Pictures by JF Grégoire.

In late August, Engel & Völkers opened a 6,500-sq.-ft. head office on Sherbrooke Street in downtown Montreal. The two-storey flagship office also serves as Engel & Völkers’ seventh brokerage in the province.

Source: Engel & Völkers opens flagship Quebec office | REM | Real Estate Magazine

“Our market plan was (based) on five years. We did everything we wanted in two years,” says Patrice Groleau, who co-owns the franchise rights with wife Debby Doktorczyk. “It’s just literally booming. Every single thing looks positive for Montreal. I don’t see any downsides at the moment.”

Mylene and David O’Malley, alongside Patrice Groleau the day of the opening.

Vice-president Silviu Ion with brokers Monique Assouline, Jeff Lee and Yslane M’sahi the day of the opening.

Groleau says Quebec has seen a 90-per-cent increase in foreign buyers in the last two years. In addition, sales of condominiums and homes over $1 million in Montreal increased 60 percent year over year in July and August, all of which puts Engel & Völkers in good stead.

Along with housing Engel & Völkers brokers, who now total 50, the new head office will be home to the 50 agents of McGill Immobilier (McGill Real Estate). Groleau and Doktorczyk own McGill Immobilier, which specializes in the marketing of new condos and has sold 8,500 condos worth $3 billion in 10 years.

We’re not really targeting a certain price; it’s more certain areas and a certain clientele,” says Groleau, noting that he believes the future of brokerage lies in specialization, not generalization. He foresees that Engel & Völkers will have no more than 120 brokers in the province, given the niche market in which it operates.

Engel & Völkers has more than 9,000 brokers in 30 countries and set up shop in Quebec in 2015. Groleau says he is “really surprised” at the response to and perception of the brand in the province. “It’s rare that you do a market plan and it’s even better than what you had expected.”

 

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