Market in Other Provinces: My Experience

As you all know, I have more than a decade of career experience in Real Estate in Ontario and have closely watched the market. I have learned many things and shared many experiences based on my knowledge of the Ontario market, especially GTA. I used to think a lot about the market dynamics in other provinces, Realtors’ working style, their challenges, success rates, business techniques, basic requirements and above all, the success rate of Realtors. I used to think that Ontario has an excessive no of Realtors, so the success rate of Realtors is 10%, and we lack the right platforms to perform well.

Recently in the last few weeks, I got an opportunity to visit Alberta and BC for our business plan. Before we start something, I wanted to understand the basic market here, Do a SWOT analysis and conclude the need for our model in these territories. I will share my observations and understanding with you what I learned so far. There is still a lot for me to learn, and I will keep sharing with you as we move further.

I have been to Edmonton, Calgary, Vancouver, Surrey and many other small cities in Alberta and BC. Met with many Realtors (New and Experienced), builders, bank professionals, mortgage brokers and buyers and sellers. It was very interesting to know their opinions and experiences to understand the dynamics here. I still feel it’s too early to conclude but it would be a good idea to share what we learned so far.

Let’s talk about the market in general here. It seems like Alberta is a soft market and showed a downward trend in the recent past but now going into a recovery mode, whereas in Vancouver, the market is much better after a Zigzag movement of upward and downward movements. But both markets have immense potential for Real Estate business and have some unique characteristics which make these markets very lucrative.

Based on my discussion with various professionals, these markets have something different which is not too prominent in Ontario so far. Here there are many small builders who build custom houses and small projects. It is unlike Ontario, where the majority of construction is ruled by the Big Boys Club. These small builders make the market very unique and competitive.

When it comes to the Realtors and Brokerage business, the commission system works a bit differently in both provinces. But when it comes to Realtors and Brokerage, it’s the same challenges as Ontario. Here also, the Realtor’s success formula is 90/10, in that 90% of business is done by 10% of Realtors, and there is a lack of training and support system. There is a big vacuum for the right platform, and talented Realtors are not able to perform in the absence of the right support system.

I will share a real-life example of a Realtor who worked in the industry for almost 20 years with big brands in the Canadian Real Estate industry. After a decade, he had some personal issues as his parents fell sick, and he had to take care of them. It took him totally out of business, and now he has to start his career again. This made me think about how much a system is needed here which works for you in your absence, and it helped me to make a firm decision about the requirements of our business model in this landscape.

Did you ever think what will happen to your business in your absence? I am sure you have the answer. If you want to have some passive income that can support you in any adverse situation, then you are the perfect fit for our system.

You may also like: Success Criteria for Realtor®: My viewpoint

I feel there are so many requirements for a structured model which provides active mentorship, share or offload Realtor’s expenses for day-to-day business operations, create a passive income and has a defined career path. In my humble opinion Real Estate industry, in general, lacks a structured approach and needs to have some discipline to make people more successful.

I will keep sharing my experience with you, Stay tuned for more discussions.

I am really excited to announce our office opening in Edmonton and will announce about Calgary very soon.