How to Build Your Dream Property Management Team
Behind every successful business is a team of hard-working, dedicated individuals.
And, to make the perfect dream team a reality, it is necessary that every person bring a unique set of skills to the table, yet also be able to come together as a whole to meet the team’s shared goals.
This same concept is used when it comes to the rental property industry.
If you want your expanding property management business to excel, you have to start by building a solid team.
From there, you will be able to garner more property owners that want to work with you on a long-term basis.
Let’s take a look at some of the best ways to build a successful property management team, because in the end, the people behind the business are the ones who play a major role in determining your company’s success.
Building Your Dream Property Management Team from the Ground Up
1. Aim to Hire Competent, Experienced Professionals
Making sure that you hire qualified people to fill the various roles of your property management team may seem like an obvious step.
However, as one of the most important parts of running a successful business, it is worth mentioning.
Here are some of the key responsibilities your team will be obligated to fulfill while working for you, and the property owners that employ you to manage their investment properties:
- All Things Rent Related. Setting competitive rent rates, enforcing the rent collection policies, and adjusting rent rates each lease term are all the responsibility of a property manager.
- Management of Tenants. Both office administration and property managers are involved with managing tenants and their needs. This includes, but is not limited to:
- Finding tenants to fill vacancies
- Screening prospective tenants
- Drafting legally compliant lease agreements
- Dealing with tenant questions and concerns
- Handling eviction proceedings, if necessary
- Maintenance and Repairs. Part of your property management team might be an on-staff maintenance crew that handles all maintenance and repair requests made by tenants. They may also help with cleaning up, upgrading, and fixing vacant properties in between tenancies.
- Bookkeeping. Someone on your team is going to have to understand how to manage the company’s budget, as well as the income and loss reports of each property owner that hires you. In addition, they will need to maintain records related to:
- The property owners that employ you
- The investment properties you manage
- The tenants that are placed in those properties
- All other important documents related to a lease term (e.g. lease agreements, complaints, repair records, invoices, rent collection information, and communication between tenants and property managers).
Hiring those that have experience in the real estate industry, understand the rental property market, have strong customer service skills, and are continually educating themselves on things such as landlord-tenant laws, is the best way to build a solid foundation for your property management team.
2. Set Clear Expectations from the Start
Everyone that works with you should know right from the start what your property management company is all about. Here are some great things to share with all new employees as you hire them onto your team:
- What your company’s vision is, and how you want to meet or exceed that vision going forward
- How they can best represent and promote your company’s brand
- A detailed explanation of their duties as a member of your team
- How you expect everyone to work together towards shared company goals
- Clearly defined objectives for each team member, and strategies for achieving them
- How to maintain open communication with all members of the team, yourself included
Your property management team will be anything but a dream if no one understands their role in the company.
Furthermore, without a specific direction to go as both individuals and as a team, it is likely your team will not operate effectively, which will ultimately hurt your business.
3. Encourage Continual Interaction Amongst Team Members
A team that works together succeeds together.
While each member of your property management team will have a specifically outlined role to fulfill, a lot of success can come from brainstorming together as a group.
Holding regular meetings can bring your team together as one, as well as foster communication amongst all members, no matter what their role in the company is.
Here are some of the things you can do at meetings to help develop your team into a dream team that helps each other out, and also praises each other’s success:
- Reward idea sharing so that everyone feels comfortable expressing their take on a situation
- Make pointing out successes a focal point – appreciation can lead to more hard work
- Encourage an atmosphere that does not accept open criticism of someone’s performance or ideas
- Urge team members to point out weaknesses in the company without pointing fingers at other team members, so that a group decision for improving the situation can take shape without retribution
- Give positive feedback to all team members as often as possible
- Stay as transparent as possible about the company as a whole, so team members feel comfortable that their jobs are secure, and that growing with your company is a possibility.
By staying involved in all aspects of your property management business, including the work lives of your employees, you can devise solutions to problems before they turn worse.
You can also foster a positive environment in which people feel appreciated, and build the team’s morale to the point that their goal is to make you successful.
In the end, implementing the above three key things into your property management company will ensure you build a strong property management team.
With a dream team in place, there really is no limit to your company’s success. So, get the right people in the right places, and launch your property management company to the next level.