What does a property manager do? A guide for your rental property

What is a property manager?

A property manager is a person or company hired to oversee the day-to-day operations of a rental property. They may find tenants, collect rent, coordinate maintenance, help maintain financial records, communicate with residents, and help the owner follow applicable rental requirements.
 

What does a property manager do?

Services typically vary based on the needs of the property, but a rental property manager may handle:

• Rental marketing: Advertising available units, responding to inquiries, arranging showings, and presenting the property to prospective tenants.
   
• Tenant screening: Reviewing applications, verifying information, conducting permitted credit or reference checks, and applying consistent selection criteria.
   
• Lease administration: Preparing tenancy documents, coordinating signatures, recording deposits, and providing tenants with required information.
   
• Rent collection: Receiving rent, maintaining payment records, following up on arrears, and giving owners regular collection updates.
   
• Tenant communication: Acting as the main contact for questions, service requests, complaints, notices, and routine property information.
   
• Maintenance coordination: Receiving repair requests, contacting vendors, scheduling access, tracking work, and documenting completed services.
   
• Property inspections: Checking the property regularly to spot maintenance needs early and help keep it in good condition.
   
• Financial management: Tracking income and expenses, processing approved invoices, preparing statements, and supporting annual budgeting.
   
• Vendor management: Requesting quotes, coordinating contractors, reviewing completed work, and maintaining service records.
   
• Recordkeeping: Organizing leases, inspection notes, invoices, communications, notices, maintenance records, and tenant account information.
   
• Turnover management: Coordinating move-out inspections, repairs, cleaning, advertising, showings, and preparation for the next tenancy.

The management agreement should clearly identify which duties belong to the manager and which decisions remain with the owner.
 

How much does a property manager cost in Ontario?

Property management fees vary based on location, property type, unit count, service level, condition, and the complexity of the tenancy. A company may charge a monthly percentage, a fixed fee, a leasing fee, or separate charges for inspections, maintenance coordination, hearings, and turnover work. Ask for a written fee schedule and clarify whether repair costs and third-party services are billed separately.
 

Do you need a property manager for your rental property?

Without experienced management, routine challenges can quickly become costly and time-consuming. A delayed repair may lead to more extensive damage, while inconsistent tenant communication or poorly handled documentation can create avoidable tenant rights disputes. For owners, these issues can affect both the resident experience and the long-term performance of the property.

What does a property manager do to reduce that burden? A property management company like FirstService Residential can handle the daily details while helping you protect your investment and create a better experience for residents.

We provide local Ontario expertise and the support of dedicated teams in maintenance, 24/7 customer care, and financial reporting, and we help owners navigate day-to-day property needs with greater confidence and consistency.
 

What to look for in a property manager

1. Ontario experience

   Ontario properties face unique legislation, weather conditions, and operational challenges. Ask whether the property manager has experience with communities like yours and understands the local landscape.
   
   What does a property manager do when local requirements or property issues become more complex? The right professional will know what to anticipate, where risks may arise, and how to help your board make informed decisions that protect your property and simplify community life.
    

2. Education

   How deep has their education gone? Did they receive their licence and stop learning after that? These questions reveal a lot about their character and commitment to their position. If they have continued to take additional courses to help them strengthen their property management knowledge regarding subjects like engineering or legislation, or more everyday tasks such as budgeting or insurance, they will be more well-rounded.
    

3. Number of certifications

   Individual property management professionals can further their careers by achieving enhanced levels of certification through university or college courses, specializing in a number of different areas.
   
   They can also pursue more advanced designations after becoming a Certified Property Manager (CPM). Property managers can progress to an Accredited Residential Manager (ARM) or Accredited Commercial Manager (ACoM).
    

4. Dedication

   A professional property management company’s commitment to its staff and residents speaks volumes about the firm as a whole. FirstService Residential, North America’s leading property management company, provides professional development courses through FirstClass, so our property managers have hands-on learning right at their fingertips.
   
   It is up to the property manager to go above and beyond with support from FirstService Residential.
   
   Thinking about a career in property management?
   
   If reading about our commitment to ongoing training and development has you wondering what it's like to work here, we'd love to talk. Explore open roles with FirstService Residential and see how far your career can go with hands-on learning and dedicated support behind you.
    

5. Communication style

   Ask how the property manager will keep you informed day to day. Will you receive regular updates, clear financial and maintenance reports, and timely follow-up when an issue arises?
   
   At FirstService Residential, our property managers are supported by dedicated teams and 24/7 customer care, helping residents get answers quickly while keeping owners and boards informed, organized, and confident in what happens next.

About FirstService Residential

FirstService Residential is the leading property management company in Ontario, supporting boards and owners with local expertise backed by national resources.

Our teams can help you stay organized with financial management, governance support, recordkeeping systems, insurance and risk management, maintenance planning, vendor coordination, 24/7 customer care, and resident communication.

To learn more, contact a member of our team today.

This information is provided for general informational purposes only and is not intended to constitute, and should not be relied upon as, legal, regulatory, financial, or operational advice, or as a representation or guarantee of any specific services, capabilities, or outcomes. Property management needs, regulatory requirements, market conditions, and available services vary by jurisdiction, property type, and community. FirstService Residential provides services through locally based affiliates and associates, and services and results may vary by community, region, contractual terms, and applicable law.