North East CEO hails ‘exciting’ purchase of Coldwell Banker
Terry Kilakos (pictured) had been considering starting a commercial division for North East Real Estate & Mortgage Agency for some time – and when the opportunity to acquire Coldwell Banker Commercial Alliance presented itself, it seemed like an ideal match.
The purchase had been in progress since late last year and was announced two weeks ago with the Quebec-based commercial real estate agency becoming the property of North East.
Kilakos, President of North East, is extremely excited about the deal and its potential to further the company’s growth ambitions in the business arena.
“We started looking for brokerages to acquire in the commercial space, and that happened last year,” he told Mortgage Broker News. “We formalized the acquisition a few weeks ago – it was great. Now there are 28 new real estate brokers that we have acquired through this.
“All of their goals are 100% commercial: multi-units, leasing, all that. It’s pretty exciting. “
The agency is also the only Coldwell Banker franchise in Quebec, a factor that played a significant role in Kilakos’ decision to move the deal forward. “He’s the only one, which is very cool,” he said. “The name has a lot of credibility; it is a banner that is literally world famous. “
Kilakos also stressed that there were no current or future plans in place to start a merger between North East and Coldwell, and that the two would remain separate. “It’s always going to stay that way,” he said. “At Nord-Est, we have a very good name right now in Quebec; we have a huge customer base. “
Indeed, he said, “exciting” plans were currently underway to expand the reach of the Northeast beyond Quebec, with the eyes of the company firmly fixed on potential expansion into other areas. markets and provinces like Ontario.
North East’s acquisition of CBC Alliance comes at an interesting time, with much talk in recent weeks about a possible economic recovery thanks to positive news related to the pandemic. The company noted in announcing the purchase that it anticipates a significant transformation and growth in its business in the commercial real estate segment as the pandemic subsides, and Kilakos also foresees attractive times for brokers.
“[After] whatever the crisis in general you can really make a lot of money as a broker whether you are in real estate or mortgages, ”he said. “We saw what happened during the pandemic: even when it started, for us, business exploded. It’s not only [that way] for the Northeast – if I look across the country and look at the brokerage houses, the income has gone up like crazy.
With that in mind, Kilakos said the worst course of action for brokers right now would be to go inactive or “go into hiding”. “I don’t think that’s true – you don’t help yourself and you don’t help your clients in a situation like this,” he said.
Instead, Kilakos said, brokers would have the opportunity, amid the post-pandemic recovery, to “guide their clients, help them when rates go up and maybe help them get rates. lower interest where they can ”.
“After the pandemic, this is where brokers are really going to shine,” he said.