2018 marks an exciting year for everyone at Normac – we are celebrating our 20th year in business! And what a wonderful 20 years it has been. To commemorate this milestone, we’d like to look back upon our last 20 years and all that we have achieved.
1998 – The Beginning
Cameron Carter, Normac’s founder and President started the company from his home office as a one man show.
He recognized a gap in the insurance appraisal business that he sought to fill: a lack of quality service. He felt he could easily deliver faster, improve customer service and build better relationships, and effectively make Normac’s clients’ lives easier. So, he set out to do a better job than the rest and garnered the support of some insurance brokers who helped him to grow his portfolio.
Interesting fact: Ever wonder where the name Normac came from? It’s Cameron backwards (without the E)!
2000 – First real office and Normac’s first hire
Cam was thrilled with all of the appraisal requests he was receiving, but it soon became too much for just one person. In 2000, Normac opened its first professional office on Spruce Street in Vancouver and the company doubled in size with the hiring of a Client Services Manager! While nervous about taking on another person’s salary, having someone else who shared Cam’s vision was crucial to Normac’s success. In this case, the reward far outweighed the risk and the business began to roll in.
Adding a Client Services Manager to the Normac team was important to preserve one of Normac’s core values: “Do What You Say You Are Going To Do.”
2002 – Master Appraisal Programs Established
This was one of many “a-ha” moments for Normac. Master Appraisal Programs (MAP) were secured in BC with some of the country’s largest property management firms. This trend continues today as property management companies sign on with Normac to ensure consistency, quality, and familiarity for their clients. A MAP is a reflection of the trust and loyalty that Cam set out to deliver from day one.
2005 – First jobs in Alberta
This is the year that Normac’s cross Canada expansion began when we started securing jobs in our neighbouring province of Alberta. Many of the clients that we first appraised 13 years ago are still getting appraisals from us today.
2007 – First Property Loss
One of our appraisal clients experienced a devastating loss in 2007. A manufacturing plant in Alberta was victim to a massive fire that took out most of their facility. For years, the plant has never engaged the services of an appraiser, only estimating their replacement costs. When Normac was referred to them, the Total Insurable Value we provided was $13 million more than what they had been estimating. When the plant burnt down, it was because of Normac’s appraisal that the company was able to endure the disaster and continue to thrive well after the rebuild was complete. This was a truly validating moment for Normac whose main concern is the security of our clients.
2008 – The Big Move to Downtown Vancouver
With a continually expanding team and a desire to be more central, Normac moved its office to a downtown location at 780 Beatty St.
2011-2012 – New Legislation and New Opportunities
In 2011, BC legislation was passed that mandated Depreciation Reports for all stratas. While it allowed two years for compliance, Normac jumped at the opportunity to deliver Depreciation Reports to current and prospective clients. For the second time, Normac’s team doubled in size with the hiring of qualified Engineers, Certified Reserve Fund Planners, and additional Client Service Administrators to support this department.
Normac also invested much effort in establishing an automated system to ensure accuracy and efficiency in the funding models. This proprietary system helped Normac cement our reputation for providing accurate, comprehensive, and easy to read reports.
In the first year, Normac presented over 1000 proposals for Depreciation Reports.
2015 – Cameron Carter Nominated for Contributor of the Year
Since the beginning, participation with various industry associations has been an integral aspect of Normac’s success. It’s important for Normac to contribute to the property management and construction industries through sponsorship, speaking engagements, volunteering, and networking. In 2015, President Cam, was nominated for a PAMA Industry Contributor of the Year. Today, we are engaged in over a dozen different association chapters across Canada, encourage our team to pursue various accreditations, and are heavily involved in the promotion of education for all in our industry.
2017 – Expansion to the East Coast
With roots firmly planted in BC and Alberta, in 2017 Normac started receiving inquiries from Ontario. We were quick to set up an office and are continually growing our presence around the greater Toronto area. We have since had an influx of proposal requests from as far east as the Maritimes and are developing programs to fit these markets’ needs.
2018 – Where We Are Today
Today, Normac is the largest provider of insurance appraisals in BC with targets set to match this title across Canada. We’ve experienced steady and sustainable growth thanks to our experienced team, intelligent systems, and the relationships we’ve built with our clients and partners. We’ve appraised and delivered reports to over 400 hotels, some of the most notable properties in Western Canada’s biggest cities, and continue to expand our reach into the country’s largest and most remote communities.
When asked what comes next, President Cam Carter responds “Total World Domination” with a chuckle. All jokes aside, Canada and the US seem like a pretty good place to start. Cam is focused on furthering Normac’s reputation as the premier provider of insurance appraisals and building science services. Normac’s goals include refining our technology and systems, increasing efforts to develop the Normac team and company culture (a spot-on Canada’s 100 Top Employers list, perhaps), and further improving the client experience. Cam believes that there is no “we-made-it” moment; we must always be improving and asking how we can do better. As for new market opportunities, the options are endless.