Ways Property Management in Canada is Different from US

Commercial and residential real estate property managers in both Canada and the US are rapidly adopting property management software that leverages automation and management solutions. The existing developed infrastructure and the increasing commercial and residential real estate demands have boosted the adoption for property management solutions across Canada and the United States.

If you’re a property management firm based in Canada looking for a solution to help streamline your operations and boost revenues, you might be wondering if it makes a difference in choosing a property management solution that is based in Canada over one that is based in the US. In two words: It does.

Market Comparison

Image of people comparing different metrics and charts. Concept: US vs. Canadian property management markets comparison

According to IBIS World, there are over 300,000 property management businesses in the US, claiming a market size share of US$ 101 Billion. In comparison, due to its smaller population nestled primarily along the border, Canada has approximately 10% of the property businesses, with 31,271 property management companies.

Canadian real estate firm Morguard is reporting that the strong U.S. economic recovery is driving a sharp increase in the multi-unit residential rental market demand and growth south of the border. While Canada’s outlook is also positive, there are concerns around supply of new housing stock, leading to a tight market and higher rents.

With these factors of a smaller, but tighter market, Canadian property management companies need a distinctly local solution that will help them overcome the unique complexities of the Canadian rental market.

Faster, More Accurate Canadian Screening

When you can team up an online application with integrated screening for the Canadian market, you can verify the highest quality applicants faster. Our solution incorporates credit checks through Equifax Canada that look at over 75 factors, and give you a bigger more accurate picture of a person’s ability to pay their rent over a simple FICO score. Ultimately, this has the trickle-down effect of reducing the chance of collections and lowering yearly turnover.

Everything at Your Fingertips

Image of a woman using a smartphone. Concept of easy access of property managemnet tools

If property managers can automate repetitive and redundant tasks, as well as modernize their workflow with a streamlined solution that allows for instant access to all data from the office or in the field, they can instantly get out of the weeds and into the game. The ability to see which buildings in your portfolio are performing well, and which ones need help gives you actionable data.

Community Branding

In a tight market, one thing that helps give properties a considerable edge is community branding. Community branding underscores a specific lifestyle and conveys it through the look and feel of its website, and modern amenities like a tenant portal. You can upload photos of the unit as well as the local neighbourhood attractions. All of these tools tell a bigger story about what it’s like to live at your property. They hold the promise of a more connected, convenient lifestyle.

Bonus: Feet on the Ground

Located in Toronto, Property Vista has its pulse on the Canadian market. We work with some of the best property management companies across Canada. We are constantly innovating and responding to their needs. That’s why we make it easy to apply security deposits, where they are legal, as well as to set rent increases according to provincial regulations. We have built-in forms like Ontario’s N4 form required for evictions. In short, we understand the Canadian market. This local knowledge gives you a competitive edge over a generic US-based property management product that doesn’t respond to the intricacies of the Canadian rental market and business world.

Meet Property Vista

Why are more and more of Canada’s top property management companies turning to Property Vista? Because we go out of our way to solve your most pressing problems and our extreme customer-focus has earned us a stellar reputation in the property industry.

Property Vista integrates all of the necessary tools for property managers to efficiently manage their properties and improve the tenant experience - from prospective tenant applications to move-out inspections and everything in between, Property Vista’s intuitive cloud-based platform helps property managers create a meaningful and modern tenant experience.

Need more reasons to consider Property Vista for your organization? Talk to us, we can show you how we can help your business flourish. See pricing and request a demo here.