Discover the benefits of recruiting a property management virtual assistant. This article will cover the following key points:
A property management virtual assistant plays a crucial role by providing invaluable support for streamlining operations in the business. Since this role can accomplish the majority of tasks online, they work remotely and utilize various task management tools.
The best property management VA for a property management team should have expertise in organizing workflows and handling multiple tasks. While other firms opt for hiring locally, outsourcing a PMVA offers the most cost-efficient option. Particularly in countries like the Philippines which presents affordable labor expenses due to the low cost of living.
The tasks of a PMVA may vary depending on their skillset and experience. It can also depend on the company’s assigned tasks in order to support property managers.
The process of property management is basically a flow. A property management virtual assistant handles various stages of the property management process. Starting with onboarding new landlords and advertising properties to attract prospective tenants.
They also manage tenant prospecting, lease agreements, property inspections, and repair coordination. At the same time, PMVAs handle lease renewals, vacates, and relisting tasks, ensuring smooth operations throughout the property management lifecycle.
While the PM’s flow is fairly straightforward, it is time-consuming and involves ticking off a lot of boxes. Delegating tasks to a virtual assistant allows property managers to focus on growth and tenant satisfaction.
A property management virtual assistant can help with every step of the flow. Your dedicated team member will dramatically ease the time and administrative burden that is currently slowing down your processes. Let’s take a look at some of the primary duties of a PMVA:
The first step in the property management flow is onboarding new landlords and managing properties.
After securing a new client, your PMVA can handle the meticulous completion of documentation. While it’s ideal for landlords to provide all paperwork at once, in reality, you may find yourself chasing details. This includes insurance, smoke alarm information, and bank accounts.
Your offshore staff can efficiently handle these tedious tasks. At the same time, it will free up your time for other important matters. A PMVA will also onboard the client into your systems, including your trust account software.
After properly setting up your new client, you can immediately proceed to advertise the property. Of course, your experienced local property management staff will handle photos and property descriptions.
Your VA will handle the task of uploading property information to multiple ad portals such as Zilio, Trademe, Realestate.com.au, Domain, and more. Additionally, they will create and distribute social media posts across platforms like Facebook, Twitter, Instagram, and Whatsapp.
Once you’ve got your successful advertising campaign in place, there will naturally be a surge in inquiries. Most of these are fairly basic and don’t require the time of your local staff. Leave it to your property management virtual assistant to handle emails, answer questions about the property, and advise about viewings.
Your PMVA can schedule inspection appointments using the online calendar and notify prospective tenants of their viewing time. They will also gather feedback from tenants, helping to distinguish interested and uninterested individuals. All your property manager needs to do then is follow up with the warmest leads and not deal with time wasters.
By now, you’ll have a few good prospects who will have submitted applications. Your PMVA will process the app and make sure all the information is complete. If it’s not, they can immediately contact the applicants via SMS or email and fill in any missing details.
After that, it’s a simple process of checking rental, professional, and employment references. It is simple in theory but time-consuming in practice.
All of these tasks are vital but require a significant time investment. A PMVA can handle these details while property managers focus on prospecting for new landlords and properties. Once all the info and references are 100% completed, your PM passes the applications on to the landlord for approval.
At this point, it’s time to create a lease and start collecting money. Your PMVA will carefully follow all appropriate standards to create the lease and send it over to the tenant via email. They can then sign it via DocuSign or whatever system your office uses. Simultaneously, they’ll inform the tenant about the deposit transfer process and ensure accurate setup in your accounting software.
They will provide the tenant with the necessary information for proper bond lodging, which is crucial for your property management business. Each step is vital but time-consuming. Once you know the requirements, your PMVA takes responsibility for completing the entire checklist.
Property inspections require the presence of your onsite team as offshore staff have limitations in performing this task. The property manager conducts the initial inspection report and takes photos using an app like PropertyMe. Subsequently, the PMVA completes the report, sends it to the tenant, and obtains their signature.
When we say that a PMVA is part of every step of the property management process, we mean it. This includes rent receipting where your property management VA can process your accounts and reconcile rent payments.
They’ll immediately flag which tenants are in arrears so that your local PM can follow up. Or they can even send the initial SMS or email themselves, giving the tenant a quick nudge. Your PMVA will follow your arrears process and bring in the big guns, i.e. your property manager, only when necessary.
By setting up an online process, tenants can conveniently submit maintenance requests via Facebook or SMS. Once your PMVA receives the request, they can get in touch with your approved tradespeople and organize the repairs.
Of course, as part of your maintenance process, you’ll include an approval step from the property manager. The PMVA then coordinates between the tradesperson and tenant, finds a suitable time, or arranges access.
This eliminates the time-consuming task of engaging in three-way conversations, increasing property managers’ efficiency. With a dedicated virtual assistant, a property manager can potentially double the number of properties managed, as observed in our experience. A property manager can double their portfolio from 150 to 300 properties within weeks.
As part of the initial leasing process, your PMVA will set up calendar alerts to set up routine inspections. Your property management team maintains online calendars with defined availability for inspections.
Using that information, your PMVA will coordinate with tenants to arrange the perfect time to carry out a routine inspection. They efficiently process the property manager’s notes and photos into comprehensive reports, directly sending them to the landlord.
When it’s nearing the end of a lease period, your PMVA will get an alert to start following up. Generally, you want to avoid empty properties, but this will depend on what the property manager, landlord, and tenant decide. Your PMVA will contact their property manager between 60 to 90 days before the lease is due to expire.
This allows the PM to understand the landlord’s preferences. If the landlord approves the renewal, the PMVA informs the tenant and initiates the process. End-of-lease management is vital for maintaining landlord and tenant satisfaction. The PMVA ensures a seamless transition during this crucial period.
In the event of a tenant vacating, the PMVA makes sure that both parties have the necessary information for a smooth transition. At the same time, promptly resumes preparing advertising materials to find a new tenant.
Using tools empowers PMVAs to enhance efficiency, productivity, and effectiveness in property management tasks. These tools automate tasks, organize information, track progress, and facilitate seamless collaboration with property managers and tenants.
The following tools provide PMVAs with streamlined workflows, improved communication channels, and access to valuable data and resources: