Property Managers Job Description

Property managers play an important role in ensuring the efficient operation of business, transportation, and recreational facilities, as well as real estate sites. They are in charge of managing all elements of property management, ensuring that operations run smoothly and that the properties they manage retain their value and functionality.

What Would I Do?

As a Property Manager your duties may include:

• Planning and Organization: Property Managers are in charge of creating strategic goals and objectives for the buildings they supervise. They assess current and future demands, anticipate potential problems, and design strategies to maximize resources and increase efficiency.
• Maintenance Management: In addition to monitoring daily operations, Property Managers are in charge of facility maintenance and upkeep. They design preventative maintenance programs, coordinate repairs and upgrades, and guarantee that all maintenance tasks are executed on time and within budget.
• Tenant Relations: Property Managers are the principal point of contact for renters and leaseholders, addressing their complaints, resolving conflicts, and ensuring that their requirements are satisfied. They build strong connections with renters, creating a feeling of community and collaboration on the site.
• Financial Management: Property Managers oversee the financial elements of property operations, such as budgeting, forecasting, and financial reporting. They track costs, assess income streams, and execute cost-cutting initiatives to improve financial performance and profitability.
• Compliance and Risk Management: Property managers verify that all facilities follow applicable laws, regulations, and safety requirements. They undertake frequent inspections, handle any compliance concerns, and develop actions to reduce the risks and liabilities connected with facility operations.

Am I Suited For This Job?

Here’s a chart showing the skills and traits necessary for a property management role, according to the Government of Canada Job Bank Website, as well as what a applicant must have to be successful:

The Typical Day of a Property Manager

A typical day for a property manager involves a dynamic work environment that combines office chores with on-site obligations. The day frequently begins in the office, when the property manager goes over emails, timetables, and goals for the day. They may make phone calls to renters, property owners, and contractors to resolve outstanding concerns, arrange maintenance work, or negotiate lease agreements. As the day unfolds, the property manager may make on-site visits to examine the property, speak with tenants, and oversee maintenance or repair work. These on-site responsibilities may need travel between several properties in their portfolio. 

The property manager's schedule can vary, with some days requiring longer hours, particularly during busy seasons or when dealing with crises, while others may adhere to a more traditional 9-to-5 pattern. Flexibility is essential in this profession since unanticipated challenges or critical concerns might develop at any time, needing rapid thinking and adaptation to maintain the seamless running of the properties they manage.

What Are the Wages and Benefits?

Property managers’ wages might vary based on region, the level of experience, and the size of the property portfolio managed. According to the Government of Canada Job Bank, here is an outline of prospective salary levels for property managers in different regions: 

Property management roles frequently include a variety of incentives to recruit and retain talent. Common benefits include health insurance, paid time off, sick leave, professional development opportunities, and potential bonuses based on performance or property occupancy rates. Furthermore, some businesses may provide flexible hours to encourage work-life balance. These benefits make property managers feel appreciated and supported in their role, promoting work satisfaction and long-term career advancement in the industry. 

What is The Job Outlook?

Based on the statistics provided by the Government of Canada Job Bank Website, below is a breakdown of the job outlook for property managers in Ontario, Quebec, and Yukon from 2023 to 2025:

• Ontario's employment growth will create many new roles. Several positions will open up as a result of retirements. There are a few unemployed individuals in Ontario with recent experience in this field.
• Quebec's employment drop will result in job losses. Several positions will open up due to those in retirement.
• Yukon's employment growth will result in numerous new roles. Several positions will open up as a result of retirements.
• There are a moderate number of unemployed individuals who have recent experience in this field.

According to the statistics provided by the Government of Canada Job Bank Website, the career outlook for property managers in Canada looks to be favourable between 2022 and 2031. Over this time, new job vacancies are predicted to reach 11,100, driven by both expansion demand (industry growth) and replacement demand (retirement and turnover).

Meanwhile, 9,500 additional job applicants are expected to fill these roles, including school leavers, immigrants, and those looking for career advancement. This means that there will be more job vacancies than there are new job seekers joining the profession, indicating a high demand for property managers in Canada.

How Do I Become a Property Manager?

Individuals who want to become property managers must typically achieve specific requirements and credentials. Most property managers must have finished a college or university degree in business administration or a related subject, such as facility operation and maintenance. Alternatively, applicants may have an equivalent combination of technical training and hands-on experience in administrative or maintenance positions. This educational foundation provides individuals with fundamental knowledge and abilities in financial administration, tenant relations, property upkeep, and legal compliance. Furthermore, while not required, gaining further license or certifications in property management or real estate can help to strengthen one's skills and reputation in the industry. 

