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How You, As A Landlord, Can Choose The Right Property Management Firm

Toronto - Canada photo by Tiago Rodrigues, via Unsplash

Selecting the right property management company in Toronto, Barrie, or any other city in Ontario is one of the most important decisions a landlord has to make. 


Here are a few steps to help you make the right property management decision:


  1. Find out what your needs are: How many properties do you have? What’s your budget? How involved do you want to be in property management? What services do you need (for example, tenant screening, upkeep, rent collection)?

  2. Start by looking for property management companies in your community. This can be done online, through referrals from other landlords, or by looking in local business directories. Create a list of potential companies.

  3. Evaluate Qualifications and Certifications: Find out what professional associations they are a part of and what training the staff have undergone to provide competent property management services. Compare the property management firms from this point of view.

  4. Read reviews and ask for references: Search online for property management firms’ reviews and ratings on popular search engines such as Google and Yelp, as well as on Better Business Bureau (BBB) websites. Take a look at their Google reviews. Ask for references from existing or prospective clients to get an idea of how they feel about your services.

  5. Interview Multiple Firms: Set up interviews with multiple property management firms to talk about your needs, services, and fees. Ask questions about their experience, tenant problems, tenant screening process, property maintenance, and emergency services.

  6. Clarify Fees and Contracts: Make sure you understand the fee structure, including any upfront costs, ongoing fees, and any additional charges for specific services. Review the contract carefully and clarify any terms that are unclear.

  7. Assess Communication: Take note of how responsive and communicative the property management firm is during your meetings. Good communication is key to a successful relationship.

  8. Check for Insurance: Make sure the property management company has the right kind of insurance coverage to cover you and your property, including liability insurance.

  9. Seek Legal Advice: Before signing a management agreement, it is recommended that you seek legal advice from a real estate attorney to ensure that you understand all the terms and conditions of the agreement.

  10. Compare Proposals: After gathering all key information from multiple firms, compare their proposals, services, fees, and terms to determine which one best aligns with your needs and goals.

Choosing the right property management firm is a major decision, and taking the time to research, interview, and compare the options available is important. Thoroughly evaluate your options and consider your specific needs in order to make an informed decision that will benefit both you and your tenants.



About the author:

Alex Rascanu held senior marketing and senior policy advisory roles before entering the real estate industry, where he provides buy and sell-side commercial and residential real estate advisory services in the Toronto area. Alex completed a bachelor of business administration from the University of Toronto and a masters of public administration (management) from Dalhousie University, and is a registered real estate sales representative with Right at Home Realty, Brokerage. Connect with Alex Rascanu: on LinkedIn, Instagram, and YouTube, and via email at alex@rascanu.com.


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