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Read MoreThe 8 Best Property Management Companies in Toronto [2023]
As a property owner, you cannot afford to neglect your investment. It is therefore important that you hire the best property management in Toronto for help in managing various activities in your home or office so as to ensure that everything works perfectly.
We have researched and compiled a list of the best property management companies in Toronto that will help you effectively manage your property. Additionally, we have also included information about how much you should be expected to pay when working with a property management company, as well as answers to frequently asked questions about property management companies in Toronto.
Summary
What's the Average Cost of Property Management in Toronto?
According to RentSeeker, the average rent for a one-bedroom apartment in Toronto is $1,815, while a two-bedroom apartment will cost you around $2,340. When it comes to paying your property management company in Toronto, you should expect to pay them between 7% and 14.9% of the total rental payment. For example, if your monthly rent is $1,000, you should expect to pay between $70 and $149.90 for property management in Toronto.
However, the cost of property management varies depending on the size and location of your rental unit. In some cases, you may be required to pay as much as 20% or more for a property management company in Toronto to lease out your home.
The 8 Best Property Management Companies in Toronto
Now that you already know the average cost of property management in Toronto, we want to help you find the perfect property management company for your needs. Below, we have listed the 8 best property management companies in Toronto based on factors such as customer reviews, customer retention rate, and years in business.
1. Royal York Property Management
Royal York Property Management is a property rental and leasing firm with a portfolio of over 10,000 properties, that offers guaranteed rental income. Valued at $5.6B+ in real estate assets under management, the company is advancing technology in their processes, systems, and expanding globally.
With 28 office locations across Ontario and 6 office locations in Europe, the company is leading the potential in property management, and surpassing the client experience by operating 24 hours a day, 7 days a week.
Address: 789 Don Mills Road Suite 801 Toronto, Ontario, M3C 1T5, Canada
Phone: (416) 508 5288
Website: royalyorkpropertymanagement.ca
Customer Review:
"Had a problem with my current tenant. Hired Royal York to help me out through the
legal process and I could not be happier with their service. David Olevson, one of their
lawyers, was very understanding and cleared a lot of things out, even before the hearing
date. I successfully evicted my old tenant and chose Royal York Property Management
for tenant placement, to manage my property and now my rent is guaranteed and I
never have to worry about going through the same thing again. My case was very
sensitive, and the owner of the company, Nathan Levinson, attended the video hearing
himself. Can not recommend them enough. I have never seen the owner of the company
get involved without the client having to beg and call multiple people to get their
contact. Great job guys!"
- Pierre Graham
2. ICC Property Management Toronto
ICC Property Management Toronto offers an all-inclusive property management service to their clients. They have been in business for almost 30 years and are known for its personalized services, prompt communication, and transparent dealings with clients. Their portfolio comprises more than 32,000 units across the GTA.
At ICC Property Management, they offer a number of services including administrative services, community services, condominium services, financial services, and maintenance management.
Address: 2875 14th Ave Suite 300, Markham
Phone: (647) 559-4322
Website: iccpropertymanagement.com
Customer Review:
"ICC provided a very reliable and professional service in managing our rental property in Toronto. Rental payments are on time with detailed financial statements. I recommend ICC Property Management to my friends as the best Toronto Property Management company to use and to all other prospective real estate owners."
- Neal Ronin
3. Zahra Properties
Zahra Properties is a real estate investment and management business based in the GTA. They have established themselves as a trustworthy partner for reputable investors, bankers, builders, and most important tenants by having a portfolio of over 400 properties under management. Zahra Properties offers personalized services to all its clients.
From finding you your ideal home to managing your payments and any maintenance issues that come up, this company is always at your service when you need them most.
They offer both furnished and unfurnished suites across the Toronto neighbourhoods, as well as investment opportunities for residential spaces.
Address: 121 Jefferson Ave, Toronto
Phone: (416) 516-0513
Website: zahraproperties.com
Customer Review:
"We've had a great experience with Zahra Properties. They're easy to communicate with and were very "hands-off" during our stay, which we appreciate. However, when you need help with an issue, they are quick to resolve it! For example, we needed help with our toilet and they sent someone over the next day. Altogether, we recommend Zahra Properties and would sign a lease with them again in the future! Thanks!"
- Jasmine Johal
4. Goldview Property Management
Goldview Property Management is one of the best property management companies in Toronto with an extensive portfolio of more than 130 properties in Toronto. They have been in business for over 30 years and their team of experts comprises young and passionate individuals who are well-versed in the industry.
Goldview Property Management aims to provide superior yet affordable services to its landlords while maintaining a great relationship with each client. They offer maintenance and upkeep services along with regular communication between tenant and landlord.
The company manages both condominium and residential properties, as well as having a gold standard in Green Management.
Address: 51 Toro Rd, North York
Phone: (416) 630-1234
Website: goldview.ca
Customer Review:
"Truly friendly staff that really go the extra mile. It's so refreshing to engage a property management company that really cares about people. They are incredibly prompt and professional. I highly recommend them"
- Jim McNeil
5. Property Management Toronto
Property Management Toronto is well-known and trusted by investors and tenants alike. They have been in business for over 25 years and have an astounding record of a 0.7% vacancy rate. Their agents are well-versed in the industry and offer customized services to each client along with effective communication as per their needs.
They provide property management services for all types of houses, with a focus on townhomes, single-family homes, and condos. They’re a one-stop shop for everything from purchasing to selling, tenant screening to maintenance, and everything in between.
Address: Starwood Centre, 477 Richmond St W Unit 502, Toronto
Phone: (416) 451-9499
Website: propertymanagementto.com
Customer Review:
"I have dealt with PMT for a number of years. They are professional, courteous, and diligent in maintaining & renting your property. They also take a genuine interest in their clients behaves. They treat each property like it's their own. If you're looking for a property management company, I can't recommend them higher."
