Updated November 2020
As an investor, working with an experienced property management company allows you to balance your hard work efficiently with your invested time, money, and resources.
However, putting all your trust in a company’s hands isn’t easy. Companies that are unprofessional or overly passive in their approach to property management will hurt your ROI. The wrong choice will reflect in your profits.
To ensure that you sign on with a company that can meet your expectations, take your time to look for a firm with a successful communication, reasonable rates, and a top-notch professional team.
In this article, we’ll discuss what you should look for in a good rental property management company, both residential and commercial.
If you’re searching for the best property management companies in Toronto, you need to know exactly what you should be looking for.
Best Property Management Companies Toronto List: Top 5
#1 Buttonwood Property Management
Here at Buttonwood, we are proud of the range of complete and professional services we offer. Our company has been built on the principle of making business more productive and simple for landlords, and the services we offer do just that.
The core values we hold at Buttonwood are integrity, service, expertise, and commitment. With these values in mind, our well-staffed team works to ensure the proper approach is used for each property in your portfolio. We can even help you find your next perfectly suited property if you are ready to expand your investments!
If you are looking for a customizable but streamlined experience, you can trust us to deliver.
Buttonwood’s comprehensive property management services include:
- Property asset management
- Cash flow management
- Rent collection
- Fee, tax, and repair service payment management
- 24/7 repair coordination
- Effective communication with lessee and tenants
- Move-in and move-out coordination
- Emergency call line for tenants
- … and much more!
We aim to deliver these services in a professional manner at all times. From communicating with you about the status of a vacant unit to updating tenants about maintenance requests, our team values fast, thorough communication at all times. Your concerns are our concerns, and we will work quickly to resolve any issues.
If you are looking for property management services to effectively support the success and growth of your rental properties, Buttonwood can find the best liaison and setup to work for you.
#2 Property Management Toronto
With many years of experience, Property Management Toronto specializes in management of homes, condos, and townhomes.
Established in 2011, Property Management Toronto is able to help owners at any stage of the rental business. Whether you’re looking to establish and buy properties or increase your revenue, their services can help.
Offered services at Property Management Toronto include:
- Tenant selection services
- 24/7 maintenance management
- Tenant communications
- Revenue reporting
- Property marketing
#3 Royal York Property Management
Royal York Property Management has more than a decade of experience in helping investment property owners to make the most of their properties. They service condos, houses, and multi-unit properties. Their large team includes a number of property managers and leasing agents who are available to help with your requests.
Royal York Property Management offers a variety of service options including:
- Complete tenant placement services
- Rental guarantee
- Tenant maintenance requests
- Multiple service level options
Royal York Property Management offers a variety of accommodating services to their owner clients as well as the tenants of those properties.
#4 Bridgeway Property Management
Bridgeway Property Management, established in 2014, is a property management company that focuses on single-family dwellings and buildings with up to 10 units. Bridgeway helps to take over the landlording so that you can continue to make passive income without the large time investment of managing rentals.
The husband-wife duo running Bridgeway has more than a decade of experience with property management. Their goal is to help small investors and rental entrepreneurs make the most of their properties.
Services offered by Bridgeway include:
- Property marketing
- Tenant screening
- Financial reporting
- Legal guidance
- Rent collection and maintenance management
#5 Dash Property Management
Dash Property Management has been working in the Greater Toronto Area since 2002, to help owners make the most of their investment properties. With their dedicated staff, Dash works with each owner to ensure their properties are valued, rented, and managed with efficiency.
Since beginning their work, Dash Property Management has served owners from many different countries and with more than 200 buildings.
Dash offers full-service property management including:
- Lease writing and signing
- Non-residency tax return guidance
- Multiple service languages (English, French, Russian, Hebrew)
- Repair and maintenance management
Property Management Companies In Toronto: Reviews That Matter
What is it that you should be looking for when you are shopping around for rental property services? Reviews can only tell you so much. There is some detailed research that you should do about each company you’re considering, before making a decision.
All of the following factors should be considered.
Find out if the firm has a well-laid-out, comprehensive fee structure that explicitly states what’s included in the figures, such as repairs, tenant screening costs, and any additional expenses. This will help you know right away what the total fee will be for managing your rental property and the services you will be getting in return.
Most reputable property management firms in Toronto typically charge anywhere from 5% to 20% of your annual rental revenue. Remember, high management fees can have far-reaching negative effects on your long-term net returns. So, limit your selection to companies that combine low fees with quality services.
Here at Buttonwood Property Management, we are committed to combining our professional services with low fees to ensure that you see the best returns. Our simple, transparent fee structure allows you to see exactly what to expect without losing out on quality.
2. Good Service
Good property management services are important because they enable you to enjoy a safe and stress-free investment that will continue to generate income for the long term. Maybe you have a list of things you want or expect the property manager to do for you. Top Toronto property management companies offer a wide variety of services designed to match your specific needs.
- Rent collection
- Cash flow and property asset management
- Management of the property budget including condo fees, utilities, and other necessary expenses
- Seasonal or yearly inspections
- Accurate bookkeeping
- Proactive maintenance
- Ongoing maintenance and emergency repairs including basement floods
- Tax remittance on income collected for international investors
- Resolving tenant disputes and managing tenant communications
When you’re looking for high-quality, professional help, contact Buttonwood Property Management. Our services are comprehensive. We can help you make the most of your investment properties because we are dedicated to creating a great value experience for investors.
