Landlords and property managers are entrepreneurs looking to grow and build their businesses, often from scratch. When landlords and property managers are successful and their business grows they will need to adapt to new challenges that arise and an increased workout. However, at some point a decision will need to be made to bring on more staff to manage the increasing workload and new problems that arise. Often landlords or property managers are hesitant to hire more staff because of the additional salary cost and time burden it takes to find a qualified employee. However, at some point failure to hire additional staff could lead several negative consequences such as stopping growth in its tracks and costing money in the long term. Below are signs that it may be time for you to hire additional employees before your business suffers.
Your current employees are overwhelmed and overloaded: If your employees are telling you they are overwhelmed, are constantly putting in overtime hours to manage your properties effectively and your noticing hours worked is going up while productivity is going down then it might be time to look at adding additional staff. Failure to fully staff your company could lead to angry tenants or costly legal mistakes in the long term.
You are constantly feeling overwhelmed: As the head of your company if your spending your day putting out fires and focusing on micromanaging different aspects of the business instead of looking at the big picture then your growth will be stifled and you will likely become miserable.
Your current employees do not have the right skills: As your rental portfolio grows you may find that your current employees do not have the skills to meet all of the needs of your business. You may find yourself spending a lot of money on hiring outside consultants or contractors when it may make sense to hire a full-time or part-time employee instead
You have several missed opportunities – If you or your staff are too busy to follow up on growth opportunities or filling vacant units, then you need more staff so that you do not miss out on opportunities.
One way you may be able to delay hiring more staff while avoiding the pitfalls described above is by using your staff and time more efficiently. Utilizing a property management system that allows for smooth and easy accounting, tracking, billing. Document management features and more will enable a small staff or even a single landlord or property manager to complete the work of several employees. Furthermore, it is important to choose property management software that has flat yearly license fees instead of raising the price on them when they grow by charging landlords more when they acquire more units.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.