SIREG abandoned us, and now we are landlords.

A property manager is a person or company you hire to look after your rental unit so you do not have to.

You still own the unit and you are still the owner. The manager is the one who answers the phone, deals with the tenant, collects the rent and calls the plumber. You are the boss, they are the helper.

• Without a manager: your tenant calls you at 9 pm when the sink leaks.
• With a manager: your tenant calls them, and the manager sorts it out and tells you afterwards.

With a full-service manager, most of this is covered by the one fee:

1. Checking on the unit. Seeing whether there is a tenant, who they are, and what shape the unit is in.
2. Introducing themselves to the tenant. The tenant needs to know who to call and who to pay.
3. Collecting rent every month, and following up when it is late.
4. The accounting. Every dollar in and out is tracked, and you get a monthly statement.
5. Repairs. They take the tenant’s requests, book the right tradesperson and see the work through.
6. Inspections and dealing with tenant issues.
7. Condo rules. They help the tenant understand the building’s rules.
8. Finding a new tenant if the unit becomes empty.

Some managers do only part of this, such as only collecting rent. Always ask exactly what is included.

No. It is your choice, and plenty of owners manage their own unit. A quick way to decide:

A manager can be worth it if:

• You live far away, or in another country (a time difference makes a leak at night very hard to handle).
• You work long hours or travel a lot.
• You have never been a landlord and are not sure of the rules.
• You own several units, so the calls add up.

You may be fine on your own if:

• You live nearby and have the time to answer calls and handle repairs.
• You already have a good tenant who pays on time.
• You are comfortable with the basics. Our Landlord Guide walks you through them.
• You are comfortable with the legal side of being a landlord, meaning Ontario’s Residential Tenancies Act. The rules on notice, entering the unit, rent increases and evictions are strict. A mistake, such as entering without proper notice or trying to remove a tenant yourself, can lead to fines and orders to pay the tenant, and it can put the rent you are owed at risk.

Less than you would think. To get the ball rolling, a manager usually only needs:

• Your name.
• Your unit number.
• The building address.
• How soon you want them to step in.

That is enough for them to look into the unit and see whether there is a tenant. Details such as the rent amount and your bank information come next, when you sign the agreement. If your manager charges a flat fee, they do not even need to know what the tenant pays to start.

Many managers also ask for a few things before they take over, such as proof of your own insurance and a void cheque (so they can deposit your rent straight into your bank account).

Fees vary a lot from one company to the next. Managers usually charge in one of two ways:

• A flat monthly fee per unit. The same amount every month, whatever the rent is. Easy to understand and to budget.
• A percentage of the rent. For example, a few percent up to around ten percent. It grows when the rent grows.

On top of that, some managers add one-time or extra charges: a tenant-finding fee, a lease renewal fee, set-up fees, or a markup on repairs. Others fold it all into one fee.

• Is there an upfront fee? Often there is none. Instead, you are asked to put some money aside for repairs (see “property float” below).
• Is there a discount for more than one unit? For one owner with a second unit it is usually small. The bigger savings come from owners joining together (see the note at the end of this answer).
• Is tax added? Yes. Where work is taxable, HST is added to repair bills, and you will see it on your statement.

Remember the manager’s fee is on top of your normal costs. You still pay condo fees, property tax and insurance.

I want my unit managed →

Yes, once enough people join. One owner on their own has little bargaining power. Many owners together have a lot.

• The Coalition is negotiating reduced rates for its members.
• Tell the management company you came from us. That is how they know you are part of the group, and it is the only way the discount can count for you.
• The more owners, the bigger the discount. The more owners we know are with the same company, the larger the discount can be, possibly as much as half down the road.
• It takes numbers and time. A group rate needs a substantial number of owners, and it comes once things are stable. It is not an instant discount for the first few who sign up.

I want my unit managed →

A low price on the front page is not always a low price at the end of the month. When you compare, look at the total, not just the headline number.

• Extra fees. A cheap monthly rate can come with charges for repairs, renewals, inspections or paperwork. Some come straight out of the rent, so you may not notice them.
• What is included. One company’s “full service” may be another company’s “basic”.
• How much attention you get. A very large company can handle so many units that you become a ticket number. Larlyn is a family-owned and operated company that has been in property management for over 50 years, and it knows its communities.
• Emergency cover. Larlyn has a 24/7 line answered by a live person, and sends help right away.

Most managers ask for a minimum term, commonly six months. Setting up a new unit takes real work, and that is how they cover it.

After the minimum, it is common for either side to end the agreement with about 60 days’ notice. That works both ways: you can leave, and they can too.

• Read the “ending the agreement” part before you sign.
• Check whether there is any fee for leaving early.
• When you leave, tell your tenant in writing who to pay from then on, and ask for the lease, your records and any money held for you.

See our Landlord Guide for more on ending an agreement.

