In This Article
Overview
When evaluating a property management company in Ontario, the quality of your service will only be as good as the people behind it. This article helps you assess whether a firm has the experience, professionalism, and credibility to meet your needs and the needs of your tenants.
Company Background
- Experience: Look for at least 5 years in operation, ideally under the same name.
- Property Type Expertise: Ensure they have experience with the type of property you own.
- Industry Knowledge: Ask scenario-based questions to gauge their problem-solving skills.
Bonus tip: Avoid firms with unclear business histories or name changes meant to avoid past poor performance. A reputable company will be transparent.
Licensing & Certifications
- Licensing: Confirm that they’re licensed to practice property management in Ontario.
- Insurance: Ask about errors and omissions insurance.
- Certifications: Look for team credentials from NARPM, IREM, and NAA, as well as ongoing education.
- Professionalism: How they dress and communicate speaks volumes about how they’ll represent you.
Management Portfolio
- Specialty: Do they focus on your property type?
- Portfolio Size: Are they growing or downsizing?
- Geographic Reach: Do they serve your area specifically or operate nationally?
- Section 8 Experience: If you own affordable housing, this is crucial.
- Longevity of Clients: Ask about client retention rates and review their properties.
- Office Proximity: Ideally, they should be within 25 minutes of your rental.
Consider doing drive-bys or walkthroughs of managed properties and, if possible, speaking to current tenants about their experience.
We'll continue this guide in the next edition, diving deeper into size, support systems, and tech stack evaluation.
