Rental management for small landlords

Landlords with one to ten units, owners who live out of town, and investors who don't want to deal with tenants.

A monthly management fee, often a percentage of collected rent. You can add a leasing fee when you place a new tenant, and charge for extras such as inspections or coordinating renovations.

• Organized, with good records
• Clear and fair communication with owners and tenants
• Knowing your province's landlord and tenant rules
• Basic budgeting and bookkeeping

• Licensing: several provinces regulate property management or leasing for a fee, so check your provincial regulator before taking any money
• Trust accounting rules for holding tenant deposits and rent, which differ by province
• Errors and omissions and commercial general liability insurance
• Tenant rules, such as rent increase limits, notice periods and eviction processes, vary by province. Quebec has its own rules and French-language requirements
• Check your municipality's rules if you run the business from home
• Emergency calls like burst pipes or no heat in winter can happen at any hour

Startup costs are typically around $2,000 to $10,000, depending on your insurance, software and how you set up your home office. These are estimates, so get quotes for insurance and any provincial registration before you commit.

Several provinces regulate property management or leasing for a fee, so check your provincial regulator before taking any money. Also check trust accounting rules for deposits and rent, insurance such as errors and omissions, and your municipality's home business rules.

Monthly revenue is typically around $800 to $5,000, depending on how many units you manage and your fees. Expect to put in at least about 15 hours a week, and remember emergency calls can come at any hour.