On The Hunt for a Property Manager?: Top Questions to Ask

Finding the right property manager for your rental property should be taken as seriously as finding a tenant. After all, the property manager will be responsible for protecting the best interest of your investment and ensuring your rental property and tenants are all working cohesively.

Hiring a property manager for real estate services in Ontario has many benefits, whether you’re a hand-ons landlord who is looking for some assistance or a hands-off landlord looking for a full service property manager.

Here is a list of questions to help guide you in your quest to finding the perfect property manager that fits your needs as a landlord.

Experience and Expertise

Managing a condo unit and a duplex requires distinct approaches due to their differing property types and needs. You want to make sure that the manager you hire for real estate services in Ontario has general property management expertise but is also experienced with the type of property you are looking to get managed.

How long have you been managing properties?
What types of properties do you specialize in?
Do you have experience with managing condos for rent in North York?
Do you have experience with managing a full house with basement to rent in North York?

Services Offered

Landlords should start their quest by reviewing companies that offer full-service property management and real estate services in Ontario and determine if they need a full range of services or not. For example, some landlords may need help with only rent collection and property tax remittance, while others may need help with tenant placement, rental collection and the handling of repairs.

What specific services do you provide and do you offer packages?
Can I switch to packages at anytime?
Can I only do rent collection and remit my non resident withholding taxes with you?

Tenant Screening and Management

Property management companies across Ontario may have a different process of how they secure tenants for their landlords. It’s important to understand the companies real estate services and how it works before signing the contract.

What happens when the tenant submits a lease termination?
Does my rental property get listed on the MLS?
Are there additional fees for tenant placement? If so, what does this include?
Can I use my own Real Estate Agent while you’re managing my property?
How do you screen the tenant applications?

Maintenance and Repairs

The maintenance and repairs of managing a property is what most landlords require assistance with. It’s important to note that some real estate services in Ontario have an in-house maintenance team while others may use third-party contractors. There are pros and cons to both methods, but asking the right questions can help you better understand what your preference may be.

Do you have an in-house maintenance team or do you use contractors?
What is your process for handling emergency repairs?
Will I be able to approve each repair/maintenance quote before the work is confirmed?
If I’m not satisfied with a quote will I be able to find my own contractors?
What is your turnaround time with getting repairs done?

Fee Structure and Costs

Understanding the property management company fee structure and costs will allow you to make an informed decision and evaluate your financial budget. Before signing the contract, it’s important to thoroughly read through the entire document to ensure there are no hidden or additional fees you aren’t aware of.

What are your management fees and what do they include?
Do you offer a flat rate fee or do you charge a percentage of the rental amount?
How will this monthly fee be charged? Will it be deducted from the rent or invoiced?
Are there additional fees for leasing, renewals, or extra services that are not a part of my package?
How will the repairs and maintenance fees be billed to me?

Communication, Technology and Tools

It’s important to note how your tenants can communicate with the property manager. Some companies have integrated advanced technology such as apps and portals for communication, while others may still use traditional ways of communicating such as phone and email.

How often will I receive updates about my property?
Do you use any property management software?
Can tenants pay rent or request maintenance online?
Can my tenants contact you at anytime for emergencies?