PM101 for VAs: The Lifecycle of a Property Under Management
When you operate a property management company, you need plenty of support personnel to keep everything running efficiently. You might have a great team of people, but if they aren't getting the administrative assistance and support they need, it can be challenging for them to help your company grow.
That's why hiring a property management virtual assistant is the right choice to serve clients well and grow your business!
However, when you choose a VA, one of the areas you need to cover during their training period is the property management lifecycle. Then every VA who works with you knows how to manage your properties the right way, where they are in the lifecycle, and what steps to take for any property moving from one stage of the management lifecycle to another.
The more information you give your VA, the more they can help you and your team. That benefits your company, as well as your owners and tenants, too. Here are some insights into helping your virtual contractors understand how to manage rental properties in the U.S.
What Is a Property Management Virtual Assistant?
Before you hire a virtual assistant, be sure you're adding a team member who can help your company as much as possible. That's why you want to specifically hire a "property management" VA instead of a virtual assistant who's more of a generalist. While "any" virtual assistant may have plenty of excellent skills to handle administrative tasks, they won't have the detailed knowledge of property management your company requires.
A property management VA, however, will be able to step into a supporting role in your company faster and easier. They already understand how the management of properties works and have experience with it. While there may be some differences between your company's processes and others, getting up to speed on your specifics will require less training if your VA already has some property management experience.
Not only does that give you help immediately, but it can also increase your peace of mind about who you add to the team when choosing a VA with property management experience.
How to Train a Property Management VA About the Management Lifecycle
Once you hire a virtual assistant, it's still likely that they'll need a little bit of training. For example, property managers must be sure a virtual contractor clearly understands how the company does business in case of differences from the companies they worked with before.
It's also important to note that a VA who's new to property management may have great skills but not a lot of practical experience. They could need more information about the lifecycle of a property under management.
To ensure your property management VA is adequately trained on the management lifecycle, teach them about three specific areas and how they all work together. When you do that, you have more confidence in their abilities, and they also have the knowledge and skills to complete the tasks you assign them.
3 Property Management Areas of Focus When Training a Virtual Assistant
While there are many more than three aspects of the rental property lifecycle, start with the basics. These three areas in the lifecycle of property under management are crucial for a VA to understand early on.
New tenants moving in: The first part of the property management lifecycle occurs when listing a property and identifying a new tenant to move in. Your VA can handle tenant screening, the security deposit, the lease signing, and other factors to make sure the tenant is a good fit and someone who qualifies for a property. This part of the property management lifecycle can take place (and involve your virtual assistant) when you take on a new property to be managed or when it's time for a new lease for a property in your portfolio.
Property management during the tenancy: During the tenancy, you're in the "property management" part of the lifecycle. Virtual assistants can assist with helping tenants follow the lease terms, pay their rent, coordinate maintenance requests, and other issues that come up.
Re-listing the property due to move-out: After a tenant notifies your property management company that they're moving out, the property will need to be re-listed. Virtual assistants can create property listings, post listings on websites, and coordinate make-ready tasks, like cleaning and repairs to the property.
When a VA knows how to handle these areas and ties them together so each property can move from one phase to the next, you can focus on other areas of your property management business that need your attention. In addition, having a skilled remote assistant that understands the lifecycle of rental properties under management will help your business grow and make it easier for your tenants and property owners to get what they need.
Your local team members will also have plenty of support, so they can handle areas where a VA isn't able to help out, such as in-person requirements of managing properties. While many tasks in the property management lifecycle can be handled virtually, there are still a few steps that require person-to-person interaction.
Working with a VA means you can reduce the need for that in-person work as much as possible, reduce payroll costs by outsourcing tasks to a contractor, and make the process of managing a property as seamless as you can for everyone involved.
VPM Solutions Helps You Train a Property Management Virtual Assistant
When you hire a virtual assistant for your property management company, select one you can trust and deliver the work you need.
Working through VPM Solutions makes it easier for property management companies to locate the right assistants for their needs and choose a virtual property management assistant with the skill set they're looking for. We also provide in-platform training that helps VAs get up to speed on various "PM101" topics, so property managers have a wide array of skilled assistants to add to their teams! Get started with your Free Company Profile today.
Download our free "From Chaos to Clarity" case study for real-life insights into how a virtual assistant can help boost the success of your property management company.