To be as successful as possible with your property management operations, you need the right people around you. Even if you're a one-person company when you start, you'll soon find that continued growth creates more work than you can keep up with on your own. Having trained people to help you makes that work easier.
What's the best way to find the right people for your company and staff it for future growth and development? Property managers should start with the most vital roles their company needs and fill them with trusted people they can rely on.
Not only does that help with peace of mind, but it also gives you quality employees and a solid base to build from when becoming a "great" property management company. Then you can explore adding more employees later, allowing you to expand your existing team.
To get started, there are four leading roles you want to focus on filling with trusted people who have the skills and training you're looking for. Keep reading to learn what these roles are!
Depending on your skill set, you may be the right property manager for your company. Or you may want to own the company but hire someone else for this role. To make a good decision about this critical role, it's best to be clear on the responsibilities your property manager will have and the qualifications you expect from them.
Property managers should be personable and comfortable working with property owners and tenants. You also want to look for someone who's organized. Managing large numbers of properties can quickly get confusing or overwhelming for anyone who doesn't have good organizational skills and time management abilities.
The property manager will contribute significantly to the success of your property management company, so their role is a vital one. However, if you're not looking for a fully hands-on experience as your company's owner and primary property manager, it's better to choose an experienced professional instead.
A maintenance coordinator is responsible for coordinating and managing maintenance requests and repairs on the properties under your company's management. Make sure this role has a prominent spot on your property management org chart, as it's a crucial function for successful growth!
Ideally, it's good to find someone who has worked in this role before and understands the importance of keeping up with property maintenance. If there are emergency repairs or time-sensitive maintenance issues, it's also essential to be sure your maintenance coordinator can handle that efficiently to protect tenants and properties.
Additionally, the maintenance coordinator you hire for your property management company should be comfortable with the fast-paced nature of property management and should also be available to address emergency issues. If you have a large company, there may be maintenance professionals working work under the coordinator, as well.
Some property management companies use outside accountants, especially if they're small companies or just getting started. However, as your company grows, you may want to look into bringing an accountant on staff.
Either way, you absolutely need someone you can trust to manage your tax and financial issues.
Accountants handle multiple financial aspects of a property management business. You can work with one that only focuses on the big things, like getting your company's taxes filed in time or one that's more hands-on with daily tasks like processing invoices and tracking budgets and expenses for all properties.
If your company isn't paying the right amount of tax, for example, or if there are discrepancies in your company's balance sheet, you could be setting yourself up for a big problem at a later date. The right accountant will help prevent that by alerting you to small problems in your property management operations before they become bigger and ensuring forms are filed correctly.
A good accountant or bookkeeper also helps you serve property owners well by managing their costs vs. income.
Even if you're managing a lot of excellent properties, potential tenants aren't going to find them if they aren't being marketed well.
The same is true about your property management services. How can you get more doors to manage if people don't know you're there? Having the proper marketing makes a big difference.
There are many ways to market a property management company, its services, and its properties. If you add someone to your team with plenty of experience, you'll feel more confident that your information is showing up for your target market so that they can find you in online searches and offline campaigns.
With a marketing and leasing specialist on your team, both tenants and property owners will be aware of what you have to offer and why they want to come to you for their needs. Additionally, you'll have someone who can handle your leasing needs the right way, so you know things are being done right.
These four roles aren't the only ones you'll need to fill as your property management operations continue to grow, but they're critical parts of your long-term success and development. They're often considered to be the most vital areas for a management company trying to expand what it does and reach more people.
While it can be tempting to focus on the "here and now" because you have to meet your company's immediate needs, working toward a longer-term mindset can actually be more beneficial in helping your property management company build a solid operational team and client base.
To find the right people for your company more easily, you may want to consider getting guidance and support before you start the hiring process. For example, when you work with a property management coach, you'll have a trusted professional who can help you set up your organizational chart and fill the roles on it.
Real-Time Consulting Services helps property management company owners plan their organizational structures, identify key roles to fill for long-term growth, and identify the skills needed to find the right team members for those roles. If you're ready to build a team that can help lead you to more success, reach out to learn how we can help!
We also hope you'll download a free copy of our 2023 white paper, "Property Management Business Insights." In it, you'll learn what business owners need for success in property management!