Question : How to start a property management business in Ontario?
Thank you!
starting a property management business

Best answer:

Answer by bc_prairiekat
To begin with, most provinces require that property managers require a real estate license specializing in property management if you are dealing with homes that you do not personally own. I also believe that you would have to hold, or work under the umbrella of someone that holds, a real estate broker’s license. Most provinces require that you hold a real estate license for at least 2-3 years before you can get your own broker license. Check with the Ontario Real Estate licensing body… any local real estate office could give you the phone numbers for licensing requirements.

Next, you will need to carry Errors and Omissions insurance, which is usually mandatory for all licensees. This will help protect you for eventual costly mistakes. It is usually about $ 300/yr.

You would need a contact management software program as well as a property management client program. Also, a separate trust account is likely mandatory.

And last, but for sure not least, if you want to make money… lots of money… learn to prospect for clients. The least expensive, most efficient, is where you actually talk to potential clients instead of sending out ads or print advertising… Obviously, I’m refering to finding landlords here, not tenants. Search the old classifieds and ads. Ask all of the Realtors in the area who they know that have tenant occupied properties. Pay special attention to out of town/province landlords. Another source would be vacant properties for sale… and overpriced listings. Maybe they’d rent them out instead of selling.

This is just the technical start-up… you should also have some business sense, a good accountant, a location, pager/cell phone, etc. Office supplies, including a photocopier are important too. Good luck!