Metspacer Spotlight: How did Teracon start? How long have you been with this company?
Tony Giancola: Teracon started in 2002. The company had real-estate investors that required management for their own assets, that’s how we started. I have been with Teracon since 2012. Since then, we have taken Teracon to another level including doing third party management for other clients such as our shareholders.
MS: What drew you to this field?
My family-owned rental properties and I was always fascinated by it.
MS: How does this company differ from others you’ve worked for?
TG: It’s actually pretty similar in terms of what we do as property managers except that it has more of a family type vibe. We are close with the ownership group and talk to them regularly vs other large corporations you don’t always have access to those shareholders/owners.
MS: What skills did you develop early in your career?
TG: I have an accounting background and I got into real estate right after school. I just fell in love with everything real-estate. Having experience in accounting I was able to morph into the management side of the business; I understood the numbers so preparing budgets for these buildings was easy, and understanding the leases and how to apply them with my accounting knowledge gave me an edge as a manager.
MS: What’s the best job decision you ever made?
TG: Hard to think of one, but I would say eliminating a part of the business that was not rewarding to us as managers, as well as not making the margins that made sense to the bottom line.
MS: What skills have you found vital to your job?
TG: Currently I run the company and being able to do many of the tasks in the company such as Accounting, Management and Leasing and even some Legal allows me to understand what the clients need are as well as supporting my staff when they need assistance. It also allows me to see where we can make the company more efficient and profitable.
MS: How has the industry changed since you started?
TG: The real estate market has always been consistent, real-estate = growth over time, real estate is an investment for the long haul, however in recent years the returns have been unusually high in a short time frame. Value of real-estate has gone through the roof. We have the supply and demand phenomenon, but we also see a huge influx of investors interested in the Quebec market because historically Montreal and Quebec prices have been a lot lower than Toronto and Vancouver markets. The market seems to be adjusting itself so the change is the quick returns investors are getting and making.
MS: How do you create motivation for yourself and for your team?
TG: I set goals for myself and my team; I also try to listen to everyone in the team because ideas can bring fruit but only if they are listened to and if the idea is great, it can be acted on. If you don’t listen, your team will not be motivated and you might miss out on a great idea!
MS: How do you maintain work-life balance?
TG: In this business it is a tough task, being a property management company, you are on call 24/7. however, we put procedures and protocols with the staff to rotate and take the calls so that we don’t have everyone always on call. We do our regular hours during the day and spend time with our families nights and weekends.
MS: Where do you see the industry going in the future?
TG: To infinity and beyond! Real-estate will continue to be a force for investors; however, the quick returns may stabilize again, but one thing is for sure as an investor you can’t lose with real-estate!
MS: Your partnership with Metspace is fairly new. What can we look forward to with Teracon and Metspace working together?
TG: We are in similar business; we manage buildings and rental space and Metspace manages office rental space. I think together we complement each other, and our ideas can give landlords the edge they need to make their investments as profitable as possible. Paolo and myself know each other on a personal level too, which makes this collaboration even more dynamic! Our services together will take the industry by storm!
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