Episode Transcript
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Speaker 1 (00:02):
Welcome to the 5
Questions Podcast, where we
unlock real estate and businessinsights one question at a time.
Welcome to the 5 QuestionsPodcast.
I am your host, mario Lamar.
Our guest on today's show is areal estate investor, licensed
(00:26):
property manager and founder ofAspire Peak Properties, with a
hospitality driven approach anda mission to raise the bar in
property management.
Our guest is setting newstandards in our landlords,
tenants and managers worktogether.
Welcome, chantal O'Kimer.
(00:47):
Chantal, welcome to the showtoday.
Speaker 2 (00:50):
Thank you, Mario.
Thanks for having me.
I'm glad to be here.
Speaker 1 (00:53):
Chantal, the concept
of the podcast real simple five
questions about business or realestate and we get straight to
the point you ready.
Speaker 2 (01:01):
I'm ready.
Speaker 1 (01:02):
Okay, here's the
first question I have for you.
You've been in propertymanagement since 2013 and
investing personally since 2018.
What was the aha moment thatpushed you to create Aspire Peak
Properties?
Speaker 2 (01:19):
So I don't know if I
had a single aha moment.
I knew I always wanted to ownmy own rental properties and I'd
been in the business for awhile on the property management
side of things, and I thinkthere was just a multitude of
life events that kind of nudgedme towards opening my own
brokerage.
I'd be playing around with theidea for a little bit when I was
actually with another companyhere in Calgary as an
(01:40):
independent contractor and Ikind of was seeing how things I
mean I've been seeing for years,but seeing how things go wrong
when you were with the wrongcompany.
So the team at that company Iguess this is kind of maybe my
nudging moment seemed to havebeen pitted against each other.
There wasn't a lot of supportor help there as well, as the
(02:03):
broker was basically checked outand that's uncomfortable for a
team and for a company clientscoming onto this company.
So it just made me realize thatthere had to be a better
solution out there.
So I wanted to create that.
I was interested in makingthings better.
I didn't want to be complacent,I didn't want to have so much
(02:24):
business that I just didn't careanymore.
So that's essentially, I think,my push to get there.
But yeah, otherwise other lifeevents kind of made me do the
aha, this needs to happen, sortof thing.
Speaker 1 (02:37):
You knew that you
could offer a better solution to
either your clients, yourtenants, and you saw the
potential of what you believedin, so you created your own
company.
Correct, yes, yeah, perfect.
(02:57):
That brings us to our secondquestion, and you talk about
bridging the gap betweenlandlords, tenants, property
managers.
What do you think is mostbroken in those relationships
today?
Speaker 2 (03:10):
So definitely
communication.
Again, I've been in theindustry for over a decade and
communication is a big thing forany company On the property
management side, so much there'sa lack of it.
Too often landlords feel thatthey're left in the dark or
tenants feel unheard.
Their concerns aren't beingtaken seriously.
(03:30):
Property managers get stuck inthe middle on what they can and
cannot do.
There's also a tendency in thisindustry to treat people like
they're numbers versus a realperson or real concern.
As also, I'd like to put outthat there's probably a little
bit of a lack of understandingof what a property manager
actually does in their role andwhat they're legally allowed to
(03:50):
do, because in Alberta we haveto be licensed with RICA, which
is the Real Estate Council ofAlberta.
It's different in every province, but then there's very clear,
strict guidelines that we mustfollow.
So communication and educationreally is a big, I think, gap
there.
So when everyone's unclear onroles and expectations, it leads
(04:11):
to frustration all around,which is why I'm very big on
transparency with Aspire PeakProperties.
Like our management agreementlines out everything we do,
everything we can't do.
If you know there's somethingthat falls out of scope of
normal communication, then thisis what would happen for the
owner charge, what wepre-qualify our tenants for.
(04:32):
This is the strategy or thescenario of what a good tenant
is, which is or maybe not sogood of a tenant, and how that
next step happens for thatlandlord.
We like to help everyoneunderstand that process and
where we can and cannot step in.
So transparency, communicationthose are some big things there
in the industry.
Speaker 1 (04:53):
I agree with you and
I like the fact that you say
people sometimes seem to betreated like numbers and once
everyone understands that we allneed each other to make it
successful, whether it's thelandlord that needs the tenants
or the tenants that needs thelandlord for them having a place
where to live, nobody's thereto take advantage of each other.
