A Compensation Guide for Property Managers With Virtual Assistants
Excellent compensation plans for virtual assistants can help property managers find (and keep) better VAs! Just like any great team member you have in-house or as a remote contractor, companies want to keep a virtual assistant happy so that they don't leave to work for someone else (including a competitor).
What should property managers or real estate professionals consider when putting together a compensation plan that helps them recruit the best talent and retain their best VAs? Here are some tips to keep your property management virtual assistant happy with a competitive salary or compensation program.
How Do I keep a Virtual Assistant Long Term?
Much like your in-house employees, the world of real estate virtual assistants is competitive. With the growing popularity of hiring remote team members for a property management business, the best virtual assistants know they are in high demand. Within the real estate or property management industry, skilled VAs compete for ideal working conditions and competitive pay. No matter where they work globally, businesses must understand what it takes to attract and keep experienced virtual assistant talent.
Establish Competitive Pay Plans
We've mentioned that hiring virtual assistants as independent contractors can reduce your payroll expenses and increase profitability. However, shortchanging quality remote assistants with low-quality compensation plans can leave you without a way to hire the best VAs for your property management company.
When mapping out a compensation plan for a virtual property management assistant, consider:
- Create a bonus structure
- Offer a stipend for Internet or computer costs
- Have clearly defined KPIs and review consistently
- Make them feel part of the team
- Ask for feedback
- Fly them in once a year for training or company holiday party
While that last one might seem like a stretch, depending on your VA's location and the logistics, offering to bring them in for a company celebration in person can be a positive relationships builder that helps your virtual assistant feel like an important team member!
How Does Salary Work For a Virtual Assistant?
Do you need to pay the virtual assistant a salary? Paying your VA works differently than your salaried W-2 employees. In most cases, virtual assistants are paid hourly as freelencers. They fill out an hourly time card and get paid for the hours they work (and that you approve).
With VPM Solutions, companies can easily set an annual "salary" for VAs, broken down into hourly rates and paid through our system. Your virtual assistant submits a timesheet each week, you review and approve the hours worked, then your VA receives payment through our platform.
Do I Need to Pay Overtime to a Virtual Assistant?
It's essential to think through this question as you map out a competitive compensation plan for your property management virtual assistant. Overtime is not mandatory to recruit the best VAs and is a negotiable aspect of how you plan to pay your remote assistants.
However, it is highly encouraged that companies pay overtime to their assistants when they work approved hours above and beyond a typical work week as it applies to the role. Offering overtime can become crucial to retaining top talent with competitive payment plans. When considering "how much" you should pay for overtime, many businesses offer straight time or time and a half.
Remember: if the job role does not require overtime (or you did not approve overtime hours), then you should not approve overtime for your VA. Only if your contractor is required to work overtime should you pay overtime. What you pay is negotiable.
Be sure to create a documented overtime policy for your real estate virtual assistant. For example, overtime hours during the week are paid as straight time. Then, on weekends, VAs receive time and a half, or the first five overtime hours are straight time and the next five are time and a half.
Does a Virtual Assistant Get Holidays With Pay or PTO?
Different than overtime pay and W-2 employees, virtual assistants don't qualify for paid holidays. However, giving your remote team member the same days off as U.S. holidays is customary. Just reinforce that those days off are not "paid" as holidays that your W-2 employees receive.
However, retaining good team members should be a top priority. Regardless of their location or job role, keeping good virtual assistants is better for your property management company's productivity and profitability! If you give permission for your independent contractors to work on a U.S.-holiday, they can receive payment for those hours worked.
The same approach applies to paid time off (PTO). While your U.S.-based employees get paid time off as part of your compensation plan, this does not apply to virtual assistants working as independent contractors.
Remember: companies only pay VAs for hours worked!
Should I Create a Bonus Structure for My VA?
So if VAs don't receive PTO or paid holidays, how can you reward your best virtual talent to build strong relationships? Most companies create a bonus structure around key performance indicators (KPIs). Rewarding your virtual assistants when they exceed expectations is an excellent way to improve retention and keep them happy.
Does the Exchange Rate Affect How Much I Pay My Virtual Assistant?
No. When working through VPM Solutions, companies always set pay rates and pay in U.S. dollars (USD). Based on their location, the local exchange rate will affect how much your virtual assistant receives, but it will never affect the amount you pay. However, keep in mind that competitive pay rates should reflect pay rates in your VA's home country.
Hire and Keep the Best Virtual Assistants With VPM Solutions!
Using these guidelines to develop a competitive compensation package and partnering with VPM Solutions helps property management companies and real estate professionals hire and keep the best virtual assistants! When your free Company account, you can post jobs, view ideal candidates, interview your top picks, then hire and pay VAs with no company fees ever! Learn more about how it works when you Schedule a Free Consultation!