Staffing Options Manual
Property managers and brokers wear all the hats when running a business and this often leads to stunted growth because in reality, they just can’t do everything and still have time to grow the company. This manual provides tips and tricks to increase support and staffing even on a limited budget to get you to a place where you can delegate and grow the business.
This product addresses
- when you need to hire
- different staffing options available
- the best business structure for you
- systems for employee management
- staffing with a limited budget, and more
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The Staffing Options Manual is an instructional PDF document and not customizable.
If you are in a place where you can’t do it all this Manual is for you. Staffing Options is a roadmap to help you decide when you need to hire, who you need to hire – part-time, full-time and the pro’s and con’s to each option, deciding on the best business structure for your present and long-term goals as well as covering employee management. Lastly, the Manual covers how to find staffing with a limited budget so you can delegate to accelerate your growth.
Chapter 1: Signs You Need Help. 9
The Quality of Services Is Deteriorating. 13
You Don’t Have Time for Bookkeeping and Managing Financials. 13
You Need Someone Who Specializes in a Specific Skill 14
You Don’t Have Time for a Break. 14
Your Property Management Business Isn’t Advancing. 15
Customers Cannot Get in Touch with You. 16
You Can’t Afford Extra Help. 17
You Need More Than Just Part-Timers. 18
You Have Enough Work to Keep an Employee Busy. 18
You’re Looking for an Exit Strategy. 19
Chapter 2: Different Kinds of Staffing Options. 20
Pros and Cons of Hiring Temporary Employees. 23
Reasons for Hiring Temporary/Freelance Workers. 23
Disadvantages of Hiring Temporary Workers. 25
Pros and Cons of Hiring Full Time Employees. 26
The Advantages of Hiring Full-Time Employees. 27
Chapter 3: Deciding on a Business Structure. 29
Traditional vs. Organic Organizational Structures. 31
Types of Organizational Structures. 34
Functional Organizational Structure. 34
Market-Based Divisional Structure. 35
Geographical Divisional Structure. 36
Best Property Management Structure. 38
Departmental Property Management 39
Portfolio Property Management. 40
The Hybrid Property Management Structure. 42
Chapter 4: Systems for Employee Management. 44
Reasons Why You Need a Recruitment Policy. 45
Must Have HR Policies and Forms. 47
Employee Management Systems and How They Can Aid You. 55
Fosters Open Communication. 55
Allows for Constructive Feedback. 56
Create an Easy and Smooth On-Boarding Process. 57
Help Employees Develop Skills. 57
Improves Employee Engagement. 57
Chapter 5: Staffing with a Limited Budget. 59
What’s a Recruitment Budget?. 59
Determine Annual Recruitment Plan in Advance. 60
Keep an Eye on Previous Costs. 62
Tips for Hiring on a Limited Budget. 63
Maximize Your Online Web Presence. 63
Use Technology to Your Advantage. 64
Offer Cost-Effective Benefits. 65
The Quality of Services Is Deteriorating
As we talked about above, poor quality could be the result of your inability to look after things with the same vigilance that you showed before. Poor service will end up costing you money in the form of additional costs rectifying your mistakes and customers moving to competing property managers.
If you are overseeing all aspects of your property management business yourself, there will come a time when you will be unable to manage all your customers in the same flawless manner. This is when you hire external help to stop the situation from getting worse.
You Don’t Have Time for Bookkeeping and Managing Financials
Recording your daily finances and maintaining accounting is an essential part of your property management business. If you’re overseeing all aspects of the business yourself, you need to schedule dedicated time to manage your financials and all office related tasks. It is easy to get behind in your accounting and reconciliations, but you can lose your real estate license if you don’t keep your books updated.
Different Kinds of Staffing Options
You have a lot of different staffing options available when you are looking to hire new employees. From full-time employees to part-time employees and from hourly employees to independent contractors, in this chapter we look at the different options and which ones might work for you.
There are multiple staffing options you can follow as a property management business ready to take the next step. Staffing properly and controlling labor costs are two of the primary objectives for entrepreneurs and property managers when they are looking to hire staff for their organization.
If you aren’t well versed with the staffing options available to you, you can very easily hire the wrong individual for your business. Oftentimes businesses lose sight of their objectives when they are staffing for the organization. They forget the ultimate goal and hire for the now not the future.
A short-term staffing plan is usually focused on making sure that the immediate needs of the business are met at all costs. Every property management business has an influx of customer traffic, which is why they need additional help during peak season. If additional traffic won’t last long enough to justify hiring a full-timer, a temporary worker or a part-timer is just what the organization needs to get over the hump. For instance, most residential property managers see an increase in work during the summer season. Conversely, vacation rental management is peak during the holiday season.
The departmental property management structure is a contemporary version of the functional organization management structure created for businesses looking to streamline services. The departments in a property management business often include business development, leasing, administrative, maintenance and accounting.
Each of the departments above has their own set of responsibilities and each of these departments is tasked with their own work. Property managers can streamline the structure of their organization by incorporating an easy chain of command that makes it simple for new and current employees to track who they report to and the department they are assigned.
The benefit is that, depending upon the size of the company, team members within a department can become experts in their area of work. This means they are able to complete tasks quickly and can be cross trained to support other departments when necessary and add to their personal growth. This also allows for employees to move around the company instead of exiting the company if they feel stagnant in their position. If they do leave, you are filling one piece of the process (i.e. a leasing agent) not hiring for a portfolio manager. You can also keep things going and aren’t dead in the water if one employee leaves.