EDITOR’S LETTER OPP America Words | Adrian Bishop
A reputation for kindness – extending into real estate
N
ot only do Canadians have a reputation for being some of the friendliest people
around – their realtors are held up in equally glowing terms. This is reinforced in a recent report, which concludes that Canadian real estate professionals will continue to be led by “personal integrity and leadership values”. The Canadian Real Estate Outlook white paper, produced by consultants Ferguson Partners, Ltd., says these characteristics help the sector fl ourish.
rent in the town of Stratford. After weeks of looking around with no success, we contacted Sutton Group Broker Kim Graham. Kim made extensive inquiries and managed to unearth a stunning waterside apartment, which we decided to view, even though it was beyond our budget.
We loved the apartment, but could not justify the monthly rental fee – so during negotiation with the owners and their realtor, Kim off ered to waive any fee she was entitled to and put it toward our rent.
from Canada’s Real Estate, argues that some characteristics allowed the Canadian real estate sector to avoid issues encountered by the US market.
“Unique attributes of the Canadian real estate industry that allowed it to fare far better than its US counterpart. Indeed, this has been Canada’s time in the sun, with an enviable position of strength and potential for growth.
“Several factors contributed to this advantage, including fi scal conservatism that translated into reduced leverage and solid risk management; prudent banking practices, such as minimal securitization and retaining more mortgages ‘on the books’ of lenders;
Their leadership values make them successful
Friendly faces
“Last year, the Canadian real estate market did enviably well because of the country’s fi scal conservatism and close- knit professional real estate community,” says the report. You can also add modesty to the traits of Canadian realtors, as all the professionals I contacted politely declined to provide examples of real-life stories illustrating the survey fi ndings.
However, happily, I am able to do that myself and sing their praises. My wife and I moved to Ontario from the UK last winter and were desperately looking for a home to
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That’s right – a realtor who barely knew us was willing to give up her entire fee to help us secure the apartment we needed!
Now, in the end, due to various circumstances, we did not need to take Kim up on her generous off er – but it goes to illustrate just how important good relations with clients can be to Canadian realtors. The 13-page report by William
J. Ferguson, Chairman and Chief EO of Ferguson Partners Ltd., quotes from a 2012 book by Mr Ferguson with the lengthy title, In Market Discipline: The Competitive Advantage: Lessons
and a close-knit professional community, in which one’s values and reputation are paramount.” Over the next few years, leadership values will continue to be vital to sustain the strength of the Canadian real estate sector and to provide assurance to banks as lending tightens, says the report. “A value system built on
relationships has been a hallmark of Canadian real estate,” (as stated in Market Discipline). “Overall, the way leaders conduct themselves—their ethics, their sense of fairness— makes the diff erence between success and failure. In short, their leadership values are what make them successful in business.” Next month our look at the ethics of Canadian realtors continues.
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