(05:17):
It's all about making anarrangement that is good for
both sides and that's how thesuccess comes.
And there's there's a, like yousaid, maybe a lack of
understanding.
Uh, and you know, people try topull their the cover on more on
their side all the time, butwhat do you think of that?
Speaker 2 (05:40):
no, no, definitely.
So I mean, like you said, it'san arrangement, it's a so not
only a relationship between theproperty manager and the
landlord or owner, but arelationship with the tenant
through the landlord.
So without the tenants, youknow landlord's not getting any
rent.
Without the tenant, theproperty manager's not making
their income, so the tenant, Ifeel, sometimes gets pushed
(06:03):
aside a little bit.
So, you know, it's thisrelationship that needs help and
that's what we try to do.
Speaker 1 (06:11):
So let's talk about
your slogan.
Aspire Peak slogan is motivated, focused and devoted.
Can you break that down for us,Maybe with a story that shows
us how each one shows up in yourbusiness and Sure, yeah, so
motivated, focused and devotedactually come from when I was
(06:34):
first working in the industry.
Speaker 2 (06:36):
I asked co-workers
I'd worked with for a long time
a couple of words to describe me.
And they were ambitious, hardworker and actually gives a crap
.
I wanted to make sure that wemade that into the business as
well, and so our team arefocused on that.
So motivated, for example, iswe're always looking for new
(06:58):
ways to get results for ourclients.
So at the end of last year themarket started shifting where
the last four years it's beengoing up here in Calgary and
Edmonton.
So we didn't sit back and justlet it happen.
We notified our owners rightaway of what was going on,
keeping them updated onsituations.
We also looked at differentways of marketing for our
strategies, which led us to anamazing platform which we're now
(07:19):
using across all our rentals.
So it got our listings in frontof more eyes across more
channels.
So it just it brought a lot ofawareness out there versus just
kind of using that generalmarketing strategy we were using
before.
So we also like to do paidlistings if it's necessary, or
run open houses when we take onvacant or multifamily buildings
(07:42):
from the start.
That way we get again the mosteyes through the building, the
most chances of an applicationand filling that property as
fast as we can.
So I know, kind of broke itdown.
I guess focused, we're stricton our policies and procedures,
(08:04):
like making sure we're screeningthe right tenants and giving
ourselves enough time toproperly renew the property so
there is no vacancy Because,again, without that tenant, no
one's getting paid and, ifneeded, not renew a lease.
So we have that choice so wecan secure a better tenant.
It's about being intentional,not letting things slip through
the cracks.
That's what Focused is allabout.
Devoted again, it's about usgoing above and beyond for our
(08:25):
clients.
This includes education andguidance.
We don't expect our landlordsto know everything about the
Residential Tenancy Act or allthe different legislations that
apply, because it does apply inAlberta.
There are differentlegislations out there.
That's our job.
That's what you're hiring alicensed property manager to do.
So we're here to help you andeducate you and guide you on
that.
So we love having thoseconversations from day one,
(08:48):
especially when we take on newconstruction properties.
That's kind of become our nichehere.
We like advising on layouts forthe building.
You know what are your options.
What?
What is the building giving, orwhat is the builder giving you
or your construction team givingyou for options why this one
might be better than the otherone.
Making sure certain nuancesthat you might not necessarily
(09:08):
know, especially if it's yourfirst time purchasing a building
, like you know.
Moving the mechanical roomoutside of both units so they
both have access.
Or ensuring that there's a deckon the top of your third story
townhouse that they can actuallyget down to their garage,
versus going all the way andwalking around the blocks to the
(09:28):
garage.
So we like to do that.
We like to encourage our ownersto pick our brain, because we,
as property managers, see on ascale so many scenarios Good,
bad, we see a lot of it.
Speaker 1 (09:41):
And it affects the
tenants' comfort.
What's the word To becomfortable, you know?
Like it affects their lifestyle.
If a building is not maybelayout the way it should be or
it could be.
Speaker 2 (09:58):
A hundred percent
right.
It's harder to rent.
So let's avoid those scenarios.
Talk to us, pick our brains.
We're here to make sure thatyou're set up for success from
the start.
Speaker 1 (10:07):
That's great.
Okay, let's move on to ourfourth question and for
investors listening who aremanaging their own properties,
maybe let's give them a tipwhat's one habit or tool you
think they should adoptimmediately to save time or stop
being?
