What is the relationship and how did you get started with Simon? Could you talk about some of the initial meetings and how you started with offerings that were presented to you?
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Tasso Eracles
President of Smart EV Systems and Smart Energy Recovery.
Tasso is currently the President of Smart EV Systems and Smart Energy Recovery. Tasso is a property management legend and served as President of FirstService Residential in Ontario. Tasso has 30+ years experience in the condominium management industry.
Tasso is the founder of Simerra Property Management where he directed the company from start up to eventually partnering with FirstService Residential. In addition to managing the overall business, Tasso also provides consulting services to developer clients who initially need property management advice in preparation of launching their developments.
He has been an instructor at C.C.I. (Canadian Condominium Institute) director courses and has presented at national and industry related conferences for GTHBA, BILD and C.C.I. Simerra Property Management, under Tasso, was awarded with the Real Estate Institute of Canada’s award as the ‘Outstanding Condominium Management Company’.
What is the relationship and how did you get started with Simon? Could you talk about some of the initial meetings and how you started with offerings that were presented to you?
Simon and I worked on a number of projects together for the same client through the years and got to know each other professionally, along with John Mehlenbacher. We arranged to get together and discuss how we can help each other and build on the working relationship. Over time we became good friends as well.
What is the relationship and how did you get started with Simon? Could you talk about some of the initial meetings and how you started with offerings that were presented to you?
Simon and I worked on a number of projects together for the same client through the years and got to know each other professionally, along with John Mehlenbacher. We arranged to get together and discuss how we can help each other and build on the working relationship. Over time we became good friends as well.
For everyone, the past few years has been a trying period of time, what has been the biggest insight or takeaway for you or your business that has come from the pandemic hitting the globe?
As was the case in previous slow downs, patience, and confirmation that real estate is cyclical. You have to ensure your business and investments are properly capitalised and you are able to ride out the downturn. Understand it is only a loss if you sell it.
For everyone, the past few years has been a trying period of time, what has been the biggest insight or takeaway for you or your business that has come from the pandemic hitting the globe?
As was the case in previous slow downs, patience, and confirmation that real estate is cyclical. You have to ensure your business and investments are properly capitalised and you are able to ride out the downturn. Understand it is only a loss if you sell it.
What about away from the office, what do you like to do when not working?
I enjoy working out and trying to get back into shape by riding my bike mainly. I also enjoy traveling but my number one favourite activity these days is spending time with my family, particularly my grandson.
What about away from the office, what do you like to do when not working?
I enjoy working out and trying to get back into shape by riding my bike mainly. I also enjoy traveling but my number one favourite activity these days is spending time with my family, particularly my grandson.
You have a long-standing career in property management and as an entrepreneur, but you are now paving the way with EV products now, what is the back story of how you started with the EV sector?
EV’s originally presented multiple problems to my developer and existing condominium clients, which only grew as EV acceptance and mandates increased. I saw it as a growth industry with no clear leader and no practical solution for my clients. I spent 2+ years, after I sold my management company, with my team, researching and developing an offering that would benefit developers and existing condominiums. We launched in mid-2023. It has been very well received and have a large client currently working with us to bring our offering to their projects across North America. We’re launching in Western Canada in Q1 of 2024 and then looking to launch in the USA shortly thereafter.
You have a long-standing career in property management and as an entrepreneur, but you are now paving the way with EV products now, what is the back story of how you started with the EV sector?
EV’s originally presented multiple problems to my developer and existing condominium clients, which only grew as EV acceptance and mandates increased. I saw it as a growth industry with no clear leader and no practical solution for my clients. I spent 2+ years, after I sold my management company, with my team, researching and developing an offering that would benefit developers and existing condominiums. We launched in mid-2023. It has been very well received and have a large client currently working with us to bring our offering to their projects across North America. We’re launching in Western Canada in Q1 of 2024 and then looking to launch in the USA shortly thereafter.
As a leader in your field, you need to give a lot of advice; what advice would you give to someone that is looking to invest in the condo market, what would be the top considerations that they should be focused on?
They need to decide what type of investor they are going to be, either a short or long-term holder of real estate. They have to be prepared to carry any investment they make in tough markets (similar to the one we’re experiencing now) with higher interest rates or other challenges. They have to understand that investment condo features are not the same as a condo they would buy to live in as their home. They need to get in early on a project and have a good team helping and advising them from start to finish. That is why TCS has been so successful because it’s what they do and they have the experience and knowledge base to help an investor with these types of decisions.
As a leader in your field, you need to give a lot of advice; what advice would you give to someone that is looking to invest in the condo market, what would be the top considerations that they should be focused on?
They need to decide what type of investor they are going to be, either a short or long-term holder of real estate. They have to be prepared to carry any investment they make in tough markets (similar to the one we’re experiencing now) with higher interest rates or other challenges. They have to understand that investment condo features are not the same as a condo they would buy to live in as their home. They need to get in early on a project and have a good team helping and advising them from start to finish. That is why TCS has been so successful because it’s what they do and they have the experience and knowledge base to help an investor with these types of decisions.
Any regrets about deals that you didn’t participate in over the years that stand out for you?
Just one….I should have bought more units!
Any regrets about deals that you didn’t participate in over the years that stand out for you?
Just one….I should have bought more units!
Lastly, we’d love to chronicle some of your results, perhaps an example of what you originally put down on an early investment, what kind of return that equated to?
Historically, I’ve at least doubled the deposit I’ve put down on a pre-construction condo. My very first one was in Port Credit and it was purchased for $119,000 with a $12,000 deposit and was sold less than 3 years later with a clear profit of $30,000 or about a 250% cash-on-cash return.
My most recent investment condo is a 640 sqft 1-bedroom with den purchased for $435,000 with a $65,000 deposit about six years ago; it’s now just being completed in the Yonge/Eglinton area. Even in this market, I’m projecting to make at least $200,000 but I’m not selling it and will carry it for at least a year with the belief that the market will be better and look to get even more with a better tax liability.
Lastly, we’d love to chronicle some of your results, perhaps an example of what you originally put down on an early investment, what kind of return that equated to?
Historically, I’ve at least doubled the deposit I’ve put down on a pre-construction condo. My very first one was in Port Credit and it was purchased for $119,000 with a $12,000 deposit and was sold less than 3 years later with a clear profit of $30,000 or about a 250% cash-on-cash return.
My most recent investment condo is a 640 sqft 1-bedroom with den purchased for $435,000 with a $65,000 deposit about six years ago; it’s now just being completed in the Yonge/Eglinton area. Even in this market, I’m projecting to make at least $200,000 but I’m not selling it and will carry it for at least a year with the belief that the market will be better and look to get even more with a better tax liability.
The Condo Store Realty Inc. (Brokerage)
TORONTO • MIAMI
Tel: 1.416.533.5888
Email: office@condostorecanada.com
The Condo Store Realty Inc. (Brokerage)
TORONTO • MIAMI
Tel: 1.416.533.5888
email: office@condostorecanada.com
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