Kris Thorkelson is a seasoned entrepreneur and real estate investor based in Winnipeg, Manitoba. As the founder and CEO of Thorwin Properties, he has grown a portfolio that manages over 2,400 apartment units in the city. Known for his commitment to providing top-tier housing and unmatched resident service, Kris has positioned Thorwin Properties as a leader in Winnipeg’s competitive real estate market.
Kris’s career began after completing his BScPharm and BA at the University of Manitoba. He initially entered the pharmacy business, co-owning several successful pharmacies, but in 2010, he made a strategic shift to real estate. This decision allowed him to apply his entrepreneurial expertise in a new field, focusing on long-term investments and steady portfolio growth.
Beyond his professional achievements, Kris Thorkelson is deeply committed to philanthropy. He has contributed $500,000 to the University of Manitoba’s Pharmacy faculty and supports various charitable initiatives that benefit both local and global communities. Outside of business, Kris enjoys golf, tennis, and travel, and values spending quality time with his family. His journey reflects a unique combination of strategic vision, perseverance, and a strong desire to give back to his community.
Kris, you’ve had a successful career across multiple industries. What motivated you to transition from pharmacy to real estate?
The decision to shift from pharmacy to real estate was driven by both opportunity and a desire for change. After spending years in the pharmacy business, I recognized the limitations of the industry, especially with the evolving regulatory environment. Real estate, on the other hand, offered a more dynamic and scalable avenue for growth. I was always interested in investing, and I saw a chance to leverage my business skills in a new way. It was a calculated decision, and while it was a bit of a risk, it ultimately felt like the right move. Real estate offered long-term potential and a chance to build something that would provide consistent value, not just for me, but for the communities I served.
You’re known for managing a significant real estate portfolio. How do you decide which properties to invest in?
For me, the decision-making process revolves around careful market research, location, and long-term potential. I focus on properties in growing neighborhoods with strong infrastructure and good access to amenities. I also look for properties that align with my vision of providing high-quality living spaces for residents. It’s about more than just making a quick profit—it’s about creating communities where people will want to live for years. I also evaluate the financials closely, considering cash flow, maintenance costs, and potential for appreciation. I try to balance risk with reward, ensuring each investment fits into the broader strategy of long-term growth.
Real estate can be a highly competitive market. How do you differentiate Thorwin Properties from other real estate companies?
One of the key differentiators for Thorwin Properties is our focus on service and community. We’ve built our reputation on providing excellent customer service to our tenants. From quick maintenance responses to fostering a positive living environment, we focus on the details that make a big difference in tenant satisfaction. Additionally, we take a long-term approach to property management, ensuring that our buildings are maintained to the highest standards. Our team is integral to our success, and we prioritize hiring people who share our commitment to quality service and integrity.
What role does innovation play in your approach to managing your properties and growing your business?
Innovation plays a significant role in both the management of properties and in how we expand our portfolio. For example, we’ve implemented smart technology in some of our properties, such as smart thermostats and energy-efficient appliances, which improve the living experience for tenants while lowering operational costs. Additionally, we’ve explored digital tools to streamline property management processes and enhance communication with residents. Innovation isn’t just about adopting new technology; it’s about constantly looking for ways to improve efficiency, reduce costs, and stay ahead of industry trends. It’s an ongoing process that helps us stay competitive.
In your experience, what’s the most challenging aspect of scaling a real estate business, and how do you overcome it?
The biggest challenge in scaling a real estate business is managing growth while maintaining quality. As your portfolio expands, the demands on your time and resources increase. It becomes harder to keep up with day-to-day operations while also looking for new investment opportunities. To overcome this, I’ve focused on building a strong team. Delegating tasks and trusting my team to handle the operational side of the business has been crucial. It allows me to focus on the bigger picture and strategic planning. Additionally, we’ve implemented systems and processes that help streamline management, from tenant communication to property maintenance, which has allowed us to grow without sacrificing service quality.
What would you say has been the most rewarding part of your real estate career so far?
The most rewarding part has been seeing the positive impact on the communities where we invest. Providing people with safe, high-quality homes and creating communities where they feel valued is something I’m incredibly proud of. It’s not just about owning properties; it’s about creating environments where people can thrive. Seeing residents happy and hearing their stories about how our properties have improved their lives is deeply fulfilling. Beyond that, growing a business from the ground up and seeing it continue to expand is also personally rewarding. It’s been a journey of growth, both for me and the company.
How do you approach risk in real estate, especially given the volatility of the market?
Risk management is critical in real estate, and I approach it with a careful and measured strategy. I always ensure that my investments have a solid financial foundation, whether through cash flow analysis or looking at the property’s long-term appreciation potential. I’m cautious about market fluctuations, so I focus on properties that can generate steady income even during downturns. Diversifying the portfolio across different types of properties and locations is also key to reducing risk. I also maintain a reserve fund for unexpected expenses, which provides an extra layer of security. It’s about being proactive, planning for worst-case scenarios, and staying adaptable in an ever-changing market.
Real estate often requires a significant initial investment. How do you fund your deals, and what advice do you have for others looking to get started?
Funding real estate deals can be challenging, especially when starting out, but it’s important to be resourceful and creative. In the beginning, I used a combination of personal savings and partnerships to fund my deals. Over time, I built relationships with private investors and lenders, which allowed me to access more capital for larger projects. My advice for others looking to get started is to focus on building relationships with people who can help fund your deals, whether they are private investors or financial institutions. Additionally, make sure you have a solid understanding of the numbers and the property’s potential before jumping in. Starting small, learning from each deal, and scaling slowly is the best way to build a strong foundation.
How has your philanthropic work shaped your approach to business?
Philanthropy has always been an integral part of my approach to business. I believe in using success to make a positive impact, both locally and globally. This mindset has shaped how I run my business, ensuring that we focus on creating value not just for ourselves, but for the communities we serve. I’ve always believed that business success should be aligned with giving back, whether through direct donations or by investing in areas that help improve the quality of life for others. This perspective has also shaped how I view our tenants, seeing them not just as customers but as individuals who deserve respect and care.
Looking forward, what are your goals for the next 5-10 years in both your business and personal life?
In the next 5-10 years, I aim to continue growing Thorwin Properties while maintaining the high standards we’ve set for customer service and property management. I plan to diversify further, exploring opportunities in new markets and different types of properties. Personally, I want to continue focusing on personal growth, learning new skills, and spending time with my family. Balancing work and personal life is important to me, and I want to make sure that as my business grows, I continue to prioritize the things that matter most. I also plan to deepen my involvement in philanthropy, expanding the impact of the charitable causes I support.