Speaker 2 (10:26):
stressed.
You know what.
It's really hard to pick onebut, which means tenants who pay
on time can actually buildtheir credit, or if they don't
pay on time, then it negativelyaffects their credit.
Now we've got this in the leaseso that they're aware about it
(11:02):
and everything like that.
It's a huge incentive for themto pay on time.
On the flip side, you know, ifit's unpaid, then they're also
aware of that, so it's almostlike a panic to then pay.
Speaker 1 (11:13):
Yeah that's great.
Speaker 2 (11:15):
If situations happen,
so they also help with
collections.
So on rent and utilities, it'sbeen a game changer.
We've had success here withcollections through Front Lobby.
Where the landlords paidnothing up front Tenant broke
lease, we were able to collect.
I think they did settle alittle bit but we were able to
collect 95% of what wasoutstanding.
Speaker 1 (11:38):
So within six months
so how does the front lobby
software help you withcollections for your tenants?
Speaker 2 (11:48):
So they're connected
with an actual collection agency
.
You submit everything throughtheir portal.
Still, they've got a bunch ofdocuments that they'll request,
like lease management agreementor title if you're the owner, as
well as photo, id andapplication um from the tenant.
Um, just so they have all theinformation.
So they'll email the tenant,they'll call the tenant, um,
(12:10):
they'll even sometimes do a skiptrace if necessary.
Uh, so if you're doing a skiptrace by yourself, um, it's
around five or six hundreddollars, with no guarantee that
you'll actually find the tenant,and then the collection agency
will also garnish wages for you.
So it's a zero upfront cost,and then they do charge a
percentage if they collect.
So really it was a no-brainerfor us and it was really easy to
(12:32):
use.
So we've had great success withthat.
I can't remember if I spokeearlier about the last one that
we did was they ended upsettling, but it was 95% of what
was collected, what wasoutstanding, which was awesome,
and that only took about sixmonths.
Speaker 1 (12:47):
So it's a really,
really good tool to save you
time and stress, like wementioned in the question, with
outside help from other agencies, companies to manage your
tenants.
Brings us to our fifth andfinal question for today.
And being a property manager isvery busy, very busy lifestyle.
(13:09):
You know what else is very busy?
Being a mom and you're a mom.
So how has being a mominfluenced the way you lead your
company or handle stressfulsituations in real estate?
Speaker 2 (13:23):
Well.
So this is a hard one becausebeing a mom, you know it's.
You're there first for yourkids and me being the broker of
my business, it's a lot of work.
There's a lot involved betweenbeing a mom and then running
your own business orfemale-oriented business.
Um, the difference that I thinkhelps me I guess so much was
(13:47):
when I became a mom is, um,patience and then importance of
clear boundaries.
So, um, that's boundaries is abig thing in any business, right
?
So making sure everyoneunderstands that and setting
those, ensuring I have my splittime between being a mom and
(14:08):
then being able to run thebusiness, so that I'm not
distracted or feeling guiltyfrom not being able to take care
of my daughter or being guiltyfor not being here for my team
if they need me, kind of thing.
So setting real schedules andboundaries, that's a big big
thing.
Real estate property managementcan be unpredictable and
stressful.
So by learning to pause andkind of assess the situation,
(14:33):
I'm able to respond thoughtfullyrather than react emotionally.
So it's made me a bit morecompassionate, I would think,
especially towards my team and,um, our clients and stuff.
So I know what it's like tojuggle a million things at once
and I tried to um lead withunderstanding and support,
especially when things can gettough.
Speaker 1 (14:53):
So learning how to
listen before you, either you
know, put a judgment out or atask out for others to execute
is, I think, key to success.
Speaker 2 (15:04):
A hundred percent.
A hundred percent Communication.
I found there's very differentstyles of communication, so
being able to juggle that andunderstand that and, you know,
not react when things are said,maybe a certain way that I
wouldn't have necessarily said,that kind of thing.
So, yeah, it's a lot there.
Speaker 1 (15:24):
Chantelle, thank you
so much for taking your time and
being with the Five Questionspodcast today.
Lots of knowledge.
I hope our listeners take anylittle bit of knowledge or
insights that you gave on theirjourney and thanks again for
being on the show.
Speaker 2 (15:41):
Thank you, mario, I
had a blast.
Speaker 1 (15:43):
All right, We'll talk
soon.
Okay, bye.
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