawaii, is not all surfing, sun and mai tais. (well…some of it is). Our industrial market is smaller than the warehouse space
controlled by Prologis, Inc in the Inland Empire, Calif., alone,
and more than 50 percent of it is leasehold. Our industrial
vacancy rate is under 2. 4 percent and our average monthly rental
rates exceed $1.05 psf NNN.
While I do feel very lucky to live in Hawaii, it took me several
years to navigate a small market with few owners, few national
tenants, few brokers, and a very unique culture. I came to Hawaii
almost straight out of law school, armed with misdirected
confidence and a type A personality. Whenever I was not selected
for an opportunity, I generally scoffed the client under my breath,
vowed in my mind to cold call their buildings and focused harder
on the next opportunity. It took me much longer than it should
have to realize I was missing out.
Article written by WILLIAM
(BILL) FROELICH, SIOR,
CCIM, JD, vice president,
Hawaii, industrial and
investment services divisions,
Colliers International Hawaii.
When I am not selected for an opportunity, I now remember to
do the following things:.
1. Call the client and congratulate them on selecting an advisor.
I always make it a point to speak highly of whoever is selected.
2. Request an exit interview. “Mr. Client, I really appreciated
your consideration to partner with our firm and I was hoping
we could meet for lunch. I know you are busy, however we are
very interested in ways our team can improve.
a. I get this appointment more than 70 percent of the time.
b. This conversation always yields fruit because we either
receive pointers, or get to an alternative root of why we
were not selected.
c. I have even been given other team’s pitches and written
d. I often learn strategies other teams used to win the
3. Request to stay in regular contact.
a. I often times go so far as to offer to support them in
their sale or lease in some way.
4. Inquire about other opportunities.
a. “Do you have any other vacancies coming up, or do
you know of anyone else that is selling property in the
5. Share with your team.
a. It took me time to feel comfortable looking at my
team in the eye and saying “I (or we) failed to win an
assignment and here is why.” However, that culture of
sharing has strengthened our team’s relationship and
sharpened our skill set.
I have learned that by following these steps, my
relationships have strengthened and my opportunities
have increased. It is tough to get knocked down
and stand right back up, however there is too much
opportunity missed if you don’t.
540 Officenter Place, Ste. 260
Columbus, OH 43230
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