Managing your rental
Compare a leasing agent, tenant placement and a property manager for renting out your Ontario property: who does what before and after move-in.
By the Tenant.ca teamUpdated 2 min read
Renting out a property has two stages. The first is leasing: setting the asking rent, advertising, showing the home, screening applicants and preparing the lease. The second is the tenancy itself, which can run for years: rent, repairs, notices, renewals and the eventual move-out.
A real estate agent who handles leases is usually hired for the first stage. A property manager is hired for the second, and some also handle the first. Knowing which stage you need help with makes the choice much simpler.
A real estate agent can list your property for lease, show it, present applications or offers to lease and help prepare the lease. Agents are usually paid a commission once a tenant is found, and the amount and how it is shared with the tenant's agent are set in your listing agreement. Read that agreement before you sign it.
Once the tenant moves in, the agent's work is usually done, and the tenancy is yours to manage: the rent, the repairs and the tenant's calls.
A property manager looks after the tenancy after move-in: the tenant's questions, the rent, repairs, notices and records, usually for a monthly fee. You stay the landlord and make the decisions that cost money.
Tenant placement services handle the leasing stage for a set fee: 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, then runs the listing and showings and collects the applications, and you choose the tenant.
Match the help to the stage you actually need, then compare the written scope and the total cost.
