Macdonald Realty’s Shanghai office is meeting the needs of its clients and bearing fruitful results
As seen in BCBusiness July 2015 issue.
As the demands of the BC real estate market change, realtors and their respective real estate agencies must react accordingly to stay in the game. For one agency, this meant thinking outside of the box and stepping out of its time zone.
When Macdonald Realty opened its office in Shanghai, China, last year, it was branded as “The Canadian Real Estate Investment Centre.” But Dan Scarrow, who manages the Shanghai office, says that his Chinese clients had their own words to describe it. Impressed with the office’s scope, they say that it covers “an entire dragon of services.”
Those services include residential resale, commercial sales and leasing, new development project marketing and property management. While American, Australian, New Zealand and European real estate companies had established offices in China, Macdonald Realty was the first company in China with a sole focus on Canadian real estate. The company decided to open the office as a response to their clients’ desire for better access to the Chinese market.
Scarrow is uniquely qualified to run the office. He has been working with Macdonald Realty for nearly 10 years, and has worked as an executive assistant for the CEO, and as a residential and a commercial agent. He is a born-and-bred Vancouverite, but he is half Taiwanese. “The upshot is that Mainland Chinese see me as a white Canadian, but I’m also able to communicate with them in Mandarin,” he says. “I guess you could say that, in China, I am an authoritative foreign curiosity and hence memorable.”
His company, says Scarrow, has several competitive advantages. “Our intimate knowledge of the market is what makes us uniquely valuable to investors here,” he says. “We are small enough to be agile, but big enough to provide a full range of brokerage, management and advisory services.”
Scarrow works with Chinese clients who are in the process of immigrating to Canada, with new Canadians and with pure investors. Those interested only in investment tend to look at new condos and commercial properties. “What resonates with investors in China is the perception of Canada as a safe and secure investment climate, in contrast with China’s robust, but volatile, environment,” says Scarrow.
In order to stand out in today’s highly competitive real estate market, Macdonald Realty has undertaken several innovative marketing strategies. As technology has made property information widely available to the public, Scarrow notes that the role of the real estate agent has shifted: from gatekeeper of information to interpreter and negotiator. To meet the demands of those roles, Macdonald Realty has been working with an outside training organization to offer all agents the exclusive Certified Negotiation Expert (CNE) designation. Macdonald Realty has also launched its own magazine called Macdonald Realty Luxury Homes, to help market its luxury home listings in Canada and in China. Produced by the company’s own in-house creative marketing team, the magazine has proven to be a hit.
But from his own experience, Scarrow says that the most important way for an agent to get ahead is to be a competent professional first. “Doing a fantastic job with one client will generate more long-term business than even the most successful email campaign,” he says. “Start with the people who know and trust you, do an unbelievable job for them and continue learning about how to be a professional from the good agents and managers around you.” Dan Scarrow manages Macdonald Realty’s Shanghai office sults just come a lot easier.”
This article was originally posted on BCBusiness, June 12th, 2015.
Macdonald Realty was Recognized for Outstanding Referral Services
Macdonald Realty received the prestigious Global Alliance Award for the Most Outgoing Cross Border referrals from Leading Real Estate Companies of the World® (LeadingRE), a global network of more than 500 top independent real estate firms. The award was presented at the network’s Annual Awards Gala this spring during LeadingRE Conference Week in Las Vegas. This was Macdonald Realty’s third consecutive year winning this award, showcasing our position as a local BC company with strong international connections.
Also, in the Marketing category Macdonald Realty received honorable mentions for their 2014 Corporate Brochure of Integrated Real Estate Services and their 2014 Recruitment Video in the Interactive Media / Video category.
“An innovative and creative approach to marketing is critical for success in today’s real estate market. Our award-winning firms have distinguished themselves by conveying their firms’ unique character, while providing essential information to home buyers and sellers.”
Macdonald Realty is the sole Vancouver representative of LeadingRE (www.LeadingRE.com), the largest network of premier locally-branded firms in more than 50 countries. LeadingRE provides its affiliates with an extensive range of brokerage services, which include lead generation, cross-market referrals, branding support, luxury marketing, online exposure, technology systems, and industry-leading professional development.
For more information on placing a referral with our award winning referral team, please email email@example.com or call 1-877-278-3888.
After 70 years in business in British Columbia, and much consideration and analysis, Macdonald Real Estate Group has decided to explore opening an office in China. To that end, my colleague, Dan Scarrow, our vice president of corporate strategy, left for Shanghai early in February.
In order to understand our rationale, it is first important to appreciate how Chinese investors have shaped the real estate market in Vancouver, B.C., where our company is headquartered.
Over the past three decades, Macdonald Real Estate Group has assisted thousands of Asian families and investors in real estate transactions in the Vancouver area and across western Canada. In the 1980s and ’90s, there were overlapping waves of Hong Kong and Taiwanese investment, and more recently we have seen the mainland China wave.
Our experience has given us the chance to develop a sizable network of Asian clients, both commercial and residential.
While the official percentage of foreign buyers in the Vancouver area is around 3 percent, Chinese clients make up a much higher proportion of certain segments of the market. The exact percentage is hard to pin down, but our research would indicate that Chinese families account for at least 50 percent of Vancouver home sales over $3 million, and our commercial division has put together dozens of major transactions with Chinese investors on a range of commercial real estate asset classes.
Asian clients are not arbitrarily choosing Vancouver as a destination for real estate investment. Our Chinese clients generally have close family and business ties to the areas in which they invest.
For example, aside from business considerations, the primary factor in shaping immigration-related real estate decisions for Chinese families will be proximity and availability of educational opportunities for the next generation.
Aside from business considerations, the primary factor in shaping immigration-related real estate decisions for Chinese families is educational opportunities for the next generation.””
That said, these clients often maintain a foothold in their country of origin, where they often have ongoing commercial interests.
If we open an office in Shanghai, we will be better able to serve our clients who are based in China, or who those spend significant time there. They will have somewhere to go to review documents, and get insight on real estate issues.
In addition, having a presence in China will give us another channel for promoting real estate opportunities.
I will be providing periodic updates to Inman as we go through our due diligence in Shanghai. Hopefully you can find something in our experience that is useful to you in your business, or at the very least you can enjoy watching the process unfold.
Jonathan Cooper is vice president of operations at Macdonald Real Estate Group (MREG). Based in Vancouver, British Columbia, MREG has 20 offices and 1,000 staff and Realtors, and offers a full range of real estate services across the province, including residential and commercial brokerage, property and strata management, and project marketing.
This article was originally posted on Inman News, Feb 21, 2014.
View the original post at Inman News
For more information contact Macdonald Realty at 1-877-278-3888