dual American-Canadian citizenship, and I was sure as heck
going to use it.
An Interview
with Bill Falcus
Bill Falcus owns 5 apartment buildings in the South Granville neighbourhood.
V ancouver landlord Bill Falcus is one of the most interesting
people Ive had the pleasure of knowing throughout my real
estate career. Like many landlords, hell shrug, smile and say
hes just an ordinary fellow.
Aside from a near half-century career in real estate appraisal,
Bill is a proud owner of several collector cars, one of which is an
award-winning Mustang convertible; and, he is a former pipe
player whos played for numerous pipe-bands, including the
Vancouver City Police Pipe Band and the RCMP E Division.
Bill is a man who marches to the beat of his own drum just like
most property owners Ive gotten to know. As an owner of five
buildings in Vancouver, I can always count on Bill for interesting
anecdotes or insights on Vancouvers rental market.
Whenever Im passing through the South Granville
neighbourhood, my eyes are always searching for the little
Union Jack flags flying over the doorways of Bills apartments,
or the Foo Dog guardian statues that dutifully greet visitors at
the entrance.
I wanted to learn more about Bills business, his thoughts on the
He continued buying and improving houses, primarily duplexes
and triplexes, using the proceeds from prior sales.
By Bill Goold
evolution of Vancouvers rental market, and if he has any advice
for newcomers to the industry. And so, I dropped by one of his
apartment buildings, which he also calls home.
Oh, Im not very interesting, grins Bill, unlocking the front
lobby door of his building, a Union Jack flickering overhead. I
wouldnt know what youd even write about me.
Stepping into the building is like entering another world.
Treasured trinkets adorn armoire shelves, and visitors are
greeted by Queen Elizabeth IIs portrait. The hallway stretches
towards a brightly lit atrium and a glistening chandelier
hanging from its ceiling. Impeccably kept and comfortably
appointed by Bill and his wife, Mary, the building is proof of the
pride that they take in their buildings. They truly go above and
beyond for their tenants. I just believe in keeping things simple
and professional, smiles Bill, welcoming me into his suite.
Bills forays into real estate began south of the Canadian
border. Raised in the Seattle area, he attended the University of
Washington in the early sixties. When military drums began
beating, he set his sights on Vancouver. I wasnt thrilled about
Mr. Kennedys little Bay of Pigs foray against Mr. Castro, says
Bill, sliding into a chair. My father was a British soldier, so I had
I traipsed down to the review board and told them I was leaving
the U.S. The lady at the board looked at me and said you know
you are giving up the greatest gift God gave mankind: American
citizenship? Bill grins and says: I replied, lady, I am out of
here.
In Vancouver Bill began employment at a mortgage company,
earning $250 per month as a junior appraiser and file clerk.
He later attended UBC, obtaining diplomas in real estate and
appraisal.
After four years with Revenue Canada, Bill went into real
estate, selling and providing commercial appraisals. In 1976, he
opened his own firm, Falcus Appraisals Inc., and spent nearly
half a century appraising properties.
I had a knack for appraising. When I was eight years old and
living in Seattle, my weekends were spent in my fathers car,
touring open houses, says Bill. So heres an eight year old
looking at what designs were, and what was worth buying. It
rubbed off.
During his time as an appraiser and property owner, Bill has
witnessed many changes in Vancouvers real estate market.
Back in the 70s, we were seeing cap rate percentages in the
8s and 9s. Nowadays, its in the 3s, says Bill. Of course, the
mortgage rate percentages in the 70s were in the 20s, which
eventually caused the real estate market to collapse in the spring
of 1981. Nobody saw that one coming.
Bill was always keenly aware of ongoing changes in the rental
market. Between 1963 and 1970 Vancouver rents were very
economical. In the mid-sixties, I was paying $75 monthly for
a one- bedroom plus den suite with a fireplace, says Bill. But
tenancy agreements, credit reports and references did not exist.
The professionalism in the industry, brought on by new, engaged
property owners (and managers), was still in its infancy.
Bills first real estate purchase was in 1963 a single family
home in Vancouvers Shaughnessy neighbourhood.
I paid about $68,000 ($536,000 adjusted for inflation) for 1406
West 40th Avenue, says Bill. Last time it sold, it was for two-
and-a-half million dollars.
