A Passion For Education

industry profile

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Terry Kilakos is a big proponent of educatingmortgage consumers about the biggestfinancial transaction most of them will ever make

BY LISA GORDON

A PASSION FOR E

From mechanical engineering technology to computer network

design and even a stint in the Canadian military, Terry Kilakos followed a winding career path before joining the financial services industry more than 16 years ago.

After studying mechanical engineering technology, he turned his attention to computer network design, did a lot of travelling and spent a couple of years in the Canadian Armed Forces. The lure of entrepreneurship prompted him to open a couple of businesses. After a mix of success and failure, he went back to school and became a real estate and mortgage broker, later deciding to shift his attention to mortgage brokering. He continued to follow his educational path by getting licensed as an agency executive officer and obtaining international business certificates from both Harvard and the New York Institute of Finance. In 2006, Kilakos joined Multi-Prêts in Montreal, where he stayed until 2011. Today, he is president and CEO of North East Real Estate & Mortgage Agency as well as Coldwell Banker in Quebec. While running his businesses, Kilakos turned to the banks for financial assistance, but found little support.

“I had lots of potential, but nobody was willing to take a chance on me,” he said. “From the first client I had as a mortgage broker, I realized that I could actually help people. I could help educate them on how to be more successful with their finances, with their credit and with restructuring some of their cash flow. I found a career at which I could earn a good living while actually helping people. I found something I could be passionate about.”

That passion and experience led him to a secondary career he had never envisioned. One day in 2008, Kilakos was invited to be a guest on CJAD, a local radio station in Montreal. His first appearance went well and he was asked to fill in on a call-in show after a guest had to cancel.

“Once I started fielding calls, I became increasingly comfortable. The host asked if I would consider coming back as a regular guest every month or so,” he recalled.

Kilakos’ appearances were successful enough that the station asked him to do his own show, “The Real Estate Show,” which started in 2009.

“It was the ability to educate people that spurred me on,” said Kilakos. “We talk about mortgages, we talk about real estate and credit, and we help people understand what it means to buy real estate and to get a mortgage. By providing that education to the public, they gravitate to us and end up doing business with us.”

The successful show can also be found on Facebook and Spotify as a podcast.

After all these years in the industry, Kilakos has simple and straightforward advice for other mortgage agents and brokers: “Stay up to speed on every single thing that’s going on in the industry. You can’t take for granted that a customer knows what you’re talking about. Each customer has to be treated as if you are giving them a mortgage lesson. If we’re not on top of everything, we can’t teach them properly.”

RATES VERSUS SOLUTIONS Kilakos feels that the top issue facing the Quebec mortgage industry isn’t unique to Quebec at all.

“There’s a huge disconnect in that customers have been miseducated by

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There’s a huge disconnect in that customers have been miseducated by society, by the media, and by the banks to believe that the most important part of their mortgage is their interest rate.

society, by the media, and by the banks to believe that the most important part of their mortgage is their interest rate,” he explained. “I often get calls from clients saying, ‘I hear that you can get me the best interest rate.’ But really, what I can promise you is that I will provide you with the best solution for your needs. Each solution is different for each client. I think education has to be at the forefront for clients. As mortgage brokers, if we’re not able to address that, our market share isn’t going to grow.”

As for the role of mortgage brokers in the future, he added: “As people are educating themselves, they begin to realize that the traditional brick and mortar type of mortgage business is not the end-all and be-all. The brokerage role is going to grow more and more. As we’ve seen in the last few years, people have started to gravitate more to brokers than to banks. My fear with this is that it may open up the door to more people entering the industry with an eye solely on making money. This will lead to a huge disservice to the clients and the industry as a whole.”

In his limited off hours, Kilakos loves to spend time with his wife and three sons, taking advantage of his well-earned down time with family. He also loves competitive shooting, flying and scuba diving. When asked about future career plans, he noted that expansion into other provinces is key, especially in light of Bill 96. He recently became licensed in Ontario and expects the business to expand into British Columbia and New Brunswick in the near future.

Kilakos concluded with a plug for industry associations like the Canadian Mortgage Brokers Association (CMBA).

“As licensed brokers, we need a place to have our voice heard when educating the public, but also governments,” he said. “I’ve met with many Members of Parliament who don’t understand the subtleties of the stress test. They’re shocked when I give them the numbers that they would qualify for. This is where we, as the professionals, need to be able to address these issues with the government.”

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