Property management companies play a very important role in business. This ensures that you have the right people who you can depend on without being always there and help you focus on other important things. On the other hand, a good property management company whether you are hiring one or have your own, it is essential to know the role of each one of the team members.
Today, I am going to giving an overview of the six crucial team members of a property management company. For me, I self-manage, meaning that I have a property management company to manage the assets that we currently own and operate.
I’m here to share my experience, and personal point of view that I hope can bring good value and help new investors and avoid the pitfalls and mistakes. I am not bragging by any means, I am not perfect in the sense that I’m still committing errors even today. Importantly, I learned a lot from those mistakes and use it to improve myself and the business process.
1. Maintenance Guy
The first crucial role in property management is the maintenance guy. Depending on your asset classes especially as well an owner-built property then you are going to have a bit quite a bit of requests that come in. If you have someone who can send out to take care of those then that keeps your tenants happy. In addition to that, they tend to stay or keep retention.
What I’ve been hearing from our property manager in our company is it’s been very difficult to keep the quality in good maintenance tasks just due to the good ones are getting higher-paying jobs now, and the wages are getting up a little bit.
Just thought that is if you do have a good quality maintenance individual that you go to and he is absolutely crushing it, pay him good and really take care of that person. This is a great foundation that you need.
2. Leasing Agent
This is another important role in the property management team. Myself formerly, when my partner and I first built our property management company I was just about every role, wearing multiple hats and within those roles, I was able to learn quite a bit from that experience and later, once we started hiring, it allowed me and my partner to have a system in place and also procedure. In that, we were able to hand off to them that allowed us to scale and push ourselves further up in the company.
Essentially, the leasing agent is the one going to show your available units that you have, whether it is single-family apartments or homes and they will be showing the units when it's available. They are the ones who will do the underwriting the applications as they come in and also processing the abs as well and approving the tenants. They will also do the coordinating from start to finish once a unit is available from the time of getting an actual tenant in there. That’s where the leasing agents come into play.
3. Administrative Assistant
This individual will be taking all of the administrative roles. They will take the incoming calls rather a tenant wants a maintenance request such as leaky faucets just happen to go out and other things. It also included setting the appointment people who were interested in your available rentals, so always have someone in the house who have those roles.
When it comes to the leasing side, they do all the pre-qualification on the phone, meaning that they are a person who will ask necessary questions to the interested individual then they will set the appointment for the leasing agent versus once you really started having that scaled having a leasing agent takes all of those calls in is quite a bit, we decided to break up the role and have an administrative assistant take all of those prospective tenant calls and then qualify and set the appointment calls with the leasing agent.
Through that, the leasing can solely focus on showing the available units, creating that great experience and also taking it from start to finish once the unit is available getting a tenant in place. The leasing agent also handles the marketing too, simply by just posting in Zillow, Trulia, Hotpads., apartment.com and other publications or even craigslist. They will also coordinate with the administrative assistant as well.
4. Legal
Having someone like a legal counsel is very important in any property management company. They are the ones who are well-versed when it comes to legal matters. They can represent you well and let you know your rights in case someone filed a lawsuit or complaint. Attorneys can also help in eviction too.
5. Construction Manager
They are the ones who will oversee the construction as well as the rehab on each and every one of your property. By overseeing that they ensure that everything is done on a timely basis and the quality is there.
6. Property Manager
The pillar for everything is the property manager. He or she is the one who will oversee that everything is in order. For example in terms of our operation, partners and I separated our roles to make sure the process is efficient. Jacob is focused more on the underwriting side, financials and operations more on behind the scenes. I am more an extrovert finding deals and bringing the investors in.
We have our Chief operation officer who is the pillar in the property management company right now, and he absolutely crushes it. She makes sure that everything is in order from the maintenance, leasing agents, construction manager and legal.
There you have it, the six roles in the property management property team need to have. I strongly believe that having these persons as part of your squad is very useful for your real estate investment journey. I hope I have given you the information and tricks that you need for successful investing.
P.S.
I’d like to THANK YOU for being here and here’s my way of saying thanks!
Grab your FREE Copy of My Book "From Zero To 400 Units".
And a Special Invite for an Intensive Real Estate Investing Training. Will Take You By The Hand To Show You Exactly How This Works. LIMITED SEATS ONLY. Save YOUR COMPLIMENTARY SEAT now.
For 30 Days I dare to take my hand as I guide you through GUARANTEED first or next deal in 30 Days!-Take action now!