In one case, I bought a duplex on Vine and 15th Avenue, and did
the deal on the hood of a car, says Bill. It had a laneway house,
so I moved in there, improved things then sold the property. I
did very well for myself.
But Bills ultimate goal was to begin acquiring apartment
buildings. My original plan was not to own houses. I actually
(only) wanted apartment buildings, because the tenants pay
your mortgage costs, says Bill. It just made sense.
When the opportunity arose to purchase an apartment property
along the 1000 block of West 12th Avenue, Bill leapt at the chance.
The seller invited me to his place in the West End, and he fed me
a bunch of rum and cokes, laughs Bill. We settled at $250,000,
for eight suites: four one-bedroom and four two-bedroom. It was
bought during the Expo year (1986), and the (previous) landlord
filled it with mattresses and building materials. If I needed a
sheet of plywood, Id just need to walk into the garage. It really
helped us begin to make improvements immediately.
A seasoned landlord, Bill has plenty of common sense advice
for new multi-family buyers and managers. Much of it relies on
exercising good judgement, and having a hands-on management
approach.
If youre buying apartment
buildings, stay in one area. Have
your properties within a close
radius, says Bill. Youll be able
to check on them every day.
Youll always keep them tidy and
presentable just like the tenants
youll want to live in them.
Continued...
 Set high standards for yourself and your
buildings. Youll then rent to tenants wholl
meet your standards, stresses Bill. If you
compromise your values, youll compromise
your income.

He adds that landlords have to work hard at attracting good
tenants, and not take them for granted.
Set high standards for yourself and your buildings. Youll then
rent to tenants wholl meet your standards, stresses Bill. If you
compromise your values, youll compromise your income.
Bill credits the self-managed model for his success as a landlord,
adding that family-management is beneficial for the building
and its residents.
While many would consider this approach to be unconventional,
Bills apartments are the only ones I know of that have hallways
lined with antiques and portraits, none of which have been
stolen or damaged. That speaks to the quality of his tenants.
A lot of landlords will tell potential tenants, I can tell by talking
to you that youre a good tenant. I believe that to be a fallacy,
says Bill. I know many people wont agree with me, and thats
fine. But through the years, I have learned first-hand that people
arent always who they appear to be.

My wife Mary can probably tell you more about roofs or
electrical than anyone else in the world, laughs Bill. We take
care of the rent, administration, and the maintenance. But we
also establish real connections to our tenants; both parties have
a personal stake in a propertys well-being. But, hes quick to
mention that not everything is always roses for landlords, as
we all know. He says inexperienced and new landlords can take
steps to prevent future issues.
Landlords often make the mistake of renting to fill a suite,
instead of renting to suit the property, says Bill. This leads to
potentially undesirable tenants occupying those suites, making
life unpleasant for your good tenants. The good ones leave and
youre caught in a cycle, impacting your bottom line.
Bill also cautions against putting too much faith into credit
checks, saying theyre only part of an overall vetting process.
Even with those systems, and references, you need to do the
legwork. I cant emphasize it enough. says Bill. For example,
if someones on our potential tenant shortlist, Ill drive by their
current residence and have a look at its appearance. Ill look
for garbage, poorly maintained cars in the lot, and unkempt
landscaping.
A number of Bills tenants have resided in his buildings for
years. He credits this low turnover to treating people well, and
being a fair landlord.
I know I may come across as sounding picky, but all of my
tenants deserve a clean, quiet building. Its a landlords duty to
provide that, says Bill. I typically dont give rent increases. One
tenant whos been with us for nearly two decades, has never had
a rent increase.
He also advocates that new property owners join LandlordBC,
so they have a resource in case they need assistance with tenant
issues or navigating the Residential Tenancy Act.
As Bill and I step outside and begin saying our goodbyes, I turn
and gaze appreciatively at his buildings sun-soaked, manicured
garden. Its properties like his that really help me appreciate
the work and ingenuity of the landlords I have the pleasure of
working with.
Well Mr. Goold, you think you have a story out of me?, asks
Bill, the sun gleaming in his eye. Ill be surprised if you get a
paragraph. After all, youll find Im not very interesting.