Over the past 15 years, Tariq Kassam has emerged as a distinguished leader in the real estate space, developing and managing dozens of properties across the nation.
Tariq’s unique expertise lies in identifying properties with potential and revitalizing them through strategic renovations, furnishing, and targeted marketing, ensuring optimal cash flow and value appreciation. Tariq’s innovative approach extends to providing turnkey accommodation solutions for a variety of industries, including film, technology, retail, and insurance. He specializes in multifamily rental projects located near key urban amenities, which allows him to maximize both immediate revenue and long-term growth.
Outside of real estate, Tariq is a father and an active angel investor in early-stage tech startups. His personal passions include soccer, skiing, and film.
Tariq, what inspired you to enter the real estate industry?
I was inspired by the potential to create value in underutilized spaces. In Canada, real estate is an incredibly dynamic and exciting – but also challenging – industry.
Growing up in Vancouver, I was coming across gorgeous properties, but also saw opportunities in properties that were overlooked. So, I saw a chance to make an impact. My background in commercial banking and my exposure to high-end rentals via the family business showed me the potential in the strategic renovation and optimization of properties.
Can you describe a project that particularly stands out in your career?
One of my most memorable projects was transforming a rundown apartment complex near a medical center into a thriving community hub with 332 of the 504 units receiving upgrades, including adding washer / dryer units, enhancing common areas (painting, landscaping, pool repairs), adding a dog washing station, improving signage and optimizing the overall exterior appeal, so tenants enjoy their experience living in the community.
This also afforded us the ability to increase rents by $150 – $200 per suite unlocking over $15,000,000 of value that was previously unrecognized in the asset. We not only refurbished the units, but also added dedicated amenities that catered specifically to students and young professionals.
It was rewarding to see the property come to life and serve a vibrant community. It’s still making an impact in people’s lives today, and I love visiting the space every now and then to see how it’s evolved over the past 5 years.
How do you select properties for development or renovation?
To be frank, it’s a little bit of an art and a little bit of science! I start out with areas of the city that have inherent value, such as those near downtown cores, medical centers, and educational institutions, and then go from there.
The key is finding properties that can offer immediate cash flow and also have long-term upside potential. When I started out, the main KPI I was looking at was ROI, but these days, I also consider how a property can meet the needs of the communities we serve.
What challenges have you faced in the industry, and how have you overcome them?
The biggest challenge is often market fluctuations. Real estate is cyclical, and it’s safe to say that coming out of COVID, we’re in an interesting spot right now, economically. As a result, market timing can impact investment returns.
Now, if you’re investing for the long run, you’re going to do just fine.
But to answer your question, I’ve learned to be adaptable, focusing on long-term value creation. And, of course, I’ve put a lot of intentionality towards diversifying our portfolio to include different types of properties and services, so that when those economic shifts happen, we’re protected.
How do you balance your professional life with your personal interests and family life?
It’s all about prioritizing and scheduling, and ensuring that my work exists in harmony with my family life. Like any working parent, I’m sure, I make it a point to carve out time to spend with my kids every day, and when there is a bit left over, I try to sneak in time for some of my hobbies like recreational soccer and skiing.
Let’s move away from real estate for a second. As an angel investor, what do you look for in early-stage technology companies?
I look for companies that have a clear vision and a scalable model. I try to focus on real estate and prop-tech companies because I know that space so intimately, and know what problems we have in Canada and abroad. So, when I come across a company that is solving one of those problems in an innovative way, or is going to revolutionize how we live, work, play, and interact with our cities, that definitely gets my attention.
What advice would you give to someone starting out in real estate investment?
Start by learning as much as you can about the market you’re interested in and spend as much effort as you can networking with experienced professionals in that space. Remember the effects of building out your network compound over time. It’s like going to the gym – you may not get in shape after one day, but if you maintain good habits over a long period of time, those will benefit your life for years to come.
On top of that, I’d advise people to always keep an eye on long-term trends rather than short-term gains, and don’t be afraid to start small.
What is the future of real estate development in your view?
The future is in sustainable and smart development – not just in Canada, but around the world. As we become more conscious of the environmental impact of the way we live our lives, and the role that real estate plays in that (from construction to maintenance, heating, and more), integrating technology and green initiatives into new properties will not only be a necessity but a norm.
In pretty much every developed market, there’s a huge potential for growth in creating spaces that are efficient, technologically integrated, and environmentally friendly.
Any new projects or ambitions on the horizon for you?
I’m particularly excited about expanding our multifamily project initiatives, and incorporating some of the cutting edge technology solutions that I’m seeing into the properties we manage to enhance living experiences. IoT has become huge in our industry and it’s only going to have more of an impact in all of our lives.
On top of that, I’m excited to see the role that artificial intelligence is going to play in our industry. It’s going to touch every sector in the world, and real estate is no different.
Thinking out loud:
My inspiration in real estate came from growing up around my parents’ development projects. My father was a reputable real estate developer in the community and found a niche where business immigrants to Canada wanted specific features (high ceilings, japanese style gardens and 2nd kitchens) in quiet residential areas close to good schools and shopping.
I am fortunate to have many great mentors who have inspired me. Iian Gilespie has transformed the skyline in Vancouver with a long list of iconic mixed-use developments. He taught me to “just get started.” We met at his office for several hours and he said “the only difference between what I do, and what you can do (maybe in a different city in Canada), is that my projects just have more zero’s in the proforma… Looking at a plot of land or existing space like a canvas and imagining how people with interact with your vision for a build environment, predicting what the market wants, seeing the project through to completion on time and on budget is the same regardless of whether it is the tallest building with hundreds of residents or just a modest home in Alberta.”
