The commercial real estate industry is a dynamic sector that appeals to those who are interested in setting their sights on larger, more complex transactions. Commercial real estate agents often work exclusively with business owners and property investors, most of whom have an extensive portfolio of various properties in the local area.
The responsibilities of a commercial real estate investor vary based on the day, and can range from being a maintenance professional to a marketing guru. It can be difficult for investors to balance the various roles that they have to take on, which is why many can benefit from a property management virtual assistant.
What is a Property Management Virtual Assistant?
A property management virtual assistant is a professional who works remotely and tends to the administrative needs of a commercial real estate investor. Commercial investors, when they first begin growing their portfolio, often have to work directly with their tenants in order to provide them with everything they need. This can be an exhausting and daunting task — one that can become so overwhelming it prevents the investor from growing their portfolio.
However, hiring a traditional assistant who works full-time in the office can be too expensive for many budding commercial real estate investors as well. A property management virtual assistant is the perfect solution. This is an experienced professional who can be hired to complete tasks on an as-needed basis, or who can be scheduled to work a certain number of hours each week, depending on your needs. With few overhead costs and the ability to pay for these services when you need them, a property management virtual assistant is an easy choice for any commercial real estate investor to make.
The Roles of a Property Management Virtual Assistant
The extent to which you rely on your property management virtual assistant is strictly up to you, but these versatile professionals can take on a variety of roles within your commercial real estate business.
Some tasks that your property management virtual assistant can complete for you include:
- Coordinating your marketing and communication efforts. Your virtual assistant can create marketing materials, schedule social posts and manage your online brand.
- Collecting rent payments. This is one of the most cumbersome tasks for investors, who got into the industry in order to grow their portfolio. A virtual assistant can ensure that all tenants are paying their rent in a timely fashion.
- Completing the rent roll. The rent roll is perhaps the most important report for commercial real estate investors, as it details information about individual properties, the tenants who occupy them, the rents being paid and the maintenance required.
- Managing tenant relations. When tenants have inquiries, they can work directly with the virtual assistant to ensure that their questions are answered and their needs are met.
- Scheduling maintenance when needed. The virtual assistant can work closely with tenants to ensure that all properties are in good working order.
- Coordinating with tenants to schedule property showings when a lease agreement is coming to an end.
Benefits of Hiring a Property Management Virtual Assistant
There are numerous benefits that commercial real estate investors enjoy when they hire a property management virtual assistant. To start, this is an affordable investment that they can make in their own business that generates significant returns. The amount that you pay for a virtual assistant is minimal when compared to hiring a full-time traditional employee, and your ability to grow your business increases significantly once you have hired this remote professional. By alleviating many of the most tedious responsibilities that you have as a commercial real estate investor, you can focus more on expanding your portfolio and increasing your reach within the community.
Ultimately, if you want to continue to expand your commercial real estate portfolio and dive deeper into your role as a commercial real estate investor, you are going to have to minimize the number of roles that you take on each day. By outsourcing your administrative tasks to a property management virtual assistant, you can rest easy knowing that your portfolio is being managed effectively, and you can focus more on growing your investments.
Stephen Atcheler is an entrepreneur in the Real Estate space. He has grown multiple businesses, including a Real Estate Agency, and an online Real Estate Adverting business, and is currently the founder and driver of the fastest-growing Real Estate BPO in the Philippines. If you would like to connect or get in touch with Stephen, he is very active on LinkedIn and always happy for a new connection.