Property Management Company in Hamilton, Ontario

[oligu]

Dear friends,

We hope this thread may bring us some precious feedback from either rein members or non-rein members.

We have been investing/ Managing my own properties in Mississauga since 2003. In April we expanded our investment property in Hamilton by purchasing a 6-plex near downtown. During the past 6 months, we have tried to contact lots of property management companies for managing this building for us. But most property management companies are interested in managing bigger units. The handful few companies that are willing to manage the property charge very high fees. The property management company that we hired since Sept 1 did very little other than showing the units. We handled the critical repairs ourselves due to their high contractor fee and Admin fee, and we screened and selected our tenants. They are too busy, each property mananger handles close to 100 units.

The company that I worked full-time are in the edge of laying off people, I`m thinking of working at the area that I love so much --Real Estate Investment and Property management, I`m thinking of expanding my company ( Liberty Prosperity Property Management Group ) from managing my own properties part time to manage low-rise properties full time in Hamilton.

Hamilton is a city that I have much passion in. It is old but it becomes very dynamic and promising. It ranks #5a in REIN top 10 town list in Ontario.

More investors are investing in Hamilton than over before and the city is changing to be better almost every month.

Please share with us your thoughts and comment on the property management side, especially if you have properties/ home in Hamilton and adjacent cities.

Thank you for your comments.

Oliver Gu
Liberty Prosperity Property Management Group

 

[housingrental]

Property management is a hard, intense business
Especially when looking after smaller buildings
Long hours
People constantly trying to scam you
A billion things go wrong constantly and randomly no matter what you do
If you can be successful at it you can be successful at anything

Re other companies charged to much and the one you choose did a poor job - This should likely be taken as a reflection of the work necessary to effectively manage your building. I now I`ve managed places that at 8% + of gross rent still weren`t worth doing for the hours inolved.

 

[manojsingh]

Hi Oligu,
Its good idea and lot of learning experience. Morever you are moving in the right direction . You will face initial trouble but hard work always pay. I have two property in Hamilton and managing on my own . My goal is to get atleast 6 more property in next 6-8 month. At that time certainly I will consider property management by others. We(Hamilton Mastermind Group REIN members) meet once a month. You are more than welcome to come. You will get first hand information that whats the market potential. I believe there is good scope for quality property management company.Thanks