The Role of a Property Management Professional

Property Managers usually crave a bit of everything; more recently known as a multi-passionate individual.  They enjoy learning new things, interacting with a diverse group of people, and taking charge in challenging situations. They also value structure and are always ready for the next exciting opportunity. Fortunately, property management, requires a unique blend of creativity, resilience, and an innate desire for excellence.

Understanding the Requirements for Property Management Licensing in British Columbia, Canada

In British Columbia, a property manager must be licensed by the British Columbia Financial Services Authority (BCFSA) for rental property management services, unless they meet the necessary criteria for an exemption under the Real Estate Services Act (RESA) and the Real Estate Services Regulations.  RESA lists off several core functions for a licensee that provides this service, but it is important to note that this does not fully capture or properly articulate the weight of responsibility that a property manager shoulders.

Professional Responsibilities of Property Managers

As a property manager, you are contracted by property owners or investors to protect their best interests and act on their behalf when it comes to their personal or investment property. This is known as an agency agreement, and it gives the property manager the authority to represent the client, also known as the principal. Property managers hold a fiduciary obligation to each client, which means that they must prioritize the clients interests above all else.  It is the highest standard of care in law in Canada.

The Right Hand of The Owner/Investor

A professional property manager allows an investor or owner to elevate their use of time, prioritizing other essential aspects of their own unique role. Ultimately, the property manager should become the investors strategic partner and a trusted advisor in relation to the managed property and/or portfolio. They also play a vital role in ensuring the financial stability of a property and its owners, including managing expenses and planning for the future. Additionally, they are responsible for maintaining positive relationships and protecting the reputation of the landlord within the industry and in the community.

Balancing Legal Responsibility and Relationships

A property manager is responsible for handling leases and contracts and so must have a thorough understanding of relevant legal documents and regulations. They need to be able to navigate and interpret many different Acts and Regulations as they pertain to the rights and remedies of tenants and landlords with reliability:

• • Commercial Tenancy Act
  • Residential Tenancy Act
  • Strata Property Act
  • Rent Distress Act
  • Bankruptcy and Insolvency Act
  • Contract Law
  • Builders Lien Act
  • Workers Compensation Act
  • Occupational Health and Safety Regulations

…and more

They are also the point person for communication and negotiation with tenants, landlords, lawyers, and bailiffs, so must demonstrate leadership, strong communication skills, and the ability to maintain positive relationships.  This means that they must always sharpen their skills in the art of negotiation, mediation, facilitation, and emotional intelligence.

Vision and Determination

Finally, they are expected to be a financial mastermind who can strike a balance between the needs of the landlord, the tenant body, and the property. This involves creating a financial plan that maximizes investment income potential and protects the property’s value and its optimal performance. Property managers may also be called upon to guide a property through difficult times, such as vacancies, defaulting tenancies, deferred maintenance, economic challenges, or catastrophic events, in order to get it back on track financially.

Property management is a multifaceted and demanding role that requires a diverse set of skills, including legal knowledge, financial expertise, and strong communication. In addition to this, property managers will have developed skills in mediation, facilitation, and negotiation to support them in this multi-faceted role. Despite the challenges, this complex and rewarding profession is well-suited for those who enjoy learning, problem-solving, and building strong relationships.