Starting a business for yourself is an incredible journey – one that can be significantly enhanced by joining a well-established franchise system with additional support along the way. If you’re reading this, you’ve found Real Property Management and may seriously be considering what it looks like to own and operate a property management franchise. Rental housing is on the rise in Canada, and now is a fantastic time to join and lead an industry which will only continue to grow in tandem.
To begin your journey as a property management franchise owner, it’s important that you have awareness of the hard and soft skills necessary to be successful. Here are some of the main attributes to consider when making this choice for yourself:
Education: While there is no traditional post-secondary degree in property management, a background in business or trade skills is a huge asset. Property management licensing is a factor and requirement for multiple provinces in Canada and may be necessary for you to complete before you can formally operate. Additionally, an in-depth understanding of your provincial Real Estate Act will be vital, as the rules and regulations under which you operate and manage properties varies in each province.
Communication skills: Property managers interact with a wide variety of people, including tenants, owners, contractors, and employees. Therefore, strong communication skills such as candor, tact, and conflict resolution are essential. Managers will be responsible for the flow of communication to and from these parties, so a focus on clarity and transparency will aid in minimizing misunderstandings and conflict.
Organizational skills: Property managers are responsible for overseeing property maintenance, communicating with tenants and owners, managing rent collection and finances, and marketing available units. Therefore, organization is crucial to ensure all tasks and processes are carried out effectively.
Tech-savvy: Our world continues to become more technologically driven, and property management is no exception. Property managers should be comfortable using a variety of applications – Client Relationship Management (CRM) software, task and calendar management software, and dedicated property management software to name just a few – to streamline and enhance services to tenants and owners. Managing communication flow, maintenance requests, financial collections/payouts, and so much more can all efficiently and effectively be handled through the appropriate technology, and to not utilize them will set you well behind the curve.
Business-minded: It can be very easy to lose yourself in the day-to-day duties of a property manager, but to succeed as a franchise business owner, you must be able to work on your business as much as in it. The ability to create and understand budgets, forecasts, and effective planning strategies is vital to your prolonged success and ability to serve clients well into the future.
Positive attitude: A positive attitude and mindset goes a long way in the world of property management. Owners and tenants are much more receptive to someone approaching them positively, and when conflicts or frustrations arise, that kind and resolution-oriented method of communicating will be much more successful than the alternative. All situations should be handled with grace and professionalism, and it starts with a positive attitude.
Patience: As noted above, conflict and tension/frustration will inevitably occur at some point, as you are both managing the home for someone, and the investment of another. Patience, alongside so many of these other skills, can greatly disarm and diffuse difficult situations. Conflict resolution begins by active listening and understanding all sides involved, and then addressing issues in a timely and effective manner – all of which require patience.
Assertiveness: Rules and regulations do not solely dictate how you as a property manager operate; tenants and owners also need to abide by tenancy law, and a property manager needs to be assertive in maintaining these. In addition to being patient and positive when dealing with disputes, assertiveness is necessary to ensure all sides involved are confident in you as a property manager, and your ability to perform your role effectively.
Networking: As a property manager and franchise business owner, networking is vital to your success. Prospecting and engaging with potential investors and tenants are just as important as the communication you have with existing ones, as you cannot rely on anyone else to build your business for you. Community involvement is a necessity to build your reputation as a trusted advisor, and for your visibility amongst the competition in your market. Possessing and continuing to develop your networking skills will directly impact your current relationships, and the growth trajectory of your business itself.
Enjoyment of property management: It’s easy to tell when someone truly enjoys and loves what they do for a living – they exude enthusiasm and engross themselves in learning, growing, and delivering value every single day. While you may not enjoy everything about your career – few, if any, can say they do – you’ll want to overwhelmingly enjoy connecting with people, building relationships, problem-solving, and working in dynamic situations to really embrace being a property management franchise business owner.
If you feel you have the right mix of these 10 hard and soft skills, and feel pulled towards property management (and franchise business ownership) as your journey moving forward, reach out to Real Property Management today to start the conversation!