10 Essential Questions to Ask Your Future Property Manager in Toronto

Are you considering outsourcing the management of your investment property in Toronto? Before making this crucial decision, it’s important to ask the right questions. This guide outlines the top ten questions you should ask your potential property manager to ensure you’re making the best choice for your real estate investment.

1. What Property Management Services Do You Offer?

A comprehensive property management company should offer a wide range of services. Look for offerings such as:

  • Rental marketing
  • Tenant screening
  • Property setup
  • Maintenance coordination
  • Regular inspections
  • Rent collection
  • Detailed reporting
  • Bill payments

For a full list of our services, visit our services page.

2. How Many Properties Do You Currently Manage?

The number of properties a company manages can indicate their capacity and experience. Too many properties might mean overwhelmed staff, while too few could suggest inexperience. Aim for a balance that ensures personalized attention to your property.

3. What’s Your Experience in Property Management?

Experience is crucial in property management. Look for a company with years of experience handling:

  • Tenant screening
  • Eviction processes
  • Landlord-tenant law
  • Property maintenance

4. How Do You Determine Rent Amounts?

A good property manager should have a clear, strategic approach to setting rent. This might include market analysis, property features assessment, and seasonal considerations.

5. What Are Your Property Management Fees?

Transparency in fees is essential. Ask for a breakdown of all costs to avoid hidden charges. You can calculate our fees here.

6. What’s Your Rent Collection Process?

The rent collection method can significantly impact timely payments. Online payment systems are often the most efficient and reliable option.

7. How Will I Receive My Rental Income?

Direct wire transfers are typically the fastest and most secure method for receiving your rental income.

8. Do You Conduct Regular Property Inspections?

Regular inspections are crucial for maintaining your property’s value. Ensure the company conducts scheduled inspections with photographic documentation.

9. What’s Your Tenant Screening Process?

A thorough tenant screening process is vital for finding reliable tenants. Learn about our 7-Step Tenant Search & Screen process here.

10. How Often Will I Receive Property Updates?

Regular communication is key to successful property management. Ensure your property manager commits to frequent, detailed updates about your property.

By asking these questions, you’ll be well-equipped to choose the right property management company in Toronto for your investment needs. Remember, the right property manager can make a significant difference in the success of your real estate investment.

For information on Toronto’s rental market, visit Canada Mortgage and Housing Corporation: CMHC Rental Market Report