Every property management company has a core crew that is crucial for the success and profitability of the business. In reality, nobody does it alone. There is a well assembled team that each plays a role in making real estate a well oiled machine. Below are 6 crucial roles that every property management company should employ, in order to create the necessary processes to keep your portfolio performing consistently:
1. The Property Manager
The Property Manager is the leader who manages the business-side of things. These leadership duties include supervision of the home, coordinating with leasing agents, vendors, and filtering everything through the individual tenant. They are a liaison of sorts that specialize in communication.
2. The Handyman
Dealing with repairs and fixes is an every-day part of the job. Having a handy man handy will save you money from outsourcing to expensive companies. The handy man should be on-call to make any necessary fixes on site.
3. General Contractor
The Project Manager takes on the general contracting responsibilities after a property is acquired. They manage rehabs and turn over units. They are always in the loop and aware of what crews are up to.
4. Investor-Friendly Real Estate Agent
The leasing agents are in charge of making frequent posts of rental listings, handle showings and also take part in underwriting tenant applications.
5. Legal Counsel
Another much needed element to your team. You might find yourself facing issues if you are dealing with a good number of acquisitions, leasing or management. You are going to want to avoid any future lawsuits and make sure your legal ducks are in a row.
6. Accountant / Bookkeeper
Every company needs a good bookkeeper to keep record come tax season. This is a numbers person who makes detailed records of every mathematical decision being made. When it comes to paying bills, protecting assets, minimizing taxes and reporting to investors, you need someone who is hyper accurate to make sure there are no irregularities.