If you’re considering a career in the real estate industry and have a knack for organization and communication, then property management might be the perfect fit for you. But before you jump into it, it’s crucial to fully understand what this field entails.
From navigating potentially complex legal regulations to handling tenant relations, property management is a multifaceted and demanding career requiring unique skills. So, what exactly does a typical day in property management look like, and what benefits can you expect?
This guide explores the ins and outs of property management to help you determine whether it’s the right career for you. It provides a comprehensive overview of what it takes to thrive in this field, from the skills and qualities required to succeed.
Is A Career In Property Management In Demand?
The demand for property management professionals has been rising in recent years and shows no signs of slowing down. The real estate industry continues to grow, and with it, the need for qualified individuals to manage properties and maintain a high standard of living for tenants. This growth is driven by population growth in North America and specifically in cities like Toronto. Given that, Toronto attracts so many newcomers on yearly basis and rising demand for rental housing seems to be on an unstoppable upwards trend.
The following are some of the factors contributing to the growing demand for property management careers:
Dispersion and the Transient Global World We Live in – Accidental Investor
Around 50% of the people living in the Greater Toronto Area were born outside of Canada, which is a testament to the diversity the city has. Many homeowners and investors, throughout their careers and lives, move countries for work opportunities, or to take care of elderly parents or to discover new places. Often, they don’t want to sell, and this is where a property management company comes in to fill the void and help them professionally rent and manage their investment while they are out of the country.
Rental Market Growth and the Professional Investor
The rental market continues to grow, with more and more people opting to rent rather than own. A big driver for this is the increased real estate value which leaves many priced out of the market to buy and instead rent.
Professional real estate investors building portfolios of properties and renting them out are filling this demand gap that’s being created for housing. Property Management companies help investors and ensure they attract well-vetted tenants and the properties are managed and maintained professionally.
Increase in Real Estate Development
With the growth of cities and urbanization, the demand for housing is increasing, leading to an increase in real estate development. This growth in supply is fueling growth in the property management industry as a whole.
Complex Regulations
The legal regulations surrounding real estate and property management are becoming increasingly complex, requiring specialized knowledge and expertise. This can include but not limited to the landlord-tenant board, human rights, building code and much more. On the surface property management seems like a simple administrative job, but as you look closely it’s a fairly complex web of intricacies that need to be managed.
Different Roles In The Property Management Field You Might Want To Consider Working In
As a property management professional, there are several areas within the field that you can specialize in. Depending on your interests, skills, and experience, you might want to consider the following areas of property management:
Maintaining a Building: This involves ensuring the overall upkeep and maintenance, including its systems and infrastructure.
Building maintenance professionals must have a strong background in building systems and be knowledgeable about building codes and regulations.
Condominium Corporation Property Management: This involves managing the day-to-day activities of a Condominium Corporation, such as enforcing by-laws, managing finances, and ensuring the overall well-being of the building and residents/community.
Property Managers must have strong interpersonal and leadership skills and a good understanding of community association management. Also will be required to be ACMO/RCM certified.
Managing Finances: This involves managing the financial aspects of property management, such as budgeting, accounting, and financial reporting.
Finance professionals must have a strong background in accounting and finance and expertise in property management software and systems.
Administration: This involves handling the day-to-day administrative tasks of property management, such as billing, record-keeping, and customer service. Administration professionals must be organized, efficient, and have strong computer skills.
Sales and Leasing: This involves marketing properties and finding tenants, negotiating lease agreements, and handling move-in and move-out procedures.
Leasing and sales professionals must have excellent communication and interpersonal skills and be knowledgeable about the local real estate market.
Handle Repairs: This involves handling repair and maintenance requests from tenants, ensuring that properties are in good condition and meet safety standards.
House maintenance professionals must understand building systems well and be skilled in various trades, such as electrical, plumbing, and carpentry.
See Also: Companies That Manage Rental Properties: What Are Their Responsibilities?
Types of Property Managers
There are several types of property managers, each with unique responsibilities and skills. The kind of property manager you choose to become will depend on your interests, skills, and experience.
Here is a detailed explanation of the different types of property managers:
Residential Property Manager
Residential property managers oversee all aspects of residential properties, including condo units, condo townhomes, freehold townhomes, single-family homes, duplexes, triplexes…
They work with landlords and tenants to ensure that properties are adequately maintained and that tenants pay their rent on time.
