Passionate about the real estate industry, businessman Patrice Groleau is a Harvard graduate, on top of being the owner of McGill immobilier and Engel & Völkers in Montreal. Super optimistic and success-oriented, Patrice gives us excellent tips on how to maximize our efforts and remain inspired. Below, he answers the Luxury Insiders questionnaire.

Patrice, what does luxury mean to you?

‘’Luxury is only about difference’’ but this difference makes all the difference. For me, there’s a difference between ostentatious luxury and luxury of quality, of design, of details, of artisan, etc. The popular culture, or bling bling, often gives a bad image to the word “luxury”. I was recently in Denmark, and for me, they are the perfect example of luxury: their architectural quality, their restaurants, social justice created by mass investments in social programs, high-level public infrastructures, and more. Everything can be qualified as luxury services for citizens.

Just look at the ‘’cheap is expensive’’ mentality : it’s better to pay a bit more for long-term quality, which, in the long run, will end up being more inexpensive. Of course, price is often associated to luxury, and I don’t have a problem with that, as long as the price truly represents the product: the hours spent working on it, on its artistic quality, design, etc. And, obviously, with a reasonable profit instead of a disproportionate, inflated price.

How would you describe what you do in life ?

I consider myself a real estate ambassador. We sell a quarter of the newest condos from the important real estate projects in Montreal through our specialized agency, McGill Immobilier, that I own with my partner, and am also the owner of Engel & Völkers Montreal/Quebec, also with my partner.

Engel & Völkers is the world leader of luxury real estate. We have around a hundred employees in both companies combined, a family that grows every year. I sincerely believe that we allow Montreal and Quebec to shine internationally, and not only in real estate. We sell the quality of life of Quebec as well.

What are the first things you do when you wake up in the morning?

Emails ! I receive approximately 300 a day… I work before the kids wake up, then I prepare their breakfast and we leave for school. Then, I take a 10 minutes pause to break down my daily schedule, and depending on the day, I will work out a bit or do pilates. After that, the meetings begin, and so do the joys of being an entrepreneur…

What passionates you about your job 

The variety of things to do, the thousands of small decisions that lead to major decisions that all work together in making our vision come to life. I have to be aware of everything in order to look over everything and master the information, meaning that I read a lot about our industry. I like to win, I want to be number one, to realize myself, to attain difficult objectives, to challenge myself every day, to reinvent myself, to grow in an balanced way, to create a sense of belonging with my team, to be proud and redefine what Quebec real estate is about, and finally, to influence people.

Who is your biggest inspiration and why?

Definitely my partner. Without her, I would not be where I am. I don’t know what I would be without her, but from an entrepreneurial point of view, I would definitely not be as big. She always believed in me and my capacities. She believes in us and that is what it takes to reach summits and to get through the hardships of the business. We complement each other and defy all the odds by working well, but also by being a couple, parents, and friends. It is something I don’t see really often in public figures, entrepreneurs or artists. Growing success and rising to the top by sacrificing family, friends and health is definitely not a lifestyle for me.

Other than my partner, my friends Dan Robichaud and Nicolas Duvernois are also balanced entrepreneurs who, in my opinion, achieve great things all the while taking time to live and taking time for their lovely families.

What would you tell people who wish to work in your industry?

Be careful: it’s not easy ! I don’t have the recent statistics, but there was a point in time where on 10 graduating estate brokers, 5 gave up within the first years and 85% in the next 5. The yearly average salary was $40k, and only a tiny amount of the 16 000 agents make bigger salaries. Being an agent is a challenge by itself, but it is even harder when you have your own agency, as financially, it may get risky. It also means working a lot more hours than people can imagine. You have to be in work mode 7 days of the week, 24 hours a day if you want to be on top of the pyramid. Our biggest competitor actually recently took over his Quebec division. Little manage to keep up.

I often say that being a realtor versus a real estate agent. It’s like hockey: it is not because you are a good player that you have become coach or have your own team one day. I think that this idea of constantly needing to move up a pyramid that we are constantly taught is problematic. The pyramid is triangular, because there is less space on top. It is impossible for everyone to succeed. There are an array of factors that can make you crumble one day or the other, even if you have a solid base. On our side, we could’ve lost everything – many times. It’s a fine line!

Are there people who influenced you in your career?

Making my parents proud has always motivated me. I have also been influenced by small things rather often, such as by quotes or small comments that have pushed me to advance a lot in my career. I was in the banking industry for a while, and while I was still in my studies, a director told me “Patrice, you’ll have time to make money later. For now, stay home and study as much as you can.”

I would also mention my friend Élisabeth Préfontaine, who is now reaching summits in her studies in finance and who inspires me to persevere. As a result, I have studied until recently, actually, and now hold diplomas from 4 different universities.

I also received this tip from Philippe Boisclair: “There are two ways of making money in sales: the volume, and what is expensive.” That is why we sell projects through McGill immobilier (volume) and what is expensive and luxurious through Engel & Völkers.

Recently, my friend Francisco Randez motivated me to try broadcasting and hosting. Surprisingly, I have been chosen to host a real estate show on Canal Vie this upcoming spring!

What are the most important qualities needed in order to do what you do?

My three favorite criteria : the likeable factor, honesty and credibility. Weirdly, I have been saying this for years and Harvard has recently come out with a study that stipulates that these are the factors that influence the way we see someone when we first meet them. But there are a multitude of other qualities that are useful at difference degrees, and that is where my extensive training and my mastery of information advantages me.

Adapting quickly to changes, having a long-term vision, avoiding the ‘’easy ways out’’, having the right friends, being able to take risks, mastering your industry and not being scared of investing smartly. Then, predicting trends without going overboard. I see too many people work hours just to work hours: if it is well planned and thought out, the amount of time spent on task X is not going to change its success. Finally, my marketing aptitudes have proven themselves to be one of my best allies.

What is a stereotype that people have of your industry?

That it is easy, and that money flows in without any effort on our part, any risks. Too many people do not see the value of a good agent. And I say good. We are not talking about the part-time realtor: we’ve moved on to another level. How good a realtor is is an important factor, and like in many other industries, there are good ones and there are bad ones. Only engage people who you know are good and specialized in what you want to sell or buy.

The future of real estate depends on the specialization of the people working in the industry right now. There is no better option to work for a condo promoter than to work with McGill immobilier, who is the most specialized agency in condo selling and production in Quebec. Over 8500 condos, more than 3 billion in condos… That’s specialization. Same thing for a luxury properties: that’s what we specialize in at Engel & Völkers. A prestigious residence requires a specialized marketing plan and a strong network, both locally and internationally.

What is the best professional advice you’ve ever gotten?

That if you don’t have problems, you aren’t working. If it were easy, everyone would be doing it. Risk and performance come hand in hand.

Weirdly, taking calculated risks is your best chance at maintaining long-term financial security.

No recipe works without effort, time, money, work and a bit of intelligence!

Treat people right, but don’t bother with the dead wood.

Finally, follow your intuition and your instincts.