- evan shear
6. LandLord Property & Rental Management Inc.
LandLord Property & Rental Management Inc. is one of the top property management companies in Toronto, with more than 26 years of experience in the field. They work with both individual and corporate clients to provide comprehensive property management services across Toronto.
Their team comprises experienced agents who are well-versed in all aspects of the industry, which helps them provide effective services to their clients. They offer a variety of services such as property care, tenant management, administrative support and repair works, and more.
With over 2323 properties managed, LandLord Property & Rental Management Inc. is a name you can trust when it comes to finding a home or a tenant for your property.
Business Information:
Address: 515 Logan Ave, Toronto
Phone: (416) 462-3800
Website: landlord.net
Customer Review:
"Great support and smooth communication from the start. Our leasing agent and account manager are both fantastic. The house we are renting is clean, has updated appliances, and in a lovely neighbourhood. "
- Lucile Neden
7. Real Property Management Service
Real Property Management Service (Toronto) is one of the most trusted property management companies in Toronto with more than 30 years of experience. They are North America’s largest property management company with over 300 locations.
At Real Property Management Service, they work closely with clients to understand their needs and provide customized services as per each client’s requirements.
They can help manage all aspects of your properties such as tenant screening, maintenance and repair works. Their team comprises experienced agents who will help you make the right decisions when it comes to looking for tenants or purchasing a property.
Business Information:
Address: 3048A Bloor St W Unit 1, Toronto
Phone: (416) 642-1404
Website: rpmservice.ca
Customer Review:
"During all of my interactions with Real Property Management Service, I have been pleasantly satisfied with the level of attention and care they take in connecting potential tenants with homes, while taking great care of the homeowner's house. I would most definitely look for another home managed by Real Property Management Service."
8. Del Condominium Rentals
Del Condominium Rentals Inc. is a well-known property management company located in North York. Since their establishment in 1986, they have been providing quality services to their clients and believe in a friendly yet professional relationship with each client.
At Del Condominium Rentals Inc., they will help you find the right tenants for your property while taking care of all aspects of property management. They provide full-scale property management services that include tenant screening, lease preparation and review, financial advice, and more.
Being a member of The ®Tridel Group, Del Condominium Rentals Inc. is one of the most trusted property management companies in Toronto. They have been managing properties on behalf of leading condominiums such as Thunderbird (Etobicoke), Mansion of Humberwood II (Etobicoke), and Solstice (Mississauga).
Address: 4800 Dufferin St, North York
Phone: (416) 296-7368
Website: delrentals.com
Customer Review:
"Hi! We used del rentals to get a place in downtown Toronto and they were extremely responsive, and were able to help us get the place we wanted quickly. They were flexible to our needs (changes in start dates) and had existing processes setup for everything we needed. Hope to stay with them long term and would recommend them. Special shout out to Vicki for being a great Agent! Thanks Vicki!i!"
- Kshitij Gupta
What to Look for When Choosing a Property Management Company?
- Choosing the right property management company to handle your investment property can be a challenging task. It’s important to consider all aspects of their service before choosing the best possible option.
- Here are some tips you can use to find the best property management company in Toronto.
- Find out about their past experience and expertise with a variety of clients in similar or different situations.
- Look for a company that provides a transparent process in all transactions.
- Choose a company that will share your vision when it comes to the future of your property.
- Make sure they provide personalized services with timely communication.
- Find out about their emergency support and tenant management systems.
- Look for a company that offers 24/7 customer service with professional and experienced agents.
- A good property management company should have a strong online presence to reach out to their customers effectively.
- Make sure they are an industry-certified firm that follows the best practices of the industry.
FAQs about Property Management in Toronto
Many property owners do not realize that one can hire a professional tenant screening service to find the best possible tenants for their home. A good rental agency will offer you assistance in finding the right tenants, leasing your properties each time they are vacant, and collecting rent on time. They will also take care of all legal matters related to your properties, which will help you avoid problems with the law.
Rental Property management services offered by professional firms include finding tenants, negotiating leases, taking care of rent collection process efficiently and on time each month, keeping track of vacancies with personalized marketing campaigns for each vacant unit, responding quickly to maintenance requests, organizing financial reporting processes during tenancy etc.
A professional property management company can generally find the right tenants for your home within weeks, depending on the current market conditions. Different factors such as location of your condo, its size and amenities offered all affect the speed at which properties are leased. However, their expertly trained agents can quickly find the best tenants for your home, and that too within a few weeks.
Many property management companies provide 24/7 emergency support to take care of issues related to your home, tenants and other related matters. They take care of all types of problems such as plumbing issues, electrical problems, leaky faucets etc. They also provide access to their online portal where you can request for regular maintenance, which will be documented for future reference.
Some companies charge in addition to the monthly rent in the form of a management fee. However, that percentage may vary depending on your property’s location and other related factors. Some owners prefer not having to manage their properties at all, which is where professional firms come into play.
Conclusion
You can choose to manage your property on your own, but you risk the possibility of incurring financial loss due to lack of knowledge about tenant screening, market prices etc. However, if you are looking for effective property management in Toronto, it is best to hire a reputable firm that has years of experience managing properties. They will help you find the best tenants for your home, and lease it quickly when it becomes vacant.
The property management companies mentioned above have a lot to offer, so make sure you hire one that can help you find the best tenants for your properties, and with a reputation of providing timely service.
If you’re also interested in hiring cleaning services for your property, check out our list of the 11 best cleaning services in Toronto. Each of them is known for offering high-quality services at affordable rates.
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