The 7 Indispensable Team Members of a Property Management Company

by | BiggerPockets.com

There are key roles every property management operation needs to have covered. They are vital to success and profitability on a daily basis and are critical to create a foundation you can scale from. Here are a few indispensable members I have on my team.

The 7 Indispensable Team Members of a Property Management Company

1. The Property Manager

You need a general property manager to manage your business. They may supervise a specific apartment complex or group of local single family homes. They typically supervise and coordinate everyone, for example leasing agents, maintenance vendors, etc. Everything filters through this individual, including tenant communication.

Organization is a much needed skill in this role—and they should be well compensated. They generally handle a lot, and you want them to be motivated and focused. If they can’t pay their own rent and bills on your salary, there is potential for problems.

real-estate-networking

Related: How to Build a Highly Effective Real Estate Team

2. The Maintenance Go-To

The majority of daily property management business is dealing with small repairs and fixes. You don’t want to have to outsource to expensive companies every time a tenant locks themselves out, a fuse blows, or there is a minor plumbing problem. Having a good handyman or maintenance person on call can have huge benefits.

3. The Leasing Agent

These agents post rental listings, handle showings, and underwrite tenant applicants. They can also supervise move-ins and exits, as well as lease renewals and contracts.

4. The Project Manager

This person will act as your general contractor for managing rehabs after a property is acquired, as well as when turning over units or repositioning a property. They are hyper-focused and tuned in to what various crews are doing to get units rent-ready fast.

5. The Administrative Assistant

This role involves answering calls and emails and delegating them to the proper party. If they are in-house, they may also be responsible for updating property management software to keep data fresh on your all your properties.

6. The Bookkeeper

You need a detailed specialist who really understands and loves numbers to handle the books. No matter how intelligent and accomplished other employees are, most don’t excel in keeping detailed records of the math. Still, accuracy in this part of your business is vital when it comes to creating real profit, having cash flow to pay the bills and protect assets, minimizing taxes, and reporting to any investors you may have.

landlord-lessons

Related: 7 Small Things You Can Do to Boost Team Strength

7. The Trusted Legal Counsel

Depending on the size of your operation, this can be an in-house or outside role. If you are doing any substantial amount of acquisitions, leasing, and management, you will encounter potential issues. You need good legal counsel to ensure your paperwork is right in advance, that eviction processes are followed legally, and that potential lawsuits can be deflected before they become issues.

Summary

There are many different roles in a good property management operation—far too many for a single individual to handle well.

Who do you have handling your property management needs? What others roles have you hired for or wish you had?

Leave your comments below!

About Author

Sterling White

Sterling White started in the real estate industry at a early age back in 2009. The company he co-founded Holdfolio is a real estate crowdfunding platform based in the Indianapolis market. Before founding Holdfolio Sterling and partner Jacob Blackett were involved in the purchasing and selling of 100+ single family homes nationwide. In his free-time he trains for a World Record.

8 Comments

  1. Dede Christensen

    As always, you posted a five star article. There is one team player you left out: insurance agent. It’s well worth analyzing property risk and paying just enough to offset it. I’ve read in these forums of people who did not have proper insurance who lost everything because they were underinsured or had no insurance for specific occurences. For those of us who self manage our investments, it still is important to keep track of performance of those in your team. I will use this article as criteria when I’m looking for a new team member or additions to my team. Thanks.

  2. Very true about property management team, as a roofer I have been in touch with many property managers and with some of them I have got exclusive contract for inspecting their roof atleast twice an year and repair any damages caused due to elements of nature.

  3. Ryan Titus

    Excellent overview Sterling. I have a friend in the Boston area for whom I will be managing his properties, predominantly multi-families. Having no experience in property management, are there any particular skills and/or software programs you would recommend I develop or grow accustom to before undertaking this responsibility? Thank you.

Leave A Reply

Pair a profile with your post!

Create a Free Account

Or,


Log In Here