17 Sep Building your Dream Property Management Team
Whether you decide to self-manage your properties or turn the task over to a property management company, understanding what you need from your team and then hiring the right team members for YOU is the key to a successful rental. Read on to learn how to build that dream team!
- Keep in Mind the Advantages of a Team Approach: By building a team to support you with your investments, you are able to enjoy the passive income from your portfolio. There are two primary ways to approach team building (1) hiring a property management company and (2) self-managing, in which you manage and hire for all key functions directly.
- Finding a Good Property Management Company: Your ideal property management company will have experience with the type of properties you own and familiarity with the area(s) in which your properties reside. The property management firm of choice will provide you with a comprehensive team and the oversight of the same including; Real Estate Broker, Real Estate Agents, Office Staff, Regional Property Managers, Onsite Property Managers, Maintenance Management, Contract Managers, HR and payroll management, Controller, Accounts Receivables and Account Payables, CPA/Tax Advisors and IT support for their team. Additionally, the ideal property management company will have proven systems and processes in place to ensure property optimization and maximizing NOI while ensuring compliance in all areas.
- Who should be on your Team for self-managing owners? In addition to all of the above applicable functions, owners of real estate portfolios need to have the below team members:
- Attorney: Contract management, acquisition, and entity structuring support and helping to avoid litigation.
- Leasing/Marketing Agents: Ensuring the properties remain leased and occupied at all times.
- Banker/Lenders: Bank account structure, financing and re-financing options and lending support.
- Escrow/Title Agent: Ensuring clear title and providing critical information upfront regarding the real estate property and transaction. Offering support throughout the real estate transaction and title changes thereafter.
- Association Memberships: Continued Education to ensure compliance management in all areas including Federal, State, local laws, property policies, ADA, Fair housing as well as employment law compliance.
- Key Vendor Partners: Maintenance with specialties in all areas in order to maintain the properties.
- Structuring your Team Members: Team Members can be full-time and/or part time employees and they can be paid on an hourly or salary basis. Team members can also be consultants and paid only for their times, as needed.
Questions/Answers: Please email us directly at Elizabeth@ReynoldsRealtyAdvisors.com with your questions and we will get back to you promptly. We are also working on our next Q/A article, where we would like to feature your questions and our responses.