Normally, a stencil made of stainless steel sheet is used to accurately apply the solder paste to the bare PCB. These are usually laser cut or chemically milled to produce the apertures and are usually relatively expensive.
I have also seen low-cost stencils made from laser-cut kapton and mylar film sheets. I can't vouch for the quality of any of these, but they don't seem to be too expensive. A Google search for "smd stencil designs" should give you a good place to start.