How to Become a Property Manager
Property managers are hired by estate owners who don’t have the time or expertise to properly manage their properties. A manager is usually tasked with maintaining a property, tending to it (landscaping, maintenance, repairs), marketing it, finding suitable tenants, recording all finances (income, taxation, insurance etc) and making sure the property is yielding the most profit for the owner. Being a property manager can be tiring, given how many people the manager has to deal with (tenants, landlords, real estate firms, realtors, local municipalities etc); however, if you like a challenging career, property management may just be your thing.
Education
Like any other profession, property management requires that you have relevant education. Look into management, accounting, finance, law and business courses from the start so that you have a solid base to become a property manager.
Several institutions in Canada have property management courses. For instance, the Real Estate Institute of Canada has a CPM (Certified Property Manager) program, which trains individuals to become property managers with the relevant course-work and hands-on experience.
Get registered in your province
In order to practice property management in a Canadian province, you will need to get a license. All provinces have their own requirements, but they are generally similar. For instance, you are required to have a high-school diploma and be 18 years old at least. Moreover, you need to register with the provincial real estate program and complete a couple of courses before you can proceed.
Get a job with a real estate company
Some provinces only let you apply for a license after you have joined and worked with a real estate company. Either way, it is both important and beneficial for you to join a real estate company, since realtors often have rental properties they have to manage, and are in need of property managers.
Gain experience
Despite your qualifications and education, hands-on experience is invaluable. Try getting work with housing corporations, which need people to manage their properties. It is best that you start small and don’t take up more responsibilities than you can handle. Initially, you may not be in charge of much, but with time you will learn and grow.
Manage your own property
Once you have enough experience and knowledge, you can get a property for yourself and rent it out. You will not only be making money from the rent, but also saving it by performing the managerial duties yourself.
