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The 5 Questions Podcast
Join us as we unlock real estate and business insights, one question at a time.
The 5 Questions Podcast
Fixing Property Management: Better Communication, Transparency & Results with Schantel Hochheimer
Schantel Hochheimer shares her journey of founding Aspire Peak Properties and revolutionizing property management through better communication and transparency between landlords, tenants, and managers.
• Creating Aspire Peak Properties after seeing the need for better solutions in property management
• Communication breakdowns as the biggest issue in property management relationships
• Importance of understanding legal limitations for property managers
• Motivated, focused, and devoted approach to property management
• Using Front Lobby software for tenant rent reporting to credit bureaus
• Leveraging collection services for outstanding payments with no upfront costs
• Balancing motherhood with running a property management company
• Setting clear boundaries and practicing patience in business leadership
• Providing education and guidance to landlords, especially for new construction properties
Connect with Aspire Peak Properties:
www.aspirepeakproperties.com
Welcome to the 5 Questions Podcast, where we unlock real estate and business insights one question at a time. Welcome to the 5 Questions Podcast. I am your host, mario Lamar. Our guest on today's show is a real estate investor, licensed property manager and founder of Aspire Peak Properties, with a hospitality driven approach and a mission to raise the bar in property management. Our guest is setting new standards in our landlords, tenants and managers work together. Welcome, chantal O'Kimer. Chantal, welcome to the show today.
Speaker 2:Thank you, Mario. Thanks for having me. I'm glad to be here.
Speaker 1:Chantal, the concept of the podcast real simple five questions about business or real estate and we get straight to the point you ready.
Speaker 2:I'm ready.
Speaker 1:Okay, here's the first question I have for you. You've been in property management since 2013 and investing personally since 2018. What was the aha moment that pushed you to create Aspire Peak Properties?
Speaker 2:So I don't know if I had a single aha moment. I knew I always wanted to own my own rental properties and I'd been in the business for a while on the property management side of things, and I think there was just a multitude of life events that kind of nudged me towards opening my own brokerage. I'd be playing around with the idea for a little bit when I was actually with another company here in Calgary as an independent contractor and I kind of was seeing how things I mean I've been seeing for years, but seeing how things go wrong when you were with the wrong company. So the team at that company I guess this is kind of maybe my nudging moment seemed to have been pitted against each other. There wasn't a lot of support or help there as well, as the broker was basically checked out and that's uncomfortable for a team and for a company clients coming onto this company.
Speaker 2:So it just made me realize that there had to be a better solution out there. So I wanted to create that. I was interested in making things better. I didn't want to be complacent, I didn't want to have so much business that I just didn't care anymore. So that's essentially, I think, my push to get there. But yeah, otherwise other life events kind of made me do the aha, this needs to happen, sort of thing.
Speaker 1:You knew that you could offer a better solution to either your clients, your tenants, and you saw the potential of what you believed in, so you created your own company. Correct, yes, yeah, perfect. That brings us to our second question, and you talk about bridging the gap between landlords, tenants, property managers. What do you think is most broken in those relationships today?
Speaker 2:So definitely communication. Again, I've been in the industry for over a decade and communication is a big thing for any company On the property management side, so much there's a lack of it. Too often landlords feel that they're left in the dark or tenants feel unheard. Their concerns aren't being taken seriously. Property managers get stuck in the middle on what they can and cannot do. There's also a tendency in this industry to treat people like they're numbers versus a real person or real concern.
Speaker 2:As also, I'd like to put out that there's probably a little bit of a lack of understanding of what a property manager actually does in their role and what they're legally allowed to do, because in Alberta we have to be licensed with RICA, which is the Real Estate Council of Alberta.
Speaker 2:It's different in every province, but then there's very clear, strict guidelines that we must follow. So communication and education really is a big, I think, gap there. So when everyone's unclear on roles and expectations, it leads to frustration all around, which is why I'm very big on transparency with Aspire Peak Properties. Like our management agreement lines out everything we do, everything we can't do. If you know there's something that falls out of scope of normal communication, then this is what would happen for the owner charge, what we pre-qualify our tenants for. This is the strategy or the scenario of what a good tenant is, which is or maybe not so good of a tenant, and how that next step happens for that landlord. We like to help everyone understand that process and where we can and cannot step in. So transparency, communication those are some big things there in the industry.
Speaker 1:I agree with you and I like the fact that you say people sometimes seem to be treated like numbers and once everyone understands that we all need each other to make it successful, whether it's the landlord that needs the tenants or the tenants that needs the landlord for them having a place where to live, nobody's there to take advantage of each other. It's all about making an arrangement that is good for both sides and that's how the success comes. And there's there's a, like you said, maybe a lack of understanding. Uh, and you know, people try to pull their the cover on more on their side all the time, but what do you think of that?
Speaker 2:no, no, definitely. So I mean, like you said, it's an arrangement, it's a so not only a relationship between the property manager and the landlord or owner, but a relationship with the tenant through the landlord. So without the tenants, you know landlord's not getting any rent. Without the tenant, the property manager's not making their income, so the tenant, I feel, sometimes gets pushed aside a little bit. So, you know, it's this relationship that needs help and that's what we try to do.
Speaker 1: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 your business and Sure, yeah, so motivated, focused and devoted actually come from when I was first working in the industry.
Speaker 2:I asked co-workers I'd worked with for a long time a couple of words to describe me. And they were ambitious, hard worker and actually gives a crap. I wanted to make sure that we made that into the business as well, and so our team are focused on that. So motivated, for example, is we're always looking for new ways to get results for our clients. So at the end of last year the market started shifting where the last four years it's been going up here in Calgary and Edmonton.
