It's not all by the book

Being a property manager is about much more than knowing the law and taking care of administration tasks. Property managers sometimes have to deal with uncomfortable, confronting scenarios, such as: what happens when one of your long-term tenants dies of old age and you are the one who finds him or her?  Whom do you notify? Is there a next of kin? What happens when there isn’t? What do you do with their belongings? Once the property is ready to be released, what are your legal obligations to the next prospective tenants? There are a lot of questions, and many of those answers are not covered by any act of government.

 Or perhaps a tenant has fallen so far behind on rent that an eviction is required. Although we have empathy for the tenants’ situation, we also have an understanding on the financial impact that late or no rent can bring to an owner's personal situation. Remember that although the rent is late, the bank is still looking for its mortgage payment.

 Both scenarios are situations confronted by property managers all the time, and you need to learn to deal with such stresses if you want to stay in the industry.

 Property management is a difficult industry to work in with its day-to-day challenges, so the key for owners is to find a property manager who has passion and enthusiasm and isn't afraid to say, "I love my job".

 Passion for property management is a must, and without it you might as well go and find another role. There are much less stressful and challenging careers out there. It’s a tough gig and does not suit everyone, but I must say – I love my career and wouldn’t do anything else!

Leah Calnan is the director of Metro Property Management in Victoria and is the chairwoman of the REIV Property Management Chapter.