Interview With Braden Paquette – Part Two
Recently, we sat down with our very own Braden Paquette, Vice President of Braden Equities, and the son of Bob Paquette – President, owner and founder of the company.
What is the single most positive thing that has happened within the company in the last year?
One of the key things that I saw was bringing our Executive Assistant Denise back with us, just for the simple fact that I would trust her with my life. She is like a sister to me – those kind of employees we want to keep within our company. Employees make the company.
My Dad and I are big on relationships and trust. We feel that trust is hands down the most important thing.
What is the most positive experience that you have had at Braden Equities throughout your career?
The one thing that I always remember is when I first started here – I was doing filing and that kind of thing – and one of our property managers had just quit, so my dad brought me over and just said, okay here’s a desk start picking up the phone!
I just kind of ran with it. It really made me understand exactly what I was getting into. I think that I was 19 or 20 at the time.
What kind of revenue model does Braden Equities operate under?
We charge our management fee, which is based off of the rents that we collect, and we have our project management fee as well. For condos, we charge based on the number of units, and we also have a rental pool, which is a big benefit to the owners.
Another area that we are getting onto is consulting. We can help our clients determine the initial rent and things of that nature.
What are some of the market risk mitigation techniques that you have?
The risks can generally include vacancies, caps on rent increases, and that type of thing. On the insurance side of it, we want to make sure our owners have the right coverage. A lot of new owners will tend to not have the right insurance coverage.
We also have policies in place for things like slip and falls, and we mitigate that by being proactive, which, in that case, would mean ensuring that snow removal is completed. Even when a claim does happen, we help mitigate the risk by getting involved with adjusters. We have a 24-hour service for that as well.
Are there any government policies that affect property management companies like Braden Equities?
We are governed by RECA, the Real Estate Council of Alberta; they have guidelines for many areas of the business side, such as how to handle deposits and rent money.
Thank you so much, Braden, that was great!