Speaker 2:So we didn't sit back and just let it happen. We notified our owners right away of what was going on, keeping them updated on situations. We also looked at different ways of marketing for our strategies, which led us to an amazing platform which we're now using across all our rentals. So it got our listings in front of more eyes across more channels. So it just it brought a lot of awareness out there versus just kind of using that general marketing strategy we were using before. So we also like to do paid listings if it's necessary, or run open houses when we take on vacant or multifamily buildings from the start. That way we get again the most eyes through the building, the most chances of an application and filling that property as fast as we can. So I know, kind of broke it down. I guess focused, we're strict on our policies and procedures, like making sure we're screening the right tenants and giving ourselves enough time to properly renew the property so there is no vacancy Because, again, without that tenant, no one's getting paid and, if needed, not renew a lease. So we have that choice so we can secure a better tenant. It's about being intentional, not letting things slip through the cracks. That's what Focused is all about.
Speaker 2:Devoted again, it's about us going above and beyond for our clients. This includes education and guidance. We don't expect our landlords to know everything about the Residential Tenancy Act or all the different legislations that apply, because it does apply in Alberta. There are different legislations out there. That's our job. That's what you're hiring a licensed property manager to do. So we're here to help you and educate you and guide you on that. So we love having those conversations from day one, especially when we take on new construction properties. That's kind of become our niche here.
Speaker 2:We like advising on layouts for the building. You know what are your options. What? What is the building giving, or what is the builder giving you or your construction team giving you for options why this one might be better than the other one. Making sure certain nuances that you might not necessarily know, especially if it's your first time purchasing a building, like you know. Moving the mechanical room outside of both units so they both have access. Or ensuring that there's a deck on the top of your third story townhouse that they can actually get down to their garage, versus going all the way and walking around the blocks to the garage. So we like to do that. We like to encourage our owners to pick our brain, because we, as property managers, see on a scale so many scenarios Good, bad, we see a lot of it.
Speaker 1:And it affects the tenants' comfort. What's the word To be comfortable, you know? Like it affects their lifestyle. If a building is not maybe layout the way it should be or it could be.
Speaker 2: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 that you're set up for success from the start.
Speaker 1:That's great. Okay, let's move on to our fourth question and for investors listening who are managing their own properties, maybe let's give them a tip what's one habit or tool you think they should adopt immediately to save time or stop being?
Speaker 2:stressed. You know what. It's really hard to pick one but, which means tenants who pay on time can actually build their credit, or if they don't pay on time, then it negatively affects their credit. Now we've got this in the lease so that they're aware about it and everything like that. It's a huge incentive for them to pay on time. On the flip side, you know, if it's unpaid, then they're also aware of that, so it's almost like a panic to then pay.
Speaker 1:Yeah that's great.
Speaker 2:If situations happen, so they also help with collections. So on rent and utilities, it's been a game changer. We've had success here with collections through Front Lobby. Where the landlords paid nothing up front Tenant broke lease, we were able to collect. I think they did settle a little bit but we were able to collect 95% of what was outstanding.
Speaker 1:So within six months so how does the front lobby software help you with collections for your tenants?
Speaker 2:So they're connected with an actual collection agency. You submit everything through their portal. Still, they've got a bunch of documents that they'll request, like lease management agreement or title if you're the owner, as well as photo, id and application um from the tenant. Um, just so they have all the information. So they'll email the tenant, they'll call the tenant, um, they'll even sometimes do a skip trace if necessary. Uh, so if you're doing a skip trace by yourself, um, it's around five or six hundred dollars, 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-brainer for us and it was really easy to use. So we've had great success with that. I can't remember if I spoke earlier about the last one that we did was they ended up settling, but it was 95% of what was collected, what was outstanding, which was awesome, and that only took about six months.
Speaker 1:So it's a really, really good tool to save you time and stress, like we mentioned in the question, with outside help from other agencies, companies to manage your tenants. Brings us to our fifth and final question for today. And being a property manager is very busy, very busy lifestyle. You know what else is very busy? Being a mom and you're a mom. So how has being a mom influenced the way you lead your company or handle stressful situations in real estate?
Speaker 2:Well. So this is a hard one because being a mom, you know it's. You're there first for your kids and me being the broker of my business, it's a lot of work. There's a lot involved between being a mom and then running your own business or female-oriented business.
Speaker 2:Um, the difference that I think helps me I guess so much was when I became a mom is, um, patience and then importance of clear boundaries. So, um, that's boundaries is a big thing in any business, right? So making sure everyone understands that and setting those, ensuring I have my split time between being a mom and then being able to run the business, so that I'm not distracted or feeling guilty from not being able to take care of my daughter or being guilty for not being here for my team if they need me, kind of thing. So setting real schedules and boundaries, that's a big big thing. Real estate property management can be unpredictable and stressful. So by learning to pause and kind of assess the situation, I'm able to respond thoughtfully rather than react emotionally. So it's made me a bit more compassionate, I would think, especially towards my team and, um, our clients and stuff. So I know what it's like to juggle a million things at once and I tried to um lead with understanding and support, especially when things can get tough.
Speaker 1:So learning how to listen before you, either you know, put a judgment out or a task out for others to execute is, I think, key to success.
Speaker 2:A hundred percent. A hundred percent Communication. I found there's very different styles of communication, so being able to juggle that and understand 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:Chantelle, thank you so much for taking your time and being with the Five Questions podcast today. Lots of knowledge. I hope our listeners take any little bit of knowledge or insights that you gave on their journey and thanks again for being on the show.
Speaker 2:Thank you, mario, I had a blast.
Speaker 1:All right, We'll talk soon. Okay, bye. Thanks for tuning into the 5 Questions podcast. If you enjoyed today's episode, don't forget to subscribe, like and hit the notification bell on our YouTube channel so you never miss an episode. Stay tuned for more insights and tips to transform your real estate and business game. See you next time.