Best Virtual Assistants for Real Estate Investors
A highly skilled virtual assistant can help real estate investors by taking care of the tedious tasks so that the investor can do what they love — that is close business.
Definition of a Virtual Assistant
A virtual assistant performs the tasks of any real estate office assistant but does so off-premises. For example, they can maintain records, file leases, keep track of the rents collected, answer phone calls, and keep your calendar. They can also schedule maintenance appointments and interview new maintenance staff. They can also ensure you comply with tenant-owner laws in your region. The best virtual assistant for real estate investors also can perform other specialized tasks. Their ability to perform all these tasks frees up your time for more high-value tasks and to enjoy life.
Why a Virtual Assistant?
Virtual assistants allow you to scale your business, while staff assistants do not. Your workload typically isn’t stable from one week to the next, yet a hired employee would expect to work the same number of hours each week. Likewise, if you should suddenly grow your business, you’d be scrambling for enough staff to keep up. Virtual assistants also are typically less expensive than staff assistants because you don’t have to pay for fringe benefits.
Virtual assistants also are typically more productive than staff employees because they are independent contractors. For example, staff office workers in the United Kingdom are productive for less than three hours a day, according to HR Grapevine.
Specialized Tasks Performed by the Best Virtual Assistant for Real Estate Investors
In addition to administrative tasks, the best virtual assistants with real estate training can perform specialized tasks in many areas.
Virtual assistants can often provide light bookkeeping services, such as data entry, balancing your checking accounts, or generating statements. The best virtual real estate assistants also are trained in real estate, so they understand how to check your cap rate calculations or research market rates in a particular region.
An excellent virtual assistant for real estate investors also can handle many marketing tasks. These include:
- Promoting your buildings
- Advertising vacancies
- Posting building updates on social media
- Taking photos
- Posting attractive photos on your website and social media
- Creating and maintaining your website
Having a virtual assistant to handle these tasks can increase your visibility, tenant retention, and tenant recruitment. It also can promote your brand identity, which will help you stand out from other investors.
Traits in the Best Virtual Assistants
The best virtual assistant for real estate investors typically has these traits:
- Attention to detail
- Organizational skills
- Interpersonal skills
- Discretion and loyalty
- Multitasking skills
- Knowledge of the real estate investment business
Best Practices for Hiring a Virtual Assistant
Once you’re ready to hire that best virtual assistant, you have several choices of how to go about it. You could ask local real estate agents for recommendations. You could also post ads and interview applicants. Either of these strategies will take a lot of your time and may not necessarily find you the best virtual assistant.
You also could work with firms that provide virtual assistants. Dealing with a firm will save you considerable time because the firm will already have vetted candidates and will present a few for you to interview. However, if the firm doesn’t specialize in real estate, the applicants they will send you will be missing one crucial trait of an excellent assistant. They won’t have the specialized real estate knowledge necessary to help you stay in compliance, do financial calculations, or market your properties effectively. While you could certainly try to teach them about the field, you’ll spend a lot more time onboarding than you expected. And, there’s no guarantee the person will remain with the firm.
To find the best virtual assistant, you will want to deal with firms that provide virtual assistants for the real estate industry. The firm will have vetted candidates and know they have the traits necessary to be the best virtual assistant. They will present you with a few options that meet your needs, and you’ll interview and make your choice. The firm will also have trained the assistant in all the finer points of real estate or have found candidates who already possess that knowledge.