Where Would I Work?

Property managers can operate in a variety of industries and settings, including the public and private sectors, as well as for corporations and small businesses. Below is a breakdown of where the majority of individuals in this industry are employed:

• Private Sector (large corporations): Many property managers work for major organizations that own or manage immense portfolios of residential, commercial, or industrial properties. These enterprises may include real estate investment trusts (REITs), property management firms, or international organizations with a varied real estate portfolio.
• Private Sector (Small to Medium-Sized Enterprises): Some property managers work for small to medium-sized organizations, such as independent property management firms or small businesses with a few properties. These companies may specialize in various types of properties, such as residential apartment complexes or commercial office space.
• Property managers may also find work in the public sector, such as with government organizations, municipalities, or public housing authority. In these positions, they may be in charge of administering publicly owned properties, affordable housing units, or government office buildings. 
• Self-Employment/Entrepreneurship: Some property managers prefer to operate as independent contractors or entrepreneurs, providing their services directly to property owners or real estate investors. They may manage properties on behalf of several customers or start their own property management companies.

How Do I Find a Job?

Individuals seeking a career as a property manager can look at a variety of opportunities, including specific industry platforms and generic job search tools. Here are some common ways that people usually locate job possibilities in this career:

• Real estate and property management websites frequently contain job postings geared to experts in the sector. Examples include the job boards for the Real Estate Institute of Canada (REIC) , the Property Management Association of Canada (PMAC) , and the Canadian Federation of Apartment Associations (CFAA) 
• Job Search Engines: Popular job search engines such as Indeed, LinkedIn, and Glassdoor allow users to select for property management roles based on industry keywords and preferred locations.
• Company Websites: Many property management companies, real estate firms, and enterprises publish job vacancies directly on their websites. Regularly visiting the career pages of firms of interest might reveal job possibilities that are not available elsewhere.
• Networking is still one of the most efficient strategies to locate career possibilities. Attend industry events, participate in online forums and LinkedIn groups, and network with people in the sector to learn about prospective openings for employment through word-of-mouth recommendations.

Individuals may improve their chances of finding and acquiring employment opportunities in property management through integrating specific industry platforms with generic job search opportunities.

Applying For a Job

When applying for a position as a property manager, you must create a captivating resume that successfully highlights your credentials, skills, and experience. Here are some recommendations to help you construct an outstanding resume for a property management role:

• Tailor Your Resume or Cover Letter to the Job: For each job application, highlight key abilities, experiences, and accomplishments that correspond to the unique criteria of the property management role. Pay particular attention to the keywords and phrases mentioned in the job description and include them in your resume or cover letter.
• Highlight Relevant experience: Emphasize your experience in property management, including jobs where you displayed skill sets such as tenant interactions, property upkeep, financial administration, and lease negotiation. Use bullet points to summarize your tasks and accomplishments in each job.
• Emphasize Key Skills: Highlight critical talents required for success in property management, such as communication, problem-solving ability, attention to detail, and knowledge of property management software or tools. Give clear instances of how you used these talents in past employment.

Where Can This Job Lead?

Property management provides several prospects for professional improvement and success within the business. Here are some insights on different positions one could get in this occupation:

• Senior Property Manager: Experienced property managers can graduate to senior-level jobs, where they handle bigger portfolios of properties or take on new tasks such as strategic planning, budgeting, and staff management. Senior property managers frequently participate in decision-making processes and help to shape the overall direction of property management operations.
• Director of Property Management: Property managers can climb to the position of a director of property management or vice president of property operations. In these senior leadership positions, they are in charge of establishing strategic goals, formulating policies and processes, and directing teams of property management experts to meet organizational goals.
• Real Estate Development or Investment: Some property managers advance to positions in real estate development or investment organizations, where they use their property management knowledge to find investment possibilities, oversee development projects, and maximize property performance. This professional path may include positions such as asset manager, real estate developer, or investment analyst.
• Entrepreneurship: Experienced property managers may decide to create their own property management or consultancy organizations, utilizing their industry experience and network to build profitable enterprises. Property management franchises, boutique management businesses, and specialist consulting services are all viable business prospects.

Overall, property management provides a variety of career pathways and chances for professional development and progress, as well as the ability to transfer into related fields where skills and knowledge are highly valued.