With over 30 years of real estate experience, Terry Gangaram founded Drexel Mortgage in 1995 to help Americans nationwide make their American Dream a reality. Starting with residential mortgages, Terry has helped thousands of homeowners buy their first house, investment properties, and commercial real estate to grow their business. Terry’s team at Drexel is committed to providing consumers the financing they need for the home they want. Terry speaks to The Asian Entrepreneur today about his business.
In your own words what do you do?
Iím a real estate mortgage loan service provider helping people get residential loans in New York State. I also like to help people get commercial loans throughout USA.
What led you to your current business?
My personal experience buying my own house led me to starting Drexel Mortgage. The process I went through buying my own home in New York was an adventure. I wanted to make it easier, friendlier for people to buy a home to achieve their dreams. I started Drexel with my personal home buying experience improving the home buying process while making my customers happier to reach their goals.
Could you walk us through your process of developing your business?
I develop my business by encouraging consistent core values in the home buying process. The real estate market in New York is very fast, as well as other parts of the country, its important to remain consistent by delivering quality advice, services rather than just ride the roller coaster of the markets. At Drexel we have a personalized consultative approach to business development ensuring Drexelís clients are getting the most out of each loan rather than just being a revolving door. This process has proven return clients, referrals, word-of-mouth marketing where customers have great experiences with long-term relationships for recurring business.
Did you encounter any particular difficulties in the beginning?
I encountered the common with opening any business but I was determined to overcome my lack of experience with hard work, good citizenship. I kept at it before I knew it the business had its own presence while I continued to support the business from underneath.
What is your long term plan?
My long term plan is to remain a lender for New York servicing residential loans, while expanding through the USA to service commercial real estate. I like the New York market having grown up in NY its great to reciprocate value for future home buyers just like I bought my home long ago.
Could you share with us some industry insights?
The real estate industry can be very dynamic with a lot of geographic variables. What I suggest is to consult with a loan provider like Drexel Mortgage before searching for a home so that you know what to look for before the home search begins. There are many components to the home mortgage process, its best to know what the expectations are to buy a home so there are no surprises with the home of your dreams.
What are some important lessons you’ve learnt about entrepreneurship?
Some important lessons Iíve learnt about entrepreneurship is to stick to your dreams. Never give up. It may not happen right away, it will.
Any tips for achieving success?
Focus on keeping the customer happy, the business will follow.
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