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CEO Mark Litwin discusses qualities of successful real estate developers in Toronto

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Despite some recent challenges, real estate remains one of the most thriving sectors in the Greater Toronto Area (GTA), characterized by several elite firms setting high bars for excellence.

What sets apart the best from the rest in this dynamic market? There are several crucial factors to look for when identifying the top real estate development firms.

Expertise and Market Knowledge

In a competitive market like Toronto, you need to have a deep-rooted expertise and understanding of all the local nuances,” says Mark Litwin, CEO of Marrisa Holdings, a private equity firm with a long track record of successful investments in the real estate industry.

“The market here is the most intricate and diverse in the country, and it’s always evolving. To be a successful brokerage you’ll need to prioritize a process of continuous learning from the top down and be a full-service office to provide support for your Agents.”

The expertise required for successful developers goes beyond just an understanding of property prices or market fluctuations; it involves leg-work in grasping neighborhood dynamics and a keen eye for all upcoming developments. Clients need to be assured that their agents possess the most insightful and up-to-date information on the industry and the backing of a full-service brokerage and not a virtual office. When they do, word will spread and the firm will see sustained growth.

Client-Centric Approach

“When I’m considering partnerships, I look closely at the Agent support and client satisfaction statistics. I want to know that this is a driving force for the brokerage,” says Litwin.

To grow your firm, you have to put your Agents and clients first, establishing trusting relationships through transparency and personal service. This involves a commitment to listening and being flexible in your approach, without sacrificing the fundamentals of the industry. Through every stage of the process, whether buying, selling or investing, a client-centered approach is necessary to have success.

Real estate is a service industry, after all, and when brokerages and Agents adopt the perspective of providing exceptional service at all client-facing points of their business, they will start to rise above the rest.

Innovative Marketing Strategies

There is so much more to marketing now than even just a few years ago,” says Mark Litwin. “The mediums are rapidly changing, and developers have to go beyond traditional marketing methods to stay ahead of the curve.”

To grow your business, you’ll need to explore new, creative methods of showcasing your properties to the public. The technology is changing so rapidly that it’s hard for any firm to keep up – but it’s vital that they do, because those who yield the latest techniques in immersive virtual tours, professional videography, and targeted online campaigns will continue to siphon off huge chunks of the market.

It’s time to start considering a new marketing strategy if you haven’t already. Put substantial resources into developing a strong online presence across multiple platforms, build strategic partnerships, and commit to gaining maximum exposure for your listed properties.

Tech Integration

Along with new marketing techniques, successful developers display a willingness to adopt new tools for data analysis and customer relationship management (CRM). The ability to adapt swiftly to market changes through the implementation of technological advancements is crucial. The right tools will allow you to streamline processes, enhance efficiency, and deliver a seamless experience for your clients.

Strong Team Culture and Training

When I see successful development firms, they almost always have a strong team culture,” says Litwin. “This shows me that the leadership sets a positive, productive tone that becomes evident in all aspects of the business.

A company is only as strong as its team – and that applies to developers especially. Successful firms will institute a collaborative culture through a nurturing, supportive team environment, offering mentorship programs, ongoing training opportunities, and an empowered workforce.

As with any industry, elite firms prioritize a constant sense of self-improvement and development for their people, encouraging innovation and knowledge-sharing with the entire team.

In a hyper-competitive atmosphere like the GTA, setting yourself apart as a real estate developer requires a potent mix of expertise, client-centered service, and innovative marketing and efficiency strategies. Through an embrace of these principles, developers can begin to rise above the rabble in the market, carving a path of sustained success.

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Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

Companies in this story: (TSX:T)

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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