Residential property managers ensure residents have access to utilities such as water, gas, or electricity and deal with any maintenance issues in their community.
They also collect rents from tenants on behalf of their property owners, which means they may need to manage financial records and contracts with vendors like plumbers or electricians who provide property management services for your community’s condo buildings or homes.
Residential property managers must know local rental laws and regulations and possess strong customer service skills.
Commercial Property Manager
They manage commercial properties, such as office buildings, retail spaces, and industrial buildings.
Commercial property managers must deeply understand the retail real estate market and commercial property management’s financial and operational aspects.
They are responsible for leasing spaces, managing tenant relations, and ensuring that the property is maintained in a manner that is consistent with its intended use.
Real Estate Asset Manager
They specialize in managing real estate assets on behalf of investors, such as pension funds and real estate investment trusts. Asset Managers used to be mostly focused on investing in apartment buildings, condominium communities, and commercial properties. In recent years, we have seen the move to single-family home investing. This is where property managers specializing in this area can make a difference in renting and managing the portfolio.
Skills That Need To Be A Good Property Manager
Property managers are the people that keep a property running smoothly. They are responsible for everything from paying bills to repairs and managing tenants. The job can be both challenging and rewarding, but it is also essential that you find a property manager who has the right skills.
The following are some of the skills that you should look for in a property manager:
Personal, Organizational Skills
A good property manager should also have strong organizational skills to keep track of everything within their business or agency.
Since managers handle multiple tasks simultaneously, organization is essential for keeping everything organized and running smoothly so nothing falls through the cracks.
Excellent Communication Skills
Communication skills are essential for every professional because they allow professionals to communicate with other people effectively and efficiently.
Communication skills allow property managers to explain their ideas clearly and convince others about their opinions or suggestions in an effective manner.
Property managers should also be able to listen and clearly understand what they are saying before responding so that their responses make sense.
Good People Skills
You will be dealing with people constantly and on many different levels. You will need to be able to interact with them in a friendly way, even when things get stressful or if there are problems that need to be addressed immediately. Your ability to communicate effectively will determine your management career’s success.
Detail Oriented
You need to be able to notice every little thing that may go wrong with the onboarding and documentation to the actual property.
As a result, being detail-oriented will allow you to spot potential issues before they occur so that they don’t turn into something bigger later on down the line.
Problem Solving Skills
More than being detail oriented is needed to be a successful property manager; you also need problem-solving skills because it is inevitable that there will be some issues with your tenants or their properties at some point in time. If you do not have these skills, you will find yourself stuck in many situations with no solution.
Management and Coordination Skills
Property managers must have good management skills to successfully manage all aspects of their business. These include analysis, multi-tasking, customer service, and human resources management techniques.
Management skills are essential because they help ensure that all employees perform their duties as expected and efficiently complete their tasks on time.
What Are The Benefits of Property Managers?
The potential benefits of this career include the following:
Having a Secure Financial Future
Property management can offer a stable source of income, the industry is recession proof. This can be especially beneficial for individuals looking for a career that provides financial stability and security.
Dynamic Work Environment
Property management can be a fast-paced and dynamic work environment, with new challenges and opportunities arising regularly. This can be especially beneficial for those looking for a stimulating and rewarding career.
Relationship Building
Property management requires a solid ability to build and maintain relationships. As a property manager, you can work with landlords, tenants, contractors, and other industry professionals.
These relationships can be valuable in gaining new clients, receiving referrals, and building a network of contacts within the industry.
Exposure To A Wide Range Of People
Property management involves working with a diverse range of people, including landlords, tenants, contractors, and other industry professionals.
This exposure can help you develop strong interpersonal skills and provide a unique opportunity to learn about different cultures, backgrounds, and perspectives. If you are a people’s person then this is the right job for you.
What Are The Challenges of Property Managers?
Legal Responsibilities
Property management involves a significant amount of legal obligation, including the requirement to abide by provincial and federal laws regarding rental properties, such as Landlord Tenant Board, … This can be a complex and time-consuming aspect of the job.
Conflict Resolution
Property managers may face conflicts with tenants, landlords, tradespeople or other parties and must be able to resolve these disputes fairly, professionally and effectively.
