Remote or virtual property management is quickly becoming the “new normal.”
Travel bans and social distancing restrictions mean that property managers in the real estate sector have had to rethink their business models and expedite the implementation of remote property management. Then there is also the constantly evolving and improving technology, allowing more and more businesses to successfully function and operate online.
One of the key roles involved in remote property management is a. property management virtual assistant.
What exactly is a property management virtual assistant?
Based off-site and, in some cases, even based offshore in another country, a property management virtual assistant is engaged to carry out a variety of property management related tasks.
Although based off-site, the virtual assistant is effectively a full-time employee and 100% dedicated to the property management business which employs them.
Employing a property management virtual assistant has many advantages and can help
- make property management functions and operations more efficient;
- support an in-house property management team on a 24/7 basis;
- enhance overall performance of the portfolio;
- importantly, reduce staff costs, thereby, helping improve net margins and profit;
- Free up more time for owners and managers to develop new business and add properties to the portfolio under management
What tasks can a Property Management Virtual Assistant complete?
Typically, many of the tasks undertaken by a property management virtual assistant will be administrative in nature or non-fee earning, that is they do not directly bring in fees or revenue, such as directly renting or leasing the space might. But these tasks are extremely important as back-up support to help a business run smoothly and efficiently.
Sometimes, these tasks are called “non-revenue productive tasks” and, really, in any business, the ratio of such roles to fee earning roles needs to be kept to a minimum. This is to avoid unnecessarily increasing overhead and limiting productivity.
Some great examples of the types of tasks the virtual assistant can undertake include:
Tenant Coordination:
- Receive incoming calls (maintenance requests,
tenant inquiries and requests, other) - Collection & Delinquency calls
- Lease Renewals (Including Section 8)
- Complaint Management
- Notice Creation (i.e Notice to vacate, Notice of Entry, Notice of lease non-renewal,
7-day notice to comply)
Tenant Coordination:
- Receive incoming calls (maintenance requests, tenant inquiries and requests, other)
- Collection & Delinquency calls
- Lease Renewals (Including Section 8)
- Complaint Management
- Notice Creation (i.e Notice to vacate, Notice of Entry, Notice of lease non-renewal, 7-day notice to comply)
Tenant Coordination:
- Receive incoming calls (maintenance requests, tenant inquiries and requests, other)
- Collection & Delinquency calls
- Lease Renewals (Including Section 8)
- Complaint Management
- Notice Creation (i.e Notice to vacate, Notice of Entry, Notice of lease non-renewal,
7-day notice to comply)
Maintenance/Work Order Management:
- Create work orders (received over the phone or via email)
- Work order follow-up. Update work order logs through to completion
- Owner and Vendor follow-up
- Request tenant surveys on completed work orders
- Vendor Research (Compare rates and services)
Maintenance/Work Order Management:
- Create work orders (received over the phone or via email)
- Work order follow-up. Update work order logs through to completion
- Owner and Vendor follow-up
- Request tenant surveys on completed work orders
- Vendor Research (Compare rates and services)
Maintenance/Work Order Management:
- Create work orders (received over the phone or via email)
- Work order follow-up. Update work order logs through to completion
- Owner and Vendor follow-up
- Request tenant surveys on completed work orders
- Vendor Research (Compare rates and services)
Engaging a property management virtual assistant to do these tasks will be at a fraction of the cost as compared to an in-house team member. Some estimates show savings of at least 50% over an in-house team member.
Important skill sets and ongoing training for a property management virtual assistant
Any virtual assistant in the property management field will be expected the have the following skill sets or build them over time
- be self-motivated and able to work under pressure;
- disciplined in approaching hr various tasks assigned;
- effective decision making and good at problem solving;
- computer literate and familiar with proprietary property management programmes;
- ready to continuously learn and improve
- great oral communication and writing skills;
Once a property management virtual assistant has been engaged, even if they have prior experience in the real estate sector, and a complete set of the above skills, it’s important to provide a period of further training to ensure that they are brought up-to-speed on how you like to run your business and complete tasks.
A virtual assistant needs to understand all aspects of their property management role, including objectives, outcomes, task flows, and timelines. They will need to understand property management services, operations, and systems so that they can work seamlessly with your team from the outset.
Hiring a virtual assistant who has either already had quality training or can receive training once onboarded can enhance the success of that virtual assistant, and subsequently your business.
Appropriate training for the virtual assistant can include:
- learning about your company’s culture, brand, policies and expectations about service standards;
- tasks to be handled, as well expectations on performance;
- monitoring progress and making changes to working habits and procedures as necessary.
Such training can either be via group sessions via Zoom or other such online meeting platform, one-on-one mentoring, or, if practical, face-to-face workshops every three to four months to constantly develop their skills and performance.
