Structuring Your Growing Property Management Business and Common Models
Explore the Portfolio/Property Manager Model as well as the Specialized/Departmental/Silo Model for organizing your property management business. Understand the strengths and weaknesses of each approach to effectively manage properties and relationships with clients and tenants.
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HOW TO STRUCTURE YOUR GROWING PROPERTY MANAGEMENT BUSINESS A N DY P R O P S T, R M P, M P M PA R K P L AC E P R O P E RT Y M A N AG E M E N T B O I S E , I D D O U G M A S C H O F F, R M P M Y H O M E S P O T. C O M AT L A N TA , GA D U K E D O D S O N , R M P, M P M D O D S O N P R O P E RT Y M A N AG E M E N T R I C H M O N D , VA
COMMON STRUCTURES OF PM BUSINESSES: - Portfolio/Property Manager Model Portfolio/Property Manager Model - Specialized/Departmental/Silo Model Specialized/Departmental/Silo Model - Common Hybrids: Common Hybrids: - Two-person teams - PM Model with certain responsibilities segregated (Accounting, Leasing, Maintenance, etc)
PORTFOLIO/PROPERTY MANAGER MODEL Strengths: Strengths: No breakdown of communication between departments. One person takes ownership for all the responsibilities of management. Clients and tenants have one point of contact for all their needs. They always know where to go to get a question answered. The manager is typically very familiar with all the aspects of the properties they manage. Weaknesses: Weaknesses: They become a jack of all trades, master of none . Individual process might take then longer. It is much harder to hire someone into the PM role. Since they handle so many different responsibilities, training is very difficult and time consuming. Owners and tenants have no one to contact if the PM is out. Nothing gets done.
SPECIALIZED/DEPARTMENTAL/SILO MODEL Strengths: Strengths: People performing the same task over and over will become more familiar with that process and therefore more efficient. They become specialists. Easier tasks can be assigned to new/lower level employees. Can be a training ground while they learn the system. It is much easier to higher for lower level positions. Owners/tenants have multiple people to contact if one person is out. Weaknesses: Weaknesses: There is often times a breakdown in communication between departments. People will often time pass the buck to another department to avoid responsibility or blame. Employees will not have the big picture in mind. Clients often complain about having to talk to too many people. Don t like being passed around . Each person is less familiar with each individual property. A team can manage more properties.
Duke Dodson President Tim Wehner Director of Residential Property Management Justin Paley Director of Commercial Division Sean Stilwell & Josh Romano Residential Sales Karen Wells Accounting Manager Gabe Kachuba Regional Property Manager Elizabeth Cane Regional Property Manager David Valentine Residential Business Development Angela Fleshman Operator of Peninsula Division Cameron Bither Office Manager Property Managers: Trevor Wood Stephen Kittrell Chet Fisher Blair Williams Greg Manuel Property Managers: Sarah Petty Windi Perrow Chris McCracken Henry Scott
QUESTIONS? - Andy Andy Propst - Doug Doug Maschoff Maschoff, , doug@myhomespot.com doug@myhomespot.com - Duke Dodson Duke Dodson, , duke@dodsonprop.com duke@dodsonprop.com Propst, , andrew@parkplaceid.com andrew@parkplaceid.com
SCORECARD Job Description Job Description Strong Swimmer Experienced Competitive Team Player Score Card Score Card Win 10 Gold Medals Break World Records Win Team Medals Break team Records