A float is a small amount of your money that the manager keeps on hand for your unit, so they can pay for things right away.

Think of it as a petty-cash fund. If a light bulb needs replacing, a lock needs changing or a hole in the wall needs patching, the repair person is booked that day and paid from the float. Nobody has to wait for you to e-transfer money across a time zone.

• Each unit has its own account or ledger, and its own financial statement. Your money is not mixed with your neighbour’s.
• How much? It depends on the unit. Somewhere between half a month’s rent and a full month’s rent is common. A unit in good shape with a happy tenant may need much less.
• It is still your money. Whatever is not used stays in your account.

A good manager looks at the unit first, then tells you what they suggest and why.

This surprises a lot of owners. With Larlyn, you get the rent about a month after it is collected. Payout timing is not the same at every management company, so it is worth knowing how it works here.

An example. You sign up in November.

1. On November 1 the manager collects the November rent.
2. During November they hold it, and pay anything that needs paying for your unit (a repair, a hydro bill, a lock).
3. At the end of November they close the books for the month. This is called reconciling.
4. In December you get your financial statement for November and an automatic deposit of what is left: the rent, minus the manager’s fee and any bills.

If nothing broke, you simply receive the full rent minus the fee.

If you manage the unit yourself, the rent goes straight to your bank account on the first, so a month’s delay feels odd. Some other managers pay out sooner, so ask about the payout date when you compare. With Larlyn, plan for your first payment to arrive about a month later.

Say the tenant’s toilet is leaking. Normally it goes like this:

1. The tenant tells the manager (a call, email or online request).
2. The manager decides if it is urgent. A burst pipe or no heat is an emergency. A squeaky door can wait.
3. They send a repair person they already trust, with a time that works for the tenant.
4. The bill is paid from your float or the rent they hold, and it appears on your statement.

Do they ask me first? It depends on the cost, and the rule is in your agreement. A common setup:

• Under your spending limit: the manager just does it. You see it on your statement. You agreed to this when you signed.
• Over that amount: they call you first and talk it through.

How big is the limit? It is not the same for everyone. It is set one unit at a time, based on the size of the unit and the condition it is in. On average it is usually about 50% to 100% of one month’s rent, not a fixed dollar amount.

Why not wait for your OK every time? Because the tenant is living there, and a leak or a broken lock cannot wait until you wake up in another time zone.

It will happen sometimes. In that month, the repair uses up the rent, and the manager does not simply spend whatever is needed.

• Anything over your spending limit needs a conversation with you first.
• You agree on the plan together: do the whole repair now, do the urgent part first, or get a second quote.
• If there is not enough rent to cover it, the difference is topped up from your float or by you.

That month, your statement shows more going out than coming in. It is a bump, not a disaster, and it is the reason for the float.

Often yes, but tell your property manager first. Once a manager is looking after the unit, they are responsible for it and for the tenant, so any outside contractor has to be arranged with them. That way the tenant is given proper notice, nobody turns up unannounced, and the work is done properly.

How it usually works: you tell the manager who you want to use and for what job. They check that the contractor meets their requirements, book a time with the tenant and keep the paperwork. For anything big, a good manager will ask that your person:

• Is licensed, where the trade requires it.
• Carries insurance and has WSIB coverage.
• Has done this type of work before.
• Gives a written quote and an invoice, so the cost appears correctly on your statement.
• Can come when the tenant has been told to expect work. The tenant is given notice for a specific day. If your friend cannot make that day, the visit is wasted and the tenant has to be told again.

For small jobs with no licence needed, such as patching drywall, many managers are happy for you to do it yourself, as long as it is done within the timeline the tenant was given.

A tenant is living in the unit, so a manager cannot just show up and walk in. The tenant’s home has legal protections.

• It starts with an introduction. The manager introduces themselves to the tenant, explains that they now look after the unit, and who to pay and who to call.
• Written notice is required. In Ontario a landlord (or their manager) must give at least 24 hours’ written notice before entering, with a time window. Good managers give more, so the tenant can tidy up and plan.
• The tenant usually tells them what is wrong. “The washer is broken” or “there is no fridge” is how many visits begin.
• Then they look. They take photos, note what needs doing and come back to you with a plan and a cost.

Nobody can demand entry, and no one should ask the tenant to leave their home on short notice.

If your unit is empty, a good manager does the detective work for you:

• Advertising: photos, a clear description and a fair price, on the sites renters use.
• Showings: they meet interested people at the unit.
• The application: a form with the person’s details, job and past addresses.
• Checks: credit report, proof of income, and calls to past landlords and references.
• A recommendation: they tell you who looks like a good fit. The final yes should be yours.

Ontario has rules about fairness. Applicants cannot be turned down for things like their background or family situation. No one can ask for a damage deposit; the most you can ask for in advance is the last month’s rent.

