Canada is expected to draw 260,000-285,000 immigrants this year – a huge potential market for brokers to fund alternative deals; four experts in that space share their tips on better penetrating this market.
Canada is expected to draw 260,000-285,000 immigrants this year – a huge potential market for brokers to fund alternative deals; four experts in that space share their tips on better penetrating this market.
1. Partner for referrals
Steve Lydon of MCAP Eclipse points to the benefits of forging stronger referral partnerships with “real estate agents and other professionals such as lawyers and accountants for Newcomer clients, (and) divorce attorneys and consumer-debt companies that support alternative customer profiles.”
2. Look to small businesses
“I think anybody who is in a trade is an opportunity – trades are a great place to start,” says Equity Financial Trust’s Gino Tieri. “Think small business owners; be they retail establishments, restauranteurs, etc.”
3. Go beyond Boomers
“Broaden your demographic of borrowers,” suggests Lester Shore of Optimum Mortgage. Consider the ‘Echo Boomers’ (those ages 20 to 38), whose number has now surpassed the number of Canadian Baby Boomers. “Their emergence is expected to significantly boost the housing market for the next five years, and many will require alternative financing due to high student loans, low monthly income and lack of credit. Try contacting your network of Boomers, who may have children who are looking to purchase homes, or consider targeting Echo Boomers directly through social media channels.”
4. Join the club
Sign up for a real estate investment club, advises Mortgage Alliance agent Marcel Greaux. “I work with a lot of investors, so (newcomer clients are) an area of focus. Through the club, I have events and educate investors who might just be starting off in investing. So I get new real estate agents or investors coming up, and I get a lot of exposure from that, which helps build my client database.”
1. Partner for referrals
Steve Lydon of MCAP Eclipse points to the benefits of forging stronger referral partnerships with “real estate agents and other professionals such as lawyers and accountants for Newcomer clients, (and) divorce attorneys and consumer-debt companies that support alternative customer profiles.”
2. Look to small businesses
“I think anybody who is in a trade is an opportunity – trades are a great place to start,” says Equity Financial Trust’s Gino Tieri. “Think small business owners; be they retail establishments, restauranteurs, etc.”
3. Go beyond Boomers
“Broaden your demographic of borrowers,” suggests Lester Shore of Optimum Mortgage. Consider the ‘Echo Boomers’ (those ages 20 to 38), whose number has now surpassed the number of Canadian Baby Boomers. “Their emergence is expected to significantly boost the housing market for the next five years, and many will require alternative financing due to high student loans, low monthly income and lack of credit. Try contacting your network of Boomers, who may have children who are looking to purchase homes, or consider targeting Echo Boomers directly through social media channels.”
4. Join the club
Sign up for a real estate investment club, advises Mortgage Alliance agent Marcel Greaux. “I work with a lot of investors, so (newcomer clients are) an area of focus. Through the club, I have events and educate investors who might just be starting off in investing. So I get new real estate agents or investors coming up, and I get a lot of exposure from that, which helps build my client database.”
