How to choose a property management company in Toronto

Start with what you need managed

Write down the property type, whether it is occupied and the jobs you want to hand over. Then look for a company that manages that kind of rental in your area. A company that runs condominium corporations for their boards is not the same as one that manages individual rentals for owners, and a leasing brokerage is not a property manager.

• Condo property management
• House property management
• Multi-unit property management

Compare the whole fee, for a full year

Ask for every charge in writing: the monthly fee, finding a tenant, renewals, setup, inspections, after-hours calls and any markup on contractor invoices. Add them up for twelve months at your actual rent. A low monthly fee with several separate charges can cost more than a higher flat fee.

Tenant.ca publishes its fees: management from $98 a month plus HST for a condo or apartment and $148 a month plus HST for a house, tenant placement at one month's rent plus HST, and a 60-day trial period at the start of management.

• Compare a percentage quote with a flat fee

Questions to ask every company

Ask each company the same questions and compare the answers side by side.

• Who is my day-to-day contact, and how quickly do you answer owners and tenants?
• Which repairs need my approval, and how are emergencies handled?
• How is rent collected, when is it paid out to me and what statement comes with it?
• Can I see payments, repairs and documents myself at any time, or only when I ask?
• Who chooses the tenant, and how are applicants screened?
• Who prepares and serves notices, and who handles a Landlord and Tenant Board application if one is needed?
• What does the agreement say about its term, ending it and returning records and keys?

Warning signs

Take more time before signing if you see any of these.

• Fees that are explained only verbally
• No written agreement, or pressure to sign one immediately
• Rent paid out without a statement showing what was collected and deducted
• Repairs carried out and billed without your approval outside an emergency
• Guaranteed rent offered without explaining who holds the lease with your tenant
• No clear answer about how records and keys come back to you if you leave

• Guaranteed rent or property management?

Ask how the handover works

If you are leaving another manager, ask how the new company takes over: the records, rent in transit, open repairs and the message to your tenant. A company with a clear handover plan has done it before.

• How to switch property managers in Ontario

Talk to Tenant.ca

Tenant.ca manages condos, houses and multi-unit rentals across Toronto and the GTA and twelve more Ontario communities. Tell us about your property and the team confirms coverage, the fee and the next steps. You stay the landlord, every repair estimate comes to you first, and the first 60 days are a trial period.

• Property management with Tenant.ca