In Canada, real estate developer Jordan Fletcher is creating new trails by discovering, developing and managing high-quality residential, commercial, retail and industrial projects across southern Ontario.
As president of Gorge Holdings, Inc., he has accumulated a depth of knowledge that he uses to develop exceptional projects in competitive marketplaces, including Toronto, St. Catharines, Niagara Falls, Welland, Thorold, Niagara on the Lake, and London, Ontario.
Recently he shared his insights with us in a wide-ranging interview, partially reprinted below:
Q: How did you get your start in real estate?
Jordan Fletcher: I learned real estate from the ground up, having started as a property manager at Gorge Holdings Inc. Four years later I was the president of the company. In those early years I learned the essential basics, the nuts-and-bolts of a successful property management company. I handled all leases, tenant relations, renovations, property maintenance, repairs, contracts and rent collection. I learned a lot about the business by dealing with all the tedious tasks such as wheeling a refrigerator into a unit on a dolly or coordinating an emergency response to a slab leak. That kind of knowledge is invaluable.
Q: How do you define leadership in business?
Jordan Fletcher: When a business prospers, it’s easy to say that the company founder is a successful leader. But in most cases, they developed the traits of successful leadership long before the company hired its first employee. The company thrived because its founder was already thinking, acting, learning and adapting like a successful business leader.
That is because success is a state of mind. And successful leaders share some recognizable traits, such as creativity, dedication, determination, flexibility, self-confidence and focused passion. And to that I’d add what is sometimes called emotional intelligence, which includes intuition, cleverness and courage.
Successful leaders dream of creating something of lasting value, but they are also disruptors. The rise of their company often leads to major changes in the marketplace. This is the way new opportunities and sometimes whole new sectors of the economy are created. A restless spirit to discover opportunities and provide new market solutions is one reason the best entrepreneurs are frequently involved in many different projects at the same time. This is certainly true in real estate, where undiscovered opportunities often seem unlimited, and finding a true diamond in the rough is deeply satisfying, and rewarding on so many levels.
Q: Southern Ontario has been one of the hottest real estate markets in Canada, but the picture is changing. What are the major trends you see for the region’s real estate market in the coming months?
Jordan Fletcher: The trajectory of the national and global economy is on every business owner’s mind. In North America, economic activity is slowing, interest rates are rising, inflation is at historic highs, and elevated housing prices have rediscovered gravity. As a result, we’re definitely seeing some cooling in what has been a red-hot market in the Greater Toronto Area, and most cities in southern Ontario. The days of bidding wars and huge markups over asking price are probably over, at least for now. Despite that, some fundamental facts remain: Long-term, there will always be incredible demand for housing in this region, simply because people want to live, work and raise a family here. Meanwhile, supply constraints will likely continue to persist, including regulatory restrictions and supply chain issues.
Q: What kinds of projects is Gorge Holdings working on right now? Can you share some details with us?
Jordan Fletcher: Here in St. Catharines, we’re trying to meet the city’s need for more residential developments by constructing a luxury rental building that would consist of approximately 150 units. The community continues to grow, and a new purpose built residential rental building is needed in this area with very low vacancy rates and little quality inventory in the market
Meanwhile, in Welland we’re developing 25 residential building lots. It’s in an ideal location for new people moving into the city. Nearby, we just recently completed a new commercial plaza with several different services and shopping opportunities. Gorge has owned the property for several years and with the growth in the area, the timing was right to build a new plaza that attracted new local and national tenants.
We are also adding a new Industrial complex in Thorold, located just off highway 406. Phase 1 of the project, currently under construction, will consist of three multi-unit buildings, totalling 80,000 square feet. Phase 2, which we plan to start construction in the middle of 2023, will be an additional 85,000 square feet. And in London, we just finished a very special project that features 60 luxury rental suites in a multi-unit residential building located in a fantastic area in the north part of the city.