Photo: Contributed
Kelowna’s Vantage West Property Management tripled its office space after moving to a new headquarters in Kelowna’s North End.
A fast growing team and booming book of business led to Vantage West’s expansion into a new headquarters three times bigger than its previous location, founder AJ Hazzi says.
The new property management office at 120-1060 Manhattan Dr.—located across the hall from Vantage West Realty’s brokerage office—is a state-of-the-art space that’s just big enough to keep up with the demand, Hazzi says.
“We’re in the process of building an even larger space on Clement,” he says. “This will bridge the gap between now and then.”
Since launching in 2015, Vantage West’s property management division has grown by approximately 50% a year.
“Three factors have led to our rapid growth,” Hazzi says. “We’ve won the Consumer’s Choice Award for business excellence for three consecutive years, we’re now the top-rated property management company on Google, and, just like our real estate division, we’re doing things differently and it’s attracting tons of clientele, fed up with the status quo.
“Our business model is unique and ultimately successful because we operate as a team. That’s how Vantage West Realty changed the game for real estate sales, and it’s precisely how we’ve set ourselves apart in the competitive space of property management. On top of that, we have the most talented group of people under one roof who truly love what they do.”
The top three property managers at Vantage West—Lindsay Anderson, Trevor Ginsbockel and Ezra Cremers—have grown their rental portfolios to be some of the largest in the Okanagan, with around 300 doors each.
This autumn, Hazzi added three more managers to his property roster—Chrissy Loseth, Kelli Calvert and Chris Wall—bringing the total head count to over 20 staff. In 2023, Hazzi expects to hire additional managers as their rental portfolio expands with Kelowna’s booming rental market.
Kelowna rental property market booms as home sales slow down
According to the latest Association of Interior Realtors statistics, home sales activity in the Central Okanagan slowed considerably since last year’s buying frenzy.
“Comparing September 2022 to September 2021, we’ve seen sales volume decline by 28 percent, units sold decline by 38 percent, and active listings increase by 70 percent,” Hazzi notes. “When the resale market contracts as it has following interest rate hikes, many properties that would normally sell become rentals, and many potential homebuyers keep renting instead. All of this equates to our property management business ramping up while our resale business slows down.”
Meanwhile, Kelowna’s rental property market is experiencing unprecedented growth. From 2020 to 2022, the rental rate for a one-bedroom unit increased 35%, from $1,450 to $1,953, while the two-bed rate increased 45%, from $1,650 to $2,385, according to Zumper.com.
Guaranteed rent for Kelowna property owners
While rental property owners in Kelowna are enjoying the healthy rental rates, the property management business comes with unique challenges and risks, according to Hazzi.
“The biggest challenge as a property owner is finding good tenants who treat your property with respect, pay rent on time, and abide by the lease terms.”
To help property owners mitigate tenant risks, Vantage West has introduced “one of the most vigorous tenant vetting processes in the business,” and a new Guaranteed Rent Program.
“Our Guaranteed Rent Program assures there are no gaps in tenancy—or Vantage West Property Management will make up the difference in your favour. Property owners get to experience peace of mind knowing their assets are protected and performing as financial investments without taking on a new job,” Hazzi says.
“The second biggest challenge in property management, especially if you have a large portfolio, is managing your own time,” he continues, “but rental homes are hands-off, passive investments if you’re working with a good property manager.”
The property management firm of the future
As for what’s next, Hazzi says he wants to see his team become “the property management firm of the future” by reimagining the relationships between tenants, owners and managers.
“We give our property managers the infrastructure and leverage to operate a larger book of business than they possibly could alone, in a five-star fashion, without having to sacrifice their personal lives.”
For tenants, Hazzi says his team takes a full-service approach to property management, helping to place them in the right property, being responsive to requests and going so far as to pay the lease breakage fees if a renter decides to purchase a home.
For owners, Vantage West provides a property management service that’s “for investors by investors.” With more than 20 years of Okanagan real estate investment experience, Hazzi’s team of local experts consults on how to maximize owners’ return on investment and protect their assets.
As for his property management team, Hazzi has his sights set on a much larger 18,000 square-foot office space at 535 Clement Ave. that is planned for completion in summer 2024.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.
