Competition forcing brokers to look elsewhere?

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One leading broker in a niche space has to look outside major markets to find business as competition heats up.

“Commercial properties in Toronto are way overpriced,” Steve Kates of Northwood Mortgage told MortgageBrokerNews.ca. “There is so much money around and people will overpay for properties with the hopes they’ll make some money down the road.”

Kates now looks outside the GTA for most of his commercial deals, to places like Cambridge, Waterloo, Niagara Falls and Barrie.

And the competition for commercial properties isn’t just fierce among brokers – the big banks make it harder than ever to fight for a piece of this lucrative segment.

“It’s tough to compete with the banks because they have all the money,” Kates said. “They will do deals and get clients to move all their financial products over.”

Kates is vying for a spot in CMP’s Top Commercial Brokers issue – will you be one of them?

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.
 
  • Guy Lew on 2014-07-24 12:26:24 PM

    I totally agree with Steve Kates on this issue is to find niche business that banks are not heavily invested into.

    Here is another niche business, as an owner of Home Owner Soon (rent to own company), we are referred a lot of files from Mortgage Agents that has client that cannot exit from multiple mortgages due to loan to value and credit restrictions. Instead of handing the house over to a Realtor to sell, agents are paid 100 bps on a file and no competition from the banks. We also pay off any writs, collections and judgments leaving the client debt free. This is thinking outside of the box and helping families retain their home and also get their credit re-built over the next 2-3 years inside the program. Isn't this a good reason to get paid?

    This is all about offering a service that will benefit people and not have stiff competition and getting a reward for a job well done.

  • Just saying on 2014-07-24 1:00:24 PM

    Advertising information

    To advertise on the mortgagebrokernews.ca website, or in CMP magazine please contact:

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    Trevor Biggs
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    tel: 416 644 8740 ext 236
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  • Ron Butler on 2014-07-25 4:23:46 PM

    Steve should not even be in any competition for top commercial broker, Steve Kates is the original king of commercial mortgages.

    Just send a crown.

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