Verve chats with the team behind The Stay Hub and Hammond & Co Property Management to find out what makes them stand out in the short- and long-term Auckland property market.
Please share the inspiration behind The Stay Hub and the subsequent launch of Hammond & Co?
After couch-surfing his way across 47 countries, Eric Hammond’s entrepreneurial journey began when he realised the potential short-term rentals held for a business. The Stay Hub’s origins began when he decided to test the market by renting out a room in his apartment in 2016. After hosting over two hundred people, host referrals saw him managing his first properties, eventually allowing him to quit his day job as an electrician to explore the market further. In 2018, The Stay Hub was born. It has since become Auckland’s largest short-term rental company, managing over 200 properties across greater Auckland. Being the entrepreneur that he is, the idea of launching a long-term property management company was a core part of Eric’s vision long before Hammond & Co’s launch earlier in the year.
Eric has come a long way from a futon on the floor in his Auckland city apartment. When did long-term renting factor into his business plans and how do the two companies work together?
As Eric expanded his portfolio, he realised that deciding between short and long-term renting is a common and critical decision for property investors. Developing a business model where consultants have an understanding and expertise across both markets means they can have unbiased discussions with property owners. Our experts can provide tailor-made solutions based on an owner’s specific property, objectives, and circumstances. The ability to offer equitable and honest information on both rental models is what sets us apart.
Because The Stay Hub and Hammond & Co can work in tandem, this means owners can seamlessly switch between the two models if they desire. Shifting from long-term renting or vice versa is not a simple process. Having a team of experts managing this ensures owners are set for success from the get-go. Our businesses offer owners the opportunity to make changes as their personal circumstances dictate or based on market conditions.
There are a wide variety of long-term rental property management companies in Auckland. What makes Hammond & Co stand out?
Hammond & Co was designed to be a boutique, full-service property management company. Industry research has revealed, in general, service levels of property management companies are deemed to need “room for improvement”. Hammond & Co has been built to be that improvement. Led by Gina Colcord, with over fifteen years of experience working in every facet of property management, Hammond & Co’s mantra is personalised, exceptional service. We offer tailored solutions that fit each client’s specific needs, working with owners in a partnership that creates trust, rather than taking a rigid ‘one size fits all’ approach. Quite often, property managers can be non-responsive, slow to remedy issues, or they are driven by quantity over quality when building portfolios. Hammond & Co’s purpose is to excel in all the areas where others fall short.
Eric Hammond’s journey from tradie to successful property management entrepreneur is quite remarkable. Can you share some key lessons he learnt along the way?
Eric’s suggestion for inspiring entrepreneurs is to get the right advice from a business coach or mentor. Early on in his journey, he mapped out a business plan and worked with his own mentor. He did a lot of things that people said he shouldn’t be doing – that it was too early and his business was too small. With the right knowledge and people around him, his decision to challenge the status quo is one of the reasons The Stay Hub has become so successful and also enabled the launch of Hammond & Co.
