Phone:
+1 (519) 697 1227
Physical address:
550 Second Street; London Ontario
Hiring a property management company sounds like the smart move — and usually, it is. Someone else handles the tenants, the midnight maintenance calls, and the paperwork while you collect rent. What’s not to love?
But here’s the thing: not all property managers are created equal. The wrong one can quietly drain your investment through neglect, hidden fees, and poor communication. Let’s talk about the risks nobody warns you about.
Risk #1: Hidden Fees That Eat Your Profits
The management fee is just the start. Some companies bury additional charges deep in their contracts:
- Leasing fees — Charged every time they find a new tenant (sometimes equal to one month’s rent)
- Maintenance markups — Adding 10–20% on top of contractor invoices
- Vacancy fees — Yes, some charge you even when the unit is empty
- Lease renewal fees — For doing paperwork they should be doing anyway
- Advertising fees — Separate charges for listing your property
What to do: Read every line of the management agreement. Ask for a complete fee schedule before signing. If they’re vague about costs, that’s your answer.
Risk #2: Poor Tenant Screening
A bad tenant can cost you more than a year of management fees. Unpaid rent, property damage, legal proceedings through the Landlord and Tenant Board — it adds up fast.
Some property managers rush through screening to fill units quickly (because empty units mean no management fees). They might skip credit checks, skip reference calls, or accept the first applicant who can pay first and last month’s rent.
What to do: Ask your property manager to walk you through their exact screening process. If it doesn’t include credit checks, income verification, and landlord references — find someone who does.
Risk #3: Neglected Maintenance
This is the silent killer for rental properties. Deferred maintenance doesn’t just frustrate tenants — it destroys property value. A small leak becomes a mold problem. A neglected furnace becomes a $5,000 emergency replacement in January.
Some managers delay repairs to keep costs down (making their numbers look better) or simply don’t have systems to track and prioritize maintenance requests.
What to do: Ask how maintenance requests are tracked, what the average response time is, and whether they do preventive maintenance inspections. At Prospera, we guarantee 24-hour response on all maintenance requests — because small problems only get bigger.
Risk #4: Poor Communication
You should never have to chase your property manager for updates. Yet it’s one of the most common complaints landlords have:
- “I didn’t know the tenant moved out until the unit was empty for a month”
- “They did a $2,000 repair without telling me”
- “I can never get anyone on the phone”
- “I have no idea what’s happening with my property”
What to do: Before signing, test their communication. Call them. Email them. See how long it takes to get a real answer. If they’re slow before they have your business, it won’t improve after.
Risk #5: Legal Non-Compliance
Ontario’s rental laws are specific and constantly evolving. The Residential Tenancies Act governs everything from notice periods to rent increases to eviction procedures. A property manager who doesn’t stay current on these rules puts you at legal risk.
Illegal lease clauses, improper eviction notices, missed maintenance obligations — these can all result in LTB complaints and financial penalties for the landlord, not the manager.
What to do: Ask whether they use the Ontario Standard Lease. Ask how they handle rent increases and notice to end tenancy. If they can’t cite the RTA, they shouldn’t be managing your property.
How Prospera Does It Differently
We built Prospera Properties specifically to address the problems landlords kept telling us about. Here’s what that looks like in practice:
- Transparent pricing — No hidden fees. We lay out every cost upfront before you sign anything.
- Rigorous screening — Credit checks, income verification, employment confirmation, and previous landlord references on every applicant.
- 24-hour maintenance — Every request acknowledged and acted on within 24 hours.
- Proactive communication — Regular updates, and we actually pick up the phone.
- Full legal compliance — Ontario Standard Lease, proper notices, and RTA-compliant processes across the board.
If you’re a landlord in London, Ontario looking for property management you can actually trust, let’s talk. We’ll give you a straight answer about what we can do for your property — no pressure, no hidden agenda.