Published February 24, 2022.
When property management business owners are ready to grow, there are various factors to consider to determine how quickly and effectively they can meet their expansion goals. The list of factors to consider includes location, the right technology, your current portfolio of properties, and your staffing structure.
Staffing structure, in particular, can have a significant impact on business growth since it determines the number of properties you can manage per employee. Therefore, it's essential to know the best time to hire and take advantage of expert hiring tips for your property management company. Read on to find top staffing structure tips from the best property management valuation expert!
How Do Property Managers Build a High-Performing Team Structure?
An exceptional team structure helps property management companies manage workloads and deliver excellent customer service. As a property management coach, Deb Newell recommends a few strategies when thinking through the ideal structure for your company.
Understand Different Structures
What is a business structure? Whether you have a small company or operate a business with a larger staff or multiple franchises, defining a structure is critical for setting processes, training employees, and operating efficiently.
Common business structures include:
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Hierarchical. Employees fall into groups assigned to a supervisor.
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Functional. Your company is grouped by roles, functions, and responsibilities.
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Team-based. This flexible structure allows employees to shift from team to team, depending on their skill sets and project goals.
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Process-based. A company organizes around a flowchart of processes to define how employees interact to complete tasks or projects.
No matter the ideal organizational structure for your rental management business, it's best to define the roles, skills, and attributes that address the company's needs. If you’re not sure which structure is best for business growth, work with a property management consultant to analyze goals and needs.
Fine-Tune Your Hiring Process
The next step to choosing the best staffing structure for your property management business depends on hiring the right employees. It's essential to find employees who can fulfill roles within the structure you’ve chosen.
For instance, some property management companies operate better with a departmental structure where employees have specialized roles. Other companies find more success with a portfolio structure that involves hiring other property managers who each take charge of a given property.
No matter the structure that works best for your processes and goals, be sure your hiring process supports it. Define the roles and responsibilities for each role to build a successful organization.
Establish the Right Company Culture
Establishing the right company culture from the outset is crucial to ensuring you and your employees are always on the same page. A company culture that prioritizes proper time management and meeting deadlines will set a high standard of professionalism for your business.
Additionally, with a clear company culture, employees don't have to second-guess what is expected of them, and they will be motivated to deliver the best service to clients. It's also essential to focus on creating a healthy and balanced work culture that helps to reduce employee turnover, which is beneficial when scaling operations.
When building your team’s structure, be sure new employees fit well within the company’s culture. Some experts say hiring for your company is as important as (or even more important) than hiring someone with all of the exact skills you need. You can teach skills and processes, but it's more difficult to work well and retain a team member who isn't the right fit for your company's culture and vision.
Invest In Property Management Training
Hiring the right employees with the right abilities is a great start! However, as your company grows, employees also need to grow along with the business.
Investing in ongoing property management training for your team and offering career growth opportunities will help you attract high-level employees motivated to perform well. As each team member excels in their role, ongoing training helps keep them updated with the latest technology and best practices for the industry so your residential property management company or commercial property management business continues to lead your market.
The Benefits of Adopting The Right Staffing Structures for Property Management Companies
Now that we've talked about a few types of structures and how hiring should support the one you choose for your business, let's dig into the "why." Why should a property manager focus on staffing structure? Doing so offers several benefits.
More Efficient Processes
Choosing a suitable structure for your business can have a significant impact on the efficiency of your business. When you have a well-constructed organizational chart, everyone understands their role without confusion.
Since every employee knows what they are supposed to be doing, there's a smooth flow of operations, and each person takes accountability for their role. With clearly outlined roles and employees who are skilled in their property management tasks, your business will run more efficiently.
Improved Customer Experience
It naturally follows that a high-performing team structure results in high customer satisfaction. The best hiring practices and company culture result in a highly engaged team that's motivated to go above and beyond for clients.
As your business grows, it becomes impossible to keep tabs on all tasks on your own. Therefore, the best way forward is with an empowered team of experienced property managers that's well-trained and equipped with the right property management software!
Implement Property Management Training and Coaching Today!
Analyzing your business and identifying your company's staff structuring needs is crucial for business growth. Hiring the right employees will help you set the stage for building a successful portfolio of properties. With each successful hire, you unlock the potential to manage more doors and bring more value to clients.
In addition, hiring the right property management expert like Deb Newell will give you valuable insights you can leverage to dominate your market! Real-Time Consulting Services helps property managers review business structure and staffing to support growth. Schedule a free consultation to learn more about how we can help!
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