How to become a property manager in Ontario?

How to become a property manager in Ontario

Well, if you like real estate and you don’t want to become an agent, then you might want to look into how to become a property manager in Ontario. Most of the people are choosing to rent their properties over buying. This is leading to an increased demand for residential property managers.

In this article, you will get to know How to become a property managerSo, here is how to get started as a residential property manager.

How to Become a Property Manager in Ontario?

How to become a property manager in Ontario

Following are some steps in order to become a property manager:

When most people think about being a property manager they think about only collecting the rent. However, being a property manager requires more duties from screening renters to handling eviction process.

If you think of being a property manager then below is your guide on how to get started:

1: Identify the minimum requirements:

Most of the states contain specific requirements and it must be met in order to legally become a property manager. For instance, most of the states require property managers who have to earn a real estate licence.

How to become a property manager in Ontario?

The essential property management tasks are usually been considered to be real estate activities. Thus, one should have a strong educational background in real estate and it is crucial to your success too.

In order to get your licence, you will need to enroll in an online real estate license or you can take classes that help you in preparing for the licensing exam.

This coursework also covers the real-estate fundamentals. Also, one should be specialized in the topics such as real estate laws and contract clauses.

Once you have checked all the licensing requirements then you will also want to be sure that you met minimum education requirements.

Most of the companies only hire qualified candidates with at least a high-school diploma or they look for a bachelor’s degree either in business, real-estate-related field. You need to be sure that you browse to do local job boards and see what the employers are looking for.

While having a college degree or have a real-estate licence can impact your journey in order to becoming a property manager.

2: Get certified:

While having a degree or a real estate licence will be helpful. You will also want to look into property management certifications. However, getting a certification is not required but this will give you an edge over the other candidates when you start applying for a job.

How to become a property manager in Ontario?

Here are some types of Property management certifications:

Usually, the specialized certifications are mainly administered by a variety of different property management organizations. Having a certification with you shows how potential you are in your work and how expert you are in your field. Besides it, you will qualify for the best benefits at the organization.

However, these benefits will vary from one organization to the next but these typically include perks like professional development courses. Below we have listed some popular management certifications:

  • CPM (Certified Property Manager)
  • ARM (Accredited Residential Manager)
  • ACM (Accredited Commercial Manager)
  • AMO (Accredited Management Organization)

3: Check Property management listings:

If you are looking to get a job in Property management service then you need to look out for a job search. Try to build a resume that reflects all the work that you have did in your previous steps. You need to highlight the important skills in you.

How to become a property manager in Ontario?

While having zero property management experience you have to start by looking for associate or assistant property manager job listings. Being an associate, you will have to report directly to the senior level of your property manager.

Then you will be able to learn from them directly. Once you know all these things then you will get enough experience in your career. Thus, in this way, you will start tackle more advanced tasks on your own.

In this digital marketing era, most companies are making use of property management software in order to run and maintain their daily operations.

The employees who are with their previous experience can use these types of solutions and also these are in high demand. When you start showing your ability of how you can use these tools quickly then it will help you during the interview process. Once you are familiarizing yourself then only you can explore different solutions.

4: Research your legal requirements:

The basic step before jumping into the real estate industry is one should know what is required from you from the law perspective. However, the law requirements vary from state to state.

How to become a property manager in Ontario?

Most of the states require the property management companies to have a real estate licence and this is because there are various duties of a property manager that they need to perform.

Some states don’t require the property manager licence but some want a licensing requirement from the property managers. Apart from this, there are distinct laws that might depend on the type of real estate property that you want to manage.

So, it is completely up to the property managers which laws and regulations apply to them. If you want to become a licensed property manager, then some states typically require certain requirements regarding age, experience, residency, and real estate agency. Also, you have to pass an exam too for becoming a property manager in Ontario.

5: Get properly educated:

Indeed, property managers are usually not required to have a particular educational background. While having only a high-school diploma is enough to hire you in the property management field.

How to become a property manager in Ontario?

Several property management companies only prefer to hire college graduates. Thus, you should be earning at least a bachelor’s or master’s degree in either real estate, public administration or business administration, finance, and accounting.

Therefore, this will help in gaining you the skills i.e. needed in real estate property management service and marketing. This will also increase your prospectus of becoming a property manager.

In addition to it, the real estate industry is critical and due to this reason, some of the companies look after the candidates who are having vocational real estate training or have a real estate licence.

Hence most of the experts recommended only the beginners who are new in this field and they will be able to take courses i.e. related to real estate development, management, finance, and housing administration.

Once you are able to take the real estate courses then it is a great option for you. You can also apply to a real estate brokerage in order to get a property management company. In this way, you can do the on-job training or go for an entry-level position and you can work your way up and start ranking or building your knowledge experience.

