Guide · Landlords & owners
The Property Management Guide
What a property manager does, what to look for in a management agreement, and how good management protects the value of a home over the long term.
- Last reviewed
- Reading time
- About 2 minutes
What a property manager does
Residential property management covers the day-to-day running of a rented home on the owner's behalf. Depending on the agreement, it can include:
- Marketing the unit, showing it and screening applicants.
- Preparing the standard lease and collecting deposits and rent.
- Handling maintenance requests and arranging repairs through qualified trades.
- Serving notices correctly and representing the owner's interests at the Landlord and Tenant Board.
- Regular inspections, record keeping and financial reporting.
Regulation and who can lease on your behalf
In Ontario, leasing a property on someone else's behalf for compensation is generally a trade in real estate under the Trust in Real Estate Services Act, 2002, which requires registration with the Real Estate Council of Ontario. Check RECO's public register for anyone who will lease your property for a fee.
Management tasks that are not trades, such as arranging repairs, are not regulated in the same way, so the management agreement is where your protection lies.
What the management agreement should cover
- Exactly which services are included, and which cost extra.
- Fees, how they are calculated and when they are charged.
- Spending limits for repairs without your prior approval, and how emergencies are handled.
- How rent and deposits are held, including whether funds are kept in a trust account.
- What reports you will receive, and how often.
- The term, how either side can end the agreement, and what happens to records and funds at the end.
Have a lawyer review the agreement before you sign.
Management as long-term stewardship
Good management is mostly preventive: prompt repairs that stop small problems growing, consistent records, fair and lawful dealings with tenants, and planning for major replacements such as roofs, windows and mechanical systems before they fail. Tenants who are treated well tend to stay longer, which reduces vacancy and turnover costs.
Questions to ask a property manager
- Who will actually manage my property day to day?
- Are you, or is your brokerage, registered with RECO for leasing?
- How do you screen tenants, and how do you make sure the process is fair and lawful?
- How do tenants reach you after hours?
- Can I see a sample owner report?
This information is general and educational. It is not legal, tax, accounting or investment advice, and rules change. Confirm requirements with the relevant authority or a qualified professional before acting.