Insurance for your own unit is your job, even with a manager. The manager looks after the unit, but it is still your asset.

• Get your own policy for the unit. The manager will usually ask to see proof that you have one, and may need it before they can step in.
• The manager cannot tell you how much to carry. They do not know what your unit is worth to you. Your insurer or broker can advise.
• Shop around, but start with your own insurer. If you already insure your home or another unit with a company, they will often quote a better price for an additional unit than a company that has never met you.
• Ask your tenant to carry tenant insurance for their belongings and liability.
• Some insurers are reluctant to cover older buildings or certain areas. Ask early, so you are not left without cover.

The main one is a monthly financial statement for your unit, usually emailed to you. It lists:

• The rent that came in.
• The manager’s fee.
• Every repair or bill, with the tax on it.
• What was deposited into your account.

Keep every statement. Rent is income, and your accountant will want these at tax time. If you want a year-end summary as well, ask whether your manager provides one, because not all do.

Read each statement when it arrives. If something looks off, ask right away.

A manager usually works through it in steps:

1. A friendly reminder, in case it was just forgotten.
2. A call or message to understand what is going on, and sometimes a payment plan if you agree.
3. A formal written notice, if the rent is still unpaid.
4. An application to the Landlord and Tenant Board, the only place that can order an eviction in Ontario.

• You make the big decisions. A manager should talk to you before going to the Board.
• Ask if it costs extra. Some managers include this, others charge for it.
• You still pay your costs. Condo fees and the mortgage do not wait for late rent.

This is one of the best reasons to hire a manager. Water damage and no-heat emergencies do not wait for office hours.

Ask any manager you are thinking of hiring:

• Do you have a 24/7 emergency line?
• Do I reach a live person, or a voicemail?
• How fast can someone be on site? (Minutes to an hour, depending on the problem, is a good answer.)
• Do you send a manager to the site to make sure it is under control?

Good emergency service means a real person takes your address and the problem, and sends the right trades straight away. The tenant should never be left waiting until morning.

A condo adds a few extra steps, and a good manager knows them:

• Telling the condo corporation that the unit is rented, and who the tenant is. In Ontario this has to be done within 30 days of renting.
• Building rules. The tenant must follow them too: noise, pets, parking, garbage. The manager helps the tenant understand them.
• Move-in and move-out. Booking the elevator, getting keys and fobs, and making sure nothing gets damaged.
• Talking to the building office when there is a problem that involves the common areas.

It depends on the type of arrangement, and this is the most important thing to get straight before you sign.

1. A manager who acts for you (an agent). This is the normal setup. The lease is between you and your tenant. The manager works on your behalf. You are the landlord and the rent belongs to you.

2. A company that rents your unit and then rents it on (a master lease). You sign one agreement with the company, and they sign a separate lease with the person living there. In this setup the company is the tenant’s landlord, not you, and you rely on the company to pay you.

There is more detail on this in the Landlord Guide.

It is the contract between you and the manager. You do not need to read every line, but look for these before you sign:

• What they will do, listed clearly. If it is not written down, do not assume it is included.
• All the fees, including the extras.
• The minimum term and how much notice either side must give to end it.
• The spending limit for repairs without asking you, and how it was worked out for your unit.
• The float: how much, where it is held, and what happens to what is left.
• How and when you get paid, and when you get your statements.
• Who holds the tenant’s last month’s rent deposit, and who pays the interest on it. In Ontario that deposit earns interest that belongs to the tenant.
• Insurance. What you must carry, and whether the manager carries their own.
• Who is allowed to do repairs (their trades, or yours, and the conditions).

If anything is unclear, ask for it to be explained in writing. A lawyer can look it over for you before you sign.

Even with a great manager, a few things stay with you:

• Paying the unit’s costs: condo fees, property tax, insurance, and the mortgage if you have one.
• The big decisions: the rent, large repairs, renewing or ending a tenancy.
• Your taxes: reporting the rent as income.
• Keeping an eye on things: reading your statements and asking questions if something looks off.

Think of it like having an assistant. They do the legwork, but it is still your unit and your name on the deed.

Every condo building is run by a condominium corporation. That is just a name for all the owners in the building, together. The owners elect a small group of people, called the board of directors (at least three), to make decisions for the building.

The board looks after the building:

• The common areas: hallways, elevators, roof, parking, grounds.
• The yearly budget and the condo fees every owner pays.
• The reserve fund, the savings for big repairs.
• The building’s insurance.
• The building’s rules (noise, garbage, parking, pets) and making sure they are followed.
• Hiring the condo’s management company and other contractors for the building.
• Calling the owners’ meetings and keeping records.

Directors are usually owners, your neighbours, who give their time. They make decisions together, as a group, by vote.

