Finding the best property management company in Toronto: 10 tips

What is property management?

A property management company helps a community keep daily operations running smoothly. In Toronto, that often means supporting the board of directors, coordinating maintenance, organizing board meetings, managing finances, enforcing bylaws, communicating with residents, and helping the property stay organized, compliant, and well cared for.
 
 

How to find the right Toronto property management company: A step-by-step guide

1. Assess your community’s needs

   "Figure out exactly what you need. The number one reason boards are unhappy with their property management companies is a disagreement about their needs. So before you begin the selection process, have all of your board members assess to determine the needs of your property and community.
   
   Start with any big projects on the horizon and focus on the residents — why they chose to live there, what they’re proud of, and what they’d change."
   
   Trevor Salway, regional vice president of business development at FirstService Residential Ontario

2. Be consistent in your questioning

   As the saying goes, compare apples to apples. When you go from company to company, don’t fall into the trap of asking different questions each time. This will only confuse you and make you unable to accurately compare the different options because there won’t be any fair comparisons.
   
   The right thing to do is to write out a list of substantial interview questions for every Toronto property management company to answer. How do you come up with these questions? We’re glad you asked.
    

3. Ask some basic questions

   There’s no need to get fancy with the question-asking process at first. In this step, you want to get the basics down. Ask the essential questions of whether a firm is local or national, how long it has been in business, and whether the firm is licensed and certified.
   
   Besides this, here are a few other questions to help fuel your decision-making:
    
   • Do you provide full-service management? What operations and maintenance services do you provide?
      
   • How many properties do you manage?
      
   • What are your staff and client turnover rates?
      
   • What do you think is the optimal solution to our needs?
      
   • What other communities do you serve in this area? May I have three reference names and contact numbers from current clients?
   
   Asking these basic questions gives you a better understanding of the inner workings of the Toronto condo management company. For example, asking about their staff and client turnover rates speaks volumes, and can be a deciding factor to move on depending on their answer.
    

4. Ask more detailed questions

   Here’s where you should tailor your questions to the needs you identified in Step 1. Ask the potential Toronto property management company about any value-added services and capabilities they offer.
   
   This includes budgeting, banking, insurance, compliance with laws like the Condo Act of Ontario, advanced technology, vendor relationships, combined buying power, 24/7 customer service, energy-saving programs, training programs and more.
   
   The more services, the better, but if you only need about half of these services, you should confirm that you are not going overboard in costs.
    

5. Give each company a tour

   Salway warns boards to be careful of companies that take a “one-size-fits-all” approach to management. You’ll be in for a surprise if you choose a property management company that applies the same process as they would use for any other property.
   
   Salway says,

   "Allow each management company to tour the community and ask questions themselves."

   The better a company understands your unique needs, the more they can provide you with their vision as to how they plan to take care of your community. They can also customize recommendations that accomplish your goals, he explains. You can have a back-and-forth conversation that digs into the specifics of what your property needs. This even begins the professional relationship you will need to make the partnership work.
    

6. Check references

   Once you have reached the final stages of choosing a Toronto property management company and have gotten references, take your time with each one. Ask the references how satisfied they are with the company you are considering and for how long they have been working with them. The longer, the better, since this means they have had a long working relationship with the company.
    

7. Look for value, not price

   This is a process to find a property management company that will help take care of your property and bring out the best in your residents’ quality of life. It is not in your best interest to look for the lowest price possible, as you won’t be getting a full scope of excellent services.
   
   However, this doesn’t mean you need to find a high-priced company to work with either. This is where value outweighs the price. In this case, value is getting the right number and type of capabilities at a reasonable price. A good property management company will understand this and should be able to have proper benchmarks in place to help you find areas of cost reduction.
    

8. Ask who will actually manage your property

   The company’s reputation matters, but so does the person assigned to your community. Ask about the proposed manager’s experience, portfolio size, communication style, and support team. A strong Toronto property management company should be able to explain how your manager will be backed by accounting, customer care, administration, and senior leadership.
    

9. Understand the transition plan

   Changing management companies can be stressful if the process is not well organized. Ask each company how they handle records, banking, vendor information, resident communication, open work orders, and upcoming deadlines during the transition. A clear transition plan can help prevent confusion and give residents confidence from the start.
    

10. Review the technology and reporting tools

    Technology should make life easier for the board and residents. Ask what tools are available for service requests, document access, amenity bookings, invoices, owner balances, community updates, and emergency communication. The best systems are easy to use, secure, and supported by a team that helps residents actually use them.
    
    All-in-one communication tools like FirstService Residential Connect™ help centralize communication, documents, meeting materials, payments, service requests, and community updates so board members, residents, and managers can stay connected from any device.

 

About FirstService Residential

FirstService Residential is the leading condominium management company in Toronto, supporting condo corporations with local expertise backed by national resources. Our teams help boards stay organized with financial management, governance support, recordkeeping systems, insurance and risk management, maintenance planning, vendor coordination, and resident communication.

Hear real insights on our property management services in Toronto:

"I am very pleased with the services provided by FirstService. Their team has been responsive, professional, and proactive in addressing the needs of our community. Communication is clear and timely, and they consistently provide us with the information and guidance we need to make informed decisions.

I also appreciate their knowledge and experience in managing both day-to-day operations and larger projects. Issues are addressed promptly, vendors are managed effectively, and residents concerns are handled with care and professionalism. I want to especially recognize our property managers both R.H. and M, whose hard work and dedication make all the difference.

Managing a property of this size, with thousands of residents, is no easy task, yet they handle it with professionalism, patience, and genuine care. I truly appreciate all that they do & I wouldn't be able to get half as much accomplished without their support.

Overall, FirstService has provided our community with reliable, high-quality property management, and we value the partnership we've built with them."

Board member in Toronto

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.