Having worked in real estate 40 years as of this past fall, the Sturino family has had a unique opportunity to witness changes in the industry. They call ‘em like they see ‘em.
“It’s looking good but I would like to see it even better,” says Jim Sturino, the family’s patriarch since father Otty Sturino’s death.
On the plus side, Jim Sturino finds the new breed of real estate professionals to be “entrepreneurial self-starters.” On the other hand, he has witnessed the business become increasingly mired in red tape and government mandates.
Whatever the future brings, he is proud to have succeeded this long in the industry.
“I think it shows that we do good business,” he says.
Jim Sturino was 24-years-old back in 1974 when he and his father started the family real estate business, originally called James Sturino Realty. He vividly remembers being summoned to the offices of the Toronto Real Estate Board (the Sturino’s stomping grounds are Etobicoke, which is part of the Greater Toronto Area) for a panel interview before being allowed to join. The panel members asking the questions apparently would not have been out of place in a military regime. Despite the fact that Sturino is a university graduate who had majored in economics, “They were grilling me really good,” Sturino recalls.
Finally some sympathetic soul stood up and convinced the rest to back off.
“I wiped my brow,” Sturino says, laughing.
Before long Jim’s younger brother Ron joined the family business. In 1989, after 15 years as an independent operation, the Sturinos became one of the first Coldwell Banker franchises in Canada. They joined because they were hoping that becoming part of a franchise would boost recruitment. It did, helping propel Coldwell Banker Sturino Realty to a top position in the area.
The same year the Sturinos joined Coldwell Banker, Jim and Ron’s brother Rick became the fourth family member to join the business. He quickly developed into a top producer.
Along the way the family also diversified into other businesses. These include custom home building and various other development projects; owning/operating a number of Dairy Queen franchises (overseen by another brother, Larry Sturino); as well as general insurance (Sturino Associates Insurance Brokers is run by Ron Gillis, a business partner and resource).
The family has also made some lucrative real estate investments, which have included their real estate office buildings.
Jim Sturino’s family has a long history of playing on, coaching and sponsoring local hockey teams.
In 2004, looking for new opportunities, the Sturinos joined Royal LePage. Now their office, Royal LePage West Realty Group, has a team of over 80. This includes yet another Sturino – Jim’s eldest son, Chris – as well as a new boutique brokerage serving the Toronto condo market.
Most of Royal LePage West Realty’s business is residential, although there is a commercial component.
As broker of record, Jim Sturino says he is grooming the younger family members to eventually take over the business. He says that in his experience a lot of brokers and salespeople don’t prepare themselves and their families for retirement and he does not want to be one of them.
But he’s not entirely sure that handing the reins to his near and dear will necessarily be doing them a favour. He’s torn.
“You can make more money today as an agent than a broker,” he says. And being a broker can be more stressful as well, he adds.
“Our business is getting so complicated. It’s often better to be an agent today. There’s too much responsibility as a broker.”
Included on the broker duty roster is having to answer to the Real Estate Council of Ontario (RECO) and the franchisor, as well as wading through the red tape necessitated by meeting the requirements of such agencies as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
“As a broker, all of these things nibble at your time,” Sturino says. “I call them time wasters… Keeping everything in order can be very frustrating.”
He says it’s the dictates of the Competition Act that bother him most. He views them as unreasonable.
“There is so much competition in our industry now,” he says. “Consumers can get most information off the computer. But not all…and that is our lifeblood. We should not have to give that up.”
He says the positive changes in the industry far outweigh the negatives, however. These include computer technology (“a big weapon today”), superior education, training and mentoring and increased opportunity for both real estate professionals and consumers.
“People used to compare Realtors to used car salesmen. Things are much better today. They have to be, as the public is so much better informed than before,” he says.
“We sell knowledge and trust. A lot of brokers think they need huge numbers. Some have 500 agents working for them. How does a broker manage 500 people? And the paperwork?”
For Sturino, while growth is the bottom line, it needs to be manageable, built on a foundation of good training for salespeople and a referral network and database.
The Sturino family secret is simple, he says.
“Work hard. Work smart. Provide great customer service and support staff. Be disciplined and financially sound, and treat agents like family.”
Lastly, he is keen to see his family help initiate improvements to the industry where needed, to help make it the best it can be.
“That’s the legacy I want to leave,” says Sturino.
Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.