3. Value Proposition
Even though this is not an absolute requirement, you will want to work with a firm that goes the extra mile to deliver the most value possible to clients who choose their services. Here at Buttonwood Property Management, we do just that.
Let’s consider the tenant placement fee waiver and the two-month free management we offer. Maybe you once enlisted a service that you later deeply regretted choosing and wished you’d had a chance to test before making your final decision. You can avoid such frustrations by opting for a firm that will waive your rental management fees for the first couple of months.
Also, who wouldn’t love the idea of leaving the tenant placement work to a firm that will do it free of charge?
4. Tenant Screening Services
As a landlord, bad tenants could easily become your worst nightmare. A great property management services company should have in place a thorough tenant screening process that has stood the test of time. Services like reference, credit, and background checks should be part of that process.Cases of potential tenants alleging unfair treatment are common and could become another headache. So, make sure the screening process adopted by the management company is fair and just.
At Buttonwood Property Management, we have a fair and thorough tenant screening system in place that will end vacancies quickly while also balancing tenant retention. Filling properties with the right tenants can reduce turnover, and that will improve your returns.
5. Accessibility To Accounting Records And Other Portfolio Records
Transparency builds trust. This quality should be evident in the firm’s operations. At the very least, you should be able to access your records at any time.
Available details should include things such as invoices paid, inspection reports, management agreements, leases, monthly and yearly statements, among other relevant documents.
Buttonwood Property Management is a full-service firm that leads by investing in advanced systems that only require you to log into your online account. Once in, it takes just the click of a button to retrieve any detail you want.
If you have any questions, we’re always available to connect promptly and help you work out the details.
6. Company Culture
Company culture includes a variety of aspects such as their mission, values, goals, expectations, and work environment. All of these elements matter because they are vital to the success of any property management company.
Buttonwood Property Management has a strong company culture that is committed to do the following:
- Have a clearly articulated set of values
- Have a code of conduct for their staff
- Embrace teamwork
- Adapt to change
- Are committed to timely communication
That’s not to mention the relentless pursuit of continuous improvement in areas such as customer service, client relationships, value propositions, and so on.
Even before arriving at the advertising part of residential rental property management, a great management firm will first inspect your property and make sure it’s rent-ready. After that, they will take pictures and/or videos for advertisement, then proceed to assess fair rental value.
Once that is done, they will come up with a compelling ad and list your property on relevant platforms. What should accompany that process is following up with leads and screening potential tenants.
8. Policies And Procedures
Go ahead and find out what your potential management company’s policy and procedures are when it comes to after-hour emergencies, property maintenance and repair services, setting and collecting rent, handling tenant and owner funds, and so on.
Now, if you are wondering if there are great residential property management firms in Toronto that check everything off the list we have just discussed, the answer is yes! They do exist.
That aside, I understand that your desire is to work with a firm that is not just well-known but also flexible in tailoring their services to meet your special needs, or one with irresistibly good value propositions and policies like those I mentioned earlier. Not many property management firms do that as often, or as well, as Buttonwood Property Management.
What’s more, this is a boutique, family-owned business trusted by many in the Greater Toronto Area for managing all sorts of residential dwellings and buying and selling investment-grade properties..
Add to that fair fees and our strong company culture and you have a greater contender for the best property management company in Toronto. Of course, the list is long. You will run into lots of other great and equally capable property management companies in Toronto reviews.
FAQs: Property Management Companies In Toronto
What Does A Property Management Company Do?
A property management company works with landlords and tenants as a middleman, to ensure properties are being handled and run as efficiently and profitably as possible. Depending on the exact arrangement in place, they may do the following:
- Collect rent
- Handle rental agreements
- Mitigate tenant disputes
- Clean properties between tenancies
- Upkeep common areas
- Maintain properties
- Contract out repairs and improvements as necessary
- … and much more!
The exact services provided to a client by a property management company are decided when signing on, so there is a lot of flexibility in what types of services you might find offered.
How Do Property Management Companies Find Tenants?
If you are considering working with a property management company, you might be wondering how they go about finding tenants. Do their methods meet your rigorous standards?
This is a fair and important question to ask yourself while choosing between management companies. To determine the answer, you should discuss this directly with the property management company during your interviews with them. Find out what tactics they use, and ask if they can implement the specific tenant screening practices you prefer.
How Much Do Property Managers Charge In Canada?
Reputable companies working in Canada will charge between 5% and 20% of your annual rental unit revenue for their services. The exact amount will depend on the number of services you use.
How Are Property Management Companies Paid?
Property management companies have varying methods of collecting payment for their services. Often, the money is automatically deducted from the rent they collect, before it is deposited to your, the landlord’s, account. It is best to ask companies specifically about how they handle fee collection.
Choose The Right Fit
As a property owner or agent in Toronto, chances are you will have to work with a property management company at some point. Don’t let the reviews on online platforms overwhelm you. Remember, the quality of what each Toronto property management company offers varies from manager to manager and building to building.
You will know you’ve found the right company for the job when they are able to save you money, effort, and time by taking great care of your property, keeping the tenancy vacancy period low, and seeing to it that your cash flow is maximized. Above everything else, this is still an investment, and there should be great ROI.