Managing your rental
Decide whether to manage your Ontario rental yourself, get help only to find a tenant, or hire a property manager, with a checklist and real costs.
By the Tenant.ca teamUpdated 4 min read
A rental needs the same jobs done whoever does them: answering the tenant, following the rent, arranging repairs with proper notice, keeping records and finding the next tenant when one leaves. The question is not whether that work exists but who will do it reliably, and how much of your time and attention it takes.
There are three common arrangements. You manage the rental yourself; you get help only when the unit is vacant and look after the tenancy yourself; or a property manager handles the tenancy day to day while you stay the landlord and make the decisions that cost money.
If several of these describe you, compare a manager's quote with what managing the rental yourself is really costing you.
Self-management can work well when you live nearby, can take calls during working hours, have dependable trades and keep good records. Many owners of a single condo manage the tenancy themselves and get help only with leasing.
If you manage the rental yourself, learn the basics before a problem arrives. Most residential tenancies need Ontario's standard lease. Entering a tenant's unit for a repair or an inspection needs written notice at least 24 hours ahead, with a time between 8 a.m. and 8 p.m. Late rent is handled through the Landlord and Tenant Board's process and forms. A shortcut taken under pressure, such as entering without notice or locking a tenant out, can cost far more than the problem it was meant to solve.
If the tenancy itself is manageable but finding the right tenant is not, tenant placement covers the vacancy: the asking rent, advertising, showings, screening and the lease. Tenant.ca's placement fee is one month's rent plus HST. The team books an assessment at the property first, and you choose the tenant from the applications.
After move-in you manage the tenancy yourself, or add ongoing management later if the work turns out to be more than you want.
Compare the fee with the time and risk it replaces, not with zero. Tenant.ca's management starts at $98 a month plus HST for a condo or apartment, which is $1,176 a year before HST, and $148 a month plus HST for a house, which is $1,776 a year. Repairs, the property's own costs and tenant placement are separate.
Some managers charge a percentage of the rent instead of a flat fee. At your actual rent, put both in dollars for a full year and add every separate charge before comparing.
Write down the jobs you will keep, the jobs you want to hand over, how quickly you can realistically answer a tenant and what you want to see each month. Bring that list to a conversation with any manager you are considering, and compare the written scope against it.
Under a Tenant.ca management agreement you stay the landlord, every repair estimate comes to you for approval, and the first 60 days are a trial period, so you can see how the arrangement works for your property.
