Owners change property managers for all kinds of reasons: a portfolio outgrows a small manager, a manager retires, service slips, or the owner decides to self-manage. Whatever the reason, the risk is the same. The building's history lives in the outgoing manager's systems, inboxes and filing cabinets, and if it doesn't come across cleanly, the new manager starts blind. Deposits can't be accounted for, open repairs are forgotten, and year-end becomes a reconstruction exercise.
Start with the management agreement
Before you give notice, read the agreement for:
- The notice period and how notice must be given.
- Termination fees, and any fees still owed on existing leases (some agreements pay leasing fees over the lease term).
- Who owns the records, and in what form they'll be returned.
- How funds held for you (rent collected, reserves, deposits) will be paid over, and by when.
- Any obligations that survive termination, such as finishing work in progress.
If the agreement is silent on records, put your request in writing with the notice. Most managers are professional about handovers; a clear written list just makes it easier for everyone.
The handover checklist
| Ask for | Why |
|---|---|
| Rent roll as of the handover date | The starting point for the new manager: units, tenants, rents, lease dates, vacancies. |
| Tenant files: leases, renewals, notices served, correspondence | Lease terms and notice history drive what can happen next. |
| Tenant ledgers with balances and arrears | So nobody is billed twice or missed. |
| Deposits: amounts, dates, where held, filing references, interest owed | Deposits must be returned with interest at move-out, sometimes years later. |
| Funds held: rent collected, reserves, prepaid rent | Paid over with a reconciliation showing how the figure was reached. |
| Open repair jobs, quotes awaiting approval, warranties | Work in progress is the easiest thing to drop. |
| Vendor and contractor list with contact details | Who knows the building's boilers, roof and quirks. |
| Keys, fobs, codes, alarm and access details, with a key log | Security, and the cost of re-keying if anything is missing. |
| Utility accounts, property tax roll numbers, insurance details | Bills must keep being paid without a gap. |
| Subsidy agreements and the latest agency letters | Agency payments must be redirected and splits kept current. |
| Any tribunal or court matters in progress | Deadlines don't pause for a change of manager. |
| Expense history and receipts for this year and prior years | Your accountant needs them, and CRA generally expects records kept for six years. |
| Building documents: permits, inspection reports, fire safety records, drawings | Often needed for insurance, renovations and sale. |
Reconcile the money before it moves
Ask the outgoing manager for a closing statement as of the cutover date: rent collected, expenses paid, fees charged, any reserve held and the balance to be paid over to you or the new manager. Check it against the last few monthly statements and the tenant ledgers. Agree in writing on how late-arriving items will be handled, such as a tenant's rent that lands after the cutover or a vendor invoice for work done before it. Settling these numbers before the money moves is far easier than chasing differences afterwards.
Pick a clean cutover date
A month-end cutover is easiest: one manager collects that month's rent and pays that month's bills, and the other starts fresh. Agree on how anything that straddles the date is handled, such as a repair started by the old manager and invoiced after, or rent that arrives late.
Tell tenants clearly, in writing
- Who the new manager is, how to contact them, and from what date.
- Where and how to pay rent from that date. This is the most important line; get it wrong and payments go astray.
- How to report repairs, including emergencies.
- That their lease, deposit and tenancy are unchanged by the switch.
For subsidized units, tell the housing agency too, and confirm where its payments go from the cutover date.
Gaps that cause trouble later
- Deposits without references. In New Brunswick, for example, deposits are held by the province's Tenant and Landlord Relations Office (formerly the Residential Tenancies Tribunal); without the filing reference, a move-out claim is harder to process.
- Interest not tracked. Where interest is owed on deposits, the new manager needs the date each deposit was received.
- Verbal arrangements. "The tenant in 3 pays on the 5th" or "we agreed to repaint next year" should be written down before the old manager leaves.
- Photos in someone's phone. Move-in photos and repair photos need to come across as files with their dates.
- Receipts for the current year. If they stay with the old manager, your accountant will be asking for them in March.
Formats that are actually usable
Ask for data you can open and import: spreadsheets or CSV files for the rent roll and ledgers, PDFs for leases and notices, and original image files for photos. A printed binder is better than nothing, but it can't be searched, sorted or imported.
For incoming managers
Send your own version of this list to the owner on the day you're appointed, and walk the building with the outgoing manager if they're willing. Note anything missing in writing at the start; it protects you when a question comes up about something that happened before your time.
Why the platform matters
In Propvara, records belong to the property and its owners, not to the manager. Only owners can appoint a new manager; the previous agreement ends when the new one is accepted, and tenancies, deposits, cases, documents and expense history stay with the property. Financial records can't be deleted, only voided with a reason, and changes are logged. If you're coming from a spreadsheet, you can import your rent roll from CSV to get started.
Sources
This article is general information for Canadian landlords and managers, not legal, tax or financial advice. Rules vary by province and change over time.