Property Management Guide to Becoming an Effective Property Manager
As a property manager, your main mission is to ensure your clients' peace of mind by optimizing the profitability of their real estate assets. To achieve this, you need to master many skills and use the best management tools.
Here is a guide to see things more clearly and gain efficiency.
The Role and Responsibilities of the Property Manager
The job responsibilities of the property manager vary considerably depending on the size and type of building, as well as the size of the real estate they manage. In general, owners with spaces to rent entrust it with the technical, rental, and legal management of their property portfolio. The rental manager then signs a management mandate giving them the authorization to intervene on the owner’s behalf on their property portfolio.
Therefore, the property manager wears several hats. He will, among other things, take care of the relationship with tenants, accounting, insurance, building maintenance, and much more.
Building Maintenance
The property manager is responsible for the management and maintenance of one or more buildings (residential or commercial.)
Real estate services often include the following:
- Plan the necessary maintenance and schedule appointments;
- Negotiate service contracts with contractors;
- Ensure that the work is carried out in compliance with the standards;
- Coordinate renovation and maintenance projects.
The property manager is responsible for the management and maintenance of their client's real estate. They must be able to ensure that the buildings remain in good condition and that they comply with safety and hygiene standards.
Maintenance management services provide great peace of mind to landlords as they help maintain rental properties in good condition. A proactive manager will carry out preventive maintenance, to avoid major (and costly) work and guarantee tenant satisfaction.
Tenant and Tenancy Management
It is also the role of the property manager to deal with the residential and commercial buildings tenants. This involves, among other things:
- Manage issues regarding worn or broken devices;
- Manage leases – draft rental contracts, manage renewals, etc.;
- Ensure that the rent is paid every month;
- Promote the building and the apartments available for rent to optimize the occupancy rate;
- Select future tenants and conduct pre-rental inquiries (including reference checks and credit inquiries);
- Take care of the collection of unpaid rents.
Financial Management and Building Performance Evaluation
Accounting, payment of salaries, calls for tenders, preparation of budgets, project cost estimates, the tasks related to finance and accounting are numerous in rental properties management. Therefore, it is essential to understand the financial aspects of running a business, such as budgeting, forecasting and cash flow analysis.
Becoming a Property Manager in Quebec: Property Management Training
It is not necessary to hold a degree to become an expert in property management. However, a specialized school education in property management is undoubtedly an asset, especially if you plan to manage a large real estate. In Quebec, it is possible to follow a program in real estate management at college level or to register for the bachelor's degree in business administration - specialization in real estate.
College or university studies allow students to acquire practical knowledge in the context of building management. This includes maintenance, marketing, rental, accounting, and legal matters.
To stand out, you can also acquire certifications from organizations such as the l’Ordre des évaluateurs agréés du Québec. Taking courses on topics relevant to the fulfillment of your mandate could also help you master the different aspects of the job. For example, there is continuing education in marketing, accounting, and management.
Develop Essential Qualities, Knowledge, and Skills in Property Management
To carry out all the tasks for which they are responsible, the property manager must have a wide range of skills. They must know how to run a successful business, while effectively managing real estate. They must know how to negotiate, communicate, and manage with leadership.
In 2015, l'Ordre des évaluateurs agréés du Québec produced a document establishing the skills profile of property managers in Quebec. More than 143 skills are listed there! Property management involves many qualities and skills!
Here is the property manager typical profile.
Communication
Property managers need to enhance their communication skills to drive success. Knowing how to communicate is necessary to:
- Develop sustainable business relationships;
- Establish a climate of trust with tenants and customers;
- Show good negotiation skills;
- Optimize team efficiency.
The Mastery of Technological Tools
Technological tools have the power to make your management more efficient; it is therefore necessary to know how to use them properly.
You will have to work daily with:
- Word processing software;
- Excel-type tables;
- Electronic mail;
- Databases;
- Management software.
Knowledge of Property Management Laws, Standards and Regulations
As a property manager, it is essential to stay on the lookout for the latest laws and regulations governing Quebec’s property industry. For example, knowing the legislation on the lease will allow you to react quickly in the event of a problem with the tenants. You can consult the Tribunal administratif du logement (TAL) for all your questions on this subject.
To offer quality services, you must also integrate technical building notions.
Leadership
Leadership is a skill that you must demonstrate as a property manager.
You should be able to:
- Delegate effectively to your team members;
- Coordinate activities;
- Solve problems;
- Take initiatives
Gain Efficiency with Property Management Software
You know what you have to do and you have the skills, abilities and skills to achieve your mandate… now is the time to gain efficiency!
Using good property management software is essential to growing your management firm and managing more doors, while remaining in full control. Look for a software that will allow you to centralize all your data to obtain an overview on:
- Financial activities management (lease, income and expenses management, and invoices and payments automation, etc.);
- Work management (service calls management, preventive maintenance, etc.);
- Tenants management– virtual concierge service, package tracking, filing, live chat, etc.;
- Human resources management – collaborative solution;
- Payroll processing.
Using the right tools allows you to provide professional service to your customers and exceed their expectations. It will be easier for you to follow the profitability of their buildings, you will avoid errors and obtain a better satisfaction rate with tenants. Not to mention that you will save a lot of time by having the information you need centralized in one place!
To learn more, we invite you to read our article: 5 tips and tools to succeed in Real Estate Management
Centralize all your data and gain efficiency. Discover our property management software.
