“The biggest thing is validation; owners of properties have an idea what a property is worth and the lenders have another,” Barry Constable of Equis Capital Finance told MortgageBrokerNews.ca. “A lot of deals don’t go through as a result.”
According to Constable it often makes sense for sellers to be patient; commercial properties take longer, in general, to sell than residential properties and patience will ensure the seller gets the price he thinks he deserves.
“A lot of valuations are done based on the time frame; if it’s a six month valuation it could be higher because people have longer to sell it,” Constable said. “Selling in a short period of time often results in sellers having to lower the price.”
CMP is now collecting submissions
for its annual Top 10 Commercial Mortgage Brokers feature, one that gives these players reason to boast and also places them on the radar of potential clients and referral partners. Click here to participate if you are a commercial mortgage broker in Canada.
It’s a chance for the industry to pay homage to the top commercial brokers – who operate within a difficult segment of the brokering business.
CMP’s list is an opportunity for commercial brokers to brand themselves as one of the mortgage industry’s top-performing brokers, with the magazine
once again compiling a list according to individual broker volume for 2013 (January to December).
All figures must be supplied by you, the broker/agent, by clicking here
, and submitted by July 25.
Please break down your sales figures by the relevant network or lender. Also include their contact names and telephone numbers. CMP may then contact the above to confirm your figures.
The names of all CMP Top 10 Commercial Brokers will be published in the August issue of CMP magazine
, profiling a number of those who made the list.
Patience is a virtue when it comes to commercial brokering , according to one leader in that space.