6: Look for your first property:

So, once you are done with your proper certification then you need to move forward and your next step will be how you can manage a rental property in order to get your first job. While finding a property owner who is generally in need of a manager is much easier than finding a way on your own.

How to become a property manager in Ontario?

However, there are numerous ways for getting the property manager in order to search for rental properties and then finding the right property owner for you.

You can start informing either your relatives, friends, and your professional contacts who help you in pursuing a job in property management and looking for rental property.

Anyone who starts a career in the real estate industry should have a network of professionals in the business. However, these professionals are a good source for a residential property manager. Thus, if you cannot find a real estate investor by yourself then someone may lead you to one.

The investors need to consistently work with the real estate agents, brokers, wholesalers, and developers. Thus, try to get in touch with these professionals and introduce yourself as a property manager and ask them for tips. In this way, you will also get to know what you need to do in your job.

Another way to search for your job is online and there you can find the property management company who are looking to hire and they will also lead you towards your first client and the rental property management job.

Besides, you can also set up your website and then advertise it on social media platforms and let the clients reach you. You can see that there will be various real-estate websites that help anyone to find rental properties for sale.

If you are not in the business to buy, then the real estate investors certainly are. So, when working with your first client then you need to consider making your websites for your client and manage their rental property.

7: Stay updated on real practices:

It is not only important that how you can become a property manager but you need to learn how to be a successful property manager. However, successful managers do not rest once when they get their first job.

Most people say that this job requires a lot of responsibilities and you will have to do more than your job. You need to take care of all your roles and responsibilities.

How to become a property manager in Ontario?

One of the most important activities is that you need to stay updated on the best practices for property management. Also, this is something that you need to do for yourself. However, this allows you to continually enhance your skills as well as knowledge of real estate trends and housing marketing.

Apart from this, the real estate laws and regulations have a huge effect on your rental properties that can get change at any time. All such changes can in turn affect your clients as well as their investment properties. So, it is your job to keep them informed all the time.

Good property management always entails you stay updated on any changes in the laws and regulations in the real estate industry.

Thus, a good way in order to stay in this loop is to have all the information regarding real estate and how long does it take to become a property managerand what are the impacts of this on the housing market. You can read some tips on how to use the new technology in order to attract new clients and grow your career.

Property Manager skills that you must have:

It’s true that while getting into property management can be quite challenging for some people and some it will be an exciting job.

So, those who are having the appropriate skills can easily find a way for being a property manager. Thus, it will be quite an enjoyable and fulfilling job. All you just need to possess the following skills for becoming a rental property manager:

1: Customer Skills:

Being a property manager, you are not only working with the owner only but you should know how to manage the tenants also. The tenants are mostly having something to request or complain about. For instance, a tenant can contact you if there is any leak in their roof or they might face some issues in your property.

How to become a property manager in Ontario?

The property manager must handle emergencies that meet both owner and tenant’s requirements. They should provide the solutions to their tenant’s problems and doing all their work with a positive attitude. While proving the excellent customer service will help in keeping the good tenants and one can attract more clients.

2: Communication skills:

The main duty of a property manager is they get in touch with people every day. Also, they should have strong communication skills that anyone gets easily interested in how to become a property manager.

How to become a property manager in Ontario?

It is important that how you communicate with others. Also, the words that you choose can either make or break your growth in the real estate industry. If you carry good communication skills then it is obvious that you can attract new tenants easily. When communicating with tenants in a good way can seal the deal.

Some other skills include:

1: Organizational skills.

2: Problem-solving skills.

3: Marketing skills.

4: Property Managers should be Resourceful.

FAQs(Frequently Asked Questions)

1. Do you need a license to be a property manager in Ontario?

Yes, in order to be a property manager in Ontario, you need to have a valid license. Without a valid license, you are not eligible for becoming a property manager in Ontario.

2. What kind of education do you need to be a property manager?

To be a property manager, you should be educated about the real estate business and how it works. Also, there are different certifications for becoming a property manager which is listed as follows:

  • CPM (Certified Property Manager)
  • ARM (Accredited Residential Manager)
  • ACM (Accredited Commercial Manager)
  • AMO (Accredited Management Organization)

3. How much do property managers charge in Ontario?

Property managers do charge a fee for helping homeowners and landlords in managing their rental property. All the property managers in Ontario will not charge the same amount of fee. It depends upon certain factors including the type of property, services provided by the property managers, and the type of company. At Lease myProperty, for property management service Mississauga, we charge a fee. This fee will be based on various factors such as the type and size of the property.

4. Is being a property manager a good career?

In short yes, being a property manager is a good career. Experienced property managers earn a good amount of income. The duties of property managers extend to homeowner management, tenant management, and other such areas. So, being a property manager is very rewarding as a career.

Also Read: Factors influencing Property Management Fees