Updated October 3, 2026 · DF Property Management
Start with fit
Managers specialize, whether they say so or not. A firm that runs downtown condo units well may not be set up for a 40-unit walk-up in Thorncliffe Park with a boiler, a RentSafeTO registration and a superintendent. A residential manager may never have reconciled CAM for a plaza. Ask what their portfolio actually looks like and whether your property is a typical one for them. Ask, too, who covers your property when your contact is on holiday.
The questions that matter
Operations
- Who will be my day-to-day contact, and how many properties do they handle?
- How do tenants report maintenance, and what happens after hours?
- What's your response time for owners and for tenants?
- How often do you inspect, and do I get photos?
- Which trades do you use, and do you mark up their invoices?
Money
- Where is my rent held between collection and payout?
- When am I paid each month, and what does the statement show?
- Will I see the original contractor invoices?
- How are last month's rent deposits and interest handled?
Tenants and the law
- How do you screen applicants, and how do you stay within the Human Rights Code?
- What's your process from the first missed payment to an N4 and an L1 application?
- Who represents me at the Landlord and Tenant Board? Paid representation at a tribunal generally requires a Law Society of Ontario licence (lawyer or paralegal), so ask who appears and how it's billed.
- How do you track rent increase dates, N1 notices and the guideline?
- For buildings: how do you handle RentSafeTO, Fire Code inspections and Toronto's rental renovation licence by-law?
Licensing and RECO, carefully stated
Ontario has no general licence for rental property managers. The rules that do apply are narrower:
- Leasing. Under the Trust in Real Estate Services Act, 2002 (TRESA), administered by the Real Estate Council of Ontario (RECO), a “trade” in real estate includes a lease or rental. Arranging leases for others for compensation is therefore generally registrable. The Act exempts a person who trades solely to arrange leases to which the Residential Tenancies Act, 2006 applies. Arranging commercial leases for an owner generally requires registration, unless another exemption applies.
- Condominium corporations. Managing a condo corporation (the building, on behalf of the board) requires a licence from the Condominium Management Regulatory Authority of Ontario. Managing an individual owner's rented condo unit is a different job.
- Legal representation. As above, paid representation at the LTB or in court is generally regulated by the Law Society.
Ask a manager how their leasing is structured — especially for commercial space — and check registration on RECO's public register if they say they're registered.
Management agreement: terms to read closely
| Term | What good looks like |
|---|---|
| Scope of services | A specific list: leasing, collection, maintenance, inspections, compliance, reporting, LTB work |
| Fees | Every fee listed, with what triggers it; no vague “administration” charges |
| Repair approval limit | A dollar limit you set, above which the manager needs your approval, with an emergency exception |
| Owner funds | Held in a trust or segregated account, not mixed with the manager's operating money |
| Reporting | Monthly statement with invoices; year-end summary for your accountant |
| Term and termination | A reasonable notice period to end the agreement, without large penalties |
| Handover | On termination, the manager returns keys, deposits, leases, tenant files and records promptly |
| Insurance | The manager carries liability and errors-and-omissions coverage |
For a closer look at pricing structures, see property management fees in Ontario.
Trust accounts and reporting
Your rent and your tenants' deposits are your money, not the manager's. Ask to see how funds are held, and ask for a sample monthly statement. A good statement shows rent charged and collected by unit, arrears, every expense with the invoice attached, management fees, reserves held and the net paid to you. If a manager can't produce one, you won't get one later.
Also ask what happens to tenants' last month's rent deposits if the agreement ends. They belong with the tenancy and should transfer to you or the next manager, with the interest calculation up to date.
The first 90 days
Ask what onboarding looks like. A good manager will:
- Collect the file. Leases, rent ledgers, deposit records, rent increase history, keys, warranties, insurance, permits and inspection reports.
- Inspect the property. A documented walkthrough with photos, so you both agree on the starting condition.
- Introduce themselves to tenants. Written notice with new payment details and how to request repairs.
- Check compliance. Smoke and carbon monoxide alarms, fire safety, building registrations and any open orders from the City.
- Set the budget and limits. Repair approval limit, reserve amount and the capital items expected over the next few years.
References that tell you something
Ask to speak with an owner whose property is similar to yours, and one who has been with the manager for several years. Ask how quickly problems were reported, whether statements arrived on time and were accurate, and how a difficult tenant was handled. A manager who can't offer a single reference for your type of property is telling you something.
Red flags
- No written agreement, or one that doesn't list fees and services.
- Vague answers about money — where rent is held, when you're paid, whether invoices are marked up.
- No sample statement or reporting only on request.
- Promises of rent they can't control — guaranteed rents above market, or “we never have vacancies”.
- Shortcuts with tenants — suggesting security deposits, “no kids” rules, or cash-only arrangements.
- Long lock-ins or large termination penalties.
- Reluctance to put repair limits in writing.
- No clear answer about leasing and RECO when commercial space is involved.
Our answers
We'd rather you ask us all of the above. In short: one named contact, answers within one business day, photos on every job, a repair approval limit that you set, Ontario-compliant paperwork and one monthly statement with invoices attached. See how it works, or request a proposal.
General information, not legal or tax advice. Registration and licensing rules can change; check RECO and the Government of Ontario for current requirements.