Client expectations are reaching new heights thanks to the Internet, which requires businesses to be nimble and responsive when it comes to rising above the competition.
“Expectations are much higher than they were 10 or 20 years ago,” says Andrew Libby, one of the owners of Modern Realty NB Inc. in Moncton, N.B. “For instance, a home inspection, insurance, mortgages; they expect this to all be done quickly.”
But it isn’t just speed that today’s client demands – it is a wealth of knowledge that should rival a Google search, says Libby.
“You need to be constantly upgrading your knowledge to keep current; because if not, your clients are,” he says. “They’re reading the material; they’re getting the notifications from your peers in the industry.”
The recent B-20 guidelines is one example of what those in the real estate sector need to know when it comes down to the nitty gritty of what a client needs when seeking a mortgage.
“You definitely need to be knowledgeable about the financing side of things,” says Libby. “If they aren’t able to answer the questions buyers have, real estate professionals are going to waste a lot of time and money working with buyers that they haven’t pre-qualified, or be able to ask the right questions.”
And it is that relationship with the mortgage broker, appraiser and lender that real estate professionals must be careful to nurture and cultivate – because when they win, you win too.
And sometimes, it means putting personal feelings aside to move the business forward.
“I think the real estate industry is one of the best cooperating professional industries that I’ve seen,” says Libby. “Even though a deal may not be going your way, and you may not like the real estate professional on the other side of that transaction, you gotta move on – because next month they may be representing a buyer to purchase one of your listings.”
And there will always be future opportunities – especially in the East Coast, an area that many Ontario and B.C. investors sometimes overlook.
“You can get a 1,200 square foot single family home on a 10,000 square foot piece of land in Moncton in a hot area for half the price you can get a Toronto condo for,” says Libby. “And that is just the purchase price.”
And those homeowners looking for private mortgage deals are everywhere in the Maritimes, providing an excellent opportunity for investors to grow their money.
“On my end, there are more people out there who need private mortgages,” says Libby. “I’ve got a higher demand for the money (from homebuyers) than I do to place the money for investors.”
Want to learn more about the opportunities in real estate and investment in the Maritimes? Download the Fact Sheet on this page.