No. This is the most common mix-up. Many owners and tenants assume the condo board, or the building office, looks after the units and the people renting them. It does not.

The board does not:

• Collect your rent.
• Find, screen or deal with your tenant.
• Fix things inside your unit (a leaky tap, a broken stove, a lock).
• Write or sign your lease.
• Set your rent, raise it, or end your tenant’s tenancy.

All of that is your job as the landlord, or the job of the property manager you hire. The board only looks after the building around your unit.

Three different roles, and they work for different people.

• The condo board is the group of elected owners who make the decisions for the building. Think of it as the boss of the building.
• The condo’s manager (the building’s management company) is hired by the board to carry out those decisions day to day: running the building office, hiring cleaners and repair crews, collecting condo fees and enforcing the rules. In Ontario, condo managers must be licensed. They work for the condo corporation, not for you.
• Your property manager works for you. They look after your unit and your tenant. You hire them separately, and only if you choose to.

Not sure who to contact? Here is a simple guide.

• Something broke inside the unit (appliance, plumbing, lock, heating in the unit): your property manager, or you if you manage it yourself.
• Rent is late, or the tenant has a question about the lease: you or your property manager. Never the board.
• A problem in the hallway, elevator, garage or roof: the condo’s manager (the building office).
• A noise, garbage or parking complaint: the condo’s manager deals with the rule breaking and will usually contact the owner. Your property manager then talks to the tenant.
• Keys, fobs, booking the elevator for a move: the condo’s manager.
• A question about condo fees, the budget or a big building repair: the board or the condo’s manager.
• You want a say in how the building is run: go to the owners’ meeting, or think about joining the board.

• Condo fees are paid by the owner to the condo corporation. They pay for the building: cleaning, the elevators, insurance, the reserve fund and the condo’s manager. The board sets them.
• Rent is paid by your tenant to you, or to the property manager you named. It is never paid to the condo corporation.
• Your property manager’s fee is separate from condo fees, and only exists if you hire one.
• You pay the condo fees even when rent is late. The condo corporation does not wait for your tenant.
• If your tenant damages the common areas or breaks the rules, the condo corporation can charge the owner, not the tenant.

Only about the building’s rules. The condo’s rules apply to everyone who lives in the building, including tenants. That means things like noise, garbage, parking, pets, smoking and moving in or out.

• If a tenant breaks a rule, the condo usually contacts the owner. You (or your property manager) then speak to the tenant.
• Repeated problems can lead to formal letters, charges to the owner and, in serious cases, legal steps.
• The board cannot set your rent, change your lease or evict your tenant. Only the Landlord and Tenant Board can order an eviction, and only after you apply.

This is why it helps to give your tenant a copy of the building’s rules on day one.

Usually, yes. Directors are normally owners who put their name forward and are elected by the other owners at an owners’ meeting.

• It is a volunteer role. Most boards meet about once a month, and many now meet online.
• Directors make decisions as a group, so no one person carries the building alone.
• Directors must act honestly and in the building’s best interest. New directors are required to complete short training.

The Coalition helps owners who want to put their name forward so that their building has a board.

Nominate myself →

The owners are in charge, so they can fix it.

• If there is no board, owners can call a meeting and elect one.
• Owners holding at least 15% of the units can sign a requisition asking for an owners’ meeting.
• At that meeting, owners holding more than half of the units can vote to remove directors and elect new ones.

The steps and forms are exact, so get advice before you start. Our Landlord Guide has more, and the Coalition can help.

• Financial statement (owner statement): the monthly page showing money in, money out, and what you are paid.
• Float: money held for your unit so repairs can be paid right away.
• Reconcile: to check and close the month’s books so every dollar is accounted for.
• Trust account: a separate bank account that holds client money, kept apart from the manager’s own.
• Void cheque: a cheque marked VOID that gives the manager your bank details for automatic deposit.
• Flat fee: the same fee every month, no matter what the rent is.
• Leasing fee (tenant-finding fee): a one-time charge for finding a new tenant.
• Vacancy: when the unit is empty and no rent is coming in.
• Master lease: a lease where a company rents your unit from you, then rents it to someone else.
• Agent: someone who acts on your behalf. You stay the landlord.
• WSIB: workplace injury insurance that tradespeople should carry.
• LTB: the Landlord and Tenant Board, which settles landlord and tenant disputes in Ontario.
• Condo fees (maintenance fees): the monthly amount every owner pays the condo corporation to run the building.
• Condo corporation: all the owners in the building together, run by an elected board.
• Board of directors: the small group of elected owners who make the decisions for the building.
• Condo manager: the management company hired by the board to run the building day to day. Not the same as your own property manager.
• Building rules (by-laws and rules): the condo’s written rules on noise, garbage, parking, pets and so on. They apply to tenants too.
• Requisition: a request, signed by enough owners, that forces the board to call an owners’ meeting.