If you’re looking to make a career in property management in British Columbia, there are a number of things to consider. You’ll need to obtain a license and learn about the Real Estate Services Act (RESA). You’ll also need to learn about the legal aspects of running a business. As well, you’ll need to have a good understanding of insurance.
Learn about the Real Estate Services Act (RESA)
The Real Estate Services Act (RESA) of the Philippines may be considered as a law that is intended to boost the local real estate market and boost the government’s income from real property-based transactions. It imposes a licensing requirement on developers and traders marketing various types of properties. This act has been a boon for the country’s economy as it has enhanced consumer protections and stimulated economic activity.
The real estate industry is one of the most competitive in the country. For this reason, it is imperative that real estate practitioners be duly licensed. The Professional Regulatory Board of Real Estate Service (PRB) is the agency that is in charge of regulating the real estate sector. In the name of the state, the PRC has the power to deny licenses to individuals that are not qualified to practice. The board has the authority to revoke licenses or certificates for violations of the RESA and related laws.
The RESA has five main purposes: to promote economic activity, to protect consumers, to enhance government income, to create a corps of competent real estate service practitioners, and to regulate the industry. In addition, the act requires mandatory forms for residential property transactions and requires real estate trading professionals to undergo training. The PRC has the authority to impose a fine or impose imprisonment on those who are found unlicensed or without a license.
The law has many provisions and it is often difficult to determine its actual effect on the local economy. The government has a vested interest in the growth of the industry as it generates a large part of the country’s revenue. In fact, the government has created a new regulatory body called the Real Estate Advisory Committee or REAC in order to better coordinate the activities of all agencies involved.
Obtain a property management license
Obtaining a property management license in BC requires education and training. The process is similar to that of a real estate broker. The first step is to find out what the specific requirements are.
Most states require a high school diploma or higher. Students can take a pre-licensing course. An accredited real estate licensing school offers the coursework. To get your license, you must complete the coursework and pass an exam.
Property managers usually work closely with real estate brokers. A license enables them to run their own business and earn a steady income. It also helps them to keep track of the properties they manage. In addition, a property manager can benefit from specialized certification.
In order to obtain a property management license in BC, applicants must be at least 19 years old. They must also have a degree from a recognized university. They must pass a criminal background check. If they are eligible, they must also pass a language proficiency test. They must also complete the “Relicensing Education Program” every two years. This consists of five to six hours of coursework.
The fee for a property management license in BC is $1,800. This includes the fees for a two-year license, the Compensation Fund Corporation assessment, and Errors & Omissions insurance. There are also exemptions for in-house employees and people dealing with their own property.
Before deciding to get a property management license, it’s important to think about your business needs. Developing a plan will help you to achieve success. It will also give you the opportunity to network with colleagues in the industry.
Many property managers join existing firms. These companies offer fixed schedules and employee benefits.
Charge a leasing fee
Leasing fees are on the upswing as more and more tenants make the move to their own corner of the world. The average two bedroom condo in Vancouver is about $2,262 a month. If you’re a newcomer, this is a great time to snag your first home. On the downside, you’ll have to deal with a plethora of tenants whose personalities aren’t all that comprehensible. As such, you’ll have to keep an eye out for the tells. A good rule of thumb is to keep a minimum of $1,500 in a separate tenant deposit account.
The best part of it all is that you can actually get paid for your efforts. Luckily, there are more than a few companies in the city to choose from. Leasing fees aren’t all that dissimilar to property management. The more savvy amongst us will be well on their way to making it a long and prosperous tenure in the industry.
Insurance
The British Columbia insurance market has seen an increase in premiums. While many factors are at play, two of the biggest are catastrophic exposure and loss reduction. It is important to make sure that you have enough insurance coverage.
If you are a property manager, you must obtain the proper insurance. Depending on the type of business you have, you may have a number of different types of policies to choose from.
Professional liability insurance is an essential policy to have. This will cover your expenses if you are sued or you make a mistake that costs your clients money.
Errors and omissions insurance is another must-have. It will provide you with the compensation needed to cover legal expenses and expenses related to financial management.
Cyber liability will protect you against fraud, forgery, and counterfeit funds. It will also protect your business’s digital information.
A good landlord insurance policy can ensure your home and rental property are protected from damage. A fire is a devastating event for your tenants and your property.
A typical property manager insurance policy will not cover fire. It will also not protect you from injury on the property. The policy you choose should include libel and discrimination. It should also cover unlawful eviction.
A BCAA Small Business Insurance can help you protect your business in the event of a fire or theft. This type of insurance will also cover you for lost income.
To find an affordable policy, you can work with a reputable brokerage. They will help you to find the best deal and offer advice on risk mitigation.
If you are looking to work with an agent in BC, look for ones who follow the Insurance Council’s Code of Conduct. This requires agents to act in a honest, ethical, and trustworthy manner.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.