Property manager for small landlords

Owners who live out of town, own one to a few rentals, inherited a property, or simply don't want to be landlords.

A monthly management fee, often a percentage of the rent collected. Many managers also charge a tenant-finding fee when a unit is re-let, and sometimes a small fee for coordinating larger repairs.

• Organized and reliable
• Calm, fair communication with tenants and owners
• Basic bookkeeping
• Knowing landlord and tenant rules in your province

• Licensing: some provinces regulate property managers or rental agents (for example, a real estate licence can be required in some cases), so check your provincial regulator
• Commercial general liability insurance, and ask about errors and omissions cover
• Tenant deposits and rent money: check the rules for holding funds and keep owner money in a separate trust or client account if required
• Landlord and tenant law differs by province, and Quebec has its own rules
• Being on call for emergencies like burst pipes or heating failures in winter
• Check whether your municipality requires a home-based business licence

Startup costs are typically estimated at around $1,000 to $6,000, depending on your software, insurance, marketing and how you set up your home office. Costs vary with how formally you set up the business.

Monthly revenue is typically estimated at around $500 to $4,000, depending on how many properties you manage and what you charge owners. The estimate assumes about 8 or more hours a week.

Check with your provincial regulator, since some provinces regulate property managers or rental agents and a real estate licence can be required in some cases. Also check rules on holding tenant deposits and rent, landlord and tenant law in your province, insurance, and municipal home-business licensing.