All property management companies need certain team players to make business run smoothly. The people you choose for your team become essential to your success and profit margins. The individuals you choose are the basis for all business growth and future potential. From experience, here are seven seven team players to have in your organization.
Leasing agents post available rentals, schedule viewings, and underwrite rental applications. They can also oversee the tenant move-in and move-out process, renew leases, and deal with lease agreements.
The project manager acts as a general contractor. They oversee the construction on rehabs when a property is bought, experiencing a turn, and repositioning the property. Project managers keep laser-focused attention on what various crews are working on to get the units ready to rent quickly.
You will need someone who can oversee the properties once tenants are in place. This will ensure that things are running smoothly. A property manager might look over a specific multi-unit property or a few single-family homes. Generally, a property manager will supervise and coordinate. From leasing agents to maintenance vendors, your property manager is the one who makes sure that all runs accordingly. They are the go to for everything and ALL communication generally. For a property manager to excel, they need to have strong organization skills. Also, pay them well! Their job has a lot of pieces to it, and your property manager deserves to be compensated for that. If your property manager can pay their own bills, they will help you with yours by displaying a motivated work-ethic.
Most of the property management responsibilities has to do with daily fixes and little repairs. Outsourcing maintenance issues can get expensive. A good handyman will be a great benefit to your team.
Find someone who loves numbers and gets how to do books. You might have some really smart team members, but a detailed bookkeeper is a non-negotiable if you want to have a great team. Keeping accurate records is so crucial to your business success. You need to know your cash flow, create profit, pay the bills, decrease your tax expense, and report to investors. The best way to do this is to find a specialist.
Trusted Legal Counsel
Legal counsel can be fulfilled within your company or outside of your company. That will depend on your company’s size. At any point you are doing significant acquisitions, leasing, or management, legal matters WILL arise. Trusted legal advice in the form of attorneys can help you keep your paperwork straight and processes correct. This will help shield you from potential lawsuits.
Having an administrative assistant will keep all going smoothly. This person can answer calls, send emails, and assigning tasks to the correct team member. If the assistant is in-house, they can also be responsible for keeping property management software up-to-date.
There are so many roles within property management, that it’s impossible for all to be handled by one person. Bring into your team the essential people who will bring you to the next level.