Can someone recommend a specific property management company in Hamilton?

danielsparre

danielsparre

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Just purchased a 6 unit building in Hamilton and I'm wondering if someone can recommend a specific property management company... Have spoken to a few and fee's range from 5% - 8% of the monthly income. Why are some companies more expensive and is it worth the extra money to pay for a certain company?
 
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markl

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danielsparre

danielsparre

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Great, I have spoken with 2 of those guys already. Will call the other today. Thank you again for the information Mark!!!
 
davidajones

davidajones

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Congrats on your new building.



I would suggest that worrying about 5 vs 8 % fees is not relevant in Hamilton. If you can find someone that will keep your building full of paying tenants then it's worth a lot. You can't get this for 5 % on a small building.



You really get what you pay for and in your shoes I would plan on your cost being +10 %. (+ 8 percent, + GST, plus locator fee for new tenants is going to be at least 10% over the course of a year. ) And plan on changing most of the tenants in the first 2 years which is 6 locator fees !



But when you find a PM that you like, wow, enjoy it ! They earn every cent they make and I can't believe they make anything in the first year.



I had poor success with someone in Hamilton (not on your list of 3) and have recently moved to Cornerstone. I am very happy with their start.



good luck



Dave
 
danielsparre

danielsparre

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Thank you for the information. Wondering if any of you have heard of a company called S.Suite Management and if you have information about them. The lady I have spoken with was very helpful and has suggested that I look into the Downtown development grant program. I did so and it turns out I do qualify for renovation grants in my area of approx. $10,000 /unit. I thought that was very valuable information for her to bring to my attention. Especially since I have not even signed anything with her company and do not have them currently managing my property.
 
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kgatch

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Cornerstone is my PM in Hamilton. Jeff has invested significantly in infrastructure and staff to meet the growing demand for his business. I have no significant knowledge of the others, but can recommend Jeff/Cornerstone based on personal experience.
 
ThomasLorini

ThomasLorini

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I've used Jeff @ Cornerstone for renovation projects with success.

I haven't used him for PM but can say he is very professional and meets his commitments.



All the best

Thomas
 
MrHamilton

MrHamilton

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Hey Daniel,



Tell your brother I sold my house :)



Make sure to go the Fire Department of Inspection on King William near Hughson. Ask for Peter DeBoer, he's a Fire Inspector and ask him a ton of questions about fire code for a six plex. You'll get a ton of free consulting and its not that far from your property.



Cheers,

E
 
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Guy1981

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Hi Daniels



I am doing a research on rental property management businesses and i came across your post.

Would you mind filling out this quick survey of 8 questions please? Please see the link

below:



https://www.surveymonkey.com/s/DN96Q7B



Cheers



Guy
 
housingrental

housingrental

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Not posting three times.

Customer service.

Timely response.

Detailed product and operating environment knowledge.

Knowing how to answer a phone and being polite when a tenant tells you there toilet is clogged is great, but not sufficient.
 
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