Property Management Unleashed: Michelle Farina's Secrets to Instant Success, Game-Changing Insights, and the Future of Vancouver’s rental market Good Talks

#41: Uncover the enigmatic world of property management with the remarkable Michelle Farina, the driving force behind Advent and VADA Property Management. With over 20 years of expertise, Michelle takes us on a journey from her early days as a receptionist to becoming a licensed Rental Property Manager and leading her two successful companies.
In this episode, Michelle shares her invaluable insights into property management, from the importance of robust systems to maintaining a leveled perspective in leadership. She also delves into the fiercely competitive property management industry, finding the right staffing solutions, navigating rental rates, and the challenges landlords face in today's ever-evolving market.
But that's not all – Michelle's entrepreneurial spirit extends to VADA Property Management, a company dedicated to enhancing livability and functionality in investment properties creating vibrant communities.
Join us for a rollercoaster of property management wisdom, future trends, and shocking success stories that will leave you inspired and eager to connect with Michelle and her dedicated teams at Advent and VADA for all your property management needs.
00:28 Rental Management right now
00:50 Advent
1:23 What is VADA
1:40 Who is VADA’s target market
3:00 Tenants who take advantage
3:44 Finding equipt staffing in the rental management industry
5:30 Starting Advent
5:56 Dealing with micromanagement
6:59 The timing of starting Advent and its instant success in the development space
8:49 Outperforming expectations
9:04 What does it take to be a property manager
9:59 Property management is crisis management
10:29 Michelles systems on how to find good property managers
11:30 Having really good systems in property management is key to success
12:29 Approaching management from a leveled perspective vs a boss
14:30 Ways Advent has gotten good brand recognition
15:00 Has Advent considered selling
15:23 Cam’s journey selling KEY Property Management to Tribe
16:08 Working with family
18:10 What does competition look like in the property management industry
18:36 How to not have negative competition within the staff
19:00 Salary vs contract employees
20:00 How Advent services their clients better
22:48 Today's vacancy rates
23:30 Does the holiday season affect vacancy rates
24:09 Where is the best place to get rental data
25:51 Things and markets change very quickly. Data from the last quarter will not be applicable to today
27:50 Do people really want long-term tenants
30:10 Can you negotiate rental rates
33:54 What does a property management company usually charge to landlords
35:33 Bill 44 & short-term rentals
36:43 Do you like the short-term rental industry
37:00 What is considered a short-term rental?
37:46 Affordable housing in the condo market
38:45 The average rent in Canada
39:00 How to find filtered data
39:23 What is a premium a tenant would pay new vs used? All things equal
40:14 Where do you think rents are going
41:35 The US rental culture
42:16 Is Vancouver’s rental culture slowly headed toward the US’s rental culture
43:00 Deciding if landlords should be advertising square footage or not
44:00 Do tenants care about amenities, and will they pay more
45:30 It’s hard being a landlord in 2023
49:30 The idea of being young and never being able to own a property in today's market
51:00 The mindsets of different generations in 2023 in a quick-to-reward society
54:00 The long game reward
56:49 Twitter or X
57:02 WeChat
58:15 What is Michelle reading these days
59:45 KEY’s Bookclub
1:04:33 How to get ahold of Advent