Time-Consuming
Property management can be time-consuming, requiring long hours and a significant amount of administrative work, such as record-keeping, marketing, and financial management.
On-call Availability
Property managers may be required to be available to address emergencies and urgent matters at all times and/or on a rotating basis, which can disrupt personal life and be stressful.
Managing Challenging Tenants and Challenging Owners
Property managers may have to deal with difficult tenants, including those who are late on rent payments or cause damage to the property. Challenging property owners that don’t want to maintain the property to ensure the health and safety of the tenants are also a difficult part of the job.
Dealing with people in high-pressure situations is always an interesting endeavour. For property managers dealing with people day in and day out – this can be a challenging aspect of the job, requiring patience and strong communication skills.
Balancing Multiple Properties
Property managers may have to manage numerous properties, which can be time-consuming and demanding. It requires the ability to prioritize tasks and manage time efficiently and effectively.
Being a property manager can be both challenging and rewarding at the same time, but only if you know how to deal with it properly!
How Much Does A Property Manager Make?
The salary of a property manager can vary widely depending on several factors, such as location, experience, size of the portfolio of properties, and the type of property being managed (residential or commercial). The range for residential in the GTA area starts at around $40K-$65K, and the range for commercial is higher, $60K-$100K
How To Become A Property Manager, Property Administrator, or Maintenance Coordinator…?
Becoming a property manager is a rewarding and challenging career path that requires a combination of education, training, and hands-on experience. Here’s a closer look at the qualifications and training that can help you achieve your goal of managing properties effectively:
Qualifications
Education: A high school diploma or equivalent is the minimum requirement for property managers, but a bachelor’s degree in a related field, such as business, real estate, or finance, is becoming increasingly common.
With a bachelor’s degree, you’ll gain a deeper understanding of the business aspects of property management, including finance, marketing, and legal requirements.
Training: Buttonwood Property Management doesn’t require new hires to have previous experience in the field. If anything, we prefer to train so that you learn our processes and procedures and the highest standards we adopt in-house.
Check Out 11 Property Management Training Basics Beginners MUST Master:
FAQs
What Degree is Best for Property Management?
Candidly speaking, a degree says very little in predicting success as a property manager. But what I can say is that the below skills are highly beneficial to succeed in property management:
– Superior communication skills, both verbal and written and strong command of the English lang
– Attention to detail and proper documentation in this line of business is mandatory.
– Technically savvy, comfortable with Email, Microsoft Word, Excel…
– Excellent organizational, time management/prioritization, multi-tasking and change management skills. Ability to multitask without dropping deliverables.
– Someone who can defuse stressful situations and flourishes in high-pressure situations and multitasking.
– Ability to manage issues and challenges while holding their ground to do the right thing and not caving into demanding requests not founded on reason.
Is Property Management a Good Career in Toronto?
Yes, property management can be a promising career in Toronto, Canada, especially for those with a passion for real estate and an interest in helping others.
While having strong organizational and communication skills, a desire to work with people, and a commitment to providing high-quality service. In that case, a career in property management can be an excellent choice for you.
Moreover, there are many benefits to becoming a property manager in The Greater Toronto Area. The job is in demand, and the forecast, given that the industry is growing, is that it will continue to be in demand for a while.
What Is The Job Description Of A Residential Property Manager?
– Day to day tenant management which includes but not limited to: coordinating maintenance requests, showing vacant properties, move-in and move-out visual inspection reports, preparing properties for rental, managing lease agreements and gathering of supporting documentation…
– Based on superior customer service and delivery establish a solid relationship with property owners and tenants.
– Provide timely follow-up on all communication to include phone calls, email and other communication and prioritize/sequence multiple tasks simultaneously.
– Someone who is not shy to escalate to their manager when faced with a situation that may jeopardize clients and/or the company.
Final Thoughts
Property management is a great career choice for many reasons. You get to work with people and help them achieve their goals in renting their investment property or from a tenant’s side to help them enjoy their new home.
As we’ve seen, there are also challenges to managing properties in managing the physical asset, the owners, the tenants and the trades people.
Good Luck!
If you feel you have what it takes to excel in this field send us your resume to [email protected] and include a brief summary of why you would be a great addition to our team.
