Property management is a broad field with many responsibilities. There are tasks that may not require constant attention, but are necessary for the smooth operation of your business. These administrative duties can easily become time-consuming and take away from the more important aspects of property management. Virtual assistants can support your property management business in many ways. Here are five ways a virtual assistant can support your PM business:
Run Background Checks
A background check is always the first step in tenant screening. You may want to hire a tenant who is not perfect, but a great tenant who has a clean criminal record. A background check will provide you with the information you need to determine whether a person is a good fit for your property. Virtual assistants with experience conducting background checks can be a huge time saver, because you can outsource this task and not have to rely on other employees to complete the work. The cost of hiring a third party to run a tenant screening report can be thousands of dollars. You may be able to find a virtual assistant who can do the same work for a fraction of the cost. If you already have a great relationship with a VA, you may want to ask if they have experience conducting background checks. If not, you may want to ask if they can learn this skill.
Create Operating and Repairs Budgets
Your property’s actual operating expenses and repair needs may vary greatly from your original estimates. A virtual assistant can help you create operating and repairs budgets at the beginning of the year to ensure you have enough money to cover these expenses. You can track the actual expenses and compare them to the budget numbers throughout the year. This will help you stay on track when it comes to meeting financial goals. You can also use your operating budget to track utility expenses so you can pay them on time and stay on top of your account balances. It will help you determine how much you should be charging your tenants for their utility bills. Your repairs budget can help you plan for the unexpected. It may be too difficult for one person to keep track of all repairs and expenses, but a virtual assistant can record and track these items for you.
Maintain a Calendar of Monthly Activities
Every business has regular activities that take place on a monthly or annual basis. Your calendar may include annual inspections for your properties, monthly meetings with your contractors, or quarterly property tax payments. Virtual assistants can help you create a calendar that includes all these activities so you can stay on top of your business’s activities throughout the year. This can reduce the risk of forgetting important dates and will help keep you organized when you have many things on your plate. Occasionally, your calendar may include tasks that require immediate attention. For example, you may need to schedule an inspection of a property as soon as possible. Your virtual assistant can help you add these items to your calendar so they don’t get overlooked.
Help Manage Tenant Relationships
Many property managers have a hands-off approach when it comes to tenant relationships. They may feel that the interaction is best left to the human resource manager. But not everyone has the skill or training to facilitate positive and productive tenant relationships. A virtual assistant can help you manage tenant relationships by completing some of the tasks that are necessary to run a successful rental business. A virtual assistant can help you collect rental payments, schedule maintenance requests, and communicate with tenants. You may also want to consider hiring a virtual assistant who understands your local laws and regulations. This way, you can focus on your core responsibilities as a property manager. It’s also important to remember that tenants deserve to be treated with respect. If you’re not comfortable managing tenant relationships, it may be time to bring in a professional.
Assist with Marketing Activities
Many property managers struggle with marketing activities. You may not have the skills necessary to produce effective marketing materials or know how to drive traffic to your property listings. A virtual assistant can help you with marketing activities by producing advertisements, managing your social media accounts, and helping you drive traffic to your listings. This can help you attract new tenants to your properties, which will help you expand your rental income. Depending on your marketing strategies, you may want to consider hiring a VA who has experience in real estate marketing. A real estate marketing expert can help you drive traffic to your rental properties through blogging, SEO, paid ads, and many other methods.
Wrapping Up
Virtual assistants can help you by reducing the number of hours you spend on administrative tasks. They can run background checks, create budgets, and manage tenant relationships. They can also help you with marketing activities, such as creating advertisements and driving traffic to your listings. Virtual assistants can support your property management business in many ways.