Article taken from medium.com
I met with Mariana Iordanova (a.k.a. The Wolf of King Street) at the Bisha Hotel’s rooftop restaurant: Kost. Despite having known her for a while, I couldn’t help but smile as she entered, stylish as ever, clad in fur (of course), brandishing her phone in front of her, documenting her entry and enigmatically telling her followers about what she was up to. I was looking forward to talking with her about her fast and furious rise to a very successful career in luxury realty, and getting her thoughts on the Toronto real estate market.
BW: I think right off the bat I have to ask…how did the “Wolf of King Street” nickname come about?
MI: Someone gave it to me! I think it was my friend’s husband. I started out on King Street West and was selling a lot of high-end real estate very quickly. It started as a joke because he kept saying, “You’re running King West! You’re tearing it up over there. You’re the Wolf of King Street!”
So I took it and ran with it. I started my Instagram page and the rest is history. It’s about more than just branding though, because while it does have a good ring to it, it also reflects how I work. I can be very easygoing, but when it comes to my clients, I’m very protective of their interests and I always negotiate fiercely and loyally, so I think that’s why I’ve taken to this personal brand so well. I also think people want a wolf on their side when they’re negotiating, so that might be why other people have taken to it too. I’m even in talks now to develop a reality show based on my real estate practice, which would be absolutely amazing.
BW: That’s phenomenal! So in such a competitive space, how do you stand out, and what do your attribute your growth and success to?
MI: Well I’ve always been someone who likes a challenge. I left my home in Europe at 16, and most recently, I left a successful job at a bank to pursue an independent career in real estate. Fear is a major motivator, and I have found that facing challenges like this makes me stronger and sharpens my instincts because when you are faced with fear, everything is heightened and you can operate at a higher level.
When it comes to my success, I think there’s a mix of things. I approach my clients and real estate without any air of artificiality, superiority, intimidation or materialism. I like to speak and interact with clients in a manner that brings them close and lets them know that I am looking after them as I would a family member or close friend. I work very hard for my clients and I want nothing but the best for them, their future, their lifestyle and their families. I speak five languages and breaking language and cultural barriers is something I thrive on. I’m honest, I don’t discriminate based on price range, and I try to be as approachable as I can. I enjoy fashion, travel, and food, I still lead a very European lifestyle…I think people can see that and identify with it, which makes them enjoy working with me.
BW: That’s definitely one of the reasons why I enjoy talking to you! I’m curious though — with our growing market and all these new listings on different apps and websites, I feel like more and more people are getting into realty. What are your thoughts on the ‘agent’ side of the real estate space?
MI: Well there are 55,000 realtors in Toronto right now, and more getting licensed all the time. Fortunately, there’s a rumour that the Toronto Real Estate Board is actually going to make real estate a college degree. At the very least, they’re going to make the license harder to get. Agents need to have more education to be allowed to work on the biggest transaction of someone’s life.
I really don’t believe in part-time realty. I work full-time and still don’t have enough hours in a day! Many part-time agents are doing it so they can represent family and friends, and this is completely unfair to those family members and friends. If you’re a full-time teacher and you spend 20% of your time doing real estate on the side, then you’ve got 20% of the knowledge and 20% of the expertise. For many people, they’re putting everything they have, all their savings, into this decision…do they not deserve to have someone represent them who lives and breathes this industry? Would you want a dentist who was really a florist, but practiced dentistry on the side? What about a lawyer who spent their days auditioning for the National Ballet and studied law at night?
BW: Very true. I think everyone agrees they’d want the best, but I guess until there’s a real estate equivalent to the Dental Board or Bar Association, people have to rely on referrals and the individual marketing efforts of the agent. How do you think people can spot a good agent versus a bad one?
MI: Well the most important thing to look for is an agent you can trust. There is so much falsehood and so many stereotypes in the industry, that you have to filter through all of them to find someone who is genuine, intelligent, and willing to fight for you.
Even from any property listings they’ve put out there you can tell how good a realtor is. Are their photos professional? Do they thoroughly show everything you’d want to see? Is their writing professional and accurate? It’s like looking up someone on LinkedIn, or reading someone’s blog. You can tell a lot about them right away.
In this really strong market, some agents have really dropped their standards of marketing and advertising, and adopted a more passive approach simply because they can, and to me that is completely disrespectful to the listing and any potential buyers.
One of the cornerstones to my success, and something I always tell new realtors is: Always be professional and respect your listings. A listing is the best way to market and showcase your workmanship as a realtor and bring in future business.
BW: Makes sense! I think I could do a whole other interview with you purely on how to be successful in real estate. To close things off for now though, do you have a favourite area in Toronto? Is it still King street, as your title may suggest?
MI:Well I love Toronto in general, obviously. I invest in Downtown Toronto Real Estate. I work and play in Downtown Toronto. I live in Downtown Toronto. It is one of the safest, most desirable cities in the world with an international appeal surpassing everyone’s expectations.
Toronto is not New York’s ugly duckling baby sister city anymore. Toronto is here and Toronto is thriving. We are a proud, confident, beautifully multicultural, inclusive city, and in the past few years we have attracted some of the best-known luxury brands, restaurants, and technology companies in the world.
I love Yorkville, King West, Annex, Roncesvalles, Queen West…there are so many amazing neighbourhoods! Each area has its own allure and whimsy. I go to Queen West for the shopping and hipster sightings, King West for the superb restaurants and my beautiful office. Yorkville is my current home, gym location and favourite people-watching area, the Annex for coffee, architecture and understated coolness, Roncy for the dog-friendliness and parks (not to mention deli shops)…I really do love this city (if that wasn’t obvious already).
If you can afford it, buy in downtown Toronto. We have over 100,000 people coming to our city every year, looking to be close to work, buying properties and given the challenges with our transportation system, I do not see the real estate market downtown slowing down any time soon. The issue we have been facing is the poor supply of housing, and the problem persists despite the seemingly large number of new buildings coming to market year after year. Always remember, Not every investment is created equal and not every developer builds a good project.
BW: Well I think I can say for all millennials that we look forward to saving up for 10 years for a downpayment on a Toronto studio apartment! Although I should also mention to readers that you do help with rental properties as well, and I can say from personal experience that no one knows the ins and outs of rental market in downtown Toronto like you do. Thank you so much for your time today. It’s always a pleasure.