Have you thought about switching careers or starting a new career in a position that has consistent challenges? With the current world economic climate, now might be a great time to try a new, more stable career path.
You may have considered a career in real estate as a Realtor®, but felt turned off by the stereotypically sales side of the job. In fact, not all careers in the real estate industry are sales focused, including today’s featured career path: property management.
There are two different types of licences you can get in the property management field: Rental Property Management or Strata Property Management. They may seem similar, their day-to-day tasks and responsibilities are quite different:
A Career as a Rental Property Manager (Rental Management)
As a Rental Property Manager you are working for the owner of a property. The tasks required may differ depending on the needs of the owner, but will most often include:
- Providing advice on market rent (monthly rent);
- Advertising and showing the rental property to prospective Tenants;
- Reviewing and screening Tenant applications;
- Assistance with Tenant selection;
- Negotiations on behalf of the owners;
- Collection of deposits and monthly rent;
- Management of the property and coordination of repairs.
A Career as a Strata Property Manager (Strata Management)
Like the name suggests, Strata Property Managers help strata corporations fulfill their duties and responsibilities required by the Strata Property Act of BC. The tasks may vary depending on the type of building and level of service contracted for, but your job will likely include:
- Managing strata documents and finances (budgets);
- Preparing and facilitating strata meetings;
- Taking minutes of the meeting;
- Assisting with enforcing of strata rules and bylaws;
- Hiring and communicating with contractors and service staff maintaining the building;
- Assisting with collection of monthly strata fees, special levies, and other sources of income;
- Helping and advising on finances (budget) and expenses;
- Communicating with owners and tenants of the complex.
Property Management Licencing
To become a Property Manager, you need to pass a Rental or Strata Management Licencing course. In BC, these are offered through the UBC Sauder School of Business and consist of a self-paced course that takes between 10 weeks and 6 months to complete. The course has about 10 assignments that take most students 10-12 hour per assignment to complete.
We would recommend to begin talking with brokerages once you have completed all your courses and prior to writing your final exam to get to know more about them and discuss joining them when you are eligible to become licenced.
For more detailed information about licencing requirements for Rental Property Management or Strata Property Management, the Real Estate Council of BC (RECBC) website has all the information and details you will need.
How to get started
The real estate industry has so many career possibilities that go beyond buying and selling homes. Rental or Strata Management is a great way to make a difference in the lives of property owners, tenants, and communities.
If you are curious about a career in rental or strata property management, we’d be happy to chat with you about it. Feel free to contact us by phone, by email, or through our website.