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Becoming a condo property manager is such an exciting and rewarding experience. Not only can you earn a good income, but you are also helping people find a place to call home.
Prior to becoming a manager, however, there are quite a few requirements. Ontario has condo property management regulations set in place to ensure managers are viable and reputable entities in the space.
If you’re looking to become a manager in this field, it’s important to understand the requirements necessary. Here are a few things you need to know before embarking on your rewarding journey!
Property managers and management companies wear a lot of hats. There are several roles they are responsible for in order to ensure all occupants are happy, payments are made in a timely manner, and maintenance is being kept up with.
Here’s what you will be responsible for:
Licensing is an imperative part of the process of becoming a property manager. In Ontario, there are a few licenses that people in the management capacity must acquire before they may legally execute their roles.
First, let’s touch on the types of licenses for condo managers in particular. Bear in mind, each of these calls for a fee and a police check. In certain scenarios, they might be eligible for renewal or, alternatively, might be revoked if the criteria have not been fulfilled.
This was created for managers just starting out in the business who have limited experience (less than 2 years) and training. The holder of a limited license should have a supervising licensee. Such type of license restricts the nature of the work in that the manager cannot sign a status certificate nor can they use reserve funds.
Moreover, the license prohibits managers from entering into agreements, spending over $500 or giving anything to owners without the prior approval of the supervising license holder.
One level up from the limited license is the general license which is intended for managers who have completed the RCM (Registered Condominium Manager) course or something equivalent (any of the other courses provided by the ACMO – Association of Condominium Managers) and have the required experience.
This is ideal for managers who are currently working on getting their RCM but are not able to complete the eligibility criteria before fresh amendments are enforced. A transitional general license is accessible to those managers who have over 2 years of experience. The license holder has up to 3 years to acquire their general license.
To infuse a higher standard of ethics and a sense of public protection in the condo management field, The Condominium Management Regulatory Authority of Ontario (CMRAO) has enforced certain criteria. This regulatory body reports directly to the Ontario Ministry of Government and Consumer Services (MGCS).
The following are the prerequisites laid down by the CMRAO as far as the conduct of property managers is concerned;
All in all, the primary role of the condo property manager is to make certain that landlords and tenants are treating your space in a manner that is fair to all parties involved.
To infuse trust and transparency into the system, property managers are expected to adhere to a set of guidelines that dictate their conduct and how they execute their duties.
Mareka Properties is an established property management company that specializes in condos. We introduce a sense of vision, innovation and expertise into your management needs in Ontario.
When you go for a firm that doesn’t have the right experience, expenses lawsuits, disputes and disgruntled clients are sure to follow.
Let us take the burden off your shoulders. Contact us to have your property managed the right way.