Property management companies hiring a consultant is as regular an occurrence as a barber going to another hairstylist to get a new haircut, or a dentist going to another orthodontist when they need a new filling.
A property management consultant evaluates the potential and actual value of a property and advises its owners on how to maximise the potential income that could be generated from it. Consultants often work alongside property managers since the nature of their work means that they’re quite knowledgeable about property trends, rental fees, and even the accounting and financial aspects of the industry.
While most property management companies have highly skilled and well-trained managers who know how to get the job done, there are still a lot of reasons why anyone could benefit from hiring a property management consultant.
Filling a void
A lot of companies hire property management consultants if they’re short on staff at the moment and could use the additional manpower to help with the leasing and marketing.
Property management companies simply opt to engage a consultant, instead of going to an employment agency, or posting a ‘help wanted’ notice, because the consultants already have most of the required skills for the job.
There are two major benefits to doing this:
- A property management agency can engage the services of a consulting company or even a single consultant almost immediately, instead of having to waste time vetting potential new managers.
- Choosing to keep the consultants around until the new employees have had more extensive training and are a bit more familiar with the system will ensure that the job gets done and that the new hires will be a lot more prepared and will make fewer mistakes right off the bat.
Consultants can be hired and trained in how to use the software that the company is using in order to handle most of the property management tasks. Seeing as how a lot of consultants will already be familiar with a lot of the procedures, their integration period should be much shorter than any new recruit.
A consultant may also be hired and asked to meet with clients in order to negotiate deals, to evaluate a property in order to give a second opinion, or simply do the maintenance report on a certain house or apartment.
There are also consultants that specialize in certain areas such as accounting. They are usually asked to take a look at the company’s books and accounting procedures in order to provide feedback on what the firm or the employees are doing wrong and what steps can be taken to prevent mistakes in the future.
If all of those weren’t enough, consultants can also be engaged to handle the leasing and marketing in order to find opportunities to increase revenue that the company might have missed.
An objective viewpoint
We’re sure that your employees are quite proficient at completing their daily tasks and that your company runs like a well-oiled machine from top to bottom. However, in order for engines to run as best as they can for as long as possible, they need to undergo regular checkups, and it’s no different for companies.
A lot of jobs mostly boil down to habit, since once you get into a groove that works, you can do your work a lot faster. While job familiarity is vital for workers to develop better work practices and become more efficient, most of the time it also gives them a very narrow point of view and doesn’t allow them to do the work any other way than the one that they’re used to.
A property management consultant can provide a fresh point of view by looking at all of the aspects of operation from the outside and maybe providing a few suggestions as to how a few things can be improved.
And finally, if you aren’t satisfied with your property management software and maybe feel the need to upgrade to one with solid maintenance workflows or other useful features that your current system doesn’t have, then the consultants can provide you with a list of better choices fit for your specific needs.
The real beauty of hiring a consultant is that you can make use of their services for as long as you need. If you discover that you needed more help than you initially assumed, you can ask to extend their contract, or terminate it early if the job turns out easier than anticipated.