Key takeaways
How Astoria keeps clients for the long term
- Communication keeps clients. Astoria’s references say poor communication is the number one reason people change management companies, so every message gets a response within one business day.
- Honesty makes communication easy. Have good intentions, say sorry when you make a mistake, and focus on the issues that matter most to the client.
- Invest in one connected system. Astoria runs on Yardi and hired a full-time internal systems person, who regularly finds savings that fund better service.
- Fix the building before you decorate it. Preventative maintenance on major systems comes before cosmetic renovations and brings long-term costs down.
- Grow on purpose. Controlled growth, a strong culture, and low staff turnover help Astoria keep client retention at 97% to 98%.
About the guest
DT
Darryl Talbot
Vice President and Co-owner, Astoria Asset Management
Darryl is vice president and co-owner of Astoria Asset Management, founded in Airdrie in 2005. The firm manages condominiums, homeowners associations, and rental homes across Airdrie, Cochrane, Calgary, Olds, and nearby towns. Before joining Astoria, Darryl spent about 18 years in industrial sales and management.
Episode summary
In this episode
Darryl Talbot spent nearly two decades in industrial sales and management before joining Astoria Asset Management, the Airdrie firm his wife started in 2005. He began as a property manager and now leads the property management side of a 26-person company.
He explains how Astoria grew slowly and deliberately into new markets, why adaptability and an entrepreneurial spirit matter, and how honest, timely communication builds client trust. He also shares how investing in Yardi, an updated phone system, and a dedicated systems person improved service.
Darryl talks about the impact of condo licensing, how Astoria keeps its people, advice for aspiring property managers, what he expects from vendor partners, and the book he recommends to anyone in the business.
Chapters
- 0:00Introduction
- 1:56Astoria’s story
- 6:43Darryl’s background
- 10:35Adaptability and an entrepreneurial spirit
- 13:17Communication that builds trust
- 15:34Systems that support communication
- 17:36Prioritizing repairs and upgrades
- 19:35Technology and Yardi
- 22:46Licensing and industry trends
- 26:29Building a culture people stay in
- 28:37Advice for property managers
- 32:31Choosing vendor partners
- 35:45Dream property
- 36:27Book recommendation
Jump to a chapter (14)
- 0:00Introduction
- 1:56Astoria’s story
- 6:43Darryl’s background
- 10:35Adaptability and an entrepreneurial spirit
- 13:17Communication that builds trust
- 15:34Systems that support communication
- 17:36Prioritizing repairs and upgrades
- 19:35Technology and Yardi
- 22:46Licensing and industry trends
- 26:29Building a culture people stay in
- 28:37Advice for property managers
- 32:31Choosing vendor partners
- 35:45Dream property
- 36:27Book recommendation
From the conversation
Transcript excerpts
If we ask all of our references, the number one problem that comes back why people are changing management companies is communication.
Darryl TalbotPlay from 0:09
If you can communicate right and build their trust, life gets really easy.
Darryl TalbotPlay from 0:33
We hired a full-time person to work on our technology because I believe the payback in technology will be tenfold…
Darryl TalbotPlay from 0:57
Want a cleaning partner you never have to worry about?
We’ll walk your building with you and send a written cleaning scope and price. Free, no obligation.
Read the conversation
Full episode transcript
Show transcript
Paste the edited transcript here.
FAQ
Questions about this episode
What does Darryl look for in janitorial and other vendors?
He treats vendors as partners, so trust and shared values come first. He wants partners he can count on at 2 a.m. on Christmas morning, who are financially stable, and who keep their staff so clients see the same people every week.
How does Astoria keep client retention so high?
By communicating honestly and quickly, growing in a controlled way, and keeping staff turnover low. Astoria still has clients from its early years, and retention rarely drops below 97% to 98%.
What book does Darryl recommend?
The Subtle Art of Not Giving a F*ck by Mark Manson. He says it helps property managers figure out what matters most and stop trying to do everything for everyone.
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