Secrets to Creating a Successful Property Management Team
It’s no secret that behind every successful organization lies a team of dedicated, qualified individuals who works together towards a shared, strategic goal. The same applies to property management. A lot of hard work goes into building your client base and dealing with all the chaos involved in filling and managing commercial and multi-family real estate, as well as handling residential and retail tenants.
Thus, the success of your property management company will depend on the employees driving it, which is why it’s extremely important to invest in the right talent. Here are the secrets to creating a successful property management team:
Create Accountability
Property owners hire property managers because they want them to manage everything related to their properties. To deliver or exceed that expectation, your entire team needs to be dependable. If it fails to handle every aspect related to the landlords’ rental properties, they will eventually switch to a more responsible property management company.
Therefore, it’s essential that you create accountability in your team for obligations like rent collection, property maintenance and repairs, communication with service vendors, evictions, and more.
Prioritize Experienced Candidates When Hiring
Don’t ignore who you’re hiring in the drive to save on salaries. When recruiting employees, prioritize experienced professionals who are well aware of rental property laws. This can make a huge difference to your firm’s ability to achieve success. Also, you’ll also be more willing to delegate responsibilities when you have a talented workforce.
A solid team will include a dedicated property manager, an assistant, and a leasing agent. All serious matters can be addressed by the property manager, the current tenant inquiries can be handled by the assistant, and the leasing agent may help place new tenants in vacant properties.
Keep Everything Organized
No matter how capable your property management team is, if you don’t stay organized, especially in terms of record-keeping, you may find yourself in legal trouble afterward. Successful property managers understand the importance of legally compliant record-keeping and staying organized. Consider investing in software that will keep all the finances in one place and allow for seamless payment collection.
Staying organized means you’ll be collecting rents from tenants and fees from landlords on time. Should any dispute arise or you face an audit, you should stay safe.
Property Management In New York, New Jersey, and Florida
The success to any business begins with developing a solid team, talented team members who can create value for the company and demonstrate the right attitude can be a great asset for your property management company.
If you’re property investor or owner looking for a property management company with the qualities discussed above, get in touch with Milbrook Properties Ltd. today!