From Hospitality to Property Management Powerhouse

Keaton Bessey’s entry into the property management industry is deeply rooted in his family’s history. Growing up in a family that owned farmland in Northern BC and Alberta, Keaton was exposed to property and construction from an early age. His grandparents transitioned from farming to building and owning storage facilities and apartment buildings, while his father managed the day-to-day operations of the construction and property management business. Family disputes over the inheritance led to Keaton’s family moving to BC, where his father continued his career in property management with Gateway Property Management Corporation.

Inspired by his father’s dedication and hard work, Keaton decided to follow a similar path after spending 15 years in the hospitality industry. Twelve years ago, he took a leap and joined Gateway, beginning his own career in property management. Five years into his tenure at Gateway, Keaton had risen to the position of Director of Operations for BC, overseeing a $1 billion portfolio that included strata, residential, and commercial properties. Recognizing a growing demand for single-unit management amidst a surge in condo construction, Keaton proposed expanding Gateway’s services. However, the company owner, who had plans to sell the business, was not supportive of this move. Determined to pursue his vision, Keaton obtained his managing broker’s license and established Greater Vancouver Tenant & Property Management Ltd. (GVTPM).

As the Founder, Owner, and Managing Broker of GVTPM, Keaton wears many hats. His primary responsibilities include ensuring compliance with the Real Estate Services Act, supporting licensees and clients, managing business development, and overseeing day-to-day operations with his team of seven. He attributes the quality and reliability of their services to robust systems, comprehensive training, and a team of dedicated professionals. Regular one-on-one check-ins and team meetings help address complex issues and maintain a high standard of service.

GVTPM offers a range of services including tenant placement, leasing by owner, and full-service management. What sets them apart from other property management companies in Greater Vancouver is their unique fee model, the leasing by owner option, and a commitment to constantly enhancing their services. Clients particularly appreciate the leasing by owner option, which allows them to show their home while GVTPM handles the rest of the leasing process. This not only saves on labor costs but also provides clients with peace of mind as they get to meet potential tenants before renting out their property.

Building and maintaining strong relationships with property owners and tenants is a cornerstone of GVTPM’s success. Keaton and his team are proactive in their communication, keeping clients informed with monthly financial reports, updates, and regular inspections. This consistent and transparent approach helps build trust over time, especially with high-value properties.

A notable success story involves an original client who, initially reluctant to follow GVTPM’s advice on insurance, faced a potential financial disaster when a tenant accidentally set off the building’s sprinklers. Thanks to GVTPM’s requirement for tenant insurance, the client was able to cover the substantial deductible, showcasing the importance of comprehensive property management services. The client had purchased a condo for investment and initially ignored GVTPM’s advice on insurance coverage. After 2.5 years, a tenant left a pot on the stove and set off the sprinklers, resulting in a $100k deductible by the Strata, but they only had $25k insurance coverage. GVTPM’s requirement for tenant insurance, which provided $1M coverage, allowed the client to cover the $75k shortfall.

The property management industry comes with its own set of challenges, particularly dealing with difficult tenants and complex maintenance issues. Keaton’s approach involves clear communication, structured processes, and a balance between enforcing landlords’ rights and addressing tenants’ concerns. His team is adept at handling even the most challenging situations, ensuring that both landlords and tenants feel supported. The housing crisis has made it very difficult to find a home, and the regulations in BC make it hard to end a tenancy that is not going well. This creates stress for tenants applying for homes and confusion due to varying landlord requirements. GVTPM keeps applications simple, but still encounters challenges with unqualified applicants and feedback that is sometimes inappropriate or disrespectful. The team listens to this as ‘feedback from the market’ and creates solutions to improve the process.

Looking ahead, Keaton has ambitious goals for GVTPM. Currently managing 174 doors, he aims to grow this number to 1,000 by 2028 through an increased online presence, realtor relationships, and acquiring smaller property management businesses. He is also exploring new services, such as reducing management fees without charging a leasing fee and offering pooled insurance policies to save clients money. Keaton plans to expand GVTPM’s reach across the country once a significant market share is established in Greater Vancouver.

For property owners looking to hire a property management company, Keaton’s advice is straightforward: get multiple proposals, ensure the company is licensed, and understand the fee structure and exit options. He emphasizes the importance of working with a company that is fully committed to its clients, with no hidden fees or referral commissions. To get in touch with Greater Vancouver Tenant & Property Management Ltd., potential clients can visit their website or contact them directly via text, phone, or email. Keaton and his team are always ready to assist property owners and tenants with their comprehensive property management services.

For more information, visit gvantpm.com, email Keaton at [email protected], or call 604-398-4047 ext 2. You can also follow Keaton on Twitter at @kbessey and on Instagram at _kbessey. Greater Vancouver Tenant & Property Management Ltd. is on a path of growth and innovation, ready to serve the property management needs of the Greater Vancouver area and beyond. If you or someone you know is looking to rent their home or sell a property management book, Keaton Bessey and his team are the ones to call.