Broker Profile: Peter Holgate

  • January 25, 2017
  • Stephanie Lai

1. Which brokerage are you from?
Chase Realty Inc.

2. How long have you been in the industry?
Over 30 years

3. Why did you go into real estate?
My formal education was Civil Engineering but there were few jobs available in 1973. I went into sales and "fell" into real estate by chance.

4. What is the hardest part about being a real estate agent/broker?
Maintaining your sanity during the ups and downs of the business.

5. What is the best piece of advice you can give a newbie agent?
Spend 1 to 1.5 hours per day lead generating.

6. Tell us about your first sale (details and how it made you feel).
My first sale was a $4 million resort hotel up in Minaki, Ont. It was a very complicated deal involving tax losses and the provincial government. I completed the sale on the beach of the resort in my bathing suit (so much for professional attire!) My commission was $100,000. Back then, that was a lot of money! I thought afterwards "Wow, that wasn't so hard.” I have regretted those words for the last 30-plus years!

7. What are three things an agent needs to be successful?
Integrity, honesty and to be knowledgeable. The world pays us for what we know, not what we do. If they did, we would be nothing more than $15/hour order clerks.

8. What is your motto in business?
Do it right the first time or measure three times, cut once!

9. What is an agents greatest asset?
The referral of a satisfied client.

10. What are some common mistakes Realtors make and what can be done to avoid these?
Spending too much time with an unqualified buyer or a uncommitted seller. You have to learn to ask the right questions up front to determine whether someone is serious and willing to move forward. Being a taxi driver doesn't put money in your pocket.

The other point has already been mentioned, real estate is like farming. If you don't cultivate the fields (contact potential clients), plant the seeds (keep in touch and be ready when they are), there won't be any harvest (closings and PAYDAY!!!!).

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