Property Management Guide
Master the art of property management with our comprehensive guide covering everything from tenant screening to financial optimization
Tenant Screening
The foundation of successful property management starts with finding quality tenants.
Essential Screening Steps:
- Credit Check (minimum 650 score recommended)
Verify financial responsibility and payment history
- Income Verification (3x rent minimum)
Request pay stubs, employment letter, or tax returns
- Reference Checks
Previous landlords, employers, personal references
- Background Check
Criminal history and eviction records
Maintenance Management
Proactive maintenance protects your investment and keeps tenants happy. Refer to local tenant boards for regulations, but in general emergencies and urgent issues should be addressed as soon as possible.
Maintenance Categories:
Emergency
No heat, water leaks, electrical hazards, security issues
Urgent
Appliance repairs, plumbing issues, HVAC problems
Routine
Cosmetic repairs, non-essential upgrades, preventive maintenance
Preventive Maintenance Schedule:
- Monthly: HVAC filters, smoke detectors
Seasonal: Gutters, weatherproofing
- Annual: Appliance servicing, deep cleaning
Bi-annual: Professional inspections
Communication
Professional Communication:
- Email Templates
Rent reminders, inspection notices, lease renewals
- Response Times
Emergency: 1 hour, Urgent: 24 hours, Routine: 48 hours
- Documentation
Keep records of all communications and agreements
Common Scenarios:
Send a formal notice if payment is late. Offer payment plan options if appropriate. Document all communications.
Acknowledge receipt within 24 hours. Assess urgency and provide timeline. Schedule with tenant and follow up after completion.
Legal Compliance
Key Legal Areas:
- Rent Increases
Follow provincial guidelines for timing and percentage limits
- Property Inspections
Provide proper notice (24-48 hours in most provinces)
- Eviction Procedures
Follow legal process through provincial tribunals
- Security Deposits
Limits and requirements for holding deposits
Provincial Resources:
Financial Management
Revenue Optimization:
- Market Rate Analysis
Review comparable properties every 6-12 months
- Property Improvements
Strategic upgrades that increase rental value
- Minimize Vacancy
Start marketing 60 days before lease expiry
Expense Management:
- Annual Budget Planning
5-10% for maintenance, 1 month's rent for capital reserves
- Tax Deductions
Mortgage interest, maintenance, management fees, depreciation
- Insurance Coverage
Landlord insurance, liability protection, loss of rent
Ready to Start Your Property Management Journey?
Join thousands of successful landlords using Canrents.ca to find quality tenants and manage their properties effectively.
- Free property listings
- Tenant screening tools
- Professional support
Additional Resources
Legal Templates
Lease agreements, inspection forms, and notice templates
Market Reports
Local rental market data and trends