Attention all Property Managers

[nepoez]

Hi all,

I am have been working in enterprise software development since 2002 and I`ve become really good at it and make pretty decent money due to my experience. However, it is not something I enjoy doing anymore.

I have been looking to change my career to something that`s more aligned with my interest in real estate and property management seems like a good area to check out. I`m aware that licensing is a requirement and are difference in each province. But legal issue aside, I would like to find out from current PMs what they think of their work, the good, bad, and any advices would be great.

What I am looking for is not a high paying job, but a job a enjoy. I want to work with people as I enjoy interacting with people, solving their problems, provide good services, and at the same time be involved in real estate.

I`ve checked out this course in Vancouver http://www.sauder.ubc.ca/Programs2/RealEst...ent/default.htm

Do you folks think it will be worth taking it? What else should I be taking action on if I were to advance in this direction.

Thanks in advance,

Nepoez

 

[housingrental]

I can`t comment on your BC course
I can say I think property management is one of the most thankless jobs around
All of the problems of rental realestate without the upside of actually owning the property
Many days I pray for death but it has yet to come

 

[GarthChapman]

QUOTE (housingrental @ Nov 30 2008, 09:19 PM) I can`t comment on your BC course
I can say I think property management is one of the most thankless jobs around
All of the problems of rental realestate without the upside of actually owning the property
Many days I pray for death but it has yet to come

Great quote!

Maybe you should manage for owners who would take you in as a JV Partner...

 

[BHoward]

QUOTE (housingrental @ Nov 30 2008, 09:19 PM) I can`t comment on your BC course
I can say I think property management is one of the most thankless jobs around
All of the problems of rental realestate without the upside of actually owning the property
Many days I pray for death but it has yet to come

Adam,
You are very funny.

...I very recently took back a few properties from my management company ... and I really enjoyed meeting with the tenants ... and seeing them happy in my homes.
If you are not happy doing your current work ... and you want to provide service and interact with people ... in real estate - then it maybe a good fit.
I love my work as a Realtor ...

I`m still laughing at Adams quote ... "Many days I pray for death but it has yet to come".
...too funny.
b

 

[Nir]

Hi Adam, do you mange your own properties, others` or both?

You are providing such valuable information here that based on your experience I guess you do both

Regards,
Neil

 

[nepoez]

heheh.. that`s very funny. Thanks anyways.

 

[housingrental]

Thanks for the kind thoughts
Garth - I do, unfortunately its even more stressful because I can`t emotional disconnect from the work. I can see a day that I`d be quite happy handing off places I own to other pm`s while still working for other owners but have yet to find anyone up to my standards
Bryon - I use to think this way, the problem is things start looking different when you have enough tenants that unpreventable problems with no solution that keeps people happy happen daily. Some of it is probably exacerbated by the type of properties I deal with.
Neil - I manage properties I have stakes in but mostly others and I do a lot of one off rental agent work
Nepoez - Send me an email if you have any questions

 

[Ready4Rent]

Neopez,

I can`t comment on the course, but I do agree most time`s it is a thank-less job. However it is great meeting many new people (some you don`t want to meet. Provided you have a good system and good procedures you should be fine. Also train your tenants! I like it because every day is something new, also a lot of deals will pass by your desk before a realtors should you want to take them. Keep your sanity by remembering it is a business, and treat it as such. And remember this line... I don`t take excuses I take cash or cheque . And the unexpected will happen, just be prepared as best you can and roll with it.

Good Luck

John

 

[kir]

Hi,
I have taken a few of the courses a UBC. There`s lots of opportunities within those block of courses. I was interested in appraisal, commercial developments and real estate analysis, in general. The subject matter is interesting but will require a good 10 hours a week and may cut into your real estate business.

Kir.

 

[Dan_Eisenhauer]

I did not take the entire UBC course, having had sufficient previous experience to challenge the exam. However, the UBC real estate courses are as comprehensive as any I have seen. If you are interested in becoming licensed, there is no better course, IMHO.

However, if you want to learn about property management for your own use, to understand what your PM is doing, I would recommend the Certified Property Manager program, offered in Canada by the Real Estate Institute of Canada. or the Institute of Real Estate Managment`s home study or online courses. The IREM courses have several specialties, including multi-family, office, retail, commercial.

Now to comment on being a fee manager. I was both a strata manager and multi-family fee manager. As a strata manager I felt like a glorified secretary. Unless I am penniless, I will never ever manage condos again. I like doing things for myself and be a self-starter. As a strata manager you have 7 - 15 people (the board or council) who think they are your boss, backed up by every other owner who knows he/she is your boss. (I had one council member send me more than 200 emails in 4 months. She made things very unpleasant for me, and we surrendered that contract because of her.)

Multi-family can be more rewarding. The one building I looked after as a fee manager was undergoing a complete renovation. It was a challenge because this particular owner was more interested in ensuring that his partners were taken care of financially than his contractors. Of course, the PM is left dealing with dissatisfied contractors, while the owner was partying with very satisfied partners, who probably knew nothing of the very delicate financial position the property was really in.

(I just had a good news phone call and lost my train of thought. I may come back to add to this post.)

 

[nepoez]

Thanks for the more meaty responses this time everyone.

Dan, since I do need some income for a while after taking the course, do you think I would be able to find a job after being certified with the UBC course? If not, what else do I need in order to get my foot into the field as an employee? Is there much demand for this field?

Thanks,

Nepoez

QUOTE (Dan_Eisenhauer @ Dec 1 2008, 11:15 AM) I did not take the entire UBC course, having had sufficient previous experience to challenge the exam. However, the UBC real estate courses are as comprehensive as any I have seen. If you are interested in becoming licensed, there is no better course, IMHO.

However, if you want to learn about property management for your own use, to understand what your PM is doing, I would recommend the Certified Property Manager program, offered in Canada by the Real Estate Institute of Canada. or the Institute of Real Estate Managment`s home study or online courses. The IREM courses have several specialties, including multi-family, office, retail, commercial.

Now to comment on being a fee manager. I was both a strata manager and multi-family fee manager. As a strata manager I felt like a glorified secretary. Unless I am penniless, I will never ever manage condos again. I like doing things for myself and be a self-starter. As a strata manager you have 7 - 15 people (the board or council) who think they are your boss, backed up by every other owner who knows he/she is your boss. (I had one council member send me more than 200 emails in 4 months. She made things very unpleasant for me, and we surrendered that contract because of her.)

Multi-family can be more rewarding. The one building I looked after as a fee manager was undergoing a complete renovation. It was a challenge because this particular owner was more interested in ensuring that his partners were taken care of financially than his contractors. Of course, the PM is left dealing with dissatisfied contractors, while the owner was partying with very satisfied partners, who probably knew nothing of the very delicate financial position the property was really in.

(I just had a good news phone call and lost my train of thought. I may come back to add to this post.)

 

[mortgageman]

Keep in mind that a career change will impact your ability to qualify for a mortgage for a while - especially if you start your own business. You might want to take on a property or two and do a trial run to see if you do like property management before making a major jump.
All the best
Jason

 

[JeffSmith]

QUOTE (nepoez @ Nov 30 2008, 12:05 PM) Hi all,

I am have been working in enterprise software development since 2002 and I`ve become really good at it and make pretty decent money due to my experience. However, it is not something I enjoy doing anymore.

I have been looking to change my career to something that`s more aligned with my interest in real estate and property management seems like a good area to check out. I`m aware that licensing is a requirement and are difference in each province. But legal issue aside, I would like to find out from current PMs what they think of their work, the good, bad, and any advices would be great.

What I am looking for is not a high paying job, but a job a enjoy. I want to work with people as I enjoy interacting with people, solving their problems, provide good services, and at the same time be involved in real estate.

I`ve checked out this course in Vancouver http://www.sauder.ubc.ca/Programs2/RealEst...ent/default.htm

Do you folks think it will be worth taking it? What else should I be taking action on if I were to advance in this direction.

Thanks in advance,

Nepoez

Here is a link to the Real Estate Council of Alberta course titled Introduction To A Career In Property Management. Cost and other info is all there.
I can relate to the UBC courses in general as I have taken several in recent years and I am enrolled in 2 more this semester. I found the courses challenging and I like the way they are setup online.
Jeff
https://www.reca.ca/online/aspx/education/c...px?qry_for=1267