How to Become a Property Manager in Canada in 5 Steps

Do you wish to become a property manager in Canada? It is a beautiful idea to engage in such a flexible business.

Generally, there are different ways to become a property manager in Canada. Two common routes are to move into the field after having related experience in business or real estate or you find your way directly with a relevant degree or diploma program. Certification may also be mandatory in this field, but it depends on your environment.

Property management is a very competitive business field in Canada, but it can provide an excellent living to the right people.

There are a few things that you do to put yourself in a good position as a potential property manager. First, brush up on your basic maintenance skills and be ready to experience many challenging repair situations.

Also, research local laws and regulations to serve as good counsel to property owners and maintain a good relationship with people and other stakeholders.

This does not imply that property managers should be expected to outsource repairs to maintenance contractors regularly. Still, property managers should be expected to perform regular maintenance and minor repairs regularly.

You will be positioning yourself as a capable manager who can stay calm and collected when things go wrong, and property owners will know that you can be trusted to respond accordingly.

As a property manager in Canada, your greatness lies in your ability to be trusted in all conditions. It is also excellent to legally back up your legal duties with a lawyer as a legal adviser.

Who is a Property Manager?

A property manager is a professional who is responsible for representing the administrative and operational interests of property owners. It involves overseeing and coordinating the administration, accounting, maintenance, operation, and improvement of residential, commercial, or industrial properties.

Also, being a property manager would involve:

  • Overseeing the marketing of property vacancies.
  • Screening tenants.
  • Managing leasing contracts.
  • Handling property repairs.
  • Generally taking care of the administrative and operational aspects of revenue-producing properties.

Therefore, to become a property manager in Canada, you must be conversant with the above job description.

Duties and responsibilities of a Property manager

As you become a property manager in Canada, though your duties may vary specifically from job to job, the general roles you shall expect to include the following:

  • Preparing annual budgets
  • Reviewing and reporting on monthly variances from the budget
  • Performing minor property repairs
  • Sourcing and hiring contractors to perform significant repairs
  • Reviewing and approving contractor invoices.
  • Initiating insurance claims
  • Preparing annual management plans for properties
  • Marketing any property vacancies on behalf of the owner
  • Collecting and screening applications for tenancy
  • Preparing tenancy and leasing agreements, and
  • Ensuring that rent levels are kept at market value and informing tenants with sufficient notice when they are to be raised.
  • Getting renters and coordinating the advertising and applicant screening processes
  • Answering questions about the property and ads
  • Showing the property to potential renters
  • Managing lease information, contracts, and formal paperwork for the property
  • Collecting rent and deposits
  • Conducting move-in/out inspections, returning deposits as required
  • Coordinating repairs for the property
  • Screening and securing maintenance and repair people
  • Acting as a liaison between the renters and the real estate owner
  • Managing the eviction process
  • Performing basic accounting functions
  • Responding to tenant and owner communications.

Property managers can also work in residential, retail, or commercial properties but often select one to specialize in. They usually have a background experience in real estate management but are not always required to have a real estate license.

Careers similar to Property Manager

If you want to become a property manager in Canada, there are some other careers with similar responsibilities and skills which you can still consider if the case arises.

The following are similar Careers:

  • Building Inspector
  • Commercial Realtor
  • Operations Manager
  • Real Estate Appraiser
  • Realtor
  • Sports Faculty Manager

Where Can a property manager Work?

A property manager can work as an employee on permanent contracts or can be self-employed.

However, a property manager can work in the following organizations:

  • Property Management firms
  • Real estate brokerages
  • Government agencies ( at all levels of government)
  • Corporations
  • Individual property owners
  • Investor pools and real estate investment trusts
  • Self- employment
  • Apartment buildings and large, multi-unit office buildings (as an in-house employee).

Attributes of Property Managers

A fragile person can not work as a property manager because it demands patience and perseverance for you to grow. Therefore, you should have the following attributes if you wish to become a property manager such as:

  • Willing to be on call during odd hours
  •  Well organized
  • Comfortable dealing with the general public
  • Able to commit to providing good customer service
  • Able to complete work when faced with constant interruptions
  • Willing Able to disputes or legal issues between residents, homeowners, and board members

Steps to Become a Property Manager

To become a property manager, you shall follow the following steps:

Step 1. Outsourcing Property Management As an Investor

Many investors prefer to outsource property management to a property manager, which is an entirely reasonable thing to do. It can reduce the amount of stress that you have to deal with and can lead to happier tenants.

For other rental property owners, the responsibility of property management will fall back on them as landlords. They will be called if the hot water gets shut off or the power goes out and should be prepared to know what to do. Therefore, for investors who do not mind this aspect of real estate, doing it yourself can save money.

Step 2. Becoming A Property Manager

If you want to become a property manager in Canada, then the following steps will help you understand what goes into the business. Sometimes, managers focus specifically on residential or commercial management. Still, focusing on one or the other is not necessary, even though it might help make your business more streamlined.

Some startup funds are associated with starting your property management enterprise, so be sure you have some money on hand or can arrange a loan if you want to start a property Management business.

Step 3. Evaluate Your Skills

Property management may require some hard and soft skills necessary in other careers. Therefore you will acquire the essential diplomatic skills and master their usage.

Also, Managers should have good people skills to help them build trust and rapport with tenants, law enforcement, vendors, and maintenance contractors in their areas.

And they need to network with vendors and contractors since these connections can help to save valuable dollars and cents for property owners, an attractive quality for them to see.

Step 4. Evaluate Your Finances

If you want to be a property manager, you should be ready to have some cash at hand to meet your startup costs. Every business requires capital upfront, and property management is no different.

However, the startup costs that are associated with property managers are relatively low. First, you should check with your province and local governments about any licensing or certification that you might need. You must make sure that you comply with these regulations before you even get started, which may cost some that you can consider as an investment in your career.

The money aspect is dynamic. Property manager pay can be pretty competitive, but the money will help position you into a more exciting part of the business.

Therefore, as a property manager, examine the types of services you are willing to offer your clients, then evaluate what supplies and training will be necessary to engage in to make it a reality.

Step 5. Think of How to Pitch Yourself

At this stage, as an aspiring property manager, you will realize that one of your biggest challenges is going to be how to market and brand yourself.

But, one way that you can easily do this is to serve as a geographic “boundary-breaker.” ( go beyond the boundaries) Some laws help govern foreign investment in Canada, but you can serve as a bit of a guide to foreign investors from the USA and others.

Suppose someone from Florida travels to your province and decides it is a great investment opportunity. In that case, they likely do not know much about the market, the weather, and other associated factors. So, that is an excellent opportunity to present yourself as a local liaison.

You can ease their minds with your knowledge of local laws and regulations, to say nothing of how best to prepare and maintain their rental property during Canadian winters that can grow quite harsh, depending on where in the country you are located and the seasons favorable to the investment or affecting it. Opportunity comes but once.

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Frequently Asked Questions

What do you need to become a property manager in Ontario?

To become a property manager in Canada, you should have a high school diploma. However, some employers may prefer you hold a diploma or higher related to property management, real estate management, accounting, or business administration.

Do I need a license to become a property manager in British Columbia?

The Province of British Columbia in Canada requires all strata managers in British Columbia to get a license.

What does a property manager do in British Columbia?

Property managers oversee and manage rental properties on behalf of the owners. They carry out responsibilities such as collecting rent, finding tenants, handling maintenance and repairs, managing disputes, and even assisting with eviction. They act as administrative managers.

What does a property manager do in Canada?

Property managers in Canada oversee and coordinate the administration, accounting, maintenance, operation, and improvement of residential, commercial, and industrial properties and represent the interests of property owners.

Are property managers regulated in Canada?

Yes, From 1 October 2014, anyone engaged in property management became legally required to belong to one of the government-approved redress schemes.

Conclusion

If you want to become a property manager in Canada, you will be able to acquire the necessary administrative skills to excel.

However, this article has guided steps to achieve